QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
State or other jurisdiction of incorporation or organization |
(I.R.S. Employer Identification No.) |
177-181 avenue Pierre Brossolette |
||
(Address of principal executive offices) |
(Zip Code) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
one-half of one ordinary share, nominal value €0.10 per share |
||||
n/a |
* | |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
☒ | Smaller reporting company | |||||
Emerging growth company |
Page |
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Part I | 4 | |||||
Item 1 | Condensed Consolidated Statements of Financial Position (Unaudited) as of September 30, 2021 and December 31, 2020 | 4 | ||||
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) for the Three and Nine Months Ended September 30, 2021 and 2020 | 5 | |||||
Condensed Consolidated Statements of Cash Flows (Unaudited) for the Nine Months Ended September 30, 2021 and 2020 | 6 | |||||
Condensed Consolidated Statements of Changes in Shareholders’ Equity (Unaudited) for the Nine Months Ended September 30, 2021 and 2020 | 7 | |||||
Notes to the Financial Statements (Unaudited) | 9 | |||||
Item 2 | 21 | |||||
Item 3 | 31 | |||||
Item 4 | 31 | |||||
Part II | 32 | |||||
Item 1 | 32 | |||||
Item 1A | 32 | |||||
Item 2 | 32 | |||||
Item 3 | 32 | |||||
Item 4 | 32 | |||||
Item 5 | 32 | |||||
Item 6 | 33 |
• | the impact of the ongoing COVID-19 pandemic, including the emergence of new variant strains of COVID-19, and its effects on our operations, research and development, clinical trials and ability to obtain financing and potential disruption in the operations and business of third-party manufacturers, contract research organizations, other service providers and collaborators with whom we conduct business; |
• | our expectations regarding the timing or likelihood of regulatory filings and approvals, including with respect to our anticipated re-submission of a Biologics License Application (“BLA”) for ViaskinTM Peanut to the U.S. Food and Drug Administration; |
• | the initiation, timing, progress and results of our pre-clinical studies and clinical trials, and our research and development programs; |
• | the sufficiency of existing capital resources; |
• | our business model and our other strategic plans for our business, product candidates and technology; |
• | our ability to manufacture clinical and commercial supplies of our product candidates and comply with regulatory requirements related to the manufacturing of our product candidates; |
• | our ability to build our own sales and marketing capabilities, or seek collaborative partners, to commercialize Viaskin Peanut and/or our other product candidates, if approved; |
• | the commercialization of our product candidates, if approved; |
• | our expectations regarding the potential market size and the size of the patient populations for Viaskin Peanut and/or our other product candidates, if approved, and our ability to serve such markets; |
• | the pricing and reimbursement of our product candidates, if approved; |
• | the rate and degree of market acceptance of Viaskin Peanut and/or our other product candidates, if approved, by physicians, patients, third-party payors and others in the medical community; |
• | our ability to advance product candidates into, and successfully complete, clinical trials; |
• | the scope of protection we are able to establish and maintain for intellectual property rights covering our product candidates and technology; |
• | estimates of our expenses, future revenues, capital requirements and our needs for additional financing; |
• | the potential benefits of strategic collaboration agreements and our ability to enter into strategic arrangements; |
• | our ability to maintain and establish collaborations or obtain additional grant funding; |
• | our financial performance; |
• | developments relating to our competitors and our industry, including competing therapies; and |
