Châtillon, France, October 29, 2025
DBV Technologies Announces Sale of approximately $30 million of ADSs Through its At-The-Market (ATM) Program on Nasdaq
DBV Technologies (Euronext: DBV - ISIN: FR0010417345 - Nasdaq Capital Market: DBVT) (the "Company"), a clinical-stage biopharmaceutical company, today announced that, pursuant to the Company's At-The-Market program established on September 5, 2025 (the "ATM Program"), it has agreed to issue and sell new ordinary shares (the "Ordinary Shares") in the form of American Depositary Shares ("ADSs"), for total gross proceeds to the Company of approximately $30 million, before deducting sales agent commissions and offering expenses payable by the Company, to Artisan Partners Limited Partnership ("Artisan") through Citizens Capital Markets, acting as sales agent. Each ADS represents the right to receive five Ordinary Shares of the Company.
Under the ATM Program, and in accordance with the provisions of Article L.225-138 of the French Commercial Code (Code de commerce) and pursuant to the 25th resolution adopted by the Annual General Meeting of Shareholders held on June 11, 2025, 10,714,300 new Ordinary Shares (underlying 2,142,860 new ADSs) will be issued through a capital increase without preferential subscription rights of the shareholders reserved to specific categories of persons fulfilling certain characteristics (the "ATM Issuance"), at an at-the-market price of $14.00 per ADS (i.e., a subscription price per Ordinary Share of €2.4063 based on the USD/EUR exchange rate of $1.1636 for €1, as published by the European Central Bank on October 29, 2025) and each ADS giving the right to receive 5 Ordinary Shares of the Company, representing a discount, which discount primarily reflects trading fluctuations between Nasdaq and Euronext Paris, as well as foreign exchange effects, of 4.89% to the last closing price of the Company's shares on the regulated market of Euronext in Paris ("Euronext Paris") preceding the setting of the issue price (i.e., €2.53).
The issuance and delivery of the new Ordinary Shares is expected to take place on October 31, 2025. The ADSs will be admitted to trading on Nasdaq Capital Market ("Nasdaq") and the new Ordinary Shares on Euronext Paris. The new Ordinary Shares will represent 6.34% of the existing shares already admitted to trading on Euronext Paris, representing, together with the ordinary shares issued without a French listing prospectus or an exemption document over a rolling period of 12 months, less than 30% of the ordinary shares already admitted to trading on Euronext Paris.
The new Ordinary Shares will represent a dilution of approximately 5.96% upon completion of the transaction.
As of the date of this press release, factoring in the aforementioned proceeds, management estimates that the Company's cash runway is now extended to the end of the fourth quarter of 2026. Accordingly, there is no substantial doubt about the Company's ability to continue as a going concern, and management estimates that cash and cash equivalents are therefore sufficient to fund the Company's operations for at least the next 12 months.
As previously disclosed, topline results in children 4 - 7-years-old are expected in the fourth quarter 2025, with BLA submission expected 1H 2026. Upon the completion of the ongoing COMFORT Toddlers study, the BLA submission for the 1 - 3-year-old indication remains on track for the second half of 2026.
A shelf registration statement on Form S-3Alternatively, a copy of the prospectus supplement.
No prospectus will be subject to the approval of the French Financial Markets Authority (the Autorité des Marchés Financiers or the "AMF") pursuant to Regulation (EU) 2017/1129 of the European Parliament and of the Council dated June 14, 2017, as amended (the "Prospectus Regulation") since the contemplated share capital increase (for the issuance of the Ordinary Shares underlying the ADSs) is offered to qualified investors (as such term is defined in Article 2(e) of the Prospectus Regulation) and fall under the exemption provided for in Article 1(5)(a) of the Prospectus Regulation which states that the obligation to publish a prospectus shall not apply to admission to trading on a regulated market of securities fungible with securities already admitted to trading on the same regulated market, provided that they represent, over a rolling period of 12 months, less than 30% of the number of securities already admitted to trading on the same regulated market.
The share capital of the Company prior to, and after, the ATM Issuance is the following:
| Shareholders | Before the ATM Issuance (as of 10/29/2025) | After the ATM Issuance | ||
| Number of shares and voting rights | % of share capital and voting rights* | Number of shares and voting rights | % of share capital and voting rights* | |
| Baker Brothers Investments | 25,005,300 | 14.79% | 25,005,300 | 13.91% |
| Suvretta | 15,110,221 | 8.93% | 15,110,221 | 8.40% |
| Invus | 13,857,462 | 8.19% | 13,857,462 | 7.71% |
| Bpifrance Participations S.A. | 10,898,600 | 6.44% | 10,898,600 | 6.06% |
| VR Adviser, LLC | 8,851,100 | 5.23% | 8,851,100 | 4.92% |
| Artisan Partners, L.P. | 4,342,880 | 2.57% | 15,057,180 | 8.37% |
| Shares held by the Company* | 95,672 | 0.06% | 95,672 | 0.05% |
| Management(1) | 199,435 | 0.12% | 199,435 | 0.11% |
| Others | 90,752,949 | 53.66% | 90,752,949 | 50.47% |
| Total | 169,113,619 | 100.00% | 179,827,919 | 100.00% |
| *Given the low percentage of treasury shares without voting rights, there is no significant difference between the theoretical percentage of voting rights and the actual percentage of voting rights. | ||||
| (1) Shares held by the Executive Committee and the Board of Directors. | ||||
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. In particular, no public offering of the ADSs will be made in Europe.
