SCHEDULE: Vivo Funds Disclose 5.7% Stake in DBV Technologies

Vivo Opportunity Fund Holdings and affiliates report a 5.7% beneficial ownership stake in DBV Technologies S.A. ordinary shares.

Summary

• Vivo Opportunity Fund Holdings, L.P. and its general partner, Vivo Opportunity, LLC, beneficially own 15,685,950 Ordinary Shares of DBV Technologies S.A., representing 5.7% of the class.
• These shares are represented by 3,137,190 American Depository Shares (ADSs).
• Vivo Opportunity Cayman Fund, L.P. and its general partner, Vivo Opportunity Cayman, LLC, beneficially own an additional 2,014,280 Ordinary Shares, represented by 402,856 ADSs, accounting for 0.7% of the class.
• The total number of Ordinary Shares outstanding for DBV Technologies S.A. as of February 9, 2026, was 274,852,082.
• The reporting persons hold sole voting and dispositive power over their respective shares.
• The securities were not acquired or held for the purpose of changing or influencing the control of the issuer, other than activities solely in connection with a nomination under Rule 240.14a-11.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a moderately positive development, as a significant institutional investment often signals a vote of confidence in the company's prospects, although the filing itself is purely an ownership disclosure.

Positives

• A significant beneficial ownership stake by institutional investors like Vivo Opportunity Funds can signal confidence in DBV Technologies S.A.'s long-term prospects.
• The filing indicates a substantial institutional presence on the shareholder register.

Future Outlook

NA

Management Comments

• Kevin Dai, Managing Member of Vivo Opportunity, LLC and Vivo Opportunity Cayman, LLC, certified that, to the best of his knowledge and belief, the securities were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer, nor in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under Rule 240.14a-11.

Industry Context

StockSavvy.ai notes that a significant stake by a specialized investment fund like Vivo Opportunity in a biotechnology company such as DBV Technologies S.A. often reflects a strategic investment thesis, potentially indicating belief in the company's pipeline, market position, or future growth catalysts within the pharmaceutical or healthcare sector.

Comparison to Industry Standards

• A 5.7% beneficial ownership stake is a substantial position for an institutional investor, often placing them among the top shareholders.
• While this filing does not provide performance metrics for comparison, the accumulation of such a stake by Vivo Opportunity Funds aligns with typical institutional investment strategies in promising biotech firms.

Stakeholder Impact

• Shareholders may view the disclosure of a significant institutional stake as a positive indicator of investor confidence and potential long-term value creation.
• The presence of a large institutional investor can sometimes lead to increased scrutiny or engagement with company management regarding strategic direction.

Key Dates

Keywords

DBV Technologies S.A., Vivo Opportunity Fund Holdings, Vivo Opportunity, LLC, Vivo Opportunity Cayman Fund, Vivo Opportunity Cayman, LLC, Schedule 13G, Beneficial Ownership, ADSs, Ordinary Shares, Institutional Investor