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DBV Technologies S.A. cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$53.7M in Q3 2026 · −$192M over twelve months

Operating cash flow−$51.5M
Capital spending−$2.2M
Free cash flow−$53.7M

Analysis

In Q3 2026, DBV Technologies S.A. generated −$51.5M of operating cash flow and spent $2.2M on capital projects, leaving free cash flow of −$53.7M. That is $21.1M less than in Q3 2025 (−$32.6M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$188M; the largest uses were operating cash flow ($188M), other investing ($3.5M), capital spending ($3.3M); besides operations, cash came from shares issued ($296M), other financing ($376K); the cash balance rose by $95.8M.

Operating cash flow was −$51.5M against net income of −$64.5M. The largest differences: stock-based pay +$4.9M, inventory −$4.6M, prepaid and other assets +$3.2M.

Free cash flow

DBV Technologies S.A.: free cash flow by quarterDBV Technologies S.A.: free cash flow by quarter−$12.1MQ4 2024−$19.7MQ1 2025−$33.9MQ2 2025−$32.6MQ3 2025−$35.5MQ4 2025−$49.5MQ1 2026−$53.0MQ2 2026−$53.7MQ3 2026
Operating cash flow less capital spending.
DBV Technologies S.A.: operating cash flow against capital spendingDBV Technologies S.A.: operating cash flow against capital spendingOperating cash flowCapital spending−$12.3M−$125KQ4 2024−$19.7M$0Q1 2025−$33.9M$0Q2 2025−$32.4M$200KQ3 2025−$35.2M$332KQ4 2025−$49.1M$400KQ1 2026−$52.6M$400KQ2 2026−$51.5M$2.2MQ3 2026
Latest (Q3 2026): Operating cash flow −$51.5M, Capital spending $2.2M.

Capital allocation, year by year

DBV Technologies S.A.: where the cash came from (up) and went (down), by fiscal yearDBV Technologies S.A.: where the cash came from (up) and went (down), by fiscal yearOperating cash flowShares issuedAsset salesCapital spendingFY2021: Operating cash flow −$108MFY2021: Shares issued $150MFY2021: Asset sales $604KFY2021: Capital spending −$910K$151MFY2021FY2022: Operating cash flow −$55.7MFY2022: Shares issued $194MFY2022: Asset sales $8KFY2022: Capital spending −$754K$194MFY2022FY2023: Operating cash flow −$79.7MFY2023: Shares issued $6.9MFY2023: Capital spending −$677K$6.9MFY2023FY2024: Operating cash flow −$104MFY2024: Shares issued $634KFY2024: Capital spending −$2.3M$634KFY2024FY2025: Operating cash flow −$121MFY2025: Shares issued $276MFY2025: Capital spending −$532K$276MFY2025
Over these 5 years operating cash flow totalled −$469M; the largest uses were operating cash flow ($469M) and capital spending ($5.2M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$166M
Debt$200K
Net cash$166M
Cash runway10 months

DBV Technologies S.A. is burning cash: its operations consume cash, a free cash flow of −$192M a year at the current rate against $166M of cash and investments: a runway of about 10 months before any new financing.

Where the cash came from and went

DBV Technologies S.A.: sources (+) and uses (−) of cash, Q3 2026DBV Technologies S.A.: sources (+) and uses (−) of cash, Q3 2026Operating cash flow−$51.5MShares issued$48.0MCash drawn (+) / kept (−)$9.3MOther investing−$3.1MCapital spending−$2.2MExchange rates−$600KOther financing$100K
DBV Technologies S.A.: sources (+) and uses (−) of cash, TTM to Q3 2026DBV Technologies S.A.: sources (+) and uses (−) of cash, TTM to Q3 2026Shares issued$296MOperating cash flow−$188MCash drawn (+) / kept (−)−$95.8MExchange rates−$5.0MOther investing−$3.5MCapital spending−$3.3MOther financing$376KNot reconciled−$101K

From profit to cash

DBV Technologies S.A.: net income to operating cash flow, Q3 2026DBV Technologies S.A.: net income to operating cash flow, Q3 2026Net income−$64.5MDepreciation & amortization$600KStock-based pay$4.9MOther non-cash$100KInventory−$4.6MPayables$3.0MPrepaid and other assets$3.2MOther liabilities$900KOperating cash flow−$51.5M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026−$51.5M−$2.2M$48.0M$9.3M−$53.7M
Q2 2026−$52.6M−$400K−$100K$54.2M−$53.0M
Q1 2026−$49.1M−$400K$89.1M−$35.0M−$49.5M
Q4 2025−$35.2M−$332K$159M−$124M−$35.5M
Q3 2025−$32.4M−$200K—$33.4M−$32.6M
Q2 2025−$33.9M—$117M−$90.3M−$33.9M
Q1 2025−$19.7M——$19.5M−$19.7M
Q4 2024−$12.3M$125K$634K$14.0M−$12.1M

DBV Technologies S.A.: income statement and cash flow

DBV Technologies S.A., Q3 2026: revenue $1.6M (-43% year over year). The chart follows the revenue to costs, profit and cash.

DBV Technologies S.A.: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.