Cover Page
Cover Page - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2020 | Jun. 30, 2023 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
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 Voluntary Filers | No | ||
Entity Interactive Data Current | Yes | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Common Stock, Shares Outstanding | 96,431,770 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Shell Company | false | ||
Entity Emerging Growth Company | false | ||
Entity Address, Country | FR | ||
Entity Small Business | true | ||
ICFR Auditor Attestation Flag | false | ||
Entity Public Float | $ 183,240 | ||
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 | ||
Auditor Name | KPMG S.A. | Deloitte & Associés | |
Auditor Firm ID | 1253 | 1756 | |
Auditor Location | Paris-La Défense, France | Paris-La Défense, France | |
Document Financial Statement Error Correction [Flag] | false | ||
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 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 141,367 | $ 209,194 |
Trade receivables | 0 | 0 |
Other current assets | 17,548 | 13,880 |
Total current assets | 158,915 | 223,074 |
Non-Current assets | ||
Property, plant, and equipment, net | 12,623 | 15,096 |
Right-of-use assets related to operating leases | 5,247 | 2,513 |
Intangible assets | 58 | 10 |
Other non-current assets | 6,144 | 5,824 |
Total non-current assets | 24,071 | 23,444 |
Total Assets | 182,986 | 246,518 |
Current liabilities | ||
Trade payables | 23,302 | 14,473 |
Short-term operating leases | 1,144 | 1,894 |
Short-term financial debt | 0 | 0 |
Current contingencies | 3,959 | 3,944 |
Other current liabilities | 8,934 | 9,210 |
Total current liabilities | 37,339 | 29,521 |
Non-Current liabilities | ||
Long-term operating leases | 4,526 | 1,127 |
Long-term financial debt | 0 | 0 |
Non-current contingencies | 935 | 16,680 |
Other non-current liabilities | 0 | 4,735 |
Total non-current liabilities | 5,461 | 22,543 |
Total liabilities | 42,799 | 52,064 |
Shareholders' equity: | ||
Ordinary shares, €0.10 par value; 94,137,145 and 96,431,770 shares authorized,and issued as at December 31, 2022 and 2023, respectively | 10,972 | 10,720 |
Additional paid-in capital | 377,468 | 458,221 |
Treasury stock, 222,988 and 149,793 ordinary shares as of December 31, 2023 and 2022, respectively, at cost | (1,263) | (1,109) |
Accumulated deficit | (238,862) | (259,578) |
Accumulated other comprehensive income | 742 | 781 |
Accumulated currency translation effect | (8,871) | (14,581) |
Total shareholders' equity | 140,187 | 194,453 |
Total liabilities and shareholders' equity | $ 182,986 | $ 246,518 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Position (Parenthetical) - € / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Treasury stock, common, shares | 222,988 | 149,793 |
Common Shares [Member] | ||
Common stock shares par value | € 0.1 | € 0.1 |
Common stock shares authorized | 96,431,770 | 94,137,145 |
Common stock shares issued | 96,431,770 | 94,137,145 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Operating income | $ 15,728 | $ 4,844 |
Operating expenses | ||
Research and development expenses | (60,223) | (75,543) |
Sales & marketing expenses | (2,438) | (1,608) |
General & administrative expenses | (29,500) | (24,324) |
Total Operating expenses | (92,161) | (101,475) |
Loss from operations | (76,432) | (96,631) |
Financial income (expenses) | 3,714 | 427 |
Loss before taxes | (72,719) | (96,204) |
Income tax | (7) | (70) |
Net loss | (72,726) | (96,274) |
Foreign currency translation differences, net of taxes | 5,710 | (8,429) |
Actuarial gains on employee benefits, net of taxes | (38) | 262 |
Total comprehensive loss | $ (67,054) | $ (104,441) |
Basic Net loss per share attributable to shareholders | $ (0.76) | $ (1.24) |
Weighted average number of shares outstanding used in computing per share amounts: | 95,121,390 | 77,384,133 |
Diluted Net loss per share attributable to shareholders | $ (0.76) | $ (1.24) |
Weighted average number of shares outstanding used in computing per share amounts: | 95,121,390 | 77,384,133 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Statement of Cash Flows [Abstract] | ||
Net loss for the period | $ (72,726) | $ (96,274) |
Cash flows used in operating activities: | ||
Depreciation, amortization and accrued contingencies | (13,998) | 13,162 |
Retirement pension obligations | 76 | 105 |
Expenses related to share-based payments | 6,019 | 5,026 |
Other elements | 23 | (7) |
Changes in operating assets and liabilities: | ||
Decrease (increase) in inventories and work in progress | 0 | 0 |
Decrease (increase) in trade receivables | 0 | 0 |
Decrease (increase) in other current assets | (3,795) | 20,961 |
(Decrease) increase in trade payables | 8,420 | 3,456 |
(Decrease) increase in other current and non-current liabilities | (5,334) | 152 |
Change in operating lease liabilities and right of use assets | 1,662 | (2,249) |
Net cash flow used in operating activities | (79,653) | (55,666) |
Cash flows used in investing activities: | ||
Acquisitions of property, plant, and equipment | (677) | (754) |
Proceeds from property, plant, and equipment dispositions | 0 | 8 |
Acquisitions of intangible assets | 0 | 0 |
Acquisitions of non-current financial assets | (285) | (123) |
Proceeds from non-current financial assets dispositions | 154 | 770 |
Net cash flows used in investing activities | (808) | (100) |
Cash flows provided by financing activities: | ||
(Decrease) increase in conditional advances | 0 | (474) |
Treasury shares | (154) | 123 |
Capital increases, net of transaction costs | 6,921 | 194,471 |
Other cash flows related to financing activities | 0 | 0 |
Net cash flows provided by financing activities | 6,767 | 194,120 |
Effect of exchange rate changes on cash and cash equivalents | 5,867 | (6,461) |
Net (decrease) / increase in cash and cash equivalents | (67,827) | 131,893 |
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 | $ 141,367 | $ 209,194 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity $ in Thousands | USD ($) | EUR (€) | Common Shares [Member] USD ($) shares | Additional Paid-in Capital [Member] USD ($) | Treasury Stock [Member] USD ($) | Accumulated Deficit [Member] USD ($) | Accumulated Other Comprehensive income (loss) [Member] USD ($) | Accumulated Currency Translation Effect [Member] USD ($) |
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 | shares | 55,095,762 | |||||||
Net Income (Loss) | (96,274) | (96,274) | ||||||
Other comprehensive income (loss) | (8,167) | 262 | (8,429) | |||||
Issuance of ordinary shares | 106,377 | $ 4,182 | 102,194 | |||||
Issuance of ordinary shares (Shares) | shares | 39,041,383 | |||||||
Issuance of share warrants | 88,074 | 88,094 | ||||||
Treasury shares | 123 | 123 | ||||||
Share-based payments (income) expenses | 5,026 | 5,026 | ||||||
Allocation of accumulated net losses | (95,209) | 95,209 | ||||||
Other change in equity | 15 | (15) | ||||||
Ending balance at Dec. 31, 2022 | 194,453 | $ 10,720 | 458,221 | (1,109) | (259,578) | 781 | (14,581) | |
Ending balance (Shares) at Dec. 31, 2022 | shares | 94,137,145 | |||||||
Net Income (Loss) | (72,726) | (72,726) | ||||||
Other comprehensive income (loss) | 5,672 | (38) | 5,710 | |||||
Issuance of ordinary shares | 6,921 | € 3,285,566.9 | $ 252 | 6,670 | ||||
Issuance of ordinary shares (Shares) | shares | 2,294,625 | |||||||
Issuance of share warrants | 0 | 0 | ||||||
Treasury shares | (154) | (154) | ||||||
Share-based payments (income) expenses | 6,019 | € 95,281,440.1 | 6,019 | |||||
Allocation of accumulated net losses | (93,441) | 93,441 | ||||||
Ending balance at Dec. 31, 2023 | $ 140,187 | $ 10,972 | $ 377,468 | $ (1,263) | $ (238,862) | $ 742 | $ (8,871) | |
Ending balance (Shares) at Dec. 31, 2023 | shares | 96,431,770 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ (72,726) | $ (96,274) |
Insider Trading Arrangements
Insider Trading Arrangements | 12 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Nature of the Business and Prin
Nature of the Business and Principles and Accounting Methods | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Nature of the Business and Principles and Accounting Methods | Note 1: Nature of the business and principles and accounting methods Incorporated in 2002 under the laws of France, DBV Technologies S.A. (“DBV Technologies,” or the “Company”, or “we”, 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 ™ TM ™ Basis of Presentation The Company’s consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the U.S. (“U.S. GAAP”) and presented in thousands of U.S. Dollars, except for share and per share data and as otherwise noted. Any reference in these notes to applicable guidance is meant to refer to authoritative U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). We also follow the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). The Consolidated Financial Statements have been prepared assuming the Company will continue as a going concern and using the historical cost principle with the exception of certain assets and liabilities that are measured at fair value in accordance with U.S. GAAP. The categories concerned are detailed in the following notes. Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. Intercompany transactions and balances have been eliminated. The following list presents all entities included in the consolidation scope for the years ended December 31, 2022 and 2023, as well as their country of incorporation and the percentage of ownership interests: • DBV Technologies Inc. was incorporated in Delaware on April 7, 2014 (the “US subsidiary”). The share capital of this US subsidiary is 100% owned by DBV Technologies S.A. • DBV Australia Pty Ltd. was incorporated in New South Wales, Australia on July 3, 2018 (the “Australian subsidiary”). The share capital of this Australian subsidiary is 100% owned by DBV Technologies S.A. (“DBV Technologies”). • DBV Pharma was incorporated in Paris on December 21, 2018 (the “French subsidiary”). The share capital of this French subsidiary is 100% owned by DBV Technologies S.A. Functional Currency and Translation of Financial Statements in Foreign Currency The Consolidated Financial Statements are presented in U.S. dollars, which differs from the functional currency Conversion of Foreign Currency Transactions Foreign currency transactions are converted to functional currency of the entity at the rate of exchange applicable on the transaction date. At period-end, exchange prevailing on that date. The resulting exchange gains or losses are recorded in the entity individual statements of operations in “Financial income (expense)”; they will be recognized in profit or loss on disposal of the net investment. Use of estimates The preparation of the Company’s 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. On an on-going right-of-use right-of-use Going concern These 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). The Company does not generate product revenue and continues to prepare for the potential launch of its first product in the United States and in the European Union, if approved. Following receipt of a Complete Response Letter (“CRL”) from the U.S. Food and Drug Administration (“FDA”) in connection with its 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 sequential 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 in the intended patient population. The Company considers this approach as the most straightforward approach to demonstrate effectiveness, safety, and improved in vivo adhesion of the modified Viaskin Peanut system. After receiving approval 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 has been prepared for FDA submission. In May 2022, the Company established an At-The-Market (“ATM”) program allowing to offer and sell, including with unsolicited investors who have expressed an interest, a total gross amount of up to $100 million of American Depositary Shares (“ADSs”). The Company’s intent is to use the net proceeds, if any, of sales of ADSs issued under the program, together with its existing cash and cash equivalents, primarily for activities associated with potential approval and launch of Viaskin Peanut, as well as to advance the development of the Company’s product candidates using its Viaskin Platform and for working capital and other general corporate purposes. In June 2022, the Company announced that its pivotal Phase 3 trial EPITOPE, assessing the safety and efficacy of Viaskin Peanut treatment of peanut-allergic toddlers ages 1 to 3 years, met its primary endpoint, with a statistically significant treatment effect. The Company also indicated continuing productive dialogue with the FDA on the protocol design of VITESSE, a pivotal Phase 3 trial of the modified Viaskin Peanut patch in peanut- allergic children ages 4 to 7 years. During the same month, the Company announced private placement financing (“PIPE”) amounting to $194 million. In September 2022, after announcing initiating, the Company received a partial clinical hold letter from the FDA on its VITESSE Phase 3 clinical study. Within the FDA’s communication, the modifications address design elements, including the statistical analysis of adhesion, minimum daily wear time and technical alignments in methods of categorizing data, to meet study objectives as well as the total number of trial participants on active treatment. In December 2022, the Company received confirmation from the FDA that it lifted the partial clinical hold on its VITESSE Phase 3 clinical study. The Company indicated the updated protocol will be submitted to study sites for subsequent Institutional Review Boards and Ethics Committees approval. 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 our current operations, as well as our plans and assumptions, we expect that our balance of cash and cash equivalents of million as of December 31, 2023 will be sufficient to fund our operations until December 31, The Company intends to seek additional capital as it prepares for the launch of Viaskin Peanut, if approved, and continues other research and development efforts. The Company will require substantial additional capital to fund its research and development and ongoing operating expenses. These capital requirements are expected to be funded through debt and equity offerings prior until December 31, 2024. 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, including as a result of disruptions to the global financial markets due to any future pandemics, epidemics or global health crises and conflict in Ukraine or other global political or military crises. The 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. Intangible Assets Acquired intangible assets are accounted for at acquisition cost less accumulated amortization. Acquired intangible assets are mainly composed of software amortized on a straight-line basis over their estimated useful lives comprised between one Property, Plant, and Equipment Property, plant, and equipment are recorded at their acquisition cost. Property, plant, and equipment are depreciated on a straight-line method over the estimated useful lives of the property. Leasehold improvements are amortized over the shorter of the estimated useful lives of the assets or the remaining lease term. Depreciation is calculated on a straight-line basis over the assets’ estimated useful lives as follows: PROPERTY, PLANT, AND EQUIPMENT ITEM PERIOD DEPRECIATION Laboratory equipment and technical facilities 3 to 10 years Building fixtures and leasehold improvements 5 to 9 years Office equipment and furniture 5 years Computer equipment 3 years Impairment of assets The Company periodically reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable or the estimated useful life is no longer appropriate. If indicators of impairment exist and the recoverable value of the asset on an undiscounted cash flow basis is less than the carrying amount, an impairment loss is recorded to the extent the carrying amount exceeds its fair value. Lease contracts The Company determines whether an arrangement is a lease at contract inception by establishing if the contract conveys the right to use, or control the use of, identified property, plant, or equipment for a period of time in exchange for consideration. The Company’s leases are comprised of real estate leases, leases for industrial equipment and leases for office equipment. The Company’s real estate leases typically include options and features including rent free periods, rent escalation periods, renewal options and early termination options. The lease term is defined contract-by-contract and corresponds to the non-cancelable period of the lease taking into account the optional periods that are reasonably certain to be exercised. The Company recognizes operating lease liabilities based on the present value of the future minimum lease payments over the lease term at commencement date. The Company does not recognize a lease liability or right of use asset for leases with a term of 12 months or less. Operating lease right of use assets are presented as operating lease right of use assets on the consolidated balance sheet. To date, the Company has recognized a single lease cost under which the operating lease right of use and liability are amortized on a straight-line basis over the lease term, and categorized within Operating Expense in the Consolidated Statement of Operations. The operating lease cash flows are categorized under Net Cash Used in Operating Activities in the Consolidated Statement of Cash Flows. Variable costs are expensed in the period incurred. Since the rate implicit in the lease is not readily determinable, the Company uses its incremental borrowing rates based on the information available at commencement date in determining the discount rate used to calculate the present value of lease payments. As the Company has no external borrowings, the incremental borrowing rates are determined using information on indicative borrowing rates that would be available to the Company based on the value, currency and borrowing term provided by financial institutions, adjusted for company and market specific factors. Inventories and Work in Progress Inventories are measured at the lower of cost or net realizable value at production costs calculated using the first-in, first-out method. It includes acquisition costs, processing costs and other costs incurred in bringing the inventories to their present location and condition. Inventories are exclusively composed of work in progress relating to the production of the first batches that may be used for the commercialization. During the launch phase of a new product, any inventories of that product are written down to zero pending regulatory approval. Financial Assets and Liabilities Financial assets, excluding cash and cash equivalents, consist exclusively of other receivables. Other receivables are non-derivative financial assets with a payment, which is fixed or can be determined, not listed on an active market. They are included in current assets, except those that mature more than twelve months after the reporting date. The recoverable amount of other receivables is estimated whenever there is an indication that the asset may be impaired and at least on each reporting date. If the recoverable amount is lower than the carrying amount, an impairment loss is recognized in the Consolidated Statements of Operations and Comprehensive Loss. The Company also receives from time-to-time assistance in the form of conditional advances, which are advances repayable in whole or in part based upon acknowledgment by the funder of a technical or commercial success of the related project by the funding entity. The amount resulting from the deemed benefit of the interest-free nature of the award is considered a subsidy for accounting purposes. This deemed benefit is determined by applying a discount rate equal to the rate of fungible treasury bonds over the time period that corresponds to the time period of the repayment of the advances. In the event of a change in payment schedule of the stipulated repayments of the conditional advances, the Company makes a new calculation of the net book value of the debt resulting from the discounting of the expected new future cash flows. The adjustment that results therefrom is recognized in the income statement for the fiscal year during which the modification is recognized. The Company carries its trade receivable at net realizable value. On a periodic basis, the Company evaluates its trade receivable and determines whether to provide an allowance or if any accounts should be written down and charged to expense as a bad debt. The Company generally does not require any security or collateral to support its receivables. During the years ended December 31, 2023 and December 31, 2022, the Company did not hold any derivative financial instruments. Fair Value Measurements Fair value is defined as an exit price, representing the amount that would be received upon the sale of an asset or payment to transfer a liability in an orderly transaction between market participants. Fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or liability. A three-tier fair value hierarchy is used to prioritize the inputs in measuring fair value as follows: • Level 1—Quoted market prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. • Level 2—Quoted market prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable, either directly or indirectly. Fair value determined through the use of models or other valuation methodologies. • Level 3—Significant unobservable inputs for assets or liabilities that cannot be corroborated by market data. Fair value is determined by the reporting entity’s own assumptions utilizing the best information available and includes situations where there is little market activity for the asset or liability. The asset’s or liability’s fair value measurement within the fair value hierarchy is based upon the lowest level of any input that is significant to the fair value measurement. The Company’s policy is to recognize transfers between levels of the fair value hierarchy in the period the event or change in circumstances that caused the transfer. There were no transfers into or out of Level 1, 2, or 3 during the periods presented. The Company considers its cash and cash equivalents, accounts receivable and accounts payable to reflect their fair value given their short maturity and risk profile of the counterparty. Cash and Cash Equivalents Cash includes cash on hand and demand deposits with banks. Cash equivalents include short-term, highly liquid investments, with a short term remaining maturity at the date of purchase or less, refundable within one month, for which the risk of changes in value is considered to be insignificant. Demand deposits therefore meet the definition of cash equivalents. Cash equivalents are measured at fair value using level 1 and any changes are recognized in the Consolidated Statements of Operations and Comprehensive Loss. Concentration of Credit Risk The Company has no significant off-balance sheet risk, such as foreign currency contracts, options contracts, or other foreign hedging arrangements. Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and other receivables. Periodically, the Company maintains deposits in accredited financial institutions in excess of federally insured limits. The Company deposits its cash in financial institutions that it believes have high credit quality and have not experienced any losses on such accounts and does not believe it is exposed to any unusual credit risk beyond the normal credit risk associated with commercial banking relationships or entities for which it has a receivable. Share Capital Ordinary shares are classified under Shareholders’ Equity. The costs of share capital transactions that are directly attributable to the issue of new shares or options are recorded in the Consolidated Financial Statements in Shareholders’ Equity as a deduction from the proceeds from the issue, net of tax. Employee benefits Depending on the laws and practices of the countries in which the Company operates, employees may be entitled to compensation when they retire or to a pension following their retirement. For state-managed plans and other defined contribution plans, the Company recognizes them as expenses when they become payable, with the Company’s commitment being limited to our contributions. The liability with respect to defined benefit plans is estimated using the following main assumptions: • discount rate; • future salary increases; • employee turnover; and • mortality tables. The difference between the amount of the liability at the beginning of a fiscal year and at the close of that year is recognized through profit or loss for the portion representing the costs of services rendered and through other comprehensive income (loss) for the portion representing the actuarial gains and losses. Service costs are recognized in profit or loss and are allocated by function. Actuarial gains and losses result from changes in actuarial assumptions and from differences between assumed and actual experience. Gains and losses recorded in other comprehensive income (loss) are amortized over expected remaining service periods to the extent they exceed 10% of the projected benefit obligation for the defined benefit plan. The Company’s payments for the defined-contribution plans are recognized as expenses in the Consolidated Statements of Operations and Comprehensive Loss for the period with which they are associated. Contingencies An estimated loss from a loss contingency is recognized if the following two conditions are met: • information available before the consolidated financial statements are issued indicates that it is probable that an asset had been impaired or a liability had been incurred at the date of the consolidated financial statements; and • the amount of loss can be reasonably estimated. With respect to litigations and claims that may result in a liability to be recognized, we exercise significant judgment in measuring and recognizing a liability or determining exposure to contingent liabilities that are related to pending litigation or other outstanding claims. These judgment and estimates are subject to change as new information becomes available. Operating Income The Company accounts for revenue when the amount can be reliably assessed, future economic benefits are likely to benefit the Company, and specific criteria are met for the Company’s business, which is in accordance with ASC 606 for the collaboration agreement with Nestlé Health Science. Other operating income Research Tax Credit The Research Tax Credit ( Crédit d’Impôt Recherche In the fiscal year ended December 31, 2021, the Company recovered its Small and Medium-sized millions of the 2019, 2020 and 2021 fiscal year research tax credit. During the year ended December 31, 2023, the Company received the reimbursement of $5.9 millions of the 2022 fiscal year research tax credit. Collaboration agreement with Nestlé Health Science The Company entered into research and development collaboration agreements that may consist of non-refundable upfront payments and milestone payments. Non-refundable upfront payments are deferred and recognized as income over the period of the collaboration agreement. Milestone payments represent amounts received depending upon the achievement of certain scientific, regulatory, or commercial milestones. They are recognized when the triggering event has occurred, there are no further contingencies or services to be provided with respect to that event, and the co-contracting Until the Termination letter agreement signed on October 30, 2023, the Company recognized income under the percentage-of-completion Research and Development Expenditures Research and development expenditures are charged to expense as costs are incurred in performing research and development activities. Research and development costs include all direct costs, including salaries, share-based payments and benefits for research and development personnel, outside consultants, costs of clinical trials, costs related to manufacturing clinical study materials, sponsored research, clinical trials insurance, other outside costs, depreciation, and facility costs related to the development of drug candidates. The Company records upfront, non-refundable payments made to outside vendors, or other payments made in advance of services performed or goods being delivered, as prepaid expenses, which are expensed as services are performed or the goods are delivered. Certain research and development projects are, or have been, partially funded by collaboration agreements, and the expenses related to these activities are included in research and development costs. The Company records the related reimbursement of research and development costs under these agreements as income in the period in which such costs are incurred. Please refer to Collaboration agreement with Nestlé Health Science for further detail. Share-based payments Since its incorporation, the Company has established several plans for equity compensation issued in the form of employee warrants (bons de souscription de parts de créateur d’entreprise or “BCEs”), stock options (“SO”), and restricted stock units (“RSUs”) granted to employees and/or executives. The company has also establish ed several These awards are measured at their fair value on the date of grant. Except for RSUs, fair value is estimated using Black and Scholes models that require inputs based on certain subjective assumptions, including the expected term of the award, and the conditions of each equity plan. The fair value is amortized in personnel expenses (allocated by function in the Consolidated Statements of Operations and Comprehensive Loss) on a straight-line basis over the requisite service period, and such expense is reduced for estimated forfeitures, with a corresponding increase in shareholders’ equity. The determination of the requisite service period and the estimate of RSUs awards that are expected to vest depends on the legal interpretation of the RSUs award agreements with employees under the French labor laws and related jurisprudence. Changes in interpretations could significantly impact the accounting for the share- based payments. At each closing date, the Company re-assesses the number of options expected to vest. If applicable, the impacts of such revised estimates are recognized in the Consolidated Statements of Operations and Comprehensive Loss, with a corresponding adjustment in shareholders’ equity. The awards are not subject to any market conditions. Income Tax Income taxes are accounted for under the asset and liability method of accounting. Deferred taxes are recognized for the future tax consequences attributable to temporary differences between the financial reporting carrying amounts and tax bases of assets and liabilities, and on tax losses, using the liability method. Differences are defined as temporary when they are expected to reverse within a foreseeable future. The Company may only recognize deferred tax assets on net operating losses if, based on the projected taxable incomes within the next three years, management determines that it is probable that future taxable profit will be available against which the unused tax losses and tax credits can be utilized. As a result, the measurement of deferred income tax assets is reduced, if necessary, by a valuation allowance for any tax benefits which are not expected to be realized. If future taxable profits are considerably different from those forecasted that support recording deferred tax assets, the Company will have to revise downwards or upwards the amount of deferred tax assets, which would have a significant impact on the Company’s financial results. Tax assets and liabilities are not discounted. Amounts recognized in the Consolidated Financial Statements are calculated at the level of each tax entity included in the consolidation scope. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in the period that such tax rate changes are enacted. Uncertain tax position Tax benefits are recognized from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. Segment Information The Company operates in a single operating segment: the conducting of research and development of epicutaneous immunotherapy products in order to market them in the future. The assets, liabilities, and operating losses recognized are primarily located in France. Other Items in the Comprehensive Loss Comprehensive loss is comprised of net income(loss) and other comprehensive income (loss). Other comprehensive income (loss) includes changes in equity that are excluded from net income (loss), such as foreign currency translation adjustments. These changes in equity are presented net of tax. Net Loss Per Share The Company calculates basic and diluted net loss per ordinary share by dividing the net loss by the weighted- average number of ordinary shares outstanding during the period. For the years ended December 31, 2023 and 2022, the Company has excluded the effects of all potentially dilutive shares, which include outstanding ordinary stock options, warrants to purchase ordinary shares, and restricted stock units, from the weighted-average number of ordinary shares outstanding as their inclusion in the computation for these years would be anti-dilutive due to net losses incurred. Subsequent Events The Consolidated Statements of Financial Position and the Consolidated Statements of Operations and Comprehensive Loss of the Company are adjusted to reflect the subsequent events that alter the amounts related to the situations that existed as of the end of the period covered. The Company has evaluated subsequent events from the balance sheet date through March 7, 2024, the date at which the consolidated financial statements are issued. 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 |
Significant Events and Transact
Significant Events and Transactions of the Periods | 12 Months Ended |
Dec. 31, 2023 | |
Significant Events And Transactions of the Period Disclsure [Abstract] | |
Significant Events and Transactions of the Periods | Note 2 Significant Events and Transactions of the Periods 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 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 m - . The Company named that assessment EQUAL, which stands for Equivalence in Uptake of Allergen. The FDA also recommended conducting a 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 safety and adhesion clinical data FDA requested via STAMP, which the Company expected to be the longest component of the mVP clinical plan. The Company prioritized the STAMP protocol submission so the Company could begin the clinical trial as soon as possible. 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 trial with adult healthy volunteers to optimize the allergen sample collection methodologies and validate the assays we intend to use in EQUAL. The data collection phase of the trial is complete, and the data analysis phase is ongoing. b. ‘EQUAL in adults’—a second Phase 1 trial 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 based on the results of CHAMP, 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 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 conducts allergen uptake comparison trials (i.e., ‘EQUAL in Adults’, EQUAL), and submits 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 In 2022, the Company announced the new Phase 3 pivotal study of the modified Viaskin Peanut (mVP) patch would be in younger (4-7 On March 2, 2023, the Company announced the completion of EVOLVE, a 12-week caregiver and patient user experience study of the mVP patch in 50 peanut allergic children ages 4–11-years old. The objective of EVOLVE was to evaluate the Instructions for Use (IFU) and ease of use for the mVP patch. The study concluded that the updated IFU supported correct patch application, which included no lifting of the patch edges or detachment directly after application. Furthermore, EVOLVE concluded that the majority of parents/caregivers reported a positive ease of use experience with the mVP patch. In EVOLVE, DBV also tested the functionality of an electronic patient diary (eDiary) to collect information on activities of daily living and patch adhesion scores. EVOLVE verified that the eDiary tool can be used by caregivers in VITESSE to capture the adhesion data in support of a potential BLA. On March 7, 2023, the Company announced that the first patient was screened in the VITESSE study. Screening of the last patient is anticipated by Q3 2024. On April 19, 2023, the Company outlined the regulatory path for Viaskin Peanut in children 1-3 years old after the FDA confirmed that the Company’s Phase 3 EPITOPE study meets the pre-specified criteria for success for the primary endpoint, not requesting any additional efficacy study. The FDA requires additional safety data to augment the safety data collected from EPITOPE in support of a BLA. This new safety study will also generate patch adhesion data and will include updated instructions for use. On July 31, 2023, the Company announced receipt of feedback from FDA on the two supplemental safety studies, COMFORT Children and COMFORT Toddlers. The COMFORT Toddlers safety study will enroll peanut allergic toddlers ages 1 – 3-years and will support the efficacy results generated from the EPITOPE Phase 3 pivotal study. The COMFORT Children safety study will enroll peanut allergic children ages 4 – 7-years and will support the efficacy results anticipated from the ongoing VITESSE Phase 3 pivotal study. FDA agreed with a 6-month study duration and a 3:1 randomization (active:placebo) of approximately 400 subjects in the double-blind, placebo-controlled COMFORT Toddlers study. The Company expects both COMFORT studies will assess adhesion using the same tools and measurements that were established in VITESSE. Viaskin Peanut for children ages 4-11—European Union Regulatory History and Current Status On August 2, 2021, the Company announced it 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. On December 20, 2021, the Company announced it withdrew the 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 effect 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 of Part B of EPITOPE was complete in first quarter of 2021. In June 2022, we 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 balanced for age and baseline disease characteristics between the active and placebo treatment arms. The Company intends to further analyze the data from EPITOPE and explore regulatory pathways for Viaskin Peanut in children ages 1 to 3 years, given the high unmet need and absence of approved treatments for this vulnerable population. 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 criteria for success for the primary endpoint, with no additional efficacy study requested. This safety study will increase the safety data collected from EPITOPE in support of a BLA. It will also generate patch adhesion data and will include updated instructions for use. 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 by increasing the peanut dose that triggers allergic symptoms. As stated in an accompanying editorial piece, these data are seen as “very good news” for toddlers with peanut allergy, as there are currently no approved treatment options for peanut-allergic children under the age of 4 years. Following this publication, the Company confirmed it is advancing regulatory efforts for VP in toddlers ages 1-3 years old with a confirmed peanut allergy. In November 2023, the Company announced the interim analyses from the first year of the open-label extension of EPITOPE. These data were presented at the annual American College of Allergy, Asthma and Immunology (ACAAI) in November 2023. Viaskin Peanut for Children ages 4-7 On September 7, 2022, we 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, we 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, we 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 screening of the first patient in VITESSE. Screening of the last patient is anticipated by Q3 2024. Supplemental Safety Study in children ages 4-7 years with peanut allergy In 2024, we plan to initiate a six-month supplemental safety study (COMFORT Children) in peanut-allergic children ages 4-7 Diagnostic Tool Development On October 30, 2023, the Company and NESTEC entered into a Mutual Termination Letter Agreement terminating the Collaboration Agreement. Each party remains responsible for its own costs and expenses related to its respective wind –down activities. Any and all licenses and sublicenses, granted by either party to the other party under the Collaboration Agreement, including, without limitation, any licenses to intellectual property, were revoked and terminated. Consequently, since signing the Mutual Termination Letter Agreement and as of December 31, 2023, we recorded the following: • Loss on completion accrual reversal $19,9 millions (Other Operating Income); • Deferred revenue accrual reversal $6.9 millions (Operating Expenses); • Accrual for ongoing Clinical study completion $2.3 millions (Operating Expenses). This accrual represents our best estimate of the remainder expenses related to the ongoing clinical study which will be incurred after December 31, 2023 and until the end of the study. Financing In May 2022, the Company announced that pursuant to the Company’s At-The-Market program established in May 2022 (the “ATM Program”), it had issued and completed sales of new ordinary shares (the “Ordinary Shares”) in form of American Depositary Shares (“ADSs”), for a total gross amount of $15.3 millions millions Pursuant to the ATM program, the Company issued and completed sales of new Ordinary Shares in the form of ADSs for a total gross amount of $7.8 millions on June 14, 2023 (and a net amount of $6.9 millions after $0.9 capital increase fees imputation). In June 2022, the Company announced an aggregate $194 million ($180.4 million net of transaction costs) private investment in public equity (PIPE) financing (corresponding to €181 million on the basis of an exchange rate of $1.0739 = €1.00 published by the European Central Bank on June 8, 2022) from the sale of 32,855,669 ordinary shares, as well as pre-funded warrants to purchase up to 28,276,331 ordinary shares (the “June 2022 PIPE ”). June 2022 millions millions The ordinary shares issued in the June 2022 PIPE, including the ordinary shares issuable upon exercise of the pre-funded ordinary shares issued in the June 2022 PIPE, including ordinary shares underlying the pre-funded warrants. Legal Proceedings From time to time, we may become subject to various legal proceedings and claims that arise in the ordinary course of our business activities. We are not currently subject to any material legal proceedings. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2023 | |
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: December 31, 2023 2022 Cash 10,530 30,104 Cash equivalents 130,826 179,090 Total cash and cash equivalents as reported in statement of financial position 141,367 209,194 Bank overdrafts — — Total net cash and cash equivalents as reported in the statement of cash flow 141,367 209,194 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 | 12 Months Ended |
Dec. 31, 2023 | |
Other Current Assets [Abstract] | |
Other Current Assets | Note 4 Other Current Assets Other current assets consisted of the following: December 31, 2023 2022 Research tax credit 8,857 5,792 Other tax claims 5,236 3,903 Prepaid expenses 2,103 2,680 Other receivables 1,353 1,504 Total 17,548 13,880 The other tax claims are primarily related to deductible VAT. 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. Research tax credit In the fiscal year ended December 31, 2021, the Company recovered its Small and Medium-sized During the year ended December 31, 2022, the Company received the reimbursement of millions of the 2019, 2020 and 2021 fiscal year research tax credit. During the year ended December 31, 2023, the Company : • received the reimbursement of $5.9 millions of the 2022 fiscal year research tax credit ; • made a complementary statement for 2020, 2021 and 2022 fiscal year research tax credit. A complementary research tax credit has been booked for $2.9 millions . The variance in Research Tax Credit during the two years disclosed is presented as follow: Amount in Opening balance sheet receivable as of January 1, 2022 28,092 + 2022 fiscal year research tax credit 5,718 - Payment received (26,117 ) - Adjustment and currency translation effect (1,901 ) Closing balance sheet receivable as of December 31, 2022 5,792 Of which—Non-current portion — Of which—Current portion 5,792 Amount in Opening balance sheet receivable as of January 1, 2023 5,792 + 2023 fiscal year research tax credit (1) 8,766 - Payment received (5,971 ) - Adjustment and currency translation effect 271 Closing balance sheet receivable as of December 31, 2023 8,857 Of which—Non-current portion — Of which—Current portion 8,857 (1) Included 2020, 2021 and 2022 complementary research tax credit made during the fiscal year ended December 31, 2023 |
Property, Plant, and Equipment
Property, Plant, and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant, and Equipment | Note 5 Property, Plant, and Equipment Property and equipment, net consisted of the follo wi 1/1/2022 Currency Increase Decrease Reclassification 12/31/2022 Laboratory equipment 21,434 (1,246 ) — — 270 20,459 Building fixtures 3,958 (196 ) 55 (604 ) — 3,214 Office equipment 864 (25 ) 74 (428 ) — 485 Computer equipment 1,299 (65 ) 16 — 8 1,258 Property, plant, and equipment in progress 4,390 (252 ) 608 — (278 ) 4,468 Total, gross 31,945 (1,783 ) 754 (1,032 ) — 29,884 Less accumulated amort. and deprec. (13,799 ) 703 (2,723 ) 1,031 — (14,788 ) Total, net 18,146 (1,080 ) (1,968 ) (1 ) — 15,096 1/1/2023 Currency Increase Decrease Reclassification 12/31/2023 Laboratory equipment 20,459 815 — — 3,565 24,839 Building fixtures 3,214 114 — — 3,327 Office equipment 485 5 53 — 552 Computer equipment 1,258 40 — 126 1,425 Property, plant, and equipment in progress 4,468 91 625 — (3,750 ) 1,433 Total, gross 29,884 1,074 677 — (59 ) 31,577 Less accumulated amortization and depreciation (14,788 ) (60 ) (3,566 ) — — (18,954 ) Total, net 15,096 474 (2,889 ) — (59 ) 12,623 The depreciation and amortization expense for each of the years ended December 31, 2023 and 2022 was $3.6 million and $2.7 million respectively. |
Lease contracts
Lease contracts | 12 Months Ended |
Dec. 31, 2023 | |
Lessee Disclosure [Abstract] | |
Lease contracts | Note 6 Lease contracts Future minimum lease payments under the Company’s operating leases’ right of use as of December 31, 2023 and 2022, are as follows: December 31, 2023 December 31, 2022 Real Other Total Real Other Total Current portion 1,205 71 1,275 1,972 79 2,051 Year 2 65 11 75 1,168 74 1,243 Year 3 421 — 412 65 6 71 Year 4 919 — 919 — — — Year 5 919 — 919 — — — Thereafter 3,677 — 3,677 — — — Total minimum lease payments 7,205 81 7,286 3,204 160 3,364 Less: Effects of discounting (1,617 ) (9 ) (1,626 ) (325 ) (17 ) (343 ) Present value of operating lease 5,588 73 5,661 2,879 143 3,021 Less: current portion (1,072 ) (68 ) (1,144 ) (1,823 ) (71 ) (1,894 ) Long-term operating lease 4,516 5 4,526 1,055 72 1,127 Weighted average remaining lease term (years) 7.954 — 1.40 — Weighted average discount rate 4.53 % 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: December 31, 2023 2022 Operating lease expense 1,776 1,800 Refurbishing impact 1,750 — Net termination impact (92 ) (1,657 ) In On March 28, 2022 , the Company entered into a binding office lease agreement in New Jersey for a lease term of . The lease commencement was based upon delivery of possession of the premises by the Landlord and occurred on April 1, 2022. Right of use and related lease debt have been recorded starting April 1, 2022 for a gross amount of $ million. In November, 2023, the Company signed agreements for the new headquarters in Chatillon, France: • a short term lease agreement in order to fit the new offices, • A lease agreement starting on April 16, 2024 The lease commencement was based upon delivery of possession of the premises by the Landlord and occurred in November, 2023. Right of use and related lease debt have been recorded starting November, 2023 for a gross amount of millions Supplemental cash flow information related to operating leases is as follows for the year ended December 31, 2023 and 2022: December 31, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases 1,956 2,195 |
Other non-current assets
Other non-current assets | 12 Months Ended |
Dec. 31, 2023 | |
Other Assets, Noncurrent Disclosure [Abstract] | |
Other non-current assets | Note 7 Other non-current Other non-current assets consisted of the following: December 31, 2023 2022 FX facility collateral account 3,904 3,739 Deposits, pledged securities and other non-current financial assets 2,104 1,773 Liquidity contract 166 312 Total other non-current assets 6,144 5,824 The other non-current assets are composed of security deposits paid to premises lessors, pledged securities, the liquidity contract and a collateral account to guarantee a FX facility not used as of December 31, 2023. Under the liquidity contract, 222,988 treasury shares were allocated as a reduction of Shareholders’ Equity as at December 31, 2023 with the cash balance being maintained in financial assets. |
Trade payables and Other Curren
Trade payables and Other Current Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Payables and Accruals [Abstract] | |
Trade payables and Other Current Liabilities | Note 8 Trade payables and Other Current Liabilities 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 year presented. Other Current Liabilities Other current liabilities consisted of the following: December 31, 2023 2022 Social debt 7,828 5,872 Deferred income — 2,137 Tax liabilities 223 69 Other debts 883 1,131 Total 8,934 9,210 The other current liabilities include short-term debt related to employees’ bonus accruals, as well as social welfare and tax agencies. On October 30, 2023, the Company signed a NESTEC. As of December 31 2023, we recorded a deferred revenue accrual reversal of $6.9 millions (including $ millions in current liabilities and $ |
Other Current and Non-Current L
Other Current and Non-Current Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Long Term Debt And Other Noncurrent Liabilities Disclosure [Abstract] | |
Other Current and Non-Current Liabilities | Note 9 Other Current and Non-Current Due dates of liabilities The following table shows the maturity of the Company’s liabilities (except leases disclosed in Note 6—“Lease contract”): Total 2024 2025 Thereafter Other current liabilities 8,934 8,934 — — Supplier accounts payable and related payables 23,302 23,302 — — Total liabilities 32,236 32,236 — — The current portion of other liabilities mainly includes social security . Other non-current Effective October 30, 2023 ,the Company and Nestlé Health Science signed an agreement, terminating the collaboration agreement between the two parties and the PII clinical study. Consequently as of December 31, 2023, we recorded the following: • Deferred revenue accrual reversal $6.9 millions (including $4.7 millions recorded in Other non-current |
