DBV Technologies announced its full year 2014 results. The company's total income amounted to €4,761,522 and €3,826,313 in 2014 and 2013, respectively.
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These revenues were primarily generated by Research Tax Credits, and to a lesser extent, by sales of Diallertest, as well as by subsidies received within the framework of research projects conducted by the Company.
Sales of Diallertest increased to €210,759 in 2014 compared with €181,800 a year earlier, with the overall demand remaining stable year-over-year. Research and development expenses increased by 22% to €21,143,442 compared with €17,366,538 a year earlier.
This increase reflects an intense R&D activity, both on the pre-clinical research and clinical development fronts, and the reinforcement of teams dedicated to R&D, in an effort to drive all on-going programs.
General and administrative expenses include mainly management and administrative personnel costs, structural costs related to the headquarters, and external expenses such as audit, legal and consultant fees. In 2014, general and administrative expenses increased to €8,117,664 compared with €6,309,750 a year earlier.
This increase resulted notably from certain non-recurring compensation items, the grant of performance shares, and the ramp-up of US activities, notably the listing on the Nasdaq.
The net loss in 2014 amounted to €(24,011,880) compared with €(19,306,416) in 2013. The loss per share issued (based on the weighted average number of shares outstanding over the period) amounted to €(1.49) and €(1.42) for 2014 and 2013, respectively.
Net cash flows from operational activities in 2014 and 2013 stood at €(20,559,652) and €(13,253,215), respectively, primarily fuelled by increasing efforts engaged in R&D.
Net cash flows from financing activities increased to €96,808,306 in 2014 compared with €16,235,770 a year earlier, following the receipt of the net proceeds of €93.7 million related to the capital raise completed in October 2014.
DBV Technologies plans to announce its topline and cash position for the first three months on April 29, 2015. ■