• | other risks and uncertainties, including those listed under the caption Risk Factors in our most recent Annual Report on Form 10-K and in any subsequent Quarterly Reports on Form 10-Q. |
September 30, |
December 31, |
|||||||||||
Note |
2021 |
2020 |
||||||||||
Assets |
|
|
||||||||||
Current assets: |
|
|
||||||||||
Cash and cash equivalents |
|
3 |
|
$ | $ | |||||||
Trade receivables |
|
|
— | |||||||||
Other current assets |
|
|
||||||||||
|
|
|
|
|
|
|||||||
Total current assets |
|
|
||||||||||
Property, plant, and equipment, net |
|
|
||||||||||
Right-of-use |
|
|
||||||||||
Intangible assets |
|
|
||||||||||
Other non-current assets |
|
|
||||||||||
|
|
|
|
|
|
|||||||
Total non-current assets |
|
|
||||||||||
|
|
|
|
|
|
|||||||
Total Assets |
|
|
$ |
$ |
||||||||
|
|
|
|
|
|
|||||||
Liabilities and shareholders’ equity |
|
|
||||||||||
Current liabilities: |
|
|
||||||||||
Trade payables |
|
4 |
|
$ | $ | |||||||
Short-term operating leases |
|
|
||||||||||
Short-term financial debt |
|
|
||||||||||
Current contingencies |
|
7 |
|
|||||||||
Other current liabilities |
|
4 |
|
|||||||||
|
|
|
|
|
|
|||||||
Total current liabilities |
|
|
||||||||||
|
|
|
|
|
|
|||||||
Long-term operating leases |
|
|
||||||||||
Long-term financial debt |
|
|
— | |||||||||
Non-current contingencies |
|
7 |
|
|||||||||
Other non-current liabilities |
|
4 |
|
|||||||||
|
|
|
|
|
|
|||||||
Total non-current liabilities |
|
|
||||||||||
|
|
|
|
|
|
|||||||
Total Liabilities |
|
|
$ |
$ |
||||||||
|
|
|
|
|
|
|||||||
Shareholders’ equity: |
|
|
||||||||||
Ordinary shares, € |
|
|
$ | $ | ||||||||
Additional paid-in capital |
|
|
||||||||||
Treasury stock, |
|
|
( |
) | ( |
) | ||||||
Accumulated deficit |
|
|
( |
) | ( |
) | ||||||
Accumulated other comprehensive income |
|
|
||||||||||
Accumulated currency translation effect |
|
|
( |
) | ||||||||
|
|
|
|
|
|
|||||||
Total Shareholders’ equity |
|
5 |
|
$ |
$ |
|||||||
|
|
|
|
|
|
|||||||
Total Liabilities and Shareholders’ E quity |
|
|
$ |
$ |
||||||||
|
|
|
|
|
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||||||
Note |
2021 |
2020 |
2021 |
2020 |
||||||||||||||||
Operating income |
8 |
$ |
$ |
$ |
$ |
|||||||||||||||
Operating expenses |
||||||||||||||||||||
Research and development expenses |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
Sales and marketing expenses |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
General and administrative expenses |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
Restructuring expenses |
— | — | ( |
) | ||||||||||||||||
Total Operating expenses |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
Loss from operations |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||
Financial income (expense) |
( |
) | ( |
) | ||||||||||||||||
Loss before taxes |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||
Income tax |
— | ( |
) | ( |
) | |||||||||||||||
Net loss |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) | ||||||||
Other comprehensive loss |
||||||||||||||||||||
Foreign currency translation differences, net of taxes |
( |
) | ( |
) | ||||||||||||||||
Actuarial gains (losses) on employee benefits, net of taxes |
( |
) | ( |
) | ( |
) | ||||||||||||||
Comprehensive loss |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) | ||||||||
Basic/diluted net loss per share attributable to shareholders |
12 |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) | |||||||
Weighted average shares outstanding used in computing per share amounts: |
Nine Months Ended September 30, |
||||||||||||
Notes |
2021 |
2020 |
||||||||||
Net loss for the period |
|
$ |
( |
) |
$ |
( |
) | |||||
Adjustments to reconcile net loss to net cash used in operating activities: |
||||||||||||
Depreciation, amortization and accrued contingencies |
|
|||||||||||
Retirement pension obligations |
|
( |
) | |||||||||
Expenses related to share-based payments |
|
6 |
( |
) | ||||||||
Other elements |
|
|||||||||||