Fair value measurement
Fair value measurement | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair value measurement | Note 10 Fair value measurement The Company reports assets and liabilities recorded at fair value on the Company’s consolidated balance sheets based upon the level of judgment associated with inputs used to measure their fair value. The fair value measurement level within the fair value hierarchy for a particular asset or liability is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques maximize the use of observable inputs and minimize the use of unobservable inputs. Financial instruments not measured at fair value on the Company’s consolidated statement of financial position, but which require disclosure of their fair values include cash and cash equivalents, accounts receivable, deposits, liquidity contract, accounts payable and conditional advances. The fair values of these financial instruments are deemed to approximate their carrying amount. The fair values of cash and cash equivalents, accounts receivable, deposits, liquidity contract and accounts payable are categorized as Level 1. The fair value of conditional advance was categorized as Level 2 and was estimated based on a discounted cash flow method using the effective interest rate. For the interest-free conditional advances, the discount rate applied is equal to the rate of fungible treasury bonds over the time period that corresponds to the time period of the repayment of the advances. There has been no transfer between levels of the fair value hierarchy during the years ended December 31, 2022 and 2023. |
Share Capital Issued
Share Capital Issued | 12 Months Ended |
Dec. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
Share Capital Issued | Note 11 Share Capital Issued The share capital, as of December 31, 2023, is set at the sum of €9,643,177 ($ 10,972,101 converted at historical rates). It is divided into 96,431,770 fully authorized, subscribed and paid-up shares with a nominal value of €0.10 . This number does not reflect ordinary shares issuable upon exercise or settlement of non-employee warrants (“BSA”), stock options (“SO”) and restricted stock units (“RSU”) granted to both employees and non-employees of the Company. All the shares give their owners the right to a proportional share of the income and the net assets of the Company. Pursuant to the authorization granted by the SH General Meeting, the Board of Directors, at its meeting of June 9, 2022 (the “Board General Meeting”): • decided, within the framework of the June 2022 th nd • granted a number of authorizations for the purpose of carrying out the issuance; • sub-delegated its authority to the Chief Executive Officer for the purpose of implementing the financing. The Chief Executive Officer, acting pursuant to the sub-delegations of authority granted by the Board of Directors of the Company on June 8, 2022, after receiving the favorable opinion of the Pricing Committee established by the Board of Directors, has, on June 9, 2022: • decided, making use of the 18 th • decided to set the maximum nominal amount of the capital increase resulting from the full exercise of the prefunded warrants at € 2,827,633.10, by issuing a maximum of 28,276,331 ordinary shares, with a value of € 0.10 to be subscribed in cash at the price of € 0.10 euro (without share premium), and to be fully paid up at the time of subscription, i.e. a capital increase of a maximum nominal amount of € 2,827,633.10 (and a share premium corresponding to the amount of the pre-financed price released in advance at the time of the subscription of the prefunded warrants ), being specified that this amount does not take into account the nominal value of the ordinary shares to be issued in order to preserve the rights of the holders of securities giving access to the capital issued or to be issued, in accordance with the legal and regulatory provisions and the contractual stipulations providing for other cases of adjustment if necessary; • determined the list of beneficiaries (designated within each of the categories of persons defined in the 18 th th The Company has assessed the pre-funded pre-funded 815. The 2022 Warrants are classified as a component of permanent equity because they are freestanding financial instruments that are legally detachable and separately exercisable from the shares of common stock with which they were issued, are immediately exercisable, do not embody an obligation for the Company to repurchase its shares, and permit the holders to receive a fixed number of shares of common stock upon exercise. In addition, the 2022 Warrants do not provide any guarantee of value or return. Accordingly, the pre-funded warrants are classified as equity and accounted for as a component of additional paid-in capital at the time of issuance. The changes in number of outstanding prefunded warrants are as follows: Prefunded Balance as of December 31, 2022 28,276,331 Granted during the period — Forfeited during the period — Exercised/released during the period — Expired during the period — Balance as of December 31, 2023 28,276,331 The table below presents the changes in the share capital of the Company as of December 31, 2022 and 2023: (Amounts in thousands of U.S. Dollars except share and per share data) Date Nature of the transactions Share capital* Additional paid-in Number of Balance as of December 31, 2021 6,538 358,115 55,095,762 03/23/2022 Capital increase by ordinary shares 0 (0 ) 775 05/10/2022 Capital increase by ATM program 637 13,442 6,036,238 05/12/2022 Retained earnings charged on share premium (95,209 ) 05/19/2022 Capital increase by employee warrants 1 (1 ) 5,000 05/24/2022 Capital increase by employee warrants 3 (3 ) 26,135 06/09/2022 Capital increase by ordinary shares 3,530 88,743 32,855,669 06/09/2022 Capital increase by share warrants 88,094 06/10/2022 Capital increase by employee warrants 0 13 3,100 07/08/2022 Capital increase by employee warrants 0 10 2,513 09/23/2022 Capital increase by ordinary shares 0 (0 ) 249 11/19/2022 Capital increase by ordinary shares 0 (0 ) 2,500 11/22/2022 Capital increase by ordinary shares 3 (3 ) 30,625 11/24/2022 Capital increase by ordinary shares 8 (8 ) 78,579 12/31/2021 Share-based payments 5,026 Balance as of December 31, 2022 10,720 458,220 94,137,145 03/23/2023 Capital increase by employee warrants 1 (1 ) 10,174 04/12/2023 Retained earnings charged on share premium (93,441 ) 05/19/2023 Capital increase by ordinary shares 0 (0 ) 2,500 05/22/2023 Capital increase by ordinary shares 2 (2 ) 14,374 05/24/2023 Capital increase by ordinary shares 4 (4 ) 34,321 06/16/2023 Capital increase by ATM program 225 6,696 2,052,450 09/23/2023 Capital increase by ordinary shares 0 (0 ) 2,599 10/25/2023 Capital increase by ordinary shares 4 (4 ) 35,000 11/19/2023 Capital increase by ordinary shares 0 (0 ) 2,500 11/21/2023 Capital increase by ordinary shares 6 (6 ) 57,775 11/22/2023 Capital increase by ordinary shares . . . . . . . . . . . 6 (6 ) 50,058 11/24/2023 Capital increase by ordinary shares . . . . . . . . . . . 4 (4 ) 32,884 12/31/2023 Share-based payments 6,020 Balance as of December 31, 2023 10,972 377,468 96,431,770 In April 2023, pursuant to the authorization granted by the General Meeting of the Shareholders held on April 12, 2023, 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 € millions ($ millions converted at historical rates). |
Share-Based Payments
Share-Based Payments | 12 Months Ended |
Dec. 31, 2023 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Payments | Note 12 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 Share-based General meeting Board Grant Number BSA 12/9/11 9/25/12 9/25/12 30,000 BSA 6/4/13 7/25/13 7/25/13 73,000 SO 12/9/11 9/18/13 9/18/13 518,000 BSA 6/3/14 3/24/15 3/24/15 10,000 SO 6/3/14 6/23/15 6/23/15 120,000 BSA 6/23/15 11/19/15 11/19/15 22,500 BSA 6/23/15 12/15/15 2/15/16 90,000 SO 6/3/14 4/6/16 4/21/16 33,000 SO 6/3/14 6/21/16 6/21/16 110,000 BSA 6/21/16 6/21/16 8/21/16 20,000 SO 6/3/14 6/21/16 9/15/16 9,300 SO 6/3/14 6/21/16 10/17/16 16,500 BSA 6/21/16 12/9/16 2/9/16 59,000 SO 6/3/14 6/21/16 12/9/16 74,960 RSU 9/21/15 3/14/17 3/14/17 22,500 RSU 9/21/15 4/20/17 4/20/17 24,000 BSA 6/15/17 6/15/17 8/15/17 9,000 SO 6/3/14 6/15/17 6/15/17 126,000 SO 6/15/17 6/15/17 6/15/17 111,600 SO 6/15/17 6/15/17 9/15/17 52,600 SO 6/15/17 11/17/17 12/5/17 625,200 BSA 6/15/17 5/2/18 7/2/18 44,000 RSU 6/22/18 6/22/18 6/22/18 486,153 RSU 6/22/18 9/6/18 9/6/18 450 SO 6/22/18 9/6/18 9/6/18 65,000 SO 6/22/18 6/22/18 10/15/18 76,700 RSU 6/22/18 11/1/18 11/1/18 57,000 SO 6/22/18 11/29/18 11/29/18 350,000 RSU 6/22/18 12/12/18 12/12/18 16,250 RSU 6/22/18 12/12/18 12/17/18 3,000 SO 6/22/18 3/4/19 3/20/19 547,100 RSU 6/22/18 5/10/19 5/10/19 100,000 SO 5/24/19 5/24/19 5/24/19 150,000 SO 5/24/19 7/1/19 7/1/19 403,400 SO 5/24/19 7/1/19 7/22/19 75,000 RSU 5/24/19 10/11/19 10/11/19 40,000 SO 5/24/19 10/11/19 1/15/20 94,500 RSU 5/24/19 10/11/19 3/16/20 5,000 RSU 4/20/20 4/20/20 4/29/20 20,000 RSU 4/20/20 11/24/20 11/24/20 475,000 SO 4/20/20 11/24/20 11/24/20 1,216,200 RSU 4/20/20 3/23/21 3/23/21 24,900 SO 4/20/20 3/23/21 3/23/21 75,200 RSU 5/19/21 5/19/21 5/19/21 20,000 Share-based General meeting Board Grant Number BSA 5/19/21 5/19/21 6/3/21 39,185 RSU 5/19/21 11/22/21 11/22/21 257,300 SO 5/19/21 11/22/21 11/22/21 1,107,300 RSU 5/19/21 5/12/22 5/12/22 3,200 SO 5/19/21 5/12/22 5/12/22 19,000 RSU 5/12/22 7/29/22 7/29/22 66,700 SO 5/12/22 7/29/22 7/29/22 135,500 RSU 5/12/22 11/21/22 11/21/22 519,650 SO 5/12/22 11/21/22 11/21/22 1,771,786 RSU 4/12/23 1/09/23 1/9/23 35,800 SO 4/12/23 1/09/23 1/9/23 59,200 RSU 4/12/23 11/20/23 11/20/23 912,650 SO 4/12/23 11/20/23 11/20/23 2,290,722 In the following tables related to share-based payments, exercise prices, grant date share fair values and fair value per equity instruments are provided in euros, as the Company is incorporated in France and the euro is the currency used for the grants. 12.1 Non-employee The Company’s board of directors has been authorized by the shareholders’ general meeting to grant BSAs to non-employee’s members of the Board of Directors and members of the Scientific Advisory Board. The BSAs plans granted by the Board of Directors until 2018 are similar in their nature and conditions, except for the exercise price that is comprised between €5.13 and €69.75. During the year ended December 31, 2021, pursuant to the authorization granted by the General Meeting of the Shareholders held on May 19, 2021, the Company offered the directors the opportunity to subscribe for warrants to purchase ordinary shares on May 19, 2021, and on June 3, 2021, the directors subscribed for warrants to purchase an aggregate of 39,185 ordinary shares. These warrants have a contractual life of 4 years from their date of issuance and are not subject to a performance condition. Unless otherwise decided by the Board of Directors, these warrants may be exercised at any time prior to their expiration, provided that the beneficiary still holds a seat on the Board of Directors at the time of exercise, and subject to applicable French laws and regulations applicable to companies whose securities are listed on a regulated stock market. The fair value of the warrants has been estimated using the Cox-Ross Warrant fair value assumptions during the year ended December 31, 2021 Weighted average share price at grant date (in €) 10.75 Weighted average expected volatility 90.0 % Weighted average risk-free interest rate (0.53 )% Weighted average expected term (in years) 3.21 Dividend yield — Weighted average fair value of warrants (in €) — The following table summarizes all BSA warrants activity during the year ended December 31, 2022: Number of Weighted- Weighted- Aggregate Balance as of December 31, 2021 256,693 47.51 4.35 — Granted during the period — — — — Forfeited during the period — — — — Exercised during the period — — — — Expired during the period (5,000 ) 8.59 — — Balance as of December 31, 2022 251,693 48.29 4.36 — Warrants exercisable as of December 31, 2022 251,693 48.29 4.36 — The following table summarizes all BSA activity during the year ended December 31, 2023: Number of Weighted- Weighted- Aggregate Balance as of December 31, 2022 251,693 48.29 4.35 — Granted during the period — — — — Forfeited during the period — — — — Exercised during the period — — — — Expired during the period (7,000 ) — — — Balance as of December 31, 2023 244,693 48.29 4.35 — Warrants exercisable as of December 31, 2023 244,693 48.29 4.35 — 12.2 Employee warrants As of December 31, 2023, no more BSPCE / BCE warrants (Bons de Souscription de Parts de Créateur d’Entreprise or “BSPCE”) are exercisable. 12.3 Stock options The Company’s Board of Directors has been authorized by the shareholders’ general meeting to grant SOs to employees. The different stock options plans granted by the Board of Directors are similar in their nature and conditions, except for the exercise price that is comprised between € and € . All SO issued have a ten-year contractual life. SO are expensed in accordance with the following vesting conditions: • Before June 22, 2018 and from January 15, 2020 to November 22, 2021, SO granted mainly vest over four years at a rate of 25% upon the first anniversary of the issuance date and 12.5% every 6 months thereafter, subject to the beneficiary being still employed by the Company (except in specific contractual clause or board of directors’ decisions), • Between June 22, 2018 and January 15, 2020, SO may be exercised by the beneficiary once both of the following conditions have been met: • Service condition: 25% upon the first anniversary of the issuance date and 12.5% every 6 months thereafter, subject to the beneficiary being still employed by the Company (except in specific contractual clause or board of directors’ decisions), and, • Performance condition: approval of Viaskin ™ • Since November 22, 2021, SO granted mainly vest over four years at a rate of 25% upon the first anniversary of the issuance date and 25% every 12 months thereafter, subject to the beneficiary being still employed by the Company (except in specific contractual clause or board of directors’ decisions), Performance conditions which are other than market conditions, are taken into account by adjusting the number of equity instruments included in the measurement of the transaction amount but are not taken into account when estimating the fair value of the shares. Estimated achievement of performance conditions is reviewed at each reporting date. The Company also applied a forfeiture rate for each grant according to its respective characteristics and composition. This forfeiture rate is reviewed at each reporting date. The following table summarizes all stock options activity during the year ended December 31, 2022: Number of SO Weighted- Weighted- Aggregate Balance as of December 31, 2021 3,631,210 15.25 8.67 Granted during the period 1,926,286 3.12 — — Forfeited during the period (245,314 ) 12.22 — — Exercised during the period (5,613 ) 4.16 — — Expired during the period — — — — Balance as of December 31, 2022 5,306,569 11.00 8.41 Options exercisable as of December 31, 2022 1,331,508 20.20 6.69 — The following table summarizes all stock options activity during the year ended December 31, 2023: Number of SO Weighted- Weighted- Aggregate Balance as of December 31, 2022 5,306,569 11.00 8.41 Granted during the period 1,926,286 2.03 — — Forfeited during the period (369,800 ) 3.76 — — Exercised during the period — — — — Expired during the period (168,000 ) — — — Balance as of December 31, 2023 7,118,691 8.55 9.10 Options exercisable as of December 31, 2023 602,995 38.70 5.35 — As of December 31, 2023, there was €17.8 millions ($ millions converted at closing rate) of unrecognized SO expense that is expected to be recognized over a weighted-average period of years. Fair value of stock options Determining the fair value of the share-based payments at the grant date requires judgment. The Company calculated the fair value of stock options instruments on the grant date using the Black-Scholes option pricing model. The Black-Scholes model requires the input of highly subjective assumptions, including the expected volatility, expected term, risk-free interest rate and dividend yield. Exercise price The exercise price of the Company’s stock awards is based on the fair market value of our ordinary shares. Risk-free interest rate The risk-free interest rate is based on French government bonds (GFRN) with a maturity corresponding to the stock options maturity. Expected term The Company determines the expected term based on the average period the stock options are expected to remain outstanding. Expected Volatility The Company determines the expected volatility based on the historical data period corresponding to the stock options expected maturity. Expected Dividend yield The Company has never declared or paid any cash dividends, and it does not presently plan to pay cash dividends in the foreseeable future. Consequently, the Company uses an expected dividend yield of zero. The Company estimated the following assumptions for the calculation of the fair value of the stock options: Assumptions per year ended, December 31, Stock options per grant date 2017 2018 2019 2020 2021 2022 2023 Weighted average shares price at grant date in € 45.49 31.86 15.26 5.54 5.71 2.33 2.03 Weighted average expected volatility 41,80 % 47,10 % 70,80 % 87,30 % 90,20 % 98,90 % 93,70 % Weighted average risk-free interest rate -0,10 % 0,30 % -0,10 % -0,50 % -0,06 % 2,20 % 2,95 % Weighted average expected term (in years) 6,7 6 6 6 6 6 6 Dividend yield 0 0 0 0 0 — — Weighted average fair value of stock-options in € 17.16 13.67 9.65 3.9 4.17 2.23 1.67 12.4 Restricted stock units The Company’s board of directors has been authorized by the shareholders’ general meeting to grant RSUs to employees. RSUs are measured based on the fair market value of the underlying stock on the date of grant and recognized as an expense on a straight-line basis in accordance with the following vesting conditions: • Before May 31, 2019, the vesting of RSUs granted is subject to the expiration of the presence condition of one (1) or two (2) years (except in specific board of directors’ decisions). The release of RSUs for these plans is subject to the achievement of performance conditions (submission of a BLA to U.S. FDA for Viaskin ™ ™ ™ • Between May 31, 2019 and November 23, 2020, the vesting of RSUs is subject either to the expiration of the presence condition of two (2) years only, or to the dual condition of expiration of the presence condition and achievement of the performance condition (date of approval of Viaskin ™ • Between November 24, 2020 and November 20, 2023, RSUs vest over four years at a rate of 25% upon the first anniversary of the issuance date and 12.5% every 6 months thereafter, subject to the beneficiary being still employed by the Company (except in specific board of directors’ decisions). • Since November 20, 2023, RSUs vest over four years at a rate of 25% upon the first anniversary of the issuance date and 25% every126 months thereafter, subject to the beneficiary being still employed by the Company (except in specific board of directors’ decisions). Performance conditions, which are other than market conditions, are taken into account by adjusting the number of equity instruments included in the measurement of the transaction amount but are not taken into account when estimating the fair value of the shares. Estimated achievement of performance conditions is reviewed at each reporting date. RSU plans may be subject to a conservation period under French governing laws. The Company applied a forfeiture rate for each grant according to its respective characteristics and composition. This forfeiture rate is reviewed at each reporting date. The following table summarizes all RSUs activity for the year ended December 31, 2022: Number of Weighted Balance as of December 31, 2021 1,240,520 18.77 Granted during the period 589,550 2.67 Forfeited during the period (97 126 ) 4.96 Released during the period (143,863 ) 5.15 Expired during the period — — Balance as of December 31, 2022 1,589,081 14.69 The following table summarizes all RSUs activity for the year ended December 31, 2023: Number of Weighted Balance as of December 31, 2022 1,589,081 14.69 Granted during the period 589,550 1.69 Forfeited during the period (191,659 ) 4.04 Released during the period (250,355 ) 6.77 Expired during the period — — Balance as of December 31, 2023 2,095,517 10.73 As of December 31, 2023, there was € millions ($ millions converted at closing rate) of unrecognized RSUs compensation expense that is expected to be recognized over a weighted-average period of years. 12.5 Reconciliation of the share-based payment expenses with the Consolidated Statements of Operations and Comprehensive Loss December 31, 2023 2022 Research and development SO (1,661 ) (1,462 ) RSU (835 ) (841 ) Sales and marketing SO (102 ) (31 ) RSU (33 ) (4 ) General and administrative SO (2,985 ) (2,374 ) RSU (403 ) (315 ) Total share-based compensation (expense) income (6,019 ) (5,026 ) |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Loss Contingency [Abstract] | |
Contingencies | Note 13 Contingencies Non-current contingencies and current contingencies break down as follows: December 31, 2023 2022 Current contingencies 3,959 3,944 Non-current contingencies 935 16,680 Total contingencies 4,894 20,625 The table below shows movements in contingencies: Pension Collaboration Other Total At January 1, 2022 1,008 9,800 45 10,853 Increases in liabilities 105 12,455 — 12,560 Used liabilities — — (42 ) (42 ) Reversals of unused liabilities — (1,984 ) — (1,984 ) Net interest related to employee benefits, an unwinding of discount — — — — Actuarial gains and losses on defined-benefit plans (262 ) — — (262 ) Currency translation effect (61 ) (436 ) (3 ) (500 ) At December 31, 2022 790 19,835 — 20,625 Of which Current — 3,944 — 3,944 Of which Non-current 790 15,891 — 16,680 At January 1, 2023 790 19,835 — 20,625 Increases in liabilities 76 — 3,874 3,950 Used liabilities — — — — Reversals of unused liabilities — (20,108 ) — (20,108 ) Net interest related to employee benefits, and unwinding of discount — — — — Actuarial gains and losses on defined-benefit plans 38 — — 38 Currency translation effect 31 273 85 389 At December 31, 2023 935 — 3,959 4,893 Of which Current — — 3,959 3,959 Of which Non-current 935 — — 935 The Company does not hold any plan assets for any of the periods presented. As of December 31, 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 income yet to be recognized for the completion of the PII. On October 30, 2023, the Company signed a Mutual Termination Letter Agreement with NESTEC. Consequently as of December 31 , • Loss on completion accrual reversal of $19,9 millions ; • Accrual for ongoing Clinical study completion of $2.3 millions. This accrual represents our best estimate of the remainder expenses related to the ongoing clinical study which will be incurred after December 31, 2023 and until the end of the study. As part of the estimation of the retirement commitments, the following assumptions were used for all categories of employees: December 31, 2023 2022 % Social security contributions 50.0 % 50.0 % Salary increases 2.0 % 2.0 % Discount rate—Iboxx Corporates AA 10+ 3.17 % 3.77 % Expected staff turnover 10.0 % 10.0 % Estimated retirement age 67 65 Life table TGH05-TGF05 Collective agreement National Collective Agreement of |
Operating Income
Operating Income | 12 Months Ended |
Dec. 31, 2023 | |
Other Income and Expenses [Abstract] | |
Operating Income | Note 14 Operating Income The operating income is broken down in the following manner: December 31, 2023 2022 Research tax credit 8,766 5,718 Other operating income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,962 (874 ) Total 15,728 4,844 On May 31, 2016, the Company announced its entry into an exclusive global collaboration with Nestlé Health Science to develop MAG1C, a ready-to-use responsible for leading the development activities of MAG1C up through a pivotal Phase 3 clinical program, and if appropriate regulatory approvals are received, Nestlé Health Science will support the commercialization of MAG1C globally, while prioritizing certain agreed-upon countries. The Company entered into an amendment with Nestlé Health Science on July 12, 2018. The Company is eligible to receive up to € millions ($105.0 millions at December 31 , 2023 closing exchange rate) non-refundable million that the Company received in July 2016. The Company’s current clinical trials, including the Phase 2 clinical trial conducted as part of the development activities pursuant to the Development, Collaboration and License agreement with Nestlé Health Science, have been impacted by the Covid-19 and various other strategies to improve recruitment. As a result of the accumulation of recruitment delays, the Company expects to incur additional clinical and production costs related to the Phase 2 clinical trial as well as delays in achievement of upcoming milestones. As of December 31, 2022, the Company recorded its Collaboration Agreement’s revenue based on its updated measurement of progress of the Phase 2 clinical trial conducted as part of the agreement. The accrual 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 has been updated accordingly. On October 30, 2023, the Company signed a Mutual Termination Letter Agreement with NESTEC. Consequently as of December 31 , a deferred revenue accrual reversal of $ 6.9 millions ; As of December , , the Company recorded complementary research tax credit for $ millions after having made a complementary statement for 2020, 2021 and 2022. |
