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DBV Technologies S.A.
DBVT
Amendment
Ownership

6.80%

Total Shares

14,086,283

Issuer CIK

1613780

CUSIP

23306J309

Event Date

Dec 16, 2025

Accepted

Dec 19, 2025, 06:32 PM

SEC EDGARView Original Filing
Reporting Persons (6)
Joint Filing

This is a joint filing. The reported shares may overlap between reporting persons and should not be summed.

NameType% of ClassAggregateSole VotingShared Voting
Caisse des Depots
Other
6.80%14,086,283014,086,283
EPIC Bpifrance
Other
6.80%14,086,283014,086,283
Bpifrance S.A.
Other
6.80%14,086,283014,086,283
Bpifrance Participations S.A.
Other
6.70%13,860,150013,860,150
Innobio FPCI
Other
0.10%226,1330226,133
Bpifrance Investissement SAS
Other
0.10%226,1330226,133
Disclosure Items (7)

Security Title

Ordinary Shares, nominal value EUR0.10 per share

Issuer Name

DBV Technologies S.A.

Issuer Address

107 Avenue de la Republique, Chatillon, I0, 92320

Principal Occupation

Information concerning the executive officers and directors of Bpifrance Participations, Bpifrance Investissement, CDC, EPIC and Bpifrance required to be disclosed in response to Item 2 and General Instruction C to Schedule 13D is provided in Exhibit 99.2 to this Amendment and incorporated herein by reference.

Convictions

None of the Reporting Persons, nor, to the best of their knowledge, any of the persons referred to in Exhibit 99.2 has, during the last five years, been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree, or final order enjoining future violations of, or prohibiting or mandating activities subject to, Federal or state securities laws or finding any violation with respect to such laws.

Item 3 of the Schedule 13D is hereby amended and supplemented as follows: As noted below in Item 4, Bpifrance Participations intends to exercise the ABSA Warrants for an aggregate price of EUR 5,971,916.14. The exercise of the warrants will be funded by working capital.

Item 4 of the Schedule 13D is hereby amended and supplemented as follows: Bpifrance Participations sold the amount of Ordinary Shares on the date and at the price set forth below in open market transactions. All daily sales of the Ordinary Shares were sold in multiple transactions at varying prices. The Reporting Persons undertake to provide the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each price within the ranges set forth in this Schedule 13D. December 17, 2025: - 2,076,990 Ordinary Shares at a weighted average price of EUR4.13 per share (multiple transactions at prices ranging from EUR3.61 to EUR4.50, inclusive). December 18, 2025: - 1,292,103 Ordinary Shares at a weighted average price of EUR3.57 per share (multiple transactions at prices ranging from EUR3.23 to EUR3.68, inclusive). As previously disclosed, Bpifrance Participations purchased from the Issuer, in a private placement (the "Private Placement"), 3,746,732 ABSA, which included 3,746,732 Ordinary Shares and warrants to purchase 6,556,781 Ordinary Shares (the "ABSA Warrant Shares"). The Private Placement closed on April 7, 2025. The ABSA Warrants are exercisable, in whole or in part, from the date of issue until the earlier of (i) April 7, 2027 and (ii) 30 days following the VITESSE Positive Results. The Issuer disclosed on Form 8-K on December 16, 2025, that it received positive results from its VITESSE trial and that the ABSA Warrants are exercisable through January 15, 2026. Bpifrance Participations intends to exercise in the near term the ABSA Warrants. In addition to the sales disclosed above, Bpifrance Participations intends to sell in the near term 3,187,688 Ordinary Shares . All of the Ordinary Shares that are held of record by the Reporting Persons as reported herein were acquired for investment purposes. The Reporting Persons retain the right to change their investment intent, from time to time to acquire additional Ordinary Shares or other securities of the Issuer, or to sell or otherwise dispose of all or part of the Ordinary Shares or other securities of the Issuer, if any, beneficially owned by them, in any manner permitted by law. The Reporting Persons may engage from time to time in ordinary course transactions with financial institutions with respect to the securities described herein. Except as set forth above, none of the Reporting Persons currently has any plans or proposals which would be related to or would result in any of the matters described in Items 4(a)-(j) of the Instructions to Schedule 13D. However, as part of the ongoing evaluation of investment and investment alternatives, the Reporting Persons may consider such matters and, subject to applicable law, may formulate a plan with respect to such matters, and, from time to time, may hold discussions with or make formal proposals to management or the board of directors of the Issuer or other third parties regarding such matters.

Percentage of Class

Item 5(a) of the Schedule 13D is hereby amended and supplemented as follows: Items 7 through 11 and 13 of each of the cover pages of this Amendment are incorporated herein by reference. As of December 18, 2025, (i) Bpifrance Participations (A) holds directly 7,303,369 Ordinary Shares, and (B) warrants to purchase 6,556,781 Ordinary Shares, which collectively represent 6.7% of the Issuer's outstanding Ordinary Shares, and (ii) Innobio holds directly 226,133 Ordinary Shares, which represents 0.1% of the Issuer's outstanding Ordinary Shares. As of December 18, 2025, neither Bpifrance, Bpifrance Investissement, EPIC nor CDC holds any Ordinary Shares directly. Bpifrance Investissement may be deemed to be the beneficial owner of the 226,133 Ordinary Shares held by Innobio, through its management of Innobio. Bpifrance may be deemed to be the beneficial owner of 7,529,502 Ordinary Shares and warrants to purchase 6,556,781 Ordinary Shares, which collectively represent 6.8% of the Issuer's outstanding Ordinary Shares, indirectly through its sole ownership of Bpifrance Participations, which is the parent company of Bpifrance Investissement. EPIC and CDC may be deemed to be the beneficial owners of 7,529,502 Ordinary Shares and warrants to purchase 6,556,781 Ordinary Shares, indirectly through their joint ownership and control of Bpifrance. The percentage of Ordinary Shares beneficially owned by each Reporting Person is based on 200,618,067 Ordinary Shares of the Issuer that are outstanding (based on particular information published by the Issuer) as of November 30, 2025, plus 6,556,781 Ordinary Shares underlying the ABSA Warrants. The amount of outstanding Ordinary Shares disclosed in the prior sentence is calculated under U.S. law, which requires treasury shares to be excluded from the calculation of outstanding shares. Under French law, treasury shares are required to be included in the calculation of outstanding shares.

Number of Shares

Item 5(b) of the Schedule 13D is hereby amended and supplemented as follows: Items 7 through 11 and 13 of each of the cover pages of this Amendment are incorporated herein by reference.

Transactions

Item 5(c) of the Schedule 13D is hereby amended and supplemented as follows: The information set forth in Item 4 is hereby incorporated by reference into this Item 5(c). Except as disclosed in this Amendment, there have been no reportable transactions with respect to the Ordinary Shares of the Issuer within the last 60 days by the Reporting Persons, or, to the best of their knowledge, any of the persons referred to in Exhibit 99.2.

Item 6 of the Schedule 13D is hereby amended and supplemented as follows: The information included in Item 4 is incorporated herein by reference.

EX 99.1 - Joint Filing Agreement (incorporated by reference to Exhibit 99.1 to Schedule 13D/A filed on February 12, 2021) EX 99.2 - Information with respect to the Directors and Executive Officers of the Reporting Persons

DBV Technologies S.A. — Schedule 13D | 13D Filings