SCHEDULE: Bpifrance Adjusts DBV Technologies Stake, Plans Warrant Exercise

Bpifrance Participations has sold a portion of its DBV Technologies shares and intends to exercise warrants following positive VITESSE trial results, while planning further sales.

Summary

• Bpifrance Participations S.A. and affiliated entities have updated their beneficial ownership in DBV Technologies S.A. through an Amendment No. 8 to Schedule 13D.
• Bpifrance Participations sold 2,076,990 Ordinary Shares on December 17, 2025, at a weighted average price of EUR4.13 per share (ranging from EUR3.61 to EUR4.50).
• An additional 1,292,103 Ordinary Shares were sold on December 18, 2025, at a weighted average price of EUR3.57 per share (ranging from EUR3.23 to EUR3.68).
• Bpifrance Participations intends to exercise 6,556,781 ABSA Warrants for an aggregate price of EUR 5,971,916.14, which will be funded by working capital.
• The ABSA Warrants became exercisable through January 15, 2026, following positive results from the VITESSE trial, as disclosed by DBV Technologies on December 16, 2025.
• Bpifrance Participations also intends to sell an additional 3,187,688 Ordinary Shares in the near term.
• As of December 18, 2025, Bpifrance Participations directly holds 7,303,369 Ordinary Shares and warrants for 6,556,781 Ordinary Shares, collectively representing 6.7% of the Issuer's outstanding shares (including warrants).
• Innobio FPCI holds 226,133 Ordinary Shares, representing 0.1% of the Issuer's outstanding shares.
• Bpifrance S.A., EPIC Bpifrance, and Caisse des Depots are deemed beneficial owners of 14,086,283 shares (including warrants), representing 6.8% of the Issuer's outstanding shares.

Sentiment

Score: 6

Explanation: The filing presents a mixed sentiment. The positive VITESSE trial results enabling warrant exercise are favorable for the issuer, bringing in capital. However, the significant and planned sales by a major investor like Bpifrance could be perceived negatively, suggesting a reduction in long-term conviction or simply portfolio rebalancing after a positive event.

Positives

• The exercise of ABSA Warrants by Bpifrance Participations will inject EUR 5,971,916.14 into DBV Technologies S.A., bolstering its working capital.
• The warrants became exercisable due to positive results from the VITESSE trial, indicating progress for DBV Technologies S.A.'s clinical development pipeline.

Negatives

• Bpifrance Participations has sold a total of 3,369,093 Ordinary Shares over two days (December 17-18, 2025).
• An intention to sell an additional 3,187,688 Ordinary Shares in the near term suggests a continued reduction in Bpifrance's overall stake.

Risks

• The planned sale of an additional 3,187,688 Ordinary Shares by Bpifrance Participations could put downward pressure on DBV Technologies S.A.'s stock price.
• Significant sales by a major institutional investor might be interpreted negatively by the market, potentially impacting investor confidence.

Future Outlook

Bpifrance Participations intends to exercise its ABSA Warrants in the near term and plans to sell an additional 3,187,688 Ordinary Shares. The Reporting Persons retain the right to adjust their investment intent, including acquiring more shares or disposing of existing holdings, in any manner permitted by law.

Industry Context

The positive results from the VITESSE trial, which triggered the warrant exercisability, are a significant development for DBV Technologies, a biotechnology company focused on allergy treatments. This indicates progress in its clinical pipeline, which is crucial for companies in the pharmaceutical and biotech sectors. The subsequent sales by a major investor like Bpifrance could be interpreted in various ways, from portfolio rebalancing to a strategic reduction of exposure after a positive catalyst.

Stakeholder Impact

• Shareholders: Potential dilution from warrant exercise (though already accounted for in percentage calculation) and potential downward pressure on share price due to current and planned sales by a significant investor.
• DBV Technologies S.A.: Will receive EUR 5,971,916.14 from the warrant exercise, bolstering its working capital.

Next Steps

• Bpifrance Participations intends to exercise the ABSA Warrants in the near term.
• Bpifrance Participations intends to sell an additional 3,187,688 Ordinary Shares in the near term.
• The Reporting Persons may consider acquiring additional shares or disposing of existing holdings in the future.

Key Dates

Recommendation

The filing presents a nuanced situation. On one hand, the positive VITESSE trial results are a strong positive for DBV Technologies, validating its pipeline and leading to a capital infusion from the warrant exercise. This could be a catalyst for future growth. On the other hand, the significant and planned share sales by a major institutional investor like Bpifrance could signal a strategic reduction in exposure or a belief that the stock has reached a certain valuation point. While the positive trial results are encouraging, the selling pressure from a large holder warrants caution. A 'hold' recommendation allows investors to observe how the market absorbs these sales and how DBV Technologies leverages the capital and trial success, without immediately exiting a potentially promising long-term story or buying into potential short-term selling pressure.

Keywords

DBV Technologies, Bpifrance, Schedule 13D/A, Share Sales, Warrant Exercise, VITESSE Trial, Biotechnology, Pharmaceuticals, SEC Filing, Institutional Ownership