Operating Expenses and Allocati
Operating Expenses and Allocation of Personnel Expenses | 12 Months Ended |
Dec. 31, 2023 | |
Operating Expenses And Allocation Of Personnel Expenses [Abstract] | |
Operating Expenses and Allocation of Personnel Expenses | Note 15 Operating expenses and Allocation of Personnel Expenses Operating expenses Research and Development Expenses The following table summarizes our research and development expenses for the years presented: December 31, (Dollar amounts presented in thousands) 2023 2022 $ change % change Research and development expenses External clinical-related expenses 49,044 42,248 6,796 16 % Employee-related costs excl. share-based payment expenses 14,401 10,752 3,649 34 % Share-based payment expenses 2,496 2,303 193 8 % Depreciation and amortization (13,658 ) 12,965 (26,623 ) (205 %) Other costs 7,940 7,276 664 9 % Total Research and development expenses 60,223 75,543 (15,320 ) (20 %) Our research and development expenses consisted primarily of external costs, such as startup fees paid to investigators, consultants, central laboratories and CROs in connection with our clinical trials, and costs related to acquiring and manufacturing clinical study materials. Research and Development expenses decreased by $15.3 millions for the year ended December 31, 2023 compared to the year ended December 31, 2022 mainly as a result of : • loss on completion accrual net reversal $17,6 millions (compared to a $10.4 millions depreciation as of December 31, 2022) resulting from Nestlé Collaboration Agreement termination, that offset; • the global increase of $11.3 million in research and development expenses. External clinical-related expenses increased by $6.8 millions for the year ended December 31, 2023 compared to the year ended December 31, 2022, reflecting intensified Research and Development activities (1) after the initiation of the VITESSE trial with the first patient screened in March 2023, and (2) as part of the new safety study for toddlers and children after the FDA confirmed additional safety data is required for BLA. Employee-related costs, excluding share-based payment expenses, increased by $3.6 million for the year ended December 31, 2023 compared to the year ended December 31, 2022 due to the workforce increase to support research and development activities on VITESSE trial and the new safety study for toddlers and children. Sales and Marketing Expenses The following table summarizes our sales and marketing expenses for the years presented: December 31, (Dollar amounts presented in thousands) 2023 2022 $ change % change Sales and marketing expenses Employee-related costs incl. share-based payment expenses 754 914 (160 ) (18 %) External professional services and other costs 1,784 694 990 143 % Total Sales and marketing expenses 2,438 1,608 830 52 % Sales and marketing expenses primarily included payroll for the U.S. and European employees as well as fees related to pre- commercialization activities for Viaskin Peanut in North America. Sales and Marketing expenses increased by $0.8 million for the year ended December 31, 2023 compared to the year ended December 31, 2022, primarily due to an increase in fees related to pre-commercialization activities for Viaskin Peanut in North America. Employee-related costs (including share-based payments expenses) related to payroll for the U.S. and European employees, decreased by $0.2 million for the year ended December 31, 2023 compared to the year ended December 31, 2022, due to employee departure in the US. External professional services and other costs increased by $1.0 million for the year ended December 31, 2023 compared to the year ended December 31, 2022, mainly due to an increase in fees related to pre-commercialization activities for Viaskin Peanut in North America. General and Administrative Expenses The following table summarizes our general and administrative expenses for the years presented: December 31, (Dollar amounts presented in thousands) 2023 2022 $ change % change General and administrative expenses External professional services fees 8,750 5,947 2,803 47 % Employee-related costs excl. share-based payment expenses 8,200 7,320 881 12 % Share-based payment expenses 3,389 2,688 701 26 % Depreciation, amortization and other costs 9,161 8,369 2,523 30 % Total General and administrative expenses 29,500 24,324 5,176 21 % General and administrative expenses increased by $5.2 millions for the year ended December 31, 2023, compared to the year ended December 31, 2022. The source of this increase is threefold (1) an increase by $2.8 millions of external professional services fees incurred in our financing activities, (2) an increase by $0.9 million in employee-related costs to support General and Administrative activities, and (3) an increase by $0.8 million in depreciation, amortization and other costs mainly due to Montrouge office revamping which will be departed for a new location in Q2 of 2024. The workforce dedicated to general and administrative activities increased from 27 employees in 2022 to 34 employees in 2023. Allocation of Personnel Expenses The Company had 104 average employees for the year ended December 31, 2023, in comparison with 101 employees for the year ended December 31, 2022. Allocation of Personnel Expenses by Function: December 31, 2023 2022 Research and Development expenses 16,897 13,055 Sales and Marketing expenses 754 914 General and Administrative expenses 11,589 10,008 Total personnel expenses 29,240 23,977 Allocation of Personnel Expenses by Nature: December 31, 2023 2022 Wages and salaries 18,108 14,802 Social security contributions 4,176 3,206 Expenses for pension commitments 935 943 Share-based payments 6,019 5,026 Total 29,240 23,977 The increase in personnel expenses is mainly due to an increase in headcount to support research and development activities (1) after the initiation of the VITESSE trial with the first patient screened in March 2023, and (2) as part of the new safety study for toddlers after the FDA confirmed additional safety data is required for BLA. |
Income Tax
Income Tax | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Tax | Note 16 Income Tax Reconciliation between the Effective and Nominal Income Tax Expense The following table shows the reconciliation between the effective and nominal tax expense at the nominal standard French rate 25% as of December 31, 2023 and December 31, 2022 (excluding additional contributions): December 31, 2023 2022 (Loss) before taxes (72,709 ) (96,204 ) Theoretical company tax rate 25.00 % 25.00 % Nominal tax expense 18,179 24,051 Increase/decrease in tax expense arising from: Research tax credit 2,192 1,430 Share-based compensation (1,852 ) (784 ) Other permanent differences (110 ) (100 ) Non recognition of deferred tax assets mainly related to tax losses (18,802 ) (24,746 ) Other differences 386 79 Effective tax expenses—current (7 ) (70 ) Effective tax expenses—deferred — — Effective tax rate (0.01 )% (0.07 )% Deferred Tax Assets Deferred taxes are recognized for temporary differences between the basis of assets and liabilities for financial statement and income tax purposes. The significant components of the Company’s deferred tax assets are comprised of the following: December 31, 2023 2022 Deferred tax assets: Net operating loss carryforwards 307,300 273,964 Share-based compensation 509 1,102 Personnel-related accruals 422 389 Pension retirement obligations 509 197 Leases 32 6 Other 1,205 5,248 Total deferred tax assets 309,702 280,907 Less: Valuation allowance (309,702 ) (280,907 ) Net deferred tax assets — — |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | Note 17 Commitments Purchase Obligations The Company has signed agreements with several contract research organizations (CRO) and part of the ongoing clinical studies for Viaskin ™ ™ millions, and we had non-cancellable millions. Letter of Credit and Collateral A letter of credit was signed by the Company in May 2017 for $0.3 million to secure the lease of its premises of its United States subsidiary in New York. A collateral of the same amount was signed in order to pledge against this letter of credit. A Certificate of Deposit, for an initial amount of $0.25 million was signed in order to guarantee an American Express credit cards program in the United States. In 2015, the Company took a term deposit for a sum of €0.23 million (equivalent to $0.24 million at closing exchange rate). |
Relationships with Related Part
Relationships with Related Parties | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Relationships with Related Parties | Note 18 Relationships with Related Parties The compensation amounts for 2023 presented below, which were awarded to the Directors and Officers of the Company totaled millions. The recipients of this compensation are “related parties” under applicable French law and may not be considered executive officers or related parties under comparable SEC and Nasdaq rules and regulations applicable to the Company. December 31, 2023 2022 Short-term benefits 4,864 4,625 Post-employment benefits 29 33 Termination benefits — 24 Share-based payments 3,792 3,355 Total 8,685 8,037 The methods for the valuation of the benefit related to share-based payments are presented in Note 12 Share- Based Payments. Amounts payable to related parties as of December 31, 2023 and 2022 are as follows: December 31, 202 3 2022 Compensation 2,112 2,009 Pension obligations 107 83 Total 2,219 2,092 |
Loss Per Share
Loss Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Loss Per Share | Note 19 Loss Per Share The basic The computations for basic and diluted loss per share were as follows (in thousands of U.S. Dollars except share and per share data): December 31, 2023 2022 Net loss (72,726 ) (96,274 ) Weighted average number of ordinary shares 95,121,390 77,384,133 Basic and diluted net loss per share attributable to ordinary shareholders ($/share) (0.76 ) (1.24 ) The following is a summary of the ordinary share equivalents which were excluded from the calculation of diluted net loss per share for the periods indicated in number of potential shares: December 31, 2023 2022 Non-employee warrants 244,693 251,693 Employee warrants — — Stock-options 7,118,691 5,306,569 Restricted stock units 2,095,518 1,618,778 Prefunded warrants 28,276,331 28,276,331 |
Events After the Close of the F
Events After the Close of the Fiscal Year | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Events after the Close of the Fiscal Year | Note 20 Events after the Close of the Fiscal Year There are no significant events that require adjustments or disclosure in the consolidated financial statements. |
Nature of the business and pr_2
Nature of the business and principles and accounting methods (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Company’s consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the U.S. (“U.S. GAAP”) and presented in thousands of U.S. Dollars, except for share and per share data and as otherwise noted. Any reference in these notes to applicable guidance is meant to refer to authoritative U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). We also follow the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). The Consolidated Financial Statements have been prepared assuming the Company will continue as a going concern and using the historical cost principle with the exception of certain assets and liabilities that are measured at fair value in accordance with U.S. GAAP. The categories concerned are detailed in the following notes. |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. Intercompany transactions and balances have been eliminated. The following list presents all entities included in the consolidation scope for the years ended December 31, 2022 and 2023, as well as their country of incorporation and the percentage of ownership interests: • DBV Technologies Inc. was incorporated in Delaware on April 7, 2014 (the “US subsidiary”). The share capital of this US subsidiary is 100% owned by DBV Technologies S.A. • DBV Australia Pty Ltd. was incorporated in New South Wales, Australia on July 3, 2018 (the “Australian subsidiary”). The share capital of this Australian subsidiary is 100% owned by DBV Technologies S.A. (“DBV Technologies”). • DBV Pharma was incorporated in Paris on December 21, 2018 (the “French subsidiary”). The share capital of this French subsidiary is 100% owned by DBV Technologies S.A. |
Functional Currency and Translation of Financial Statements in Foreign Currency | Functional Currency and Translation of Financial Statements in Foreign Currency The Consolidated Financial Statements are presented in U.S. dollars, which differs from the functional currency |
Conversion of Foreign Currency Transactions | Conversion of Foreign Currency Transactions Foreign currency transactions are converted to functional currency of the entity at the rate of exchange applicable on the transaction date. At period-end, exchange prevailing on that date. The resulting exchange gains or losses are recorded in the entity individual statements of operations in “Financial income (expense)”; they will be recognized in profit or loss on disposal of the net investment. |
Use of estimates | Use of estimates The preparation of the Company’s 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. On an on-going right-of-use right-of-use |
Going concern | Going concern These 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). The Company does not generate product revenue and continues to prepare for the potential launch of its first product in the United States and in the European Union, if approved. Following receipt of a Complete Response Letter (“CRL”) from the U.S. Food and Drug Administration (“FDA”) in connection with its 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 sequential 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 in the intended patient population. The Company considers this approach as the most straightforward approach to demonstrate effectiveness, safety, and improved in vivo adhesion of the modified Viaskin Peanut system. After receiving approval 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 has been prepared for FDA submission. In May 2022, the Company established an At-The-Market (“ATM”) program allowing to offer and sell, including with unsolicited investors who have expressed an interest, a total gross amount of up to $100 million of American Depositary Shares (“ADSs”). The Company’s intent is to use the net proceeds, if any, of sales of ADSs issued under the program, together with its existing cash and cash equivalents, primarily for activities associated with potential approval and launch of Viaskin Peanut, as well as to advance the development of the Company’s product candidates using its Viaskin Platform and for working capital and other general corporate purposes. In June 2022, the Company announced that its pivotal Phase 3 trial EPITOPE, assessing the safety and efficacy of Viaskin Peanut treatment of peanut-allergic toddlers ages 1 to 3 years, met its primary endpoint, with a statistically significant treatment effect. The Company also indicated continuing productive dialogue with the FDA on the protocol design of VITESSE, a pivotal Phase 3 trial of the modified Viaskin Peanut patch in peanut- allergic children ages 4 to 7 years. During the same month, the Company announced private placement financing (“PIPE”) amounting to $194 million. In September 2022, after announcing initiating, the Company received a partial clinical hold letter from the FDA on its VITESSE Phase 3 clinical study. Within the FDA’s communication, the modifications address design elements, including the statistical analysis of adhesion, minimum daily wear time and technical alignments in methods of categorizing data, to meet study objectives as well as the total number of trial participants on active treatment. In December 2022, the Company received confirmation from the FDA that it lifted the partial clinical hold on its VITESSE Phase 3 clinical study. The Company indicated the updated protocol will be submitted to study sites for subsequent Institutional Review Boards and Ethics Committees approval. 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 our current operations, as well as our plans and assumptions, we expect that our balance of cash and cash equivalents of million as of December 31, 2023 will be sufficient to fund our operations until December 31, The Company intends to seek additional capital as it prepares for the launch of Viaskin Peanut, if approved, and continues other research and development efforts. The Company will require substantial additional capital to fund its research and development and ongoing operating expenses. These capital requirements are expected to be funded through debt and equity offerings prior until December 31, 2024. 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, including as a result of disruptions to the global financial markets due to any future pandemics, epidemics or global health crises and conflict in Ukraine or other global political or military crises. The 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. |
Intangible Assets | Intangible Assets Acquired intangible assets are accounted for at acquisition cost less accumulated amortization. Acquired intangible assets are mainly composed of software amortized on a straight-line basis over their estimated useful lives comprised between one |
Property, Plant, and Equipment | Property, Plant, and Equipment Property, plant, and equipment are recorded at their acquisition cost. Property, plant, and equipment are depreciated on a straight-line method over the estimated useful lives of the property. Leasehold improvements are amortized over the shorter of the estimated useful lives of the assets or the remaining lease term. Depreciation is calculated on a straight-line basis over the assets’ estimated useful lives as follows: PROPERTY, PLANT, AND EQUIPMENT ITEM PERIOD DEPRECIATION Laboratory equipment and technical facilities 3 to 10 years Building fixtures and leasehold improvements 5 to 9 years Office equipment and furniture 5 years Computer equipment 3 years |
Impairment of assets | Impairment of assets The Company periodically reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable or the estimated useful life is no longer appropriate. If indicators of impairment exist and the recoverable value of the asset on an undiscounted cash flow basis is less than the carrying amount, an impairment loss is recorded to the extent the carrying amount exceeds its fair value. |
Lease contracts | Lease contracts The Company determines whether an arrangement is a lease at contract inception by establishing if the contract conveys the right to use, or control the use of, identified property, plant, or equipment for a period of time in exchange for consideration. The Company’s leases are comprised of real estate leases, leases for industrial equipment and leases for office equipment. The Company’s real estate leases typically include options and features including rent free periods, rent escalation periods, renewal options and early termination options. The lease term is defined contract-by-contract and corresponds to the non-cancelable period of the lease taking into account the optional periods that are reasonably certain to be exercised. The Company recognizes operating lease liabilities based on the present value of the future minimum lease payments over the lease term at commencement date. The Company does not recognize a lease liability or right of use asset for leases with a term of 12 months or less. Operating lease right of use assets are presented as operating lease right of use assets on the consolidated balance sheet. To date, the Company has recognized a single lease cost under which the operating lease right of use and liability are amortized on a straight-line basis over the lease term, and categorized within Operating Expense in the Consolidated Statement of Operations. The operating lease cash flows are categorized under Net Cash Used in Operating Activities in the Consolidated Statement of Cash Flows. Variable costs are expensed in the period incurred. Since the rate implicit in the lease is not readily determinable, the Company uses its incremental borrowing rates based on the information available at commencement date in determining the discount rate used to calculate the present value of lease payments. As the Company has no external borrowings, the incremental borrowing rates are determined using information on indicative borrowing rates that would be available to the Company based on the value, currency and borrowing term provided by financial institutions, adjusted for company and market specific factors. |
Inventories and Work in Progress | Inventories and Work in Progress Inventories are measured at the lower of cost or net realizable value at production costs calculated using the first-in, first-out method. It includes acquisition costs, processing costs and other costs incurred in bringing the inventories to their present location and condition. Inventories are exclusively composed of work in progress relating to the production of the first batches that may be used for the commercialization. During the launch phase of a new product, any inventories of that product are written down to zero pending regulatory approval. |
Financial Assets and Liabilities | Financial Assets and Liabilities Financial assets, excluding cash and cash equivalents, consist exclusively of other receivables. Other receivables are non-derivative financial assets with a payment, which is fixed or can be determined, not listed on an active market. They are included in current assets, except those that mature more than twelve months after the reporting date. The recoverable amount of other receivables is estimated whenever there is an indication that the asset may be impaired and at least on each reporting date. If the recoverable amount is lower than the carrying amount, an impairment loss is recognized in the Consolidated Statements of Operations and Comprehensive Loss. The Company also receives from time-to-time assistance in the form of conditional advances, which are advances repayable in whole or in part based upon acknowledgment by the funder of a technical or commercial success of the related project by the funding entity. The amount resulting from the deemed benefit of the interest-free nature of the award is considered a subsidy for accounting purposes. This deemed benefit is determined by applying a discount rate equal to the rate of fungible treasury bonds over the time period that corresponds to the time period of the repayment of the advances. In the event of a change in payment schedule of the stipulated repayments of the conditional advances, the Company makes a new calculation of the net book value of the debt resulting from the discounting of the expected new future cash flows. The adjustment that results therefrom is recognized in the income statement for the fiscal year during which the modification is recognized. The Company carries its trade receivable at net realizable value. On a periodic basis, the Company evaluates its trade receivable and determines whether to provide an allowance or if any accounts should be written down and charged to expense as a bad debt. The Company generally does not require any security or collateral to support its receivables. During the years ended December 31, 2023 and December 31, 2022, the Company did not hold any derivative financial instruments. |
Fair Value Measurements | Fair Value Measurements Fair value is defined as an exit price, representing the amount that would be received upon the sale of an asset or payment to transfer a liability in an orderly transaction between market participants. Fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or liability. A three-tier fair value hierarchy is used to prioritize the inputs in measuring fair value as follows: • Level 1—Quoted market prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. • Level 2—Quoted market prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable, either directly or indirectly. Fair value determined through the use of models or other valuation methodologies. • Level 3—Significant unobservable inputs for assets or liabilities that cannot be corroborated by market data. Fair value is determined by the reporting entity’s own assumptions utilizing the best information available and includes situations where there is little market activity for the asset or liability. The asset’s or liability’s fair value measurement within the fair value hierarchy is based upon the lowest level of any input that is significant to the fair value measurement. The Company’s policy is to recognize transfers between levels of the fair value hierarchy in the period the event or change in circumstances that caused the transfer. There were no transfers into or out of Level 1, 2, or 3 during the periods presented. The Company considers its cash and cash equivalents, accounts receivable and accounts payable to reflect their fair value given their short maturity and risk profile of the counterparty. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash includes cash on hand and demand deposits with banks. Cash equivalents include short-term, highly liquid investments, with a short term remaining maturity at the date of purchase or less, refundable within one month, for which the risk of changes in value is considered to be insignificant. Demand deposits therefore meet the definition of cash equivalents. Cash equivalents are measured at fair value using level 1 and any changes are recognized in the Consolidated Statements of Operations and Comprehensive Loss. |