Changes in operating assets and liabilities: |
|
|||||||||||
Decrease (increase) in inventories and work in progress |
|
— | ||||||||||
Decrease (increase) in trade receivables |
|
( |
) | |||||||||
Decrease (increase) in other current assets |
|
( |
) | ( |
) | |||||||
(Decrease) increase in trade payables |
|
( |
) | ( |
) | |||||||
(Decrease) increase in other current and non-current liabilities |
|
( |
) | ( |
) | |||||||
Change in operating lease liabilities and right—of—use assets |
|
( |
) | ( |
) | |||||||
Net cash flow used in operating activities |
|
( |
) |
( |
) | |||||||
|
|
|
|
|
||||||||
Cash flows provided by (used in) investing activities: |
|
|||||||||||
Acquisitions of property, plant, and equipment, net from proceeds |
|
( |
) | |||||||||
Acquisitions of intangible assets |
|
( |
) | ( |
) | |||||||
Acquisitions of non-current financial assets |
|
( |
) | |||||||||
|
|
|
|
|
||||||||
Net cash flows provided by (used in) investing activities | |
( |
) | |||||||||
|
|
|
|
|
||||||||
Cash flows (used in) provided by financing activities: |
|
|||||||||||
(Decrease) increase in conditional advances |
|
( |
) | ( |
) | |||||||
Treasury shares |
|
( |
) | ( |
) | |||||||
Capital increases, net of transaction costs |
|
|||||||||||
Other cash flows related to financing activities |
|
( |
) | ( |
) | |||||||
|
|
|
|
|
||||||||
Net cash flows (used in) provided by financing activities |
|
( |
) |
|||||||||
|
|
|
|
|
||||||||
Effect of exchange rate changes on cash and cash equivalents |
|
( |
) | |||||||||
|
|
|
|
|
||||||||
Net (decrease) increase in cash and cash equivalents |
|
( |
) |
|||||||||
|
|
|
|
|
||||||||
Net Cash and cash equivalents at the beginning of the period |
|
|||||||||||
|
|
|
|
|
||||||||
Net cash and cash equivalents at the end of the period |
|
3 |
$ |
$ |
||||||||
|
|
|
|
|
Ordinary shares |
||||||||||||||||||||||||||||||||
Number of Shares |
Amount |
Additional paid-in capital |
Treasury stock |
Accumulated deficit |
Accumulated other comprehensive income (loss) |
Accumulated currency translation effect |
Total Shareholders’ Equity |
|||||||||||||||||||||||||
Balance at January 1, 2020 |
$ |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
$ |
( |
) |
$ |
|||||||||||||||||||
Net (loss) |
— | — | — | — | ( |
) | — | — | ( |
) | ||||||||||||||||||||||
Other comprehensive income (loss) |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||||||
Issuance of ordinary shares |
— | — | — | — | ||||||||||||||||||||||||||||
Treasury shares |
— | — | — | ( |
) | — | — | — | ( |
) | ||||||||||||||||||||||
Share-based payments |
— | — | — | — | — | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Balance at March 31, 2020 |
$ |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
$ |
( |
) |
$ |
|||||||||||||||||||
Net (loss) |
— | — | — | — | ( |
) | — | — | ( |
) | ||||||||||||||||||||||
Other comprehensive income (loss) |
— | — | — | — | — | ( |
) |
|||||||||||||||||||||||||
Treasury shares |
— | — | — | — | — | — | ||||||||||||||||||||||||||
Share-based payments |
— | — | ( |
) | — | — | — | — | ( |
) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Balance at June 30, 2020 |
$ |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
$ |
( |
) |
$ |
|||||||||||||||||||
Net (loss) |
— | — | — | — | ( |
) | — | — | ( |
) | ||||||||||||||||||||||
Other comprehensive income (loss) |
— | — | — | — | — | ( |
) | |||||||||||||||||||||||||
Issuance of ordinary shares |
— | — | ( |
) | — | — | — | — | ( |
) | ||||||||||||||||||||||
Treasury shares |
— | — | — | ( |
) | — | — | — | ( |
) | ||||||||||||||||||||||
Share-based payments |
— | — | ( |
) | — | — | — | — | ( |
) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Balance at September 30, 2020 |
$ |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
Ordinary shares |
||||||||||||||||||||||||||||||||
Number of Shares |
Amount |
Additional paid-in capital |
Treasury stock |
Accumulated deficit |
Accumulated other comprehensive income (loss) |