Information Available to the Public
Detailed information concerning the Company, in particular with regard to its business, results, forecasts and corresponding risk factors, is provided in the Company's Annual Report on Form 10-K). The URD, as well as other regulated information, are available on the AMF website). All of the foregoing documents are available at the Company's website and are available free of charge on request at the Company's registered office at 107 avenue de la République, 92320 Châtillon, France.
About Artisan Partners
Founded in 1994 by Andy and Carlene Ziegler, Artisan Partners Limited Partnership has grown into a global investment management platform with a unique business model. The firm operates with autonomous investment teams, each possessing distinct investment philosophies and processes. This structure allows Artisan Partners to combine the benefits of a boutique operation with the stability of a larger integrated firm. With offices across major cities like Milwaukee, New York, San Francisco, and London, the firm manages over $181.3 billion in assets, serving a diverse clientele that includes pension plans, mutual funds, and high net worth individuals.
About DBV Technologies
DBV Technologies is a clinical-stage biopharmaceutical company developing treatment options for food allergies and other immunologic conditions with significant unmet medical need. DBV Technologies is currently focused on investigating the use of its proprietary technology platform, Viaskin, to address food allergies, which are caused by a hypersensitive immune reaction and characterized by a range of symptoms varying in severity from mild to life-threatening anaphylaxis. Millions of people live with food allergies, including young children. Through epicutaneous immunotherapy (EPIT), the Viaskin platform is designed to introduce microgram amounts of a biologically active compound to the immune system through intact skin. EPIT is a new class of non-invasive treatment that seeks to modify an individual's underlying allergy by re-educating the immune system to become desensitized to allergen by leveraging the skin's immune tolerizing properties. DBV Technologies is committed to transforming the care of food allergic people. The Company's food allergy programs include ongoing clinical trials of Viaskin Peanut in peanut allergic toddlers (1 through 3 years of age) and children (4 through 7 years of age).
DBV Technologies is headquartered in Châtillon, France, with North American operations in Warren, NJ. The Company's ordinary shares are traded on segment B of Euronext Paris (DBV, ISIN code: FR0010417345) and the Company's ADSs (each representing five ordinary shares) are traded on the Nasdaq Capital Market (DBVT - CUSIP: 23306J309).
Forward Looking Statements
This press release contains forward-looking statements, including statements regarding DBV Technologies' ATM program, the settlement of the sales discussed in this press release, DBV Technologies' estimated cash runway and timing of the anticipated topline results of VIASKIN® Peanut patch in children 4 - 7-years-old and potential regulatory submissions and approvals. These forward-looking statements are not promises or guarantees and involve substantial risks and uncertainties. These forward-looking statements may be impacted by market conditions as well as other risks and uncertainties set forth in DBV Technologies' regulatory filings with the AMF, DBV Technologies' filings and reports with the SEC, including in DBV Technologies' Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on April 11, 2025, as amended by Amendment No. 1 on Form 10-K/A filed with the SEC on April 28, 2025, and as amended further by Amendment No. 2 on Form 10-K/A filed with the SEC on May 14, 2025, DBV Technologies' Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, filed with the SEC on October 28, 2025, and future filings and reports made with the AMF and SEC by DBV Technologies. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements and estimates, which speak only as of the date hereof. Other than as required by applicable law, DBV Technologies undertakes no obligation to update or revise the information contained in this Press Release.
Viaskin is a registered trademark of DBV Technologies.
Investor Contact
Katie Matthews
DBV Technologies
katie.matthews@dbv-technologies.com
Media Contact
Brett Whelan
DBV Technologies
brett.whelan@dbv-technologies.com
Disclaimer
This announcement does not, and shall not, in any circumstances constitute a public offering nor an invitation to solicit the interest of the public in France, the United States, or in any other jurisdiction, in connection with any offer.
The distribution of this document may, in certain jurisdictions, be restricted by local legislations. Persons into whose possession this document comes are required to inform themselves about and to observe any such potential local restrictions.
This announcement is not an advertisement and not a prospectus within the meaning of the Prospectus Regulation.
This document does not constitute an offer to the public in France and the securities referred to in this document can only be offered or sold in France to qualified investors (investisseurs qualifiés) as defined in Article 2(e) of the Prospectus Regulation and in accordance with Article L. 411-2 1° of the French Monetary and Financial Code.
With respect to the Member States of the European Economic Area, no action has been undertaken or will be undertaken to make an offer to the public of the securities referred to herein requiring a publication of a prospectus in any relevant Member State. As a result, the securities may not and will not be offered in any relevant Member State except in accordance with the exemptions set forth in Article 1(4) of the Prospectus Regulation or under any other circumstances which do not require the publication by the Company of a prospectus pursuant to Article 3 of the Prospectus Regulation and/or to applicable regulations of that relevant Member State.
This document is only being distributed to, and is only directed at, persons in the United Kingdom that (i) are "investment professionals" (people with professional investment experience) falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the "Order"), (ii) are persons falling within Article 49(2)(a) to (d) ("high net worth companies, unincorporated associations, etc.") of the Order, or (iii) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of Article 21 of the Financial Services and Markets Act 2000) in connection with the issue or sale of any securities may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as "Relevant Persons"). This document is directed only at Relevant Persons and must not be acted on or relied on by persons who are not Relevant Persons. Any investment or investment activity to which this document relates is available only to Relevant Persons and will be engaged in only with Relevant Persons.
This document does not constitute an offer of securities for sale nor the solicitation of an offer to purchase securities in the United States or any other jurisdiction where such offer may be restricted.
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