Concentration of Credit Risk | Concentration of Credit Risk The Company has no significant off-balance sheet risk, such as foreign currency contracts, options contracts, or other foreign hedging arrangements. Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and other receivables. Periodically, the Company maintains deposits in accredited financial institutions in excess of federally insured limits. The Company deposits its cash in financial institutions that it believes have high credit quality and have not experienced any losses on such accounts and does not believe it is exposed to any unusual credit risk beyond the normal credit risk associated with commercial banking relationships or entities for which it has a receivable. |
Share Capital | Share Capital Ordinary shares are classified under Shareholders’ Equity. The costs of share capital transactions that are directly attributable to the issue of new shares or options are recorded in the Consolidated Financial Statements in Shareholders’ Equity as a deduction from the proceeds from the issue, net of tax. |
Employee benefits | Employee benefits Depending on the laws and practices of the countries in which the Company operates, employees may be entitled to compensation when they retire or to a pension following their retirement. For state-managed plans and other defined contribution plans, the Company recognizes them as expenses when they become payable, with the Company’s commitment being limited to our contributions. The liability with respect to defined benefit plans is estimated using the following main assumptions: • discount rate; • future salary increases; • employee turnover; and • mortality tables. The difference between the amount of the liability at the beginning of a fiscal year and at the close of that year is recognized through profit or loss for the portion representing the costs of services rendered and through other comprehensive income (loss) for the portion representing the actuarial gains and losses. Service costs are recognized in profit or loss and are allocated by function. Actuarial gains and losses result from changes in actuarial assumptions and from differences between assumed and actual experience. Gains and losses recorded in other comprehensive income (loss) are amortized over expected remaining service periods to the extent they exceed 10% of the projected benefit obligation for the defined benefit plan. The Company’s payments for the defined-contribution plans are recognized as expenses in the Consolidated Statements of Operations and Comprehensive Loss for the period with which they are associated. |
Contingencies | Contingencies An estimated loss from a loss contingency is recognized if the following two conditions are met: • information available before the consolidated financial statements are issued indicates that it is probable that an asset had been impaired or a liability had been incurred at the date of the consolidated financial statements; and • the amount of loss can be reasonably estimated. With respect to litigations and claims that may result in a liability to be recognized, we exercise significant judgment in measuring and recognizing a liability or determining exposure to contingent liabilities that are related to pending litigation or other outstanding claims. These judgment and estimates are subject to change as new information becomes available. |
Operating Income | Operating Income The Company accounts for revenue when the amount can be reliably assessed, future economic benefits are likely to benefit the Company, and specific criteria are met for the Company’s business, which is in accordance with ASC 606 for the collaboration agreement with Nestlé Health Science. |
Other operating income | Other operating income Research Tax Credit The Research Tax Credit ( Crédit d’Impôt Recherche In the fiscal year ended December 31, 2021, the Company recovered its Small and Medium-sized millions of the 2019, 2020 and 2021 fiscal year research tax credit. During the year ended December 31, 2023, the Company received the reimbursement of $5.9 millions of the 2022 fiscal year research tax credit. Collaboration agreement with Nestlé Health Science The Company entered into research and development collaboration agreements that may consist of non-refundable upfront payments and milestone payments. Non-refundable upfront payments are deferred and recognized as income over the period of the collaboration agreement. Milestone payments represent amounts received depending upon the achievement of certain scientific, regulatory, or commercial milestones. They are recognized when the triggering event has occurred, there are no further contingencies or services to be provided with respect to that event, and the co-contracting Until the Termination letter agreement signed on October 30, 2023, the Company recognized income under the percentage-of-completion |
Research and Development Expenditures | Research and Development Expenditures Research and development expenditures are charged to expense as costs are incurred in performing research and development activities. Research and development costs include all direct costs, including salaries, share-based payments and benefits for research and development personnel, outside consultants, costs of clinical trials, costs related to manufacturing clinical study materials, sponsored research, clinical trials insurance, other outside costs, depreciation, and facility costs related to the development of drug candidates. The Company records upfront, non-refundable payments made to outside vendors, or other payments made in advance of services performed or goods being delivered, as prepaid expenses, which are expensed as services are performed or the goods are delivered. Certain research and development projects are, or have been, partially funded by collaboration agreements, and the expenses related to these activities are included in research and development costs. The Company records the related reimbursement of research and development costs under these agreements as income in the period in which such costs are incurred. Please refer to Collaboration agreement with Nestlé Health Science for further detail. |
Share-based payments | Share-based payments Since its incorporation, the Company has established several plans for equity compensation issued in the form of employee warrants (bons de souscription de parts de créateur d’entreprise or “BCEs”), stock options (“SO”), and restricted stock units (“RSUs”) granted to employees and/or executives. The company has also establish ed several These awards are measured at their fair value on the date of grant. Except for RSUs, fair value is estimated using Black and Scholes models that require inputs based on certain subjective assumptions, including the expected term of the award, and the conditions of each equity plan. The fair value is amortized in personnel expenses (allocated by function in the Consolidated Statements of Operations and Comprehensive Loss) on a straight-line basis over the requisite service period, and such expense is reduced for estimated forfeitures, with a corresponding increase in shareholders’ equity. The determination of the requisite service period and the estimate of RSUs awards that are expected to vest depends on the legal interpretation of the RSUs award agreements with employees under the French labor laws and related jurisprudence. Changes in interpretations could significantly impact the accounting for the share- based payments. At each closing date, the Company re-assesses the number of options expected to vest. If applicable, the impacts of such revised estimates are recognized in the Consolidated Statements of Operations and Comprehensive Loss, with a corresponding adjustment in shareholders’ equity. The awards are not subject to any market conditions. |
Income Tax | Income Tax Income taxes are accounted for under the asset and liability method of accounting. Deferred taxes are recognized for the future tax consequences attributable to temporary differences between the financial reporting carrying amounts and tax bases of assets and liabilities, and on tax losses, using the liability method. Differences are defined as temporary when they are expected to reverse within a foreseeable future. The Company may only recognize deferred tax assets on net operating losses if, based on the projected taxable incomes within the next three years, management determines that it is probable that future taxable profit will be available against which the unused tax losses and tax credits can be utilized. As a result, the measurement of deferred income tax assets is reduced, if necessary, by a valuation allowance for any tax benefits which are not expected to be realized. If future taxable profits are considerably different from those forecasted that support recording deferred tax assets, the Company will have to revise downwards or upwards the amount of deferred tax assets, which would have a significant impact on the Company’s financial results. Tax assets and liabilities are not discounted. Amounts recognized in the Consolidated Financial Statements are calculated at the level of each tax entity included in the consolidation scope. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in the period that such tax rate changes are enacted. |
Uncertain tax position | Uncertain tax position Tax benefits are recognized from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. |
Segment Information | Segment Information The Company operates in a single operating segment: the conducting of research and development of epicutaneous immunotherapy products in order to market them in the future. The assets, liabilities, and operating losses recognized are primarily located in France. |
Other Items in the Comprehensive Loss | Other Items in the Comprehensive Loss Comprehensive loss is comprised of net income(loss) and other comprehensive income (loss). Other comprehensive income (loss) includes changes in equity that are excluded from net income (loss), such as foreign currency translation adjustments. These changes in equity are presented net of tax. |
Net Loss Per Share | Net Loss Per Share The Company calculates basic and diluted net loss per ordinary share by dividing the net loss by the weighted- average number of ordinary shares outstanding during the period. For the years ended December 31, 2023 and 2022, the Company has excluded the effects of all potentially dilutive shares, which include outstanding ordinary stock options, warrants to purchase ordinary shares, and restricted stock units, from the weighted-average number of ordinary shares outstanding as their inclusion in the computation for these years would be anti-dilutive due to net losses incurred. |
Subsequent Events | Subsequent Events The Consolidated Statements of Financial Position and the Consolidated Statements of Operations and Comprehensive Loss of the Company are adjusted to reflect the subsequent events that alter the amounts related to the situations that existed as of the end of the period covered. The Company has evaluated subsequent events from the balance sheet date through March 7, 2024, the date at which the consolidated financial statements are issued. |
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 |
Nature of the business and pr_3
Nature of the business and principles and accounting methods (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of property, plant and equipment, useful life | Depreciation is calculated on a straight-line basis over the assets’ estimated useful lives as follows: PROPERTY, PLANT, AND EQUIPMENT ITEM PERIOD DEPRECIATION Laboratory equipment and technical facilities 3 to 10 years Building fixtures and leasehold improvements 5 to 9 years Office equipment and furniture 5 years Computer equipment 3 years |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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: December 31, 2023 2022 Cash 10,530 30,104 Cash equivalents 130,826 179,090 Total cash and cash equivalents as reported in statement of financial position 141,367 209,194 Bank overdrafts — — Total net cash and cash equivalents as reported in the statement of cash flow 141,367 209,194 |
Other Current Assets (Tables)
Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Current Assets [Abstract] | |
Summary of Other Current Asset | Other current assets consisted of the following: December 31, 2023 2022 Research tax credit 8,857 5,792 Other tax claims 5,236 3,903 Prepaid expenses 2,103 2,680 Other receivables 1,353 1,504 Total 17,548 13,880 |
Summary of Research Tax Credit | The variance in Research Tax Credit during the two years disclosed is presented as follow: Amount in Opening balance sheet receivable as of January 1, 2022 28,092 + 2022 fiscal year research tax credit 5,718 - Payment received (26,117 ) - Adjustment and currency translation effect (1,901 ) Closing balance sheet receivable as of December 31, 2022 5,792 Of which—Non-current portion — Of which—Current portion 5,792 Amount in Opening balance sheet receivable as of January 1, 2023 5,792 + 2023 fiscal year research tax credit (1) 8,766 - Payment received (5,971 ) - Adjustment and currency translation effect 271 Closing balance sheet receivable as of December 31, 2023 8,857 Of which—Non-current portion — Of which—Current portion 8,857 (1) Included 2020, 2021 and 2022 complementary research tax credit made during the fiscal year ended December 31, 2023 |
Property, Plant, and Equipment
Property, Plant, and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property and equipment | Property and equipment, net consisted of the follo wi 1/1/2022 Currency Increase Decrease Reclassification 12/31/2022 Laboratory equipment 21,434 (1,246 ) — — 270 20,459 Building fixtures 3,958 (196 ) 55 (604 ) — 3,214 Office equipment 864 (25 ) 74 (428 ) — 485 Computer equipment 1,299 (65 ) 16 — 8 1,258 Property, plant, and equipment in progress 4,390 (252 ) 608 — (278 ) 4,468 Total, gross 31,945 (1,783 ) 754 (1,032 ) — 29,884 Less accumulated amort. and deprec. (13,799 ) 703 (2,723 ) 1,031 — (14,788 ) Total, net 18,146 (1,080 ) (1,968 ) (1 ) — 15,096 1/1/2023 Currency Increase Decrease Reclassification 12/31/2023 Laboratory equipment 20,459 815 — — 3,565 24,839 Building fixtures 3,214 114 — — 3,327 Office equipment 485 5 53 — 552 Computer equipment 1,258 40 — 126 1,425 Property, plant, and equipment in progress 4,468 91 625 — (3,750 ) 1,433 Total, gross 29,884 1,074 677 — (59 ) 31,577 Less accumulated amortization and depreciation (14,788 ) (60 ) (3,566 ) — — (18,954 ) Total, net 15,096 474 (2,889 ) — (59 ) 12,623 |
Lease contracts (Tables)
Lease contracts (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2023 and 2022, are as follows: December 31, 2023 December 31, 2022 Real Other Total Real Other Total Current portion 1,205 71 1,275 1,972 79 2,051 Year 2 65 11 75 1,168 74 1,243 Year 3 421 — 412 65 6 71 Year 4 919 — 919 — — — Year 5 919 — 919 — — — Thereafter 3,677 — 3,677 — — — Total minimum lease payments 7,205 81 7,286 3,204 160 3,364 Less: Effects of discounting (1,617 ) (9 ) (1,626 ) (325 ) (17 ) (343 ) Present value of operating lease 5,588 73 5,661 2,879 143 3,021 Less: current portion (1,072 ) (68 ) (1,144 ) (1,823 ) (71 ) (1,894 ) Long-term operating lease 4,516 5 4,526 1,055 72 1,127 Weighted average remaining lease term (years) 7.954 — 1.40 — Weighted average discount rate 4.53 % 2.50 % 3.00 % 2.45 % |
Summary of Rent expenses | Rent expense presented in the consolidated statement of operations and comprehensive loss was: December 31, 2023 2022 Operating lease expense 1,776 1,800 Refurbishing impact 1,750 — Net termination impact (92 ) (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 year ended December 31, 2023 and 2022: December 31, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases 1,956 2,195 |
Other non-current assets (Table
Other non-current assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Assets, Noncurrent Disclosure [Abstract] | |
Summary of Other non-current assets | Other non-current assets consisted of the following: December 31, 2023 2022 FX facility collateral account 3,904 3,739 Deposits, pledged securities and other non-current financial assets 2,104 1,773 Liquidity contract 166 312 Total other non-current assets 6,144 5,824 |
Trade payables and Other Curr_2
Trade payables and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Liabilities, Current [Abstract] | |
Summary of Other Current Liabilities | Other current liabilities consisted of the following: December 31, 2023 2022 Social debt 7,828 5,872 Deferred income — 2,137 Tax liabilities 223 69 Other debts 883 1,131 Total 8,934 9,210 |
Other Current and Non-Current_2
Other Current and Non-Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Long Term Debt And Other Noncurrent Liabilities Disclosure [Abstract] | |
Summary of Maturity of Financial Liabilities | The following table shows the maturity of the Company’s liabilities (except leases disclosed in Note 6—“Lease contract”): Total 2024 2025 Thereafter Other current liabilities 8,934 8,934 — — Supplier accounts payable and related payables 23,302 23,302 — — Total liabilities 32,236 32,236 — — |
Share Capital Issued (Tables)
Share Capital Issued (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Nonvested Share Activity | The changes in number of outstanding prefunded warrants are as follows: Prefunded Balance as of December 31, 2022 28,276,331 Granted during the period — Forfeited during the period — Exercised/released during the period — Expired during the period — Balance as of December 31, 2023 28,276,331 |
Summary of Changes in the Share Capital of the Company | The table below presents the changes in the share capital of the Company as of December 31, 2022 and 2023: (Amounts in thousands of U.S. Dollars except share and per share data) Date Nature of the transactions Share capital* Additional paid-in Number of Balance as of December 31, 2021 6,538 358,115 55,095,762 03/23/2022 Capital increase by ordinary shares 0 (0 ) 775 05/10/2022 Capital increase by ATM program 637 13,442 6,036,238 05/12/2022 Retained earnings charged on share premium (95,209 ) 05/19/2022 Capital increase by employee warrants 1 (1 ) 5,000 05/24/2022 Capital increase by employee warrants 3 (3 ) 26,135 06/09/2022 Capital increase by ordinary shares 3,530 88,743 32,855,669 06/09/2022 Capital increase by share warrants 88,094 06/10/2022 Capital increase by employee warrants 0 13 3,100 07/08/2022 Capital increase by employee warrants 0 10 2,513 09/23/2022 Capital increase by ordinary shares 0 (0 ) 249 11/19/2022 Capital increase by ordinary shares 0 (0 ) 2,500 11/22/2022 Capital increase by ordinary shares 3 (3 ) 30,625 11/24/2022 Capital increase by ordinary shares 8 (8 ) 78,579 12/31/2021 Share-based payments 5,026 Balance as of December 31, 2022 10,720 458,220 94,137,145 03/23/2023 Capital increase by employee warrants 1 (1 ) 10,174 04/12/2023 Retained earnings charged on share premium (93,441 ) 05/19/2023 Capital increase by ordinary shares 0 (0 ) 2,500 05/22/2023 Capital increase by ordinary shares 2 (2 ) 14,374 05/24/2023 Capital increase by ordinary shares 4 (4 ) 34,321 06/16/2023 Capital increase by ATM program 225 6,696 2,052,450 09/23/2023 Capital increase by ordinary shares 0 (0 ) 2,599 10/25/2023 Capital increase by ordinary shares 4 (4 ) 35,000 11/19/2023 Capital increase by ordinary shares 0 (0 ) 2,500 11/21/2023 Capital increase by ordinary shares 6 (6 ) 57,775 11/22/2023 Capital increase by ordinary shares . . . . . . . . . . . 6 (6 ) 50,058 11/24/2023 Capital increase by ordinary shares . . . . . . . . . . . 4 (4 ) 32,884 12/31/2023 Share-based payments 6,020 Balance as of December 31, 2023 10,972 377,468 96,431,770 |
Share-Based Payments (Tables)
Share-Based Payments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Summary of Share-based Payment Arrangement, Other Information | 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 Share-based General meeting Board Grant Number BSA 12/9/11 9/25/12 9/25/12 30,000 BSA 6/4/13 7/25/13 7/25/13 73,000 SO 12/9/11 9/18/13 9/18/13 518,000 BSA 6/3/14 3/24/15 3/24/15 10,000 SO 6/3/14 6/23/15 6/23/15 120,000 BSA 6/23/15 11/19/15 11/19/15 22,500 BSA 6/23/15 12/15/15 2/15/16 90,000 SO 6/3/14 4/6/16 4/21/16 33,000 SO 6/3/14 6/21/16 6/21/16 110,000 BSA 6/21/16 6/21/16 8/21/16 20,000 SO 6/3/14 6/21/16 9/15/16 9,300 SO 6/3/14 6/21/16 10/17/16 16,500 BSA 6/21/16 12/9/16 2/9/16 59,000 SO 6/3/14 6/21/16 12/9/16 74,960 RSU 9/21/15 3/14/17 3/14/17 22,500 RSU 9/21/15 4/20/17 4/20/17 24,000 BSA 6/15/17 6/15/17 8/15/17 9,000 SO 6/3/14 6/15/17 6/15/17 126,000 SO 6/15/17 6/15/17 6/15/17 111,600 SO 6/15/17 6/15/17 9/15/17 52,600 SO 6/15/17 11/17/17 12/5/17 625,200 BSA 6/15/17 5/2/18 7/2/18 44,000 RSU 6/22/18 6/22/18 6/22/18 486,153 RSU 6/22/18 9/6/18 9/6/18 450 SO 6/22/18 9/6/18 9/6/18 65,000 SO 6/22/18 6/22/18 10/15/18 76,700 RSU 6/22/18 11/1/18 11/1/18 57,000 SO 6/22/18 11/29/18 11/29/18 350,000 RSU 6/22/18 12/12/18 12/12/18 16,250 RSU 6/22/18 12/12/18 12/17/18 3,000 SO 6/22/18 3/4/19 3/20/19 547,100 RSU 6/22/18 5/10/19 5/10/19 100,000 SO 5/24/19 5/24/19 5/24/19 150,000 SO 5/24/19 7/1/19 7/1/19 403,400 SO 5/24/19 7/1/19 7/22/19 75,000 RSU 5/24/19 10/11/19 10/11/19 40,000 SO 5/24/19 10/11/19 1/15/20 94,500 RSU 5/24/19 10/11/19 3/16/20 5,000 RSU 4/20/20 4/20/20 4/29/20 20,000 RSU 4/20/20 11/24/20 11/24/20 475,000 SO 4/20/20 11/24/20 11/24/20 1,216,200 RSU 4/20/20 3/23/21 3/23/21 24,900 SO 4/20/20 3/23/21 3/23/21 75,200 RSU 5/19/21 5/19/21 5/19/21 20,000 Share-based General meeting Board Grant Number BSA 5/19/21 5/19/21 6/3/21 39,185 RSU 5/19/21 11/22/21 11/22/21 257,300 SO 5/19/21 11/22/21 11/22/21 1,107,300 RSU 5/19/21 5/12/22 5/12/22 3,200 SO 5/19/21 5/12/22 5/12/22 19,000 RSU 5/12/22 7/29/22 7/29/22 66,700 SO 5/12/22 7/29/22 7/29/22 135,500 RSU 5/12/22 11/21/22 11/21/22 519,650 SO 5/12/22 11/21/22 11/21/22 1,771,786 RSU 4/12/23 1/09/23 1/9/23 35,800 SO 4/12/23 1/09/23 1/9/23 59,200 RSU 4/12/23 11/20/23 11/20/23 912,650 SO 4/12/23 11/20/23 11/20/23 2,290,722 |
Summary of Fair Value of the Warrants has been Estimated Unsing the Cox-Ross Rubinstein Binomial Option Pricing Model | Warrant fair value assumptions during the year ended December 31, 2021 Weighted average share price at grant date (in €) 10.75 Weighted average expected volatility 90.0 % Weighted average risk-free interest rate (0.53 )% Weighted average expected term (in years) 3.21 Dividend yield — Weighted average fair value of warrants (in €) — |
Summary of Warrants Activity | The following table summarizes all BSA warrants activity during the year ended December 31, 2022: Number of Weighted- Weighted- Aggregate Balance as of December 31, 2021 256,693 47.51 4.35 — Granted during the period — — — — Forfeited during the period — — — — Exercised during the period — — — — Expired during the period (5,000 ) 8.59 — — Balance as of December 31, 2022 251,693 48.29 4.36 — Warrants exercisable as of December 31, 2022 251,693 48.29 4.36 — The following table summarizes all BSA activity during the year ended December 31, 2023: Number of Weighted- Weighted- Aggregate Balance as of December 31, 2022 251,693 48.29 4.35 — Granted during the period — — — — Forfeited during the period — — — — Exercised during the period — — — — Expired during the period (7,000 ) — — — Balance as of December 31, 2023 244,693 48.29 4.35 — Warrants exercisable as of December 31, 2023 244,693 48.29 4.35 — |
Summary of Stock Options Activity | The following table summarizes all stock options activity during the year ended December 31, 2022: Number of SO Weighted- Weighted- Aggregate Balance as of December 31, 2021 3,631,210 15.25 8.67 Granted during the period 1,926,286 3.12 — — Forfeited during the period (245,314 ) 12.22 — — Exercised during the period (5,613 ) 4.16 — — Expired during the period — — — — Balance as of December 31, 2022 5,306,569 11.00 8.41 Options exercisable as of December 31, 2022 1,331,508 20.20 6.69 — The following table summarizes all stock options activity during the year ended December 31, 2023: Number of SO Weighted- Weighted- Aggregate Balance as of December 31, 2022 5,306,569 11.00 8.41 Granted during the period 1,926,286 2.03 — — Forfeited during the period (369,800 ) 3.76 — — Exercised during the period — — — — Expired during the period (168,000 ) — — — Balance as of December 31, 2023 7,118,691 8.55 9.10 Options exercisable as of December 31, 2023 602,995 38.70 5.35 — |
Summary of Stock Options Valuation Assumptions | The Company estimated the following assumptions for the calculation of the fair value of the stock options: Assumptions per year ended, December 31, Stock options per grant date 2017 2018 2019 2020 2021 2022 2023 Weighted average shares price at grant date in € 45.49 31.86 15.26 5.54 5.71 2.33 2.03 Weighted average expected volatility 41,80 % 47,10 % 70,80 % 87,30 % 90,20 % 98,90 % 93,70 % Weighted average risk-free interest rate -0,10 % 0,30 % -0,10 % -0,50 % -0,06 % 2,20 % 2,95 % Weighted average expected term (in years) 6,7 6 6 6 6 6 6 Dividend yield 0 0 0 0 0 — — Weighted average fair value of stock-options in € 17.16 13.67 9.65 3.9 4.17 2.23 1.67 |
