DBV Technologies shares were among the biggest decliners on the Paris market on Friday morning, in the wake of the publication of its financial results for 2023.

Shortly before 12:00 pm, the share price of the food allergy treatment specialist fell by more than 7% in heavy volumes already representing more than four times the daily average of the last four days.

At the end of 2023, the biotech's cash and cash equivalents totaled $141.4 million, compared with $209.2 million a year earlier.

In a reaction note, analysts at Invest Securities hailed the company's cash position as "comfortable to date", with a cash burn of $67.8 million in one year.

However, this amount did not reassure the market.

In its press release, DBV - which recalls that it has been loss-making and cash-flow negative since its inception - acknowledges that this amount should not be sufficient to support its operating plan for the next 12 months.

On the basis of its current activities, the company estimates that its available cash should be sufficient to finance its operations until the end of 2024.

Acknowledging the existence of a "significant uncertainty" about its ability to continue as a going concern, the company says it is actively working to obtain additional financing.

The company mentions both the scenario of a capital increase and the hypothesis of loans that would enable it to ensure the continuation of its research and development (R&D) efforts and prepare the launch of Viaskin Peanut, should it be approved.

Weakened by last month's FDA approval of Roche's food allergy treatment Xolair, the stock has lost 27% since the start of the year, despite DBV having long been considered the best-placed player in this field.

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