DBV Tech Q2 2025 net loss $41.9M; cash $103.2M; going concern doubt persists

DBV Technologies S.A.

2025-Q2 EPS reported -$0.58 revenue$2,217,000

Q2 2025 net loss of $41.9M vs $33.1M in Q2 2024, driven by R&D spend on COMFORT Toddlers study.
Cash and cash equivalents $103.2M at June 30, 2025, up from $32.5M at Dec 31, 2024 after $125.5M financing.
Company expects cash runway into Q2 2026; substantial doubt about going concern remains.
Warrant exercise could add up to $181.4M; VITESSE Phase 3 primary endpoint would accelerate exercise period.
No product revenue; operating income solely from R&D tax credit ($2.2M H1 2025 vs $2.6M H1 2024).

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