Summary of RSU Activity | The following table summarizes all RSUs activity for the year ended December 31, 2022: Number of Weighted Balance as of December 31, 2021 1,240,520 18.77 Granted during the period 589,550 2.67 Forfeited during the period (97 126 ) 4.96 Released during the period (143,863 ) 5.15 Expired during the period — — Balance as of December 31, 2022 1,589,081 14.69 The following table summarizes all RSUs activity for the year ended December 31, 2023: Number of Weighted Balance as of December 31, 2022 1,589,081 14.69 Granted during the period 589,550 1.69 Forfeited during the period (191,659 ) 4.04 Released during the period (250,355 ) 6.77 Expired during the period — — Balance as of December 31, 2023 2,095,517 10.73 |
Summary of Share-Based Payments Expenses | December 31, 2023 2022 Research and development SO (1,661 ) (1,462 ) RSU (835 ) (841 ) Sales and marketing SO (102 ) (31 ) RSU (33 ) (4 ) General and administrative SO (2,985 ) (2,374 ) RSU (403 ) (315 ) Total share-based compensation (expense) income (6,019 ) (5,026 ) |
Contingencies (Tables)
Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Loss Contingency [Abstract] | |
Summary of Non-current Contingencies and Current Contingencies | Non-current contingencies and current contingencies break down as follows: December 31, 2023 2022 Current contingencies 3,959 3,944 Non-current contingencies 935 16,680 Total contingencies 4,894 20,625 |
Summary of Movement in Provisions | The table below shows movements in contingencies: Pension Collaboration Other Total At January 1, 2022 1,008 9,800 45 10,853 Increases in liabilities 105 12,455 — 12,560 Used liabilities — — (42 ) (42 ) Reversals of unused liabilities — (1,984 ) — (1,984 ) Net interest related to employee benefits, an unwinding of discount — — — — Actuarial gains and losses on defined-benefit plans (262 ) — — (262 ) Currency translation effect (61 ) (436 ) (3 ) (500 ) At December 31, 2022 790 19,835 — 20,625 Of which Current — 3,944 — 3,944 Of which Non-current 790 15,891 — 16,680 At January 1, 2023 790 19,835 — 20,625 Increases in liabilities 76 — 3,874 3,950 Used liabilities — — — — Reversals of unused liabilities — (20,108 ) — (20,108 ) Net interest related to employee benefits, and unwinding of discount — — — — Actuarial gains and losses on defined-benefit plans 38 — — 38 Currency translation effect 31 273 85 389 At December 31, 2023 935 — 3,959 4,893 Of which Current — — 3,959 3,959 Of which Non-current 935 — — 935 |
Summary of the Estimation of the Retirement Commitments | As part of the estimation of the retirement commitments, the following assumptions were used for all categories of employees: December 31, 2023 2022 % Social security contributions 50.0 % 50.0 % Salary increases 2.0 % 2.0 % Discount rate—Iboxx Corporates AA 10+ 3.17 % 3.77 % Expected staff turnover 10.0 % 10.0 % Estimated retirement age 67 65 Life table TGH05-TGF05 Collective agreement National Collective Agreement of |
Operating Income (Tables)
Operating Income (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Income and Expenses [Abstract] | |
Schedule of operating income | The operating income is broken down in the following manner: December 31, 2023 2022 Research tax credit 8,766 5,718 Other operating income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,962 (874 ) Total 15,728 4,844 |
Operating Expenses and Alloca_2
Operating Expenses and Allocation of Personnel Expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Operating Expenses And Allocation Of Personnel Expenses [Abstract] | |
Summary of Research and Development Expenses with Comparative Adjustments | The following table summarizes our research and development expenses for the years presented: December 31, (Dollar amounts presented in thousands) 2023 2022 $ change % change Research and development expenses External clinical-related expenses 49,044 42,248 6,796 16 % Employee-related costs excl. share-based payment expenses 14,401 10,752 3,649 34 % Share-based payment expenses 2,496 2,303 193 8 % Depreciation and amortization (13,658 ) 12,965 (26,623 ) (205 %) Other costs 7,940 7,276 664 9 % Total Research and development expenses 60,223 75,543 (15,320 ) (20 %) |
Summary of Selling and Marketing Expenses with Comparative Adjustments | The following table summarizes our sales and marketing expenses for the years presented: December 31, (Dollar amounts presented in thousands) 2023 2022 $ change % change Sales and marketing expenses Employee-related costs incl. share-based payment expenses 754 914 (160 ) (18 %) External professional services and other costs 1,784 694 990 143 % Total Sales and marketing expenses 2,438 1,608 830 52 % |
Summary of General and Administrative Expenses with Comparative Adjustments | The following table summarizes our general and administrative expenses for the years presented: December 31, (Dollar amounts presented in thousands) 2023 2022 $ change % change General and administrative expenses External professional services fees 8,750 5,947 2,803 47 % Employee-related costs excl. share-based payment expenses 8,200 7,320 881 12 % Share-based payment expenses 3,389 2,688 701 26 % Depreciation, amortization and other costs 9,161 8,369 2,523 30 % Total General and administrative expenses 29,500 24,324 5,176 21 % |
Summary of Allocation of Personnel Expenses By Function | Allocation of Personnel Expenses by Function: December 31, 2023 2022 Research and Development expenses 16,897 13,055 Sales and Marketing expenses 754 914 General and Administrative expenses 11,589 10,008 Total personnel expenses 29,240 23,977 |
Summary of Allocation of Personnel Expenses By Nature | Allocation of Personnel Expenses by Nature: December 31, 2023 2022 Wages and salaries 18,108 14,802 Social security contributions 4,176 3,206 Expenses for pension commitments 935 943 Share-based payments 6,019 5,026 Total 29,240 23,977 |
Income Tax (Tables)
Income Tax (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Summary of Reconciliation Between the Effective and Nominal Income Tax Expense | The following table shows the reconciliation between the effective and nominal tax expense at the nominal standard French rate 25% as of December 31, 2023 and December 31, 2022 (excluding additional contributions): December 31, 2023 2022 (Loss) before taxes (72,709 ) (96,204 ) Theoretical company tax rate 25.00 % 25.00 % Nominal tax expense 18,179 24,051 Increase/decrease in tax expense arising from: Research tax credit 2,192 1,430 Share-based compensation (1,852 ) (784 ) Other permanent differences (110 ) (100 ) Non recognition of deferred tax assets mainly related to tax losses (18,802 ) (24,746 ) Other differences 386 79 Effective tax expenses—current (7 ) (70 ) Effective tax expenses—deferred — — Effective tax rate (0.01 )% (0.07 )% |
Summary of Deferred Tax Assets and Liabilities | The significant components of the Company’s deferred tax assets are comprised of the following: December 31, 2023 2022 Deferred tax assets: Net operating loss carryforwards 307,300 273,964 Share-based compensation 509 1,102 Personnel-related accruals 422 389 Pension retirement obligations 509 197 Leases 32 6 Other 1,205 5,248 Total deferred tax assets 309,702 280,907 Less: Valuation allowance (309,702 ) (280,907 ) Net deferred tax assets — — |
Relationships with Related Pa_2
Relationships with Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Schedule of compensation payable to related party [Abstract] | |
Summary of Relationships with Related Parties | The compensation amounts for 2023 presented below, which were awarded to the Directors and Officers of the Company totaled millions. The recipients of this compensation are “related parties” under applicable French law and may not be considered executive officers or related parties under comparable SEC and Nasdaq rules and regulations applicable to the Company. December 31, 2023 2022 Short-term benefits 4,864 4,625 Post-employment benefits 29 33 Termination benefits — 24 Share-based payments 3,792 3,355 Total 8,685 8,037 |
Schedule of Amounts Payable to Related Parties | Amounts payable to related parties as of December 31, 2023 and 2022 are as follows: December 31, 202 3 2022 Compensation 2,112 2,009 Pension obligations 107 83 Total 2,219 2,092 |
Loss Per Share (Tables)
Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share, Basic [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The computations for basic and diluted loss per share were as follows (in thousands of U.S. Dollars except share and per share data): December 31, 2023 2022 Net loss (72,726 ) (96,274 ) Weighted average number of ordinary shares 95,121,390 77,384,133 Basic and diluted net loss per share attributable to ordinary shareholders ($/share) (0.76 ) (1.24 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following is a summary of the ordinary share equivalents which were excluded from the calculation of diluted net loss per share for the periods indicated in number of potential shares: December 31, 2023 2022 Non-employee warrants 244,693 251,693 Employee warrants — — Stock-options 7,118,691 5,306,569 Restricted stock units 2,095,518 1,618,778 Prefunded warrants 28,276,331 28,276,331 |
Nature of the business and pr_4
Nature of the business and principles and accounting methods - Additional Information (Detail) $ in Thousands | 1 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 14, 2023 USD ($) | May 31, 2022 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2022 EUR (€) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 EUR (€) | Dec. 31, 2022 USD ($) | |
Subsidiary or Equity Method Investee [Line Items] | |||||||
Cash and cash equivalents | $ 141,367 | $ 209,194 | |||||
Derivative Assets (Liabilities) Net | 0 | 0 | |||||
Reimbursement of Tax Credit Forwards | $ 5,900 | $ 26,100 | |||||
Proceeds From Issuance Of Common Stock | € | € 98,567,007 | ||||||
American Depositary Shares [Member] | |||||||
Subsidiary or Equity Method Investee [Line Items] | |||||||
Proceeds From Issuance Of Common Stock | $ 7,800 | $ 15,300 | |||||
American Depositary Shares [Member] | At The Market [Member] | |||||||
Subsidiary or Equity Method Investee [Line Items] | |||||||
Proceeds From Issuance Of Common Stock | $ 100,000 | ||||||
Private Investment In Public Equity [Member] | |||||||
Subsidiary or Equity Method Investee [Line Items] | |||||||
Proceeds From Issuance Of Common Stock | $ 194,000 | € 181,000,000 | |||||
Minimum [Member] | Computer Software, Intangible Asset [Member] | |||||||
Subsidiary or Equity Method Investee [Line Items] | |||||||
Finite-Lived Intangible Asset, Useful Life | 1 year | ||||||
Maximum [Member] | Computer Software, Intangible Asset [Member] | |||||||
Subsidiary or Equity Method Investee [Line Items] | |||||||
Finite-Lived Intangible Asset, Useful Life | 3 years | ||||||
Subsidiaries [Member] | US Subsidiary [Member] | DBV Technologies Inc [Member] | |||||||
Subsidiary or Equity Method Investee [Line Items] | |||||||
Date of Incorporation | Apr. 07, 2014 | Apr. 07, 2014 | |||||
Percentage of ownership | 100% | ||||||
Subsidiaries [Member] | Australian Subsidiary [Member] | DBV Australia Pty Ltd [Member] | |||||||
Subsidiary or Equity Method Investee [Line Items] | |||||||
Date of Incorporation | Jul. 03, 2018 | Jul. 03, 2018 | |||||
Percentage of ownership | 100% | ||||||
Subsidiaries [Member] | French Subsidiary [Member] | DBV Pharma [Member] | |||||||
Subsidiary or Equity Method Investee [Line Items] | |||||||
Date of Incorporation | Dec. 21, 2018 | Dec. 21, 2018 | |||||
Percentage of ownership | 100% |
Nature of the business and pr_5
Nature of the business and principles and accounting methods - Summary of Property, Plant and Equipment, Useful Life (Detail) | Dec. 31, 2023 |
Laboratory Equipment And Technical Facilities [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Laboratory Equipment And Technical Facilities [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Building fixtures and leasehold improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Building fixtures and leasehold improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 9 years |
Office Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Computer Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Significant Events and Transa_2
Significant Events and Transactions of the Periods - Additional Information (Detail) € / shares in Units, $ / shares in Units, $ in Millions | 1 Months Ended | 6 Months Ended | 12 Months Ended | |||||||
Jun. 14, 2023 USD ($) $ / shares | Jan. 31, 2020 | May 31, 2022 USD ($) $ / shares shares | Jun. 30, 2022 USD ($) $ / shares shares | Jun. 30, 2022 EUR (€) shares | Dec. 31, 2023 USD ($) Persons shares | Dec. 31, 2023 EUR (€) Persons shares | Dec. 31, 2023 € / shares | Jun. 30, 2022 € / shares shares | May 31, 2022 € / shares | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||
Stock Issued During Period, Shares, New Issues | shares | 59,269,629 | 59,269,629 | ||||||||
Shares Issued, Price Per Share | € / shares | € 2.9 | |||||||||
Proceeds From Issuance Of Common Stock | € | € 98,567,007 | |||||||||
Accured contract expenses | $ 2.3 | |||||||||
Deferred revenue accrual reversal | 6.9 | |||||||||
Loss on accrual reversal | $ 19.9 | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | (per share) | $ 3.11 | € 2.9 | ||||||||
Class of Warrant or Right, Issue price | € / shares | 0.1 | |||||||||
American Depositary Shares | ||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||
Stock Issued During Period, Shares, New Issues | shares | 6,036,238 | |||||||||
Shares Issued, Price Per Share | (per share) | $ 1.27 | € 2.41 | ||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 1.0531 | |||||||||
Proceeds From Issuance Of Common Stock | $ 7.8 | $ 15.3 | ||||||||
Payments of Stock Issuance Costs | $ 6.9 | $ 14.1 | ||||||||
Capital increase fees imputation | $ / shares | $ 0.9 | |||||||||
Private Investment In Public Equity [Member] | ||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||
Stock Issued During Period, Shares, New Issues | shares | 32,855,669 | 32,855,669 | ||||||||
Shares Issued, Price Per Share | (per share) | $ 3.22 | € 3 | ||||||||
Proceeds From Issuance Of Common Stock | $ 194 | € 181,000,000 | ||||||||
Payments of Stock Issuance Costs | $ 180.4 | |||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 28,276,331 | 28,276,331 | ||||||||
Private Placement [Member] | ||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 1.0739 | 1.0739 | ||||||||
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 | |||||||||
Comfort Children Supplemental Study Plan Aged Four To Seven Years [Member] | Separate Six Month Safety Study [Member] | ||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||
Total number of additional candidates covered by the study | Persons | 600 | 600 | ||||||||
Period for which the study shall be carried out | 6 months | 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 | |||||||||
Minimum [Member] | Comfort Children Supplemental Study Plan Aged Four To Seven Years [Member] | Separate Six Month Safety Study [Member] | ||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||
Age Of Child | 4 years | 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 | |||||||||
Maximum [Member] | Comfort Children Supplemental Study Plan Aged Four To Seven Years [Member] | Separate Six Month Safety Study [Member] | ||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||
Age Of Child | 7 years | 7 years |
Cash and Cash Equivalents - Sum
Cash and Cash Equivalents - Summary of breakdown of cash and cash equivalents (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Cash and Cash Equivalents, at Carrying Value [Abstract] | ||
Cash | $ 10,530 | $ 30,104 |
Cash equivalents | 130,826 | 179,090 |
Total cash and cash equivalents as reported in statement of financial position | 141,367 | 209,194 |
Bank overdrafts | 0 | 0 |
Total net cash and cash equivalents as reported in the statement of cash flow | $ 141,367 | $ 209,194 |
Other Current Assets - Summary
Other Current Assets - Summary of Other Current Asset (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Other Assets [Abstract] | ||
Research tax credit | $ 8,857 | $ 5,792 |
Other tax claims | 5,236 | 3,903 |
Prepaid expenses | 2,103 | 2,680 |
Other receivables | 1,353 | 1,504 |
Total | $ 17,548 | $ 13,880 |
Other Current Assets - Summar_2
Other Current Assets - Summary Of Research Tax Credit (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Tax Credit Carryforward [Line Items] | |||
Opening balance | $ 5,792 | $ 28,092 | |
+ 2023 fiscal year research tax credit | 8,766 | [1] | 5,718 |
- Payment received | (5,971) | (26,117) | |
Adjustment and currency translation effect | 271 | (1,901) | |
Closing balance | 8,857 | 5,792 | |
Of which—Non-current portion | 0 | 0 | |
Of which—Current portion | $ 8,857 | $ 5,792 | |
[1]Included 2020, 2021 and 2022 complementary research tax credit made during the fiscal year ended December 31, 2023 |
Other Current Assets - Addition
Other Current Assets - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Reimbursement of Tax Credit Forwards | $ 5.9 | $ 26.1 |
Years Two Thousand And Twenty Twenty One And Twenty Two [Member] | ||
Research tax credit earned in connection with complimentary statement | $ 2.9 |
Property, Plant, and Equipmen_2
Property, Plant, and Equipment - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 3.6 | |
Amortization expense | $ 2.7 |
Property, Plant, and Equipmen_3
Property, Plant, and Equipment - Summary of Property and Equipment (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant, and equipment beginning balance | $ 29,884 | $ 31,945 | |
Currency translation effect | 1,074 | (1,783) | |
Increase in property, plant, and equipment | 677 | 754 | |
Decrease in property, plant, and equipment | (1,032) | ||
Property, plant, and equipment ending balance | 31,577 | 29,884 | |
Less accumulated amortization and depreciation | (18,954) | (14,788) | $ (13,799) |
Total, net | 12,623 | 15,096 | $ 18,146 |
Property, Plant and Equipment, Gross, Period Increase (Decrease) | (59) | ||
Currency translation effect [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Less accumulated amortization and depreciation | (60) | 703 | |
Total, net | 474 | (1,080) | |
Increase property plant and equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Less accumulated amortization and depreciation | (3,566) | (2,723) | |
Total, net | (2,889) | (1,968) | |
Decrease property plant and equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Less accumulated amortization and depreciation | 1,031 | ||
Total, net | (1) | ||
Reclassification property plant and equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total, net | (59) | ||
Laboratory equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant, and equipment beginning balance | 20,459 | 21,434 | |
Currency translation effect | 815 | (1,246) | |
Property, plant, and equipment ending balance | 24,839 | 20,459 | |
Property, Plant and Equipment, Gross, Period Increase (Decrease) | 3,565 | 270 | |
Building Fixtures [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant, and equipment beginning balance | 3,214 | 3,958 | |
Currency translation effect | 114 | (196) | |
Increase in property, plant, and equipment | 55 | ||
Decrease in property, plant, and equipment | (604) | ||
Property, plant, and equipment ending balance | 3,327 | 3,214 | |
Office Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant, and equipment beginning balance | 485 | 864 | |
Currency translation effect | 5 | (25) | |
Increase in property, plant, and equipment | 53 | 74 | |
Decrease in property, plant, and equipment | (428) | ||
Property, plant, and equipment ending balance | 552 | 485 | |
Computer Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant, and equipment beginning balance | 1,258 | 1,299 | |
Currency translation effect | 40 | (65) | |
Increase in property, plant, and equipment | 16 | ||
Decrease in property, plant, and equipment | 126 | ||
Property, plant, and equipment ending balance | 1,258 | ||
Property, Plant and Equipment, Gross, Period Increase (Decrease) | 1,425 | 8 | |
Property Plant And Equipment In Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant, and equipment beginning balance | 4,468 | 4,390 | |
Currency translation effect | 91 | (252) | |
Increase in property, plant, and equipment | 625 | 608 | |
Property, plant, and equipment ending balance | 1,433 | 4,468 | |
Property, Plant and Equipment, Gross, Period Increase (Decrease) | $ (3,750) | $ (278) |
Lease contracts - Summary of Op
Lease contracts - Summary of Operating Leases Future Minimum Payments Receivable (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current portion | $ 1,275 | $ 2,051 |
Year 2 | 75 | 1,243 |
Year 3 | 412 | 71 |
Year 4 | 919 | 0 |
Year 5 | 919 | 0 |
Thereafter | 3,677 | 0 |
Total minimum lease payments | 7,286 | 3,364 |
Less: Effects of discounting | (1,626) | (343) |
Present value of operating lease | 5,661 | 3,021 |
Less: current portion | (1,144) | (1,894) |
Long-term operating lease | 4,526 | 1,127 |
Real Estate [Member] | ||
Current portion | 1,205 | 1,972 |
Year 2 | 65 | 1,168 |
Year 3 | 421 | 65 |
Year 4 | 919 | 0 |
Year 5 | 919 | 0 |
Thereafter | 3,677 | 0 |
Total minimum lease payments | 7,205 | 3,204 |
Less: Effects of discounting | (1,617) | (325) |
Present value of operating lease | 5,588 | 2,879 |
Less: current portion | (1,072) | (1,823) |
Long-term operating lease | $ 4,516 | $ 1,055 |
Weighted average remaining lease term (years) | 7 years 11 months 13 days | 1 year 4 months 24 days |
Weighted average discount rate | 4.53% | 3% |
Other Asset [Member] | ||
Current portion | $ 71 | $ 79 |
Year 2 | 11 | 74 |
Year 3 | 0 | 6 |
Year 4 | 0 | 0 |
Year 5 | 0 | 0 |
Thereafter | 0 | 0 |
Total minimum lease payments | 81 | 160 |
Less: Effects of discounting | (9) | (17) |
Present value of operating lease | 73 | 143 |
Less: current portion | (68) | (71) |
Long-term operating lease | $ 5 | $ 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 | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Operating lease expense | $ 1,776 | $ 1,800 |
Refurbishing impact | 1,750 | 0 |
Net termination impact | $ (92) | $ (1,657) |
Lease contracts - Summary of Su
Lease contracts - Summary of Supplemental cash flow information related to our operating leases (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash Flow, Operating Activities, Lessee [Abstract] | ||
Operating cash flows from operating leases | $ 1,956 | $ 2,195 |
Lease contracts - Additional in
Lease contracts - Additional information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Nov. 30, 2023 | Dec. 31, 2022 | |
Operating lease liabilities | $ 5,661 | $ 3,021 | |
Operating Lease, Right-of-Use Asset | $ 5,247 | $ 2,513 | |
NEW JERSEY | |||
lease agreement for lease term | 3 years 2 months | ||
Operating Lease, Right-of-Use Asset | $ 400 | ||
Early Termination of Lease Offset By The Payment Of A One Time Lump Sum Early Termination Fee | 1,500 | ||
Gain on termination of lease | $ 1,200 | ||
Agreement For New Head Quarters [Member] | FRANCE | |||
Operating lease liabilities | $ 4,500 | ||
Operating Lease, Right-of-Use Asset | $ 4,500 |
Other non-current assets - Addi
Other non-current assets - Additional Information (Detail) - shares | Dec. 31, 2023 | Dec. 31, 2022 |
Other Assets, Noncurrent Disclosure [Abstract] | ||
Treasury Stock, Common, Shares | 222,988 | 149,793 |
Other non-current assets - Summ
Other non-current assets - Summary of Non Current Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Business Combination, Separately Recognized Transactions [Line Items] | ||
Other Assets, Noncurrent | $ 6,144 | $ 5,824 |
FX facility collateral account [Member] | ||
Business Combination, Separately Recognized Transactions [Line Items] | ||
Other Assets, Noncurrent | 3,904 | 3,739 |
Deposits, pledged securities and other non-current financial assets [Member] | ||
Business Combination, Separately Recognized Transactions [Line Items] | ||
Other Assets, Noncurrent | 2,104 | 1,773 |
Liquidity contract [Member] | ||
Business Combination, Separately Recognized Transactions [Line Items] | ||
Other Assets, Noncurrent | $ 166 | $ 312 |
Trade payables and Other Curr_3
Trade payables and Other Current Liabilities - Additional Information (Detail) $ in Millions | Dec. 31, 2023 USD ($) |
Deferred revenue accrual reversal | $ 6.9 |
Other Current Liabilities [Member] | |
Deferred revenue accrual reversal | 2.1 |
Other Noncurrent Liabilities [Member] | |
Deferred revenue accrual reversal | $ 4.7 |
Trade payables and Other Curr_4
Trade payables and Other Current Liabilities - Summary of Other Current Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Other current liabilities | $ 8,934 | $ 9,210 |
Social Debt [Member] | ||
Other current liabilities | 7,828 | 5,872 |
Deferred Incomes [Member] | ||
Other current liabilities | 0 | 2,137 |
Tax Liabilities [Member] | ||
Other current liabilities | 223 | 69 |
Other Debts [Member] | ||
Other current liabilities | $ 883 | $ 1,131 |
Other Current and Other Non-Cur
Other Current and Other Non-Current Liabilities - Additional Information (Detail) $ in Millions | Dec. 31, 2023 USD ($) |
Debt Instrument [Line Items] | |
Deferred revenue accrual reversal | $ 6.9 |
Other Noncurrent Liabilities [Member] | |
Debt Instrument [Line Items] | |
Deferred revenue accrual reversal | $ 4.7 |
