SCHEDULE: Adage Capital Discloses 9.99% Stake in DBV Technologies

Adage Capital Management and its principals have disclosed a 9.99% beneficial ownership stake in DBV Technologies S.A., including shares and warrants.

Summary

• Adage Capital Management, L.P., along with Robert Atchinson and Phillip Gross, collectively reported beneficial ownership of 14,614,449 Ordinary Shares of DBV Technologies S.A.
• This ownership represents 9.99% of the company's outstanding Ordinary Shares.
• The calculation of the percentage is based on 136,948,872 Ordinary Shares outstanding as of April 30, 2025, as reported in the company's Form 10-Q.
• The reported shares include 5,272,530 Ordinary Shares underlying American Depositary Shares (ADSs) and 934,917 Ordinary Shares issuable upon the exercise of warrants.
• The securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing the control of DBV Technologies S.A.

Sentiment

Score: 6

Explanation: The filing is a neutral disclosure of beneficial ownership. However, a significant 9.99% stake by a prominent investment firm like Adage Capital Management can be interpreted as a positive signal of confidence in the company, hence a slightly above neutral score.

Positives

• The disclosure of a significant 9.99% stake by a reputable investment firm like Adage Capital Management may signal confidence in DBV Technologies S.A.'s long-term prospects.

Negatives

• This filing, a Schedule 13G, is a beneficial ownership report and does not inherently contain negative financial or operational information about the issuer.

Risks

• This filing, a Schedule 13G, is a beneficial ownership report and does not inherently detail specific risks related to the issuer's operations or financial health.

Future Outlook

This Schedule 13G filing is a disclosure of beneficial ownership and does not contain forward-looking statements or guidance regarding DBV Technologies S.A.'s future outlook.

Industry Context

The disclosure of a significant stake by a major investment firm in a biotechnology company like DBV Technologies S.A. can be viewed as a vote of confidence in the sector or the specific company's pipeline, especially given the capital-intensive nature of pharmaceutical development.

Comparison to Industry Standards

• This filing is a standard Schedule 13G, which is a regulatory requirement for investors acquiring more than 5% of a company's shares. The 9.99% stake is a substantial position, indicating a significant investment by Adage Capital Management, L.P., a well-known hedge fund. While direct comparisons to specific companies' ownership structures are not provided in the filing, a nearly 10% stake is often considered a 'toehold' or significant minority position that warrants attention from other institutional investors and market participants.

Stakeholder Impact

• Shareholders: Provides transparency regarding significant institutional ownership, potentially influencing investor sentiment.
• Investment Professionals: Offers insight into the investment strategies of Adage Capital Management and their view on DBV Technologies S.A.

Key Dates

Keywords

DBV Technologies, Adage Capital Management, Beneficial Ownership, Schedule 13G, Biotechnology, Pharmaceuticals, Investment, Shares, Warrants, ADSs