DBV Technologies S.A.DBVT

DBV Technologies S.A. Income Taxes Disclosure

10-KFiled Mar 26, 20262 min read
Income Tax & deferred Taxes
Reconciliation between the Effective and Nominal Income Tax Expense
As a French listed company, DBV determined its statutory tax rate based on its country of domicile, France [Domestic], which has a corporate income tax rate of 25%. In accordance with the income tax rate reconciliation and disaggregation requirements of ASU 2023‑09, the Company evaluates income taxes paid by jurisdiction rather than solely by domicile.
Pursuant to the Company’s transfer pricing arrangements, DBV incurred and paid U.S. income taxes representing 100% of total income taxes paid for fiscal year ended December 31, 2025 and December 31, 2024. Accordingly, the United States is presented as a separate significant jurisdiction. Income taxes paid in other foreign jurisdictions are aggregated within the “Foreign” category, with Australia comprising the remaining foreign taxes paid.

December 31,
20252024
Income (loss) from continuing operations before income tax expense (Benefit)
France
(147,065)
(113,898)
US
569 
34 
Australia
40 
— 
Total
(146,456)
(113,863)
Current tax expense (benefit)
France
— 
— 
US
443 
55 
Australia
49 
— 
Total Current tax expense (benefit)
491 
55 
Total deferred tax expense (benefit)
— 
— 
Total income tax expense (benefit)
491 
55 
Pre-Tax Income (Loss) :
(146,456)
(113,863)
French Federal statutory income tax rate / Expense (Benefit)
(36,614)
25.0%
(28,466)
25%
Domestic federal reconciling items
Valuation Allowance
41,524 
(27.5)%
28,303 
(24.86)%
Issuance costs
(4,738)
2.4%
—%
Other
(20)
—%
209 
(0.2)%
Foreign Tax effects
USA
300 
(0.2)%
9 
—%
Australia
47 
—%
— 
—%
Effective Tax Expense (Benefit) :
491 
(0.3)%
55 
—%
Deferred Tax Assets
Deferred taxes are recognized for temporary differences between the basis of assets and liabilities for financial statement and income tax purposes. The significant components of the Company’s deferred tax assets are comprised of the following:

December 31,
20252024
Deferred tax assets:
Net operating loss carryforwards
364,172 
316,489 
Share-based compensation
1,124 
7,344 
Others
550 
1,316 
Total deferred tax assets
365,846 
325,150 
Less: Valuation allowance
(365,846)
(325,150)
Net deferred tax assets
— 
— 

Historical Timeline

Fiscal YearFiled
2025Mar 26, 2026Showing above
2024Apr 11, 2025
2023Mar 7, 2024
2022Mar 2, 2023
2021Mar 9, 2022
2020Mar 17, 2021

About Income Taxes Disclosures

The income tax disclosure reveals how much a company actually pays in taxes versus what the statutory rate would predict. Analysts focus on the effective tax rate (ETR) reconciliation, which breaks down every item driving the gap between the 21% federal rate and the company's reported ETR — including R&D credits, foreign rate differentials, and state taxes. Deferred tax assets (DTAs) and their valuation allowances signal management's confidence in future profitability: a rising allowance suggests the company doubts it can use accumulated tax benefits. Uncertain tax benefit (UTB) reserves quantify exposure to IRS challenges on aggressive positions.

Key signals to watch: sudden ETR drops without clear operational reasons, large increases in valuation allowances, growing UTB balances, and significant unremitted foreign earnings. Post-TCJA, pay attention to GILTI and BEAT provisions that affect multinational tax structures. Compare the cash taxes paid (from the cash flow statement) against the income tax provision to gauge earnings quality.

Other Available Disclosures

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