Other Current and Other Non-C_2
Other Current and Other Non-Current Liabilities - Summary of Maturity of Financial Liabilities (Detail) $ in Thousands | Dec. 31, 2023 USD ($) |
Business Combination, Separately Recognized Transactions [Line Items] | |
Total | $ 32,236 |
2024 | 32,236 |
2025 | 0 |
Other Current Liabilities [Member] | |
Business Combination, Separately Recognized Transactions [Line Items] | |
Total | 8,934 |
2024 | 8,934 |
2025 | 0 |
Accounts Payable and Accrued Liabilities [Member] | |
Business Combination, Separately Recognized Transactions [Line Items] | |
Total | 23,302 |
2024 | $ 23,302 |
Share Capital Issued - Addition
Share Capital Issued - Additional Information (Detail) | 12 Months Ended | |||||
Dec. 31, 2023 USD ($) shares | Dec. 31, 2023 EUR (€) | Dec. 31, 2022 USD ($) shares | Dec. 31, 2022 EUR (€) | Dec. 31, 2023 EUR (€) € / shares shares | Dec. 31, 2021 USD ($) | |
Class of Stock [Line Items] | ||||||
Shares Issued, Price Per Share | € / shares | € 2.9 | |||||
Share capital | $ | $ 140,187,000 | $ 194,453,000 | $ 99,274,000 | |||
Warrants and Rights Outstanding | € | € 82,001,359.9 | |||||
Class of Warrant or Right, Unissued | 28,276,331 | 28,276,331 | ||||
Proceeds From Issuance Of Common Stock | € | € 98,567,007 | |||||
Share premium | $ 6,019,000 | 95,281,440.1 | 5,026,000 | |||
Common Stock, Shares Subscribed but Unissued | 32,855,669 | 32,855,669 | ||||
Stock Issued During Period, Value, New Issues | $ 6,921,000 | 3,285,566.9 | $ 106,377,000 | |||
Deferred Compensation Arrangement with Individual, Shares Authorized for Issuance | 6,113,200 | |||||
Prefunded warrants [Member] | ||||||
Class of Stock [Line Items] | ||||||
Shares Issued, Price Per Share | € / shares | € 0.1 | |||||
APIC, Share-based Payment Arrangement, Restricted Stock Unit, Increase for Cost Recognition | € | 100 | |||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | 28,276,331 | 28,276,331 | ||||
Stock Issued During Period, Value, New Issues | € | € 2,827,633.1 | |||||
Share capital [Member] | ||||||
Class of Stock [Line Items] | ||||||
Share capital | $ 10,972,101 | € 9,643,177 | ||||
Nominal value | € / shares | € 0.1 | |||||
Share capital authorized | 96,431,770 | 96,431,770 | ||||
Adjustments to Additional Paid in Capital, Dividends in Excess of Retained Earnings | $ 88,700,000 | € 93,400,000 |
Share Capital Issued - Schedule
Share Capital Issued - Schedule of Nonvested Share Activity (Detail) - Prefunded warrants [Member] | 12 Months Ended |
Dec. 31, 2023 shares | |
Class of Stock [Line Items] | |
Balance as of December 31, 2022 | 28,276,331 |
Granted during the period | 0 |
Forfeited during the period | 0 |
Exercised/released during the period | 0 |
Expired during the period | 0 |
Balance as of December 31, 2023 | 28,276,331 |
Share Capital Issued - Summary
Share Capital Issued - Summary of Changes in the Share Capital of the Company (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Class of Stock [Line Items] | |||
Share capital | $ 140,187 | $ 194,453 | $ 99,274 |
Additional paid-in capital | 377,468 | 458,221 | |
Share Capital Transaction As On 12/31/2021 | |||
Class of Stock [Line Items] | |||
Share capital | 6,538 | ||
Additional paid-in capital | $ 358,115 | ||
Number of shares | 55,095,762 | ||
Share Capital Transaction As On 12/31/2022 | |||
Class of Stock [Line Items] | |||
Share capital | $ 10,720 | ||
Additional paid-in capital | $ 458,220 | ||
Number of shares | 94,137,145 | ||
Share Capital Transaction As On 12/31/2023 | |||
Class of Stock [Line Items] | |||
Share capital | 10,972 | ||
Additional paid-in capital | $ 377,468 | ||
Number of shares | 96,431,770 | ||
Share Based Payments [Member] | Share Capital Transaction As On 12/31/2021 | |||
Class of Stock [Line Items] | |||
Additional paid-in capital | $ 5,026 | ||
Share Based Payments [Member] | Share Capital Transaction As On 12/31/2023 | |||
Class of Stock [Line Items] | |||
Additional paid-in capital | $ 6,020 | ||
Capital Increase By Employee Warrants [Member] | Share Capital Transaction As On 05/19/2022 | |||
Class of Stock [Line Items] | |||
Share capital | 1 | ||
Additional paid-in capital | $ (1) | ||
Number of shares | 5,000 | ||
Capital Increase By Employee Warrants [Member] | Share Capital Transaction As On 05/24/2022 | |||
Class of Stock [Line Items] | |||
Share capital | $ 3 | ||
Additional paid-in capital | $ (3) | ||
Number of shares | 26,135 | ||
Capital Increase By Employee Warrants [Member] | Share Capital Transaction As On 06/10/2022 | |||
Class of Stock [Line Items] | |||
Share capital | $ 0 | ||
Additional paid-in capital | $ 13 | ||
Number of shares | 3,100 | ||
Capital Increase By Employee Warrants [Member] | Share Capital Transaction As On 07/08/2022 | |||
Class of Stock [Line Items] | |||
Share capital | $ 0 | ||
Additional paid-in capital | $ 10 | ||
Number of shares | 2,513 | ||
Capital Increase By Employee Warrants [Member] | Share Capital Transaction As On 03/23/2023 | |||
Class of Stock [Line Items] | |||
Share capital | 1 | ||
Additional paid-in capital | $ (1) | ||
Number of shares | 10,174 | ||
Capital Increase By Ordinary Shares [Member] | Share Capital Transaction As On 03/23/2022 | |||
Class of Stock [Line Items] | |||
Share capital | $ 0 | ||
Additional paid-in capital | $ 0 | ||
Number of shares | 775 | ||
Capital Increase By Ordinary Shares [Member] | Share Capital Transaction As On 06/09/2022 | |||
Class of Stock [Line Items] | |||
Share capital | $ 3,530 | ||
Additional paid-in capital | $ 88,743 | ||
Number of shares | 32,855,669 | ||
Capital Increase By Ordinary Shares [Member] | Share Capital Transaction As On 09/23/2022 | |||
Class of Stock [Line Items] | |||
Share capital | $ 0 | ||
Additional paid-in capital | $ 0 | ||
Number of shares | 249 | ||
Capital Increase By Ordinary Shares [Member] | Share capital transaction as on 11/19/2022 | |||
Class of Stock [Line Items] | |||
Share capital | $ 0 | ||
Additional paid-in capital | $ 0 | ||
Number of shares | 2,500 | ||
Capital Increase By Ordinary Shares [Member] | Share Capital Transaction As On 11/22/2022 | |||
Class of Stock [Line Items] | |||
Share capital | $ 3 | ||
Additional paid-in capital | $ (3) | ||
Number of shares | 30,625 | ||
Capital Increase By Ordinary Shares [Member] | Share Capital Transaction As On 11/24/2022 | |||
Class of Stock [Line Items] | |||
Share capital | $ 8 | ||
Additional paid-in capital | $ (8) | ||
Number of shares | 78,579 | ||
Capital Increase By Ordinary Shares [Member] | Share Capital Transaction As On 05/19/2023 | |||
Class of Stock [Line Items] | |||
Share capital | $ 0 | ||
Additional paid-in capital | $ 0 | ||
Number of shares | 2,500 | ||
Capital Increase By Ordinary Shares [Member] | Share Capital Transaction As On 05/22/2023 | |||
Class of Stock [Line Items] | |||
Share capital | $ 2 | ||
Additional paid-in capital | $ (2) | ||
Number of shares | 14,374 | ||
Capital Increase By Ordinary Shares [Member] | Share Capital Transaction As On 05/24/2023 | |||
Class of Stock [Line Items] | |||
Share capital | $ 4 | ||
Additional paid-in capital | $ (4) | ||
Number of shares | 34,321 | ||
Capital Increase By Ordinary Shares [Member] | Share Capital Transaction As On 09/23/2023 | |||
Class of Stock [Line Items] | |||
Share capital | $ 0 | ||
Additional paid-in capital | $ 0 | ||
Number of shares | 2,599 | ||
Capital Increase By Ordinary Shares [Member] | Share Capital Transaction As On 10/25/2023 | |||
Class of Stock [Line Items] | |||
Share capital | $ 4 | ||
Additional paid-in capital | $ (4) | ||
Number of shares | 35,000 | ||
Capital Increase By Ordinary Shares [Member] | Share Capital Transaction As On 11/19/2023 | |||
Class of Stock [Line Items] | |||
Share capital | $ 0 | ||
Additional paid-in capital | $ 0 | ||
Number of shares | 2,500 | ||
Capital Increase By Ordinary Shares [Member] | Share Capital Transaction As On 11/21/2023 | |||
Class of Stock [Line Items] | |||
Share capital | $ 6 | ||
Additional paid-in capital | $ (6) | ||
Number of shares | 57,775 | ||
Capital Increase By Ordinary Shares [Member] | Share Capital Transaction As On 11/22/2023 | |||
Class of Stock [Line Items] | |||
Share capital | $ 6 | ||
Additional paid-in capital | $ (6) | ||
Number of shares | 50,058 | ||
Capital Increase By Ordinary Shares [Member] | Share Capital Transaction As On 11/24/2023 | |||
Class of Stock [Line Items] | |||
Share capital | $ 4 | ||
Additional paid-in capital | $ (4) | ||
Number of shares | 32,884 | ||
Retained Earnings Charged On Share Premium [Member] | Share Capital Transaction As On 05/12/2022 | |||
Class of Stock [Line Items] | |||
Additional paid-in capital | $ (95,209) | ||
Retained Earnings Charged On Share Premium [Member] | Share Capital Transaction As On 04/12/2023 | |||
Class of Stock [Line Items] | |||
Additional paid-in capital | $ (93,441) | ||
Capital Increase By Share Warrants [Member] | Share Capital Transaction As On 06/09/2022 | |||
Class of Stock [Line Items] | |||
Additional paid-in capital | 88,094 | ||
Capital Increase By ATM Program [Member] | Share Capital Transaction As On 05/10/2022 | |||
Class of Stock [Line Items] | |||
Share capital | 637 | ||
Additional paid-in capital | $ 13,442 | ||
Number of shares | 6,036,238 | ||
Capital Increase By ATM Program [Member] | Share Capital Transaction As On 06/16/2023 | |||
Class of Stock [Line Items] | |||
Share capital | 225 | ||
Additional paid-in capital | $ 6,696 | ||
Number of shares | 2,052,450 |
Share-Based Payments - Summary
Share-Based Payments - Summary of Share-Based Payment Arrangement, Other Information (Detail) - shares | Nov. 20, 2023 | Jan. 09, 2023 | Nov. 21, 2022 | Jul. 29, 2022 | May 12, 2022 | Nov. 22, 2021 | Jun. 03, 2021 | May 19, 2021 | Mar. 23, 2021 | Nov. 24, 2020 | Apr. 29, 2020 | Mar. 16, 2020 | Jan. 15, 2020 | Oct. 11, 2019 | Jul. 22, 2019 | Jul. 01, 2019 | May 24, 2019 | May 10, 2019 | Mar. 20, 2019 | Dec. 17, 2018 | Dec. 12, 2018 | Nov. 29, 2018 | Nov. 01, 2018 | Oct. 15, 2018 | Sep. 06, 2018 | Jul. 02, 2018 | Jun. 22, 2018 | Dec. 05, 2017 | Sep. 15, 2017 | Aug. 15, 2017 | Jun. 15, 2017 | Apr. 20, 2017 | Mar. 14, 2017 | Dec. 09, 2016 | Oct. 17, 2016 | Sep. 15, 2016 | Aug. 21, 2016 | Jun. 21, 2016 | Apr. 21, 2016 | Feb. 15, 2016 | Feb. 09, 2016 | Nov. 19, 2015 | Jun. 23, 2015 | Mar. 24, 2015 | Sep. 18, 2013 | Jul. 25, 2013 | Sep. 25, 2012 |
Employee Stock Option | General Meeting 2011 [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
General meeting of shareholders | Dec. 09, 2011 | ||||||||||||||||||||||||||||||||||||||||||||||
Board of directors meeting | Sep. 18, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||
Grant date | Sep. 18, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||
Number granted | 518,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Employee Stock Option | General Meeting 2014 [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
General meeting of shareholders | Jun. 03, 2014 | Jun. 03, 2014 | Jun. 03, 2014 | Jun. 03, 2014 | Jun. 03, 2014 | Jun. 03, 2014 | Jun. 03, 2014 | ||||||||||||||||||||||||||||||||||||||||
Board of directors meeting | Jun. 15, 2017 | Jun. 21, 2016 | Jun. 21, 2016 | Jun. 21, 2016 | Jun. 21, 2016 | Apr. 06, 2016 | Jun. 23, 2015 | ||||||||||||||||||||||||||||||||||||||||
Grant date | Jun. 15, 2017 | Dec. 09, 2016 | Oct. 17, 2016 | Sep. 15, 2016 | Jun. 21, 2016 | Apr. 21, 2016 | Jun. 23, 2015 | ||||||||||||||||||||||||||||||||||||||||
Number granted | 126,000 | 74,960 | 16,500 | 9,300 | 110,000 | 33,000 | 120,000 | ||||||||||||||||||||||||||||||||||||||||
Employee Stock Option | General Meeting 2017 [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
General meeting of shareholders | Jun. 15, 2017 | Jun. 15, 2017 | Jun. 15, 2017 | ||||||||||||||||||||||||||||||||||||||||||||
Board of directors meeting | Nov. 17, 2017 | Jun. 15, 2017 | Jun. 15, 2017 | ||||||||||||||||||||||||||||||||||||||||||||
Grant date | Dec. 05, 2017 | Sep. 15, 2017 | Jun. 15, 2017 | ||||||||||||||||||||||||||||||||||||||||||||
Number granted | 625,200 | 52,600 | 111,600 | ||||||||||||||||||||||||||||||||||||||||||||
Employee Stock Option | General Meeting 2018 [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
General meeting of shareholders | Jun. 22, 2018 | Jun. 22, 2018 | Jun. 22, 2018 | Jun. 22, 2018 | |||||||||||||||||||||||||||||||||||||||||||
Board of directors meeting | Mar. 04, 2019 | Nov. 29, 2018 | Jun. 22, 2018 | Sep. 06, 2018 | |||||||||||||||||||||||||||||||||||||||||||
Grant date | Mar. 20, 2019 | Nov. 29, 2018 | Oct. 15, 2018 | Sep. 06, 2018 | |||||||||||||||||||||||||||||||||||||||||||
Number granted | 547,100 | 350,000 | 76,700 | 65,000 | |||||||||||||||||||||||||||||||||||||||||||
Employee Stock Option | General Meeting 2019 [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
General meeting of shareholders | May 24, 2019 | May 24, 2019 | May 24, 2019 | May 24, 2019 | |||||||||||||||||||||||||||||||||||||||||||
Board of directors meeting | Oct. 11, 2019 | Jul. 01, 2019 | Jul. 01, 2019 | May 24, 2019 | |||||||||||||||||||||||||||||||||||||||||||
Grant date | Jan. 15, 2020 | Jul. 22, 2019 | Jul. 01, 2019 | May 24, 2019 | |||||||||||||||||||||||||||||||||||||||||||
Number granted | 94,500 | 75,000 | 403,400 | 150,000 | |||||||||||||||||||||||||||||||||||||||||||
Employee Stock Option | General Meeting 2020 [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
General meeting of shareholders | Apr. 20, 2020 | Apr. 20, 2020 | |||||||||||||||||||||||||||||||||||||||||||||
Board of directors meeting | Mar. 23, 2021 | Nov. 24, 2020 | |||||||||||||||||||||||||||||||||||||||||||||
Grant date | Mar. 23, 2021 | Nov. 24, 2020 | |||||||||||||||||||||||||||||||||||||||||||||
Number granted | 75,200 | 1,216,200 | |||||||||||||||||||||||||||||||||||||||||||||
Employee Stock Option | General Meeting 2021 [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
General meeting of shareholders | May 19, 2021 | May 19, 2021 | |||||||||||||||||||||||||||||||||||||||||||||
Board of directors meeting | May 12, 2022 | Nov. 22, 2021 | |||||||||||||||||||||||||||||||||||||||||||||
Grant date | May 12, 2022 | Nov. 22, 2021 | |||||||||||||||||||||||||||||||||||||||||||||
Number granted | 19,000 | 1,107,300 | |||||||||||||||||||||||||||||||||||||||||||||
Employee Stock Option | General Meeting 2022 [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
General meeting of shareholders | May 12, 2022 | May 12, 2022 | |||||||||||||||||||||||||||||||||||||||||||||
Board of directors meeting | Nov. 21, 2022 | Jul. 29, 2022 | |||||||||||||||||||||||||||||||||||||||||||||
Grant date | Nov. 21, 2022 | Jul. 29, 2022 | |||||||||||||||||||||||||||||||||||||||||||||
Number granted | 1,771,786 | 135,500 | |||||||||||||||||||||||||||||||||||||||||||||
Employee Stock Option | General Meeting 2023 [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
General meeting of shareholders | Apr. 12, 2023 | Apr. 12, 2023 | |||||||||||||||||||||||||||||||||||||||||||||
Board of directors meeting | Nov. 20, 2023 | Jan. 09, 2023 | |||||||||||||||||||||||||||||||||||||||||||||
Grant date | Nov. 20, 2023 | Jan. 09, 2023 | |||||||||||||||||||||||||||||||||||||||||||||
Number granted | 2,290,722 | 59,200 | |||||||||||||||||||||||||||||||||||||||||||||
RSU [Member] | General Meeting 2015 [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
General meeting of shareholders | Sep. 21, 2015 | Sep. 21, 2015 | |||||||||||||||||||||||||||||||||||||||||||||
Board of directors meeting | Apr. 20, 2017 | Mar. 14, 2017 | |||||||||||||||||||||||||||||||||||||||||||||
Grant date | Apr. 20, 2017 | Mar. 14, 2017 | |||||||||||||||||||||||||||||||||||||||||||||
Number granted | 24,000 | 22,500 | |||||||||||||||||||||||||||||||||||||||||||||
RSU [Member] | General Meeting 2018 [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
General meeting of shareholders | Jun. 22, 2018 | Jun. 22, 2018 | Jun. 22, 2018 | Jun. 22, 2018 | Jun. 22, 2018 | Jun. 22, 2018 | |||||||||||||||||||||||||||||||||||||||||
Board of directors meeting | May 10, 2019 | Dec. 12, 2018 | Dec. 12, 2018 | Nov. 01, 2018 | Sep. 06, 2018 | Jun. 22, 2018 | |||||||||||||||||||||||||||||||||||||||||
Grant date | May 10, 2019 | Dec. 17, 2018 | Dec. 12, 2018 | Nov. 01, 2018 | Sep. 06, 2018 | Jun. 22, 2018 | |||||||||||||||||||||||||||||||||||||||||
Number granted | 100,000 | 3,000 | 16,250 | 57,000 | 450 | 486,153 | |||||||||||||||||||||||||||||||||||||||||
RSU [Member] | General Meeting 2019 [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
General meeting of shareholders | May 24, 2019 | May 24, 2019 | |||||||||||||||||||||||||||||||||||||||||||||
Board of directors meeting | Oct. 11, 2019 | Oct. 11, 2019 | |||||||||||||||||||||||||||||||||||||||||||||
Grant date | Mar. 16, 2020 | Oct. 11, 2019 | |||||||||||||||||||||||||||||||||||||||||||||
Number granted | 5,000 | 40,000 | |||||||||||||||||||||||||||||||||||||||||||||
RSU [Member] | General Meeting 2020 [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
General meeting of shareholders | Apr. 20, 2020 | Apr. 20, 2020 | Apr. 20, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
Board of directors meeting | Mar. 23, 2021 | Nov. 24, 2020 | Apr. 20, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
Grant date | Mar. 23, 2021 | Nov. 24, 2020 | Apr. 29, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
Number granted | 24,900 | 475,000 | 20,000 | ||||||||||||||||||||||||||||||||||||||||||||
RSU [Member] | General Meeting 2021 [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
General meeting of shareholders | May 19, 2021 | May 19, 2021 | May 19, 2021 | ||||||||||||||||||||||||||||||||||||||||||||
Board of directors meeting | May 12, 2022 | Nov. 22, 2021 | May 19, 2021 | ||||||||||||||||||||||||||||||||||||||||||||
Grant date | May 12, 2022 | Nov. 22, 2021 | May 19, 2021 | ||||||||||||||||||||||||||||||||||||||||||||
Number granted | 3,200 | 257,300 | 20,000 | ||||||||||||||||||||||||||||||||||||||||||||
RSU [Member] | General Meeting 2022 [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
General meeting of shareholders | May 12, 2022 | May 12, 2022 | |||||||||||||||||||||||||||||||||||||||||||||
Board of directors meeting | Nov. 21, 2022 | Jul. 29, 2022 | |||||||||||||||||||||||||||||||||||||||||||||
Grant date | Nov. 21, 2022 | Jul. 29, 2022 | |||||||||||||||||||||||||||||||||||||||||||||
Number granted | 519,650 | 66,700 | |||||||||||||||||||||||||||||||||||||||||||||
RSU [Member] | General Meeting 2023 [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
General meeting of shareholders | Apr. 12, 2023 | Apr. 12, 2023 | |||||||||||||||||||||||||||||||||||||||||||||
Board of directors meeting | Nov. 20, 2023 | Jan. 09, 2023 | |||||||||||||||||||||||||||||||||||||||||||||
Grant date | Nov. 20, 2023 | Jan. 09, 2023 | |||||||||||||||||||||||||||||||||||||||||||||
Number granted | 912,650 | 35,800 | |||||||||||||||||||||||||||||||||||||||||||||
BSA Warrants [Member] | Share-based Payment Arrangement [Member] | General Meeting 2011 [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
General meeting of shareholders | Dec. 09, 2011 | ||||||||||||||||||||||||||||||||||||||||||||||
Board of directors meeting | Sep. 25, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||
Grant date | Sep. 25, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||
Number granted | 30,000 | ||||||||||||||||||||||||||||||||||||||||||||||
BSA Warrants [Member] | Share-based Payment Arrangement [Member] | General Meeting 2013 [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
General meeting of shareholders | Jun. 04, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||
Board of directors meeting | Jul. 25, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||
Grant date | Jul. 25, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||
Number granted | 73,000 | ||||||||||||||||||||||||||||||||||||||||||||||
BSA Warrants [Member] | Share-based Payment Arrangement [Member] | General Meeting 2014 [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
General meeting of shareholders | Jun. 03, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||
Board of directors meeting | Mar. 24, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||
Grant date | Mar. 24, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||
Number granted | 10,000 | ||||||||||||||||||||||||||||||||||||||||||||||
BSA Warrants [Member] | Share-based Payment Arrangement [Member] | General Meeting 2015 [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
General meeting of shareholders | Jun. 23, 2015 | Jun. 23, 2015 | |||||||||||||||||||||||||||||||||||||||||||||
Board of directors meeting | Dec. 15, 2015 | Nov. 19, 2015 | |||||||||||||||||||||||||||||||||||||||||||||
Grant date | Feb. 15, 2016 | Nov. 19, 2015 | |||||||||||||||||||||||||||||||||||||||||||||
Number granted | 90,000 | 22,500 | |||||||||||||||||||||||||||||||||||||||||||||
BSA Warrants [Member] | Share-based Payment Arrangement [Member] | General Meeting 2016 [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
General meeting of shareholders | Jun. 21, 2016 | Jun. 21, 2016 | |||||||||||||||||||||||||||||||||||||||||||||
Board of directors meeting | Jun. 21, 2016 | Dec. 09, 2016 | |||||||||||||||||||||||||||||||||||||||||||||
Grant date | Aug. 21, 2016 | Feb. 09, 2016 | |||||||||||||||||||||||||||||||||||||||||||||
Number granted | 20,000 | 59,000 | |||||||||||||||||||||||||||||||||||||||||||||
BSA Warrants [Member] | Share-based Payment Arrangement [Member] | General Meeting 2017 [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
General meeting of shareholders | Jun. 15, 2017 | Jun. 15, 2017 | |||||||||||||||||||||||||||||||||||||||||||||
Board of directors meeting | May 02, 2018 | Jun. 15, 2017 | |||||||||||||||||||||||||||||||||||||||||||||
Grant date | Jul. 02, 2018 | Aug. 15, 2017 | |||||||||||||||||||||||||||||||||||||||||||||
Number granted | 44,000 | 9,000 | |||||||||||||||||||||||||||||||||||||||||||||
BSA Warrants [Member] | Share-based Payment Arrangement [Member] | General Meeting 2021 [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
General meeting of shareholders | May 19, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
Board of directors meeting | May 19, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
Grant date | Jun. 03, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
Number granted | 39,185 |
Share-Based Payments - Summar_2
Share-Based Payments - Summary of Fair Value of Warrants Cox Ross Rubinstein Binomial Option Pricing Model (Detail) - € / shares | 12 Months Ended | ||||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule Of Share Based Payment Award Fair Value Of Warrants Valuation Assumptions [Line Items] | |||||||
Weighted average share price at grant date (in €) | € 10.75 | ||||||
Weighted average expected volatility | 90% | ||||||
Weighted average risk-free interest rate | (0.53%) | ||||||
Weighted average expected term (in years) | 3 years 2 months 15 days | ||||||
Dividend yield | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
Weighted average fair value of warrants (in €) | € 0 |
Share-Based Payments - Summar_3
Share-Based Payments - Summary of Warrants Activity (Detail) - € / shares | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | May 19, 2019 | |
Class of Warrant or Right [Line Items] | ||||
Weighted- average remaining contractual term | 4 years | |||
BSA Warrants [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Number of warrants outstanding, Beginning Balance | 251,693 | 256,693 | ||
Number of stock options outstanding, Granted during the period | 0 | |||
Number of stock options outstanding, Expired during the period | (5,000) | |||
Number of warrants outstanding, Ending Balance | 244,693 | 251,693 | ||
Number of warrants outstanding, Warrants exercisable | 244,693 | 251,693 | ||
Weighted- average exercise price, Beginning Balance | € 48.29 | € 47.51 | ||
Weighted- average exercise price, Granted during the period | 0 | |||
Weighted average grant date fair value, Expired during the period | 8.59 | |||
Weighted- average exercise price, Ending Balance | 48.29 | 48.29 | ||
Weighted- average exercise price, Warrants exercisable | € 48.29 | € 48.29 | ||
Weighted- average remaining contractual term | 4 years 4 months 6 days | 4 years 4 months 9 days | 4 years 4 months 6 days | |
Weighted- average remaining contractual term, Ending Balance | 4 years 4 months 6 days | 4 years 4 months 9 days | ||
Weighted- average remaining contractual term, Warrants exercisable as of December 31, 2020 | 4 years 4 months 6 days | 4 years 4 months 9 days |
Share-Based Payments - Summar_4
Share-Based Payments - Summary of Stock Options Activity (Detail) - Employee Stock Option [Member] - € / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Summary of stock options activity [Line iteam] | |||
Number of stock options outstanding, Beginning Balance | 5,306,569 | 3,631,210 | |
Number of stock options outstanding, Granted during the period | 1,926,286 | 1,926,286 | |
Number of stock options outstanding, Forfeited during the period | (369,800) | (245,314) | |
Number of stock options outstanding, Exercised during the period | 0 | (5,613) | |
Number of stock options outstanding, Expired during the period | (168,000) | ||
Number of stock options outstanding, Ending Balance | 7,118,691 | 5,306,569 | 3,631,210 |
Number of stock options outstanding, Options exercisable Beginning Balance | 602,995 | 1,331,508 | |
Weighted- average exercise price, Beginning Balance | € 11 | € 15.25 | |
Weighted- average exercise price, Granted during the period | 2.03 | 3.12 | |
Weighted- average exercise price, Forfeited during the period | 3.76 | 12.22 | |