Accumulated currency translation effect |
Total Shareholders’ Equity |
|||||||||||||||||||||||||
Balance at January 1, 2021 |
$ |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
$ |
$ |
|||||||||||||||||||||
Net (loss) |
— | — | — | — | ( |
) | — | — | ( |
) | ||||||||||||||||||||||
Other comprehensive loss |
— | — | — | — | — | ( |
) | ( |
) | ( |
) | |||||||||||||||||||||
Issuance of ordinary shares |
— | — | — | — | ||||||||||||||||||||||||||||
Treasury shares |
— | — | — | — | — | — | ||||||||||||||||||||||||||
Share-based payments |
— | — | — | — | — | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Balance at March 31, 2021 |
$ |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
$ |
( |
) |
$ |
|||||||||||||||||||
Net (loss) |
— | — | — | — | ( |
) | — | — | ( |
) | ||||||||||||||||||||||
Other comprehensive income |
— | — | — | — | ||||||||||||||||||||||||||||
Issuance of ordinary shares |
— | — | — | — | ||||||||||||||||||||||||||||
Issuance of warrants |
— | — | — | — | — | — | ||||||||||||||||||||||||||
Treasury shares |
— | — | — | ( |
) | — | — | — | ( |
) | ||||||||||||||||||||||
Share-based payments |
— | — | — | — | — | — | ||||||||||||||||||||||||||
Allocation of accumulated net losses |
— | — | ( |
) | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Balance at June 30, 2021 |
$ |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
$ |
$ |
|||||||||||||||||||||
Net (loss) |
— | — | — | — | ( |
) | — | — | ( |
) | ||||||||||||||||||||||
Other comprehensive income (loss) |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||||||
Treasury shares |
— | — | — | — | — | — | ||||||||||||||||||||||||||
Share-based payments |
— | — | — | — | — | — | ||||||||||||||||||||||||||
Balance at September 30, 2021 |
$ |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
$ |
( |
) |
$ |
Restructuring liabilities |
||||
Restructuring liability—January 1, 2021 |
||||
Amounts paid |
( |
) | ||
Other effect including currency translation effect |
( |
) | ||
|
|
|||
Restructuring liability – September 30, 2021 |
||||
|
|
|||
of which current contingencies |
||||
of which other current liabilities |
September 30, |
December 31, |
|||||||
2021 |
2020 |
|||||||
Cash |
||||||||
Cash equivalents |
||||||||
|
|
|
|
|||||
Total cash and cash equivalents as reported in the statements of financial position |
||||||||
|
|
|
|
September 30, |
December 31, |
|||||||
2021 |
2020 |
|||||||
Other current liabilities |
||||||||
Other non-current liabilities |
||||||||
|
|
|
|
|||||
Total |
||||||||
|
|
|
|
September 30, |
December 31, |
|||||||||||||||
2021 |
2020 |
|||||||||||||||
Other current liabilities |
Other non-current liabilities |
Total | Total | |||||||||||||
Employee related liabilities |
||||||||||||||||
Deferred income |
||||||||||||||||
Tax liabilities |
— |
|||||||||||||||
Other debts |
— |
|||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
||||||||||||||||
|
|
|
|
|
|
|
|
Stock option fair value assumptions during the nine months ended September 30, 2021 |
||||
Weighted average share price at grant date in € |
||||
Weighted average expected volatility |
||||
Weighted average risk-free interest rate |
( |
|||
Weighted average expected term (in years) |
||||
Dividend yield |
||||
Weighted average fair value of stock options in € |
Warrant fair value assumptions during the nine months ended September 30, 2021 |
||||
Weighted average share price at grant date in € |
||||
Weighted average expected volatility |
||||
Weighted average risk-free interest rate |
( |
|||
Weighted average expected term (in years) |
||||
Dividend yield |
||||
Weighted average fair value of warrants in € |
Number of outstanding |
||||||||||||||||
BSA |
BSPCE |
SO |
RSU |
|||||||||||||
Balance as of December 31, 2020 |
||||||||||||||||
Granted during the period |
— | |||||||||||||||
Forfeited during the period |
— | — | ( |
) | ( |
) | ||||||||||
Exercised/released during the period |
( |
) | — | — | ||||||||||||
Expired during the period |
( |
) | — | — | — | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Balance as of September 30, 2021 |
||||||||||||||||
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||||||
Research & development |
SO | ( |
) | ( |
) | ( |
) | |||||||||||||
RSU | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
Sales & marketing |
SO | ( |
) | ( |
) | |||||||||||||||
RSU | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
General & administrative |
SO | ( |
) | ( |
) | |||||||||||||||
RSU | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total share-based compensation (expense) |
( |
) |
( |
) |
||||||||||||||||
|
|
|
|
|
|
|
|
September 30, |
December 31, |
|||||||
2021 |
2020 |
|||||||
Current contingencies |
||||||||
Non-current contingencies |
||||||||
|
|
|
|
|||||
Total contingencies |
||||||||
|
|
|
|
Pension retirement obligations |
Collaboration agreement— Loss at completion |
Other contingencies |
Total |
|||||||||||||
At January 1, 2021 |
||||||||||||||||
Increases in liabilities |
||||||||||||||||
Used liabilities |
— | ( |
) | ( |
) | |||||||||||
Reversals of unused liabilities |
— | — | — | |||||||||||||
Net interest related to employee benefits, and unwinding of discount |
— | — | — | |||||||||||||
Actuarial gains and losses on defined-benefit plans |
— | — | ||||||||||||||
Other effects including currency translation effect |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
At September 30, 2021 |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Of which current |
— |
|||||||||||||||
Of which non-current |
— |
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
Research tax credit |
||||||||||||||||
Other operating ( incomeloss ) |
( |
) | ( |
) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
||||||||||||||||
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
Research and development expenses |
||||||||||||||||
Sales and marketing expenses |
||||||||||||||||
General and administrative expenses |
||||||||||||||||
Restructuring expenses |
( |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total personnel expenses |
||||||||||||||||
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
Wages and salaries |
||||||||||||||||
Social security contributions |
||||||||||||||||
Expenses for pension commitments |
||||||||||||||||
Employer contribution to bonus shares |
( |
) | ||||||||||||||
Share-based payments |
( |
) | ( |
) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
||||||||||||||||
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
Non-employee warrants |
||||||||||||||||
Employee warrants |
||||||||||||||||
Stock options |
||||||||||||||||
Restricted stock units |
Three months ended September 30, |
$ change |
% change |
||||||||||||||
2021 |
2020 |
|||||||||||||||
Operating income |
$ |
1,323 |
$ |
4,158 |
$ |
(2,836 |
) |
(68 |
%) | |||||||
Operating expenses |
||||||||||||||||
Research and development expenses |
(16,320 | ) | (25,751 | ) | 9,430 | (37 | %) | |||||||||
Sales and marketing expenses |
(1,072 | ) | (1,595 | ) | 524 | (33 | %) | |||||||||
General and administrative expenses |
(8,299 | ) | (6,863 | ) | (1,437 | ) | 21 | % | ||||||||
Restructuring expenses |
— | 286 | (286 | ) | 100 | % | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Operating expenses |
(25,691 | ) |
(33,923 | ) |
8,232 | (24 | %) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Financial income (expense) |
336 | (1,184 | ) | 1,519 | (128 | %) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Income tax |
— | (7 | ) | 7 | (100 | %) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net loss |
$ |
(24,033 |
) |
$ |
(30,955 |
) |
$ |
6,922 |
(22 |
%) | ||||||
|
|
|
|
|
|
|
|
Three months ended September 30, |
$ change |
% change |
||||||||||||||
2021 |
2020 |
|||||||||||||||
Sales |
— | — | — | — | ||||||||||||
Other income |
1,323 | 4,158 | (2,836 | ) | (68 | %) | ||||||||||
Research tax credit |
1,647 |
1,815 |
(168 |
) |
(9 |
%) | ||||||||||
Other operating (loss) income |
(324 |