Weighted- average exercise price, Exercised during the period | 0 | 4.16 | |
Weighted- average exercise price, Expired during the period | 0 | ||
Weighted- average exercise price, Ending Balance | 8.55 | 11 | € 15.25 |
Weighted- average exercise price, Options exercisable | € 38.7 | € 20.2 | |
Weighted- average remaining contractual term | 9 years 1 month 6 days | 8 years 4 months 28 days | 8 years 8 months 1 day |
Weighted- average remaining contractual term, Options exercisable as of December 31, 2020 | 5 years 4 months 6 days | 6 years 8 months 8 days |
Share-Based Payments - Summar_5
Share-Based Payments - Summary of Stock Options Valuation Assumptions (Detail) - € / shares | 12 Months Ended | ||||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Weighted average shares price at grant date in € | € 10.75 | ||||||
Weighted average risk-free interest rate | 0.53% | ||||||
Weighted average expected term (in years) | 3 years 2 months 15 days | ||||||
Dividend yield | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
Weighted average fair value of stock-options in € | € 0 | ||||||
Weighted Average [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Weighted average shares price at grant date in € | € 2.03 | € 2.33 | € 5.71 | € 5.54 | € 15.26 | € 31.86 | € 45.49 |
Weighted average expected volatility | 9,370% | 9,890% | 9,020% | 8,730% | 7,080% | 4,710% | 4,180% |
Weighted average risk-free interest rate | 295% | 220% | 6% | 50% | 10% | 30% | 10% |
Weighted average expected term (in years) | 6 years | 6 years | 6 years | 6 years | 6 years | 6 years | 6 years 8 months 12 days |
Weighted average fair value of stock-options in € | € 1.67 | € 2.23 | € 4.17 | € 3.9 | € 9.65 | € 13.67 | € 17.16 |
Share-Based Payments - Summar_6
Share-Based Payments - Summary of RSU Activity (Detail) - € / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of RSU outstanding, Forfeited during the period | (97,126) | |
Restricted Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of RSU outstanding, Beginning Balance | 1,589,081 | 1,240,520 |
Number of RSU outstanding, Granted during the period | 589,550 | 589,550 |
Number of RSU outstanding, Forfeited during the period | (191,659) | |
Number of RSU outstanding, Released during the period | (250,355) | (143,863) |
Number of RSU outstanding, Expired during the period | 0 | 0 |
Number of RSU outstanding, Ending Balance | 2,095,517 | 1,589,081 |
Weighted average grant date fair value, Beginning Balance | € 14.69 | € 18.77 |
Weighted average grant date fair value, Granted during the period | 1.69 | 2.67 |
Weighted average grant date fair value, Forfeited during the period | 4.04 | 4.96 |
Weighted average grant date fair value, Released during the period | 6.77 | 5.15 |
Weighted average grant date fair value, Expired during the period | ||
Weighted average grant date fair value, Ending Balance | € 10.73 | € 14.69 |
Share-Based Payments - Summar_7
Share-Based Payments - Summary of Share-Based Payments Expenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share-based payments | $ (6,019) | $ (5,026) |
Research and Development expenses [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share-based payments | (1,661) | (1,462) |
Research and Development expenses [Member] | Restricted Stock Units [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share-based payments | (835) | (841) |
Sales and Marketing expenses [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share-based payments | (102) | (31) |
Sales and Marketing expenses [Member] | Restricted Stock Units [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share-based payments | (33) | (4) |
General and Administrative expenses [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share-based payments | (2,985) | (2,374) |
General and Administrative expenses [Member] | Restricted Stock Units [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share-based payments | $ (403) | $ (315) |
Share-Based Payments - Addition
Share-Based Payments - Additional Information (Detail) € / shares in Units, $ / shares in Units, € in Millions, $ in Millions | 12 Months Ended | 22 Months Ended | ||||||||||||
Nov. 20, 2023 | Nov. 22, 2021 | Jun. 03, 2021 shares | Dec. 31, 2020 | Jan. 16, 2020 | Jun. 22, 2018 | Dec. 31, 2023 EUR (€) € / shares shares | Dec. 31, 2022 € / shares | Dec. 31, 2019 | Nov. 22, 2021 | Dec. 31, 2023 USD ($) | Jun. 30, 2022 € / shares | Jun. 30, 2022 $ / shares | May 19, 2019 | |
Share-Based Payments [Line iteam] | ||||||||||||||
Compensation Cost Not Yet Recognized Stock Options | € 17.8 | $ 20.3 | ||||||||||||
Compensation Cost Not Yet Recognized Other Than Options | € | € 2.5 | |||||||||||||
Class of Warrants or Right Exercise Price of Warrants | (per share) | € 2.9 | $ 3.11 | ||||||||||||
Warrants Remaining contractual life | 4 years | |||||||||||||
Board of Directors Chairman [Member] | Exercise Price Range One [Member] | ||||||||||||||
Share-Based Payments [Line iteam] | ||||||||||||||
Granted during the period | € 2 | |||||||||||||
Class of Warrants or Right Exercise Price of Warrants | 5.13 | |||||||||||||
Board of Directors Chairman [Member] | Exercise Price Range Two [Member] | ||||||||||||||
Share-Based Payments [Line iteam] | ||||||||||||||
Granted during the period | 74.22 | |||||||||||||
Class of Warrants or Right Exercise Price of Warrants | 69.75 | |||||||||||||
Director [Member] | Warrant [Member] | ||||||||||||||
Share-Based Payments [Line iteam] | ||||||||||||||
Stock Issued During Period, Shares, Issued for Services | shares | 39,185 | |||||||||||||
Employee Stock Option | ||||||||||||||
Share-Based Payments [Line iteam] | ||||||||||||||
Award Vesting Period | 4 years | 4 years | ||||||||||||
Granted during the period | € 2.03 | € 3.12 | ||||||||||||
Compensation Cost Not yet Recognized, Period for Recognition | 7 years 6 months | |||||||||||||
Restricted Stock Units [Member] | ||||||||||||||
Share-Based Payments [Line iteam] | ||||||||||||||
Award Vesting Period | 4 years | |||||||||||||
Compensation Cost Not yet Recognized, Period for Recognition | 3 years 2 months 12 days | |||||||||||||
Compensation Cost Not Yet Recognized Other Than Options | $ | $ 2.7 | |||||||||||||
BSPCE Warrants [Member] | ||||||||||||||
Share-Based Payments [Line iteam] | ||||||||||||||
Class of Warrant or Right, Granted During The Period | shares | 0 | |||||||||||||
Share-based Payment Arrangement, Tranche One [Member] | Employee Stock Option | ||||||||||||||
Share-Based Payments [Line iteam] | ||||||||||||||
Award Vesting Percentage | 25% | 25% | 25% | 25% | ||||||||||
Share-based Payment Arrangement, Tranche One [Member] | Restricted Stock Units [Member] | ||||||||||||||
Share-Based Payments [Line iteam] | ||||||||||||||
Award Vesting Period | 1 year | |||||||||||||
Award Vesting Percentage | 25% | 25% | ||||||||||||
Share-based Payment Arrangement, Tranche Two [Member] | Employee Stock Option | ||||||||||||||
Share-Based Payments [Line iteam] | ||||||||||||||
Award Vesting Percentage | 25% | 25% | 12.50% | 12.50% | ||||||||||
Share-based Payment Arrangement, Tranche Two [Member] | Restricted Stock Units [Member] | ||||||||||||||
Share-Based Payments [Line iteam] | ||||||||||||||
Award Vesting Period | 2 years | |||||||||||||
Award Vesting Percentage | 25% | 12.50% |
Contingencies - Summary of Non
Contingencies - Summary of Non Current Contingencies and Current Contingencies (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Liability, Defined Benefit Plan [Abstract] | ||
Current contingencies | $ 3,959 | $ 3,944 |
Non-current contingencies | 935 | 16,680 |
Total contingencies | $ 4,894 | $ 20,625 |
Contingencies - Summary of Move
Contingencies - Summary of Movement in Contingencies (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Contingencies, Beginning balance | $ 20,625 | $ 10,853 |
Increases in liabilities | 3,950 | 12,560 |
Used liabilities | 0 | (42) |
Reversals of unused liabilities | (20,108) | (1,984) |
Net interest related to employee benefits, and unwinding of discount | 0 | 0 |
Actuarial gains and losses on defined-benefit plans | 38 | (262) |
Currency translation effect | 389 | (500) |
Contingencies, Ending balance | 4,893 | 20,625 |
Of which Current | 3,959 | 3,944 |
Of which Non-current | 935 | 16,680 |
Pension retirement obligations [Member] | ||
Contingencies, Beginning balance | 790 | 1,008 |
Increases in liabilities | 76 | 105 |
Actuarial gains and losses on defined-benefit plans | 38 | (262) |
Currency translation effect | 31 | (61) |
Contingencies, Ending balance | 935 | 790 |
Of which Non-current | 935 | 790 |
Collaboration agreement -Loss at completion [Member] | ||
Contingencies, Beginning balance | 19,835 | 9,800 |
Increases in liabilities | 0 | 12,455 |
Reversals of unused liabilities | (20,108) | (1,984) |
Currency translation effect | 273 | (436) |
Contingencies, Ending balance | 0 | 19,835 |
Of which Current | 0 | 3,944 |
Of which Non-current | 0 | 15,891 |
Other provisions incl. restructuring [Member] | ||
Contingencies, Beginning balance | 45 | |
Increases in liabilities | 3,874 | 0 |
Used liabilities | 0 | (42) |
Reversals of unused liabilities | 0 | 0 |
Currency translation effect | 85 | $ (3) |
Contingencies, Ending balance | 3,959 | |
Of which Current | $ 3,959 |
Contingencies - Additional Info
Contingencies - Additional Information (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Loss Contingency [Abstract] | |
Accured contract expenses | $ 2.3 |
Loss on accrual reversal | $ 19.9 |
Contingencies - Summary of the
Contingencies - Summary of the Estimation of the Retirement Commitments (Detail) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Defined Benefit Plan, Assumptions Used in Calculations [Abstract] | ||
% Social security contributions | 50% | 50% |
Salary increases | 2% | 2% |
Discount rate—Iboxx Corporates AA 10+ | 3.17% | 3.77% |
Expected staff turnover | 10% | 10% |
Estimated retirement age | 67 months | 65 months |
Life table | TGH05-TGF05 |
Operating Income - Summary of O
Operating Income - Summary of Operating Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Other Income and Expenses [Abstract] | ||
Research tax credit | $ 8,766 | $ 5,718 |
Other Operating income | 6,962 | (874) |
Total | $ 15,728 | $ 4,844 |
Operating Income - Additional I
Operating Income - Additional Information (Detail) € in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | |
Jul. 31, 2016 EUR (€) | Dec. 31, 2023 USD ($) | Jul. 12, 2018 EUR (€) | |
Other Income and Expenses [Abstract] | |||
Potential development, clinical regulatory and commercial Milestones receivable | $ 105 | € 100 | |
Non refundable upfront payment Received | € | € 10 | ||
Reversal of deffered revenue | 6.9 | ||
Complementary research tax credit | $ 2.9 |
Operating Expenses and Alloca_3
Operating Expenses and Allocation of Personnel Expenses - Summary of Research and Development Expenses with Comparative Adjustments (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure Of Research And Development Expenses With Comparative Adjustments [Line Items] | ||
Research and development expense | $ 60,223 | $ 75,543 |
Comparative difference in research and development expenses | $ (15,320) | |
Percentage of comparative difference in research and development expenses | (20.00%) | |
External clinical-related expenses [Member] | ||
Disclosure Of Research And Development Expenses With Comparative Adjustments [Line Items] | ||
Research and development expense | $ 49,044 | 42,248 |
Comparative difference in research and development expenses | $ 6,796 | |
Percentage of comparative difference in research and development expenses | 16% | |
Employee-related costs excl. share-based payment expenses [Member] | ||
Disclosure Of Research And Development Expenses With Comparative Adjustments [Line Items] | ||
Research and development expense | $ 14,401 | 10,752 |
Comparative difference in research and development expenses | $ 3,649 | |
Percentage of comparative difference in research and development expenses | 34% | |
Share-based payment expenses [Member] | ||
Disclosure Of Research And Development Expenses With Comparative Adjustments [Line Items] | ||
Research and development expense | $ 2,496 | 2,303 |
Comparative difference in research and development expenses | $ 193 | |
Percentage of comparative difference in research and development expenses | 8% | |
Depreciation and amortization [Member] | ||
Disclosure Of Research And Development Expenses With Comparative Adjustments [Line Items] | ||
Research and development expense | $ (13,658) | 12,965 |
Comparative difference in research and development expenses | $ (26,623) | |
Percentage of comparative difference in research and development expenses | (205.00%) | |
Other costs [Member] | ||
Disclosure Of Research And Development Expenses With Comparative Adjustments [Line Items] | ||
Research and development expense | $ 7,940 | $ 7,276 |
Comparative difference in research and development expenses | $ 664 | |
Percentage of comparative difference in research and development expenses | 9% |
Operating Expenses and Alloca_4
Operating Expenses and Allocation of Personnel Expenses - Summary of Selling and Marketing Expenses with Comparative Adjustments (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Summary Of Selling And Marketing Expenses With Comparative Adjustments [Line Items] | ||
Selling and marketing expense | $ 2,438 | $ 1,608 |
Comparative difference in selling and marketing expenses | $ 830 | |
Percentage of comparative difference in selling and marketing expenses | 52% | |
Employee-related costs incl. share-based payment expenses [Member] | ||
Summary Of Selling And Marketing Expenses With Comparative Adjustments [Line Items] | ||
Selling and marketing expense | $ 754 | 914 |
Comparative difference in selling and marketing expenses | $ (160) | |
Percentage of comparative difference in selling and marketing expenses | (18.00%) | |
External professional services and other costs [Member] | ||
Summary Of Selling And Marketing Expenses With Comparative Adjustments [Line Items] | ||
Selling and marketing expense | $ 1,784 | $ 694 |
Comparative difference in selling and marketing expenses | $ 990 | |
Percentage of comparative difference in selling and marketing expenses | 143% |
Operating Expenses and Alloca_5
Operating Expenses and Allocation of Personnel Expenses - Summary of General and Administrative Expenses with Comparative Adjustments (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Summary Of General And Administrative Expenses With Comparative Adjustments [Line Items] | ||
General and administrative expense | $ 29,500 | $ 24,324 |
Comparative difference in general and administrative expenses | $ 5,176 | |
Percentage of comparative difference in general and administrative expenses | 21% | |
External professional services fees [Member] | ||
Summary Of General And Administrative Expenses With Comparative Adjustments [Line Items] | ||
General and administrative expense | $ 8,750 | 5,947 |
Comparative difference in general and administrative expenses | $ 2,803 | |
Percentage of comparative difference in general and administrative expenses | 47% | |
Employee-related costs excl. share-based payment expenses [Member] | ||
Summary Of General And Administrative Expenses With Comparative Adjustments [Line Items] | ||
General and administrative expense | $ 8,200 | 7,320 |
Comparative difference in general and administrative expenses | $ 881 | |
Percentage of comparative difference in general and administrative expenses | 12% | |
Share-based payment expenses [Member] | ||
Summary Of General And Administrative Expenses With Comparative Adjustments [Line Items] | ||
General and administrative expense | $ 3,389 | 2,688 |
Comparative difference in general and administrative expenses | $ 701 | |
Percentage of comparative difference in general and administrative expenses | 26% | |
Depreciation, amortization and other costs [Member] | ||
Summary Of General And Administrative Expenses With Comparative Adjustments [Line Items] | ||
General and administrative expense | $ 9,161 | $ 8,369 |
Comparative difference in general and administrative expenses | $ 2,523 | |
Percentage of comparative difference in general and administrative expenses | 30% |
Operating Expenses and Alloca_6
Operating Expenses and Allocation of Personnel Expenses - Summary of Allocation of Personnel Expenses By Function (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Research and Development expenses | $ 60,223 | $ 75,543 |
Sales and Marketing expenses | 2,438 | 1,608 |
General and Administrative expenses | 29,500 | 24,324 |
Total Operating expenses | 92,161 | 101,475 |
Expenses by Function [Member] | ||
Research and Development expenses | 16,897 | 13,055 |
Sales and Marketing expenses | 754 | 914 |
General and Administrative expenses | 11,589 | 10,008 |
Total Operating expenses | $ 29,240 | $ 23,977 |
Operating Expenses and Alloca_7
Operating Expenses and Allocation of Personnel Expenses - Summary of Allocation of Personnel Expenses By Nature (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share-based payments | $ (6,019) | $ (5,026) |
Total Operating expenses | 92,161 | 101,475 |
Expenses by Nature [Member] | ||
Wages and salaries | 18,108 | 14,802 |
Social security contributions | 4,176 | 3,206 |
Expenses for pension commitments | 935 | 943 |
Share-based payments | 6,019 | 5,026 |
Total Operating expenses | $ 29,240 | $ 23,977 |
Operating Expenses and Alloca_8
Operating Expenses and Allocation of Personnel Expenses - Additional Information (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) Employees | Dec. 31, 2022 USD ($) Employees | |
Operating Expenses And Allocation Of Personnel Expenses [Line Items] | ||
Increase in research and development expense | $ 11,300 | |
Comparative difference in research and development expenses | (15,320) | |
Comparative difference in general and administrative expenses | $ 5,176 | |
Number of employees on general and administrative activities | Employees | 34 | 27 |
Employee-related costs excl. share-based payment expenses [Member] | ||
Operating Expenses And Allocation Of Personnel Expenses [Line Items] | ||
Comparative difference in research and development expenses | $ 3,649 | |
External clinical-related expenses [Member] | ||
Operating Expenses And Allocation Of Personnel Expenses [Line Items] | ||
Comparative difference in research and development expenses | 6,796 | |
Nestle Collaboration Agreement Termination [Member] | ||
Operating Expenses And Allocation Of Personnel Expenses [Line Items] | ||
Comparative difference in research and development expenses | 15,300 | |
Nestle Collaboration Agreement Termination [Member] | Loss On Completion Accrual Net Reversal [Member] | ||
Operating Expenses And Allocation Of Personnel Expenses [Line Items] | ||
Comparative difference in research and development expenses | 17,600 | |
Nestle Collaboration Agreement Termination [Member] | Depreciation Expense [Member] | ||
Operating Expenses And Allocation Of Personnel Expenses [Line Items] | ||
Comparative difference in research and development expenses | $ 10,400 | |
Sales & Marketing expenses [Member] | ||
Operating Expenses And Allocation Of Personnel Expenses [Line Items] | ||
Increase in sales and marketing expenses | 800 | |
Employee-related costs incl. share-based payment expenses [Member] | ||
Operating Expenses And Allocation Of Personnel Expenses [Line Items] | ||
Decrease in sales and marketing expenses | 200 | |
External professional services and other costs [Member] | ||
Operating Expenses And Allocation Of Personnel Expenses [Line Items] | ||
Increase in sales and marketing expenses | 1,000 | |
External professional services fees [Member] | ||
Operating Expenses And Allocation Of Personnel Expenses [Line Items] | ||
Comparative difference in general and administrative expenses | 2,803 | |
Increase in general and administrative expenses | 2,800 | |
Employee-related costs excl. share-based payment expenses [Member] | ||
Operating Expenses And Allocation Of Personnel Expenses [Line Items] | ||
Comparative difference in general and administrative expenses | 881 | |
Increase in general and administrative expenses | 900 | |
Depreciation, amortization and other costs [Member] | ||
Operating Expenses And Allocation Of Personnel Expenses [Line Items] | ||
Comparative difference in general and administrative expenses | 2,523 | |
Increase in general and administrative expenses | $ 800 |
Income Tax - Summary of Reconci
Income Tax - Summary of Reconciliation Between the Effective and Nominal Income Tax Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | ||
(Loss) before taxes | $ (72,709) | $ (96,204) |
Theoretical company tax rate | 25% | 25% |
Nominal tax expense | $ 18,179 | $ 24,051 |
Research tax credit | 2,192 | 1,430 |
Share-based compensation | (1,852) | (784) |
Other permanent differences | (110) | (100) |
Non recognition of deferred tax assets mainly related to tax losses | (18,802) | (24,746) |
Other differences | 386 | 79 |
Total tax expense | $ (7) | $ (70) |
Effective tax rate | (0.01%) | (0.07%) |
Income Tax - Summary of Recon_2
Income Tax - Summary of Reconciliation Between the Effective and Nominal Income Tax Expense (Parenthetical) (Detail) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | ||
Standard French rate | 25% | 25% |
Income Tax - Summary of Deferre
Income Tax - Summary of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets: | ||
Net operating loss carryforwards | $ 307,300 | $ 273,964 |
Share-based compensation | 509 | 1,102 |
Personnel-related accruals | 422 | 389 |
Pension retirement obligations | 509 | 197 |
Leases | 32 | 6 |
Other | 1,205 | 5,248 |
Total deferred tax assets | 309,702 | 280,907 |
Less : Valuation allowance | (309,702) | (280,907) |
Net deferred tax assets | $ 0 | $ 0 |
Commitments - Additional Inform
Commitments - Additional Information (Detail) € in Thousands, $ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2023 EUR (€) | May 31, 2017 USD ($) |
Disclosure Of Commitments [Line Items] | |||
Non-cancellable contractual obligations | $ 32,236 | ||
Term deposit | 240 | € 230 | |
American Express credit cards program [Member] | |||
Disclosure Of Commitments [Line Items] | |||
Certificates of Deposit, at Carrying Value | 250 | ||
New York subsidiary [Member] | |||
Disclosure Of Commitments [Line Items] | |||
Letters of credit outstanding amount | $ 300 | ||
Contract research organizations [Member] | |||
Disclosure Of Commitments [Line Items] | |||
Non-cancellable contractual obligations | 64,400 | ||
Purchase Obligations | $ 114,400 |
Relationships with Related Pa_3
Relationships with Related Parties - Additional Information (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Related Party Transactions [Abstract] | |
Compensation awarded to directors and officers | $ 8.7 |
Relationships with Related Pa_4
Relationships with Related Parties - Summary of Relationships with Related Parties (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Related Party Transaction [Line Items] | |||
Defined Benefit Plan, Benefit Obligation | $ 4,893 | $ 20,625 | $ 10,853 |
Directors and Officers [Member] | |||
Related Party Transaction [Line Items] | |||
Defined Benefit Plan, Benefit Obligation | 8,685 | 8,037 | |
Directors and Officers [Member] | Short-term benefits [Member] | |||
Related Party Transaction [Line Items] | |||
Defined Benefit Plan, Benefit Obligation | 4,864 | 4,625 | |
Directors and Officers [Member] | Post-employment benefits [Member] | |||
Related Party Transaction [Line Items] | |||
Defined Benefit Plan, Benefit Obligation | 29 | 33 | |
Directors and Officers [Member] | Termination benefits [Member] | |||
Related Party Transaction [Line Items] | |||
Defined Benefit Plan, Benefit Obligation | 0 | 24 | |
Directors and Officers [Member] | Share-based payment [Member] | |||
Related Party Transaction [Line Items] | |||
Defined Benefit Plan, Benefit Obligation | $ 3,792 | $ 3,355 |
Relationships with Related Pa_5
Relationships with Related Parties - Schedule of Amounts Payable to Related Parties (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Related Party Transaction [Line Items] | ||
Other Liabilities, Current | $ 8,934 | $ 9,210 |
Executive Committee [Member] | ||
Related Party Transaction [Line Items] | ||
Other Liabilities, Current | 2,219 | 2,092 |
Executive Committee [Member] | Compensation [Member] | ||
Related Party Transaction [Line Items] | ||
Other Liabilities, Current | 2,112 | 2,009 |
Executive Committee [Member] | Pension obligations [Member] | ||
Related Party Transaction [Line Items] | ||
Other Liabilities, Current | $ 107 | $ 83 |
Loss Per Share - Summary of Ear
Loss Per Share - Summary of Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Earnings Per Share, Basic [Abstract] | ||
Net loss | $ (72,726) | $ (96,274) |
Weighted average number of ordinary shares | 95,121,390 | 77,384,133 |
Basic net loss per share attributable to ordinary shareholders ($/share) | $ (0.76) | $ (1.24) |
Weighted average number of ordinary shares | 95,121,390 | 77,384,133 |
Diluted net loss per share attributable to ordinary shareholders ($/share) | $ (0.76) | $ (1.24) |
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 | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 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 | 244,693 | 251,693 |
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 | 0 |
Stock options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 7,118,691 | 5,306,569 |
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 | 2,095,518 | 1,618,778 |
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 |