) |
2,344 |
(2,668 |
) |
(114 |
%) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Total operating income |
1,323 |
4,158 |
(2,836 |
) |
(68 |
%) | ||||||||||
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
$ change |
% change |
||||||||||||||
Research and development expenses |
2021 |
2020 |
||||||||||||||
External clinical-related expenses |
8,633 | 5,175 | 3,458 | 67 | % | |||||||||||
Employee-related costs |
3,228 | 5,876 | (2,648 | ) | (45 | %) | ||||||||||
Share-based payment expenses |
933 | 108 | 825 | * | ||||||||||||
Depreciation, amortization and other costs |
3,526 | 14,592 | (11,066 | ) | (76 | %) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Research and development expenses |
16,320 |
25,751 |
(9,430 |
) |
(37 |
%) | ||||||||||
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
$ change |
% change |
||||||||||||||
Sales and Marketing expenses |
2021 |
2020 |
||||||||||||||
External professional services |
379 | (239 | ) | 619 | (258 | %) | ||||||||||
Employee-related costs |
405 | 2,336 | (1,931 | ) | (83 | %) | ||||||||||
Share-based payment expenses (income) |
87 | (182 | ) | 269 | (148 | %) | ||||||||||
Depreciation, amortization and other costs |
200 | (320 | ) | 520 | (163 | %) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Sales and Marketing expenses |
1,072 |
1,595 |
(524 |
) |
(33 |
%) | ||||||||||
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
$ change |
% change |
||||||||||||||
General and Administrative expenses |
2021 |
2020 |
||||||||||||||
External professional services |
2,216 | 1,663 | 552 | 33 | % | |||||||||||
Employee-related costs |
2,052 | 1,571 | 482 | 31 | % | |||||||||||
Share-based payment expenses |
530 | — | 531 | * | ||||||||||||
Depreciation, amortization and other costs |
3,501 | 3,629 | (128 | ) | (4 | %) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total General and Administrative expenses |
8,299 |
6,863 |
1,437 |
21 |
% | |||||||||||
|
|
|
|
|
|
|
|
*Percentage | not meaningful |
Nine months ended September 30, |
$ change |
% change |
||||||||||||||
2021 |
2020 |
|||||||||||||||
Operating income |
$ |
2,776 |
$ |
12,488 |
$ |
(9,713 |
) |
(78 |
%) | |||||||
Operating expenses |
||||||||||||||||
Research and development expenses |
(58,663 | ) | (75,214 | ) | 16,551 | (22 | %) | |||||||||
Sales and marketing expenses |
(2,999 | ) | (8,114 | ) | 5,115 | (63 | %) | |||||||||
General and administrative expenses |
(26,250 | ) | (26,838 | ) | 587 | (2 | %) | |||||||||
Restructuring expenses |
— | (21,003 | ) | 21,003 | (100 | %) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Operating expenses |
(87,912 |
) |
(131,169 |
) |
43,257 |
( 33 |
%) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Financial income (expense) |
597 | (1,380 | ) | 1,977 | (143 | %) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Income tax |
404 | (10 | ) | 414 | * | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net loss |
$ |
(84,136 |
) |
$ |
(120,071 |
) |
$ |
35,935 |
(30 |
%) | ||||||
|
|
|
|
|
|
|
|
* | Percentage not meaningful |
Nine Months ended September 30, |
$ change |
% change |
||||||||||||||
2021 |
2020 |
|||||||||||||||
Sales |
— | — | ||||||||||||||
Other income |
2,776 | 12,488 | (9,713 | ) | (78 | %) | ||||||||||
Research tax credit |
5,324 |
7,615 |
(2,291 |
) |
(30 |
%) | ||||||||||
Other operating (loss) income |
(2,549 |
) |
4,873 |
(7,422 |
) |
(152 |
%) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Total operating income |
2,776 |
12,488 |
(9,713 |
) |
(78 |
%) | ||||||||||
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
$ change |
% change |
||||||||||||||
Research and development expenses |
2021 |
2020 |
||||||||||||||
External clinical-related expenses |
31,319 | 34,494 | (3,175 | ) | (9 | %) | ||||||||||
Employee-related costs |
10,525 | 18,810 | (8,284 | ) | (44 | %) | ||||||||||
Share-based payment expenses (income) |
1,747 | (516 | ) | 2,263 | (439 | %) | ||||||||||
Depreciation, amortization and other costs |
15,072 | 22,427 | (7,355 | ) | (33 | %) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Research and development expenses |
58,663 |
75,214 |
(16,551 |
) |
(22 |
%) | ||||||||||
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
$ change |
% change |
||||||||||||||
Sales and Marketing expenses |
2021 |
2020 |
||||||||||||||
External professional services |
771 | 2,881 | (2,111 | ) | (73 | %) | ||||||||||
Employee-related costs |
1,282 | 7,038 | (5,757 | ) | (82 | %) | ||||||||||
Share-based payment expenses (income) |
246 | (2,052 | ) | 2,298 | (112 | %) | ||||||||||
Depreciation, amortization and other costs |
700 | 246 | 454 | 185 | % | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Sales and Marketing expenses |
2,999 |
8,114 |
(5,115 |
) |
(63 |
%) | ||||||||||
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
$ change |
% change |
||||||||||||||
General and Administrative expenses |
2021 |
2020 |
||||||||||||||
External professional services |
6,425 | 10,517 | (4,092 | ) | (39 | %) | ||||||||||
Employee-related costs |
7,263 | 7,026 | 237 | 3 | % | |||||||||||
Share-based payment expenses (income) |
2,084 | (397 | ) | 2,482 | 625 | % | ||||||||||
Depreciation, amortization and other costs |
10,478 | 9,693 | 785 | 8 | % | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total General and Administrative expenses |
26,250 |
26,838 |
(587 |
) |
(2 |
%) | ||||||||||
|
|
|
|
|
|
|
|
* | Percentage not meaningful |
Nine Months ended September 30, |
$ change |
% of change |
||||||||||||||
(Amounts in thousands of U.S. Dollars) |
2021 |
2020 |
||||||||||||||
Net cash flow used in operating activities |
(89,452 | ) | (132,076 | ) | 42,624 | (32 | %) | |||||||||
Net cash flow provided by (used in) investing activities |
41 | (2,232 | ) | 2,273 | (102 | %) | ||||||||||
Net cash flow (used in) provided by financing activities |
(103 | ) | 149,624 | (149,726 | ) | (100 | %) | |||||||||
Effect of exchange rate changes on cash and cash equivalents |
(8,643 | ) | 12,834 | (21,477 | ) | (167 | %) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Net (decrease) increase in cash and cash equivalents |
(98,157 |
) |
28,150 |
(126,307 |
) |
(449 |
%) | |||||||||
|
|
|
|
|
|
|
|
Equity |
||||
capital |
||||
(Amounts in thousands of U.S. Dollars) |
||||
Nine months ended September 30, 2020 |
$ | 150,010 | ||
Nine months ended September 30, 2021 |
— | |||
|
|
|||
Total |
$ |
150,010 |
||
|
|
Exhibit |
Description |
Incorporated by Reference | ||||||||
Schedule / Form |
File Number |
Exhibit |
File Date | |||||||
31.1 | Certificate of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, as amended | |||||||||
31.2 | Certificate of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, as amended | |||||||||
32.1* | Certificate of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes- Oxley Act of 2002, as amended | |||||||||
101.INS | Inline XBRL Instance Document | |||||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | |||||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |||||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | |||||||||
101.LAB | Inline XBRL Taxonomy Extension Labels Linkbase Document | |||||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||||||||
104 | Cover Page Interactive Data File, formatted in Inline XBRL and contained in Exhibit 101. |
* | Furnished herewith and not deemed to be “filed” for purposes of Section 18 of the Exchange Act, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act (whether made before or after the date of the Form 10-Q), irrespective of any general incorporation language contained in such filing. |
DBV Technologies S.A. (Registrant) | ||||||
Date: October 26, 2021 | By: /s/ Daniel Tassé | |||||
Daniel Tassé | ||||||
Chief Executive Officer | ||||||
(Principal Executive Officer) |
Date: October 26, 2021 | By: /s/ Sébastien Robitaille | |||||
Sébastien Robitaille | ||||||
Chief Financial Officer | ||||||
(Principal Financial and Accounting Officer) |