DBV Technologies Announces Sale of approximately $30 million of ADSs Through its At-The-Market (ATM) Program on Nasdaq

Rhea-AI Summary

DBV Technologies (NASDAQ:DBVT) announced an At-The-Market sale of 2,307,692 ADSs (representing 11,538,460 ordinary shares) for gross proceeds of approximately $30 million at an at-the-market price of $13.00 per ADS (each ADS = 5 ordinary shares). The issuance price equates to a subscription price of €2.2264 per ordinary share (FX $1.1678/€1) and reflects a 3.41% discount to the prior Euronext Paris close. Settlement is expected on October 8, 2025, with ADSs admitted on Nasdaq and the new ordinary shares on Euronext Paris. The new shares represent 8.42% of existing Euronext-listed shares and imply ≈7.77% dilution on completion. A Form S-3 registration statement has been declared effective.

Positive

• Gross proceeds of approximately $30 million
• Form S-3 registration statement declared effective
• ADSs and new ordinary shares to be admitted on Nasdaq and Euronext Paris
• Invus increases to 9.33% ownership after the issuance

Negative

• Transaction implies approximately 7.77% dilution to existing shareholders
• New shares represent 8.42% of existing Euronext-listed shares
• Issue priced at a 3.41% discount to the last Euronext Paris closing price

Insights

Equity capital markets analyst

DBV completed an at-the-market placement for ~$30 million, providing near-term liquidity while causing ~7.77% dilution.

Issuing 11,538,460 ordinary shares via 2,307,692 ADSs at $13.00 per ADS raised gross proceeds of roughly $30 million. The mechanics use an ATM program and a Form S-3 shelf, enabling sales into Nasdaq liquidity; each ADS equals five ordinary shares and the transaction increases outstanding shares by about 8.42 versus pre-transaction counts.

Key dependencies and risks include dilution effects (approximately 7.77 on completion), timing of ADS issuance (expected October 8, 2025), and net proceeds after commissions and expenses which are not specified. The stated 3.41 discount to the recent Euronext Paris close reflects cross‑listing and FX impacts rather than an operational signal; however, investors should note the enlarged stake for Invus rising to ~9.33.

Watch for the actual net cash received versus stated gross proceeds, any subsequent use of proceeds disclosed in periodic filings, and short-term share count and ownership updates over the next quarter. The immediate horizon to monitor is the settlement date on October 8, 2025 and subsequent quarterly reports where the company will disclose how it deployed the funds.

Châtillon, France, October 6, 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 Invus (“Invus”) 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, 11,538,460 new Ordinary Shares (underlying 2,307,692 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 $13.00 per ADS (i.e., a subscription price per Ordinary Share of €2.2264 based on the USD/EUR exchange rate of $1.1678 for €1, as published by the European Central Bank on October 6, 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 3.41% 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., €2.305).

The issuance and delivery of the new Ordinary Shares is expected to take place on October 8, 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 8.42% of the existing shares already admitted to trading on Euronext Paris, representing less than 30% of the ordinary shares already admitted to trading on Euronext Paris without a French listing prospectus or an exemption document over a rolling period of 12 months.

The new Ordinary Shares will represent a dilution of approximately 7.77% upon completion of the transaction.

A shelf registration statement on Form S-3 (including a prospectus) relating to the ADSs was filed with the SEC and has been declared effective. Before purchasing ADSs in the offering, prospective investors should read the prospectus supplement and the accompanying prospectus, together with the documents incorporated by reference therein. Prospective investors may obtain these documents for free by visiting EDGAR on the SEC’s website at www.sec.gov. Alternatively, a copy of the prospectus supplement (and accompanying prospectus) relating to the offering may be obtained from Citizens JMP Securities, LLC, 450 Park Avenue, 6^th Floor, New York, NY 10022, by telephone at (212) 906-3500, or by email at dl-syndicate@citizensbank.com.

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 10/06/2025)		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	18.26%	25,005,300	16.84%
Bpifrance Participations S.A.	10,898,600	7.96%	10,898,600	7.34%
Invus	2,319,000	1.69%	13,857,460	9.33%
Shares held by the Company*	112,574	0.08%	112,574	0.08%
Management(1)	199,435	0.15%	199,435	0.13%
Others	98,440,250	7.,87%	98,440,250	66.28%
Total	136,975,159	100.00%	148,513,619	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 “Annual Report”), filed with the U.S. 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, and its 2024 universal registration document (the “URD”), filed with the AMF on April 11, 2025  and under number D.25-0251 as supplemented by an amendment to the URD, filed with the AMF on June 3, 2025 and under number D.25-0251-A01, as well as in the half-yearly financial report (containing an update of the main information on the Company, its development and its projects). The Annual Report and other documents filed with the U.S. SEC from time to time are available on the SEC’s website (www.sec.gov). The URD, as well as other regulated information, are available on the AMF website (www.amf-france.org). 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 Invus
Founded in 1985, Invus makes equity investments in both private and public companies. The firm is active across a range of industries including consumer products, technology and healthcare. Invus has offices in New York, Paris, Hong Kong and Singapore with over $10Bn under management composed of committed capital which enables it to invest with a long-term horizon.

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 and the settlement of the sales discussed in this press release. 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 and DBV Technologies’ Quarterly Reports on Form 10-Q for the quarters ended March 31, 2025 and June 30, 2025, filed with the SEC on April 30, 2025 and July 29, 2025, respectively, 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. 

Attachment

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FAQ

How many ADSs did DBV Technologies sell under the ATM and for how much?

DBV sold 2,307,692 ADSs representing $30 million in gross proceeds at $13.00 per ADS.

What dilution will DBVT shareholders face from the October 2025 ATM issuance?

The issuance implies approximately 7.77% dilution to existing shareholders upon completion.

When will the new DBVT ordinary shares and ADSs be admitted to trading?

Settlement is expected on October 8, 2025, with ADSs on Nasdaq and ordinary shares on Euronext Paris.

What price per ordinary share does the $13.00 ADS price equate to for DBVT?

$13.00 per ADS equals a subscription price of €2.2264 per ordinary share using FX $1.1678/€1.

Does DBV have a registration statement for the ADS offering (DBVT)?

Yes. A shelf registration statement on Form S-3 relating to the ADSs was filed and declared effective.

How did the ATM issuance affect Invus’s stake in DBVT?

Following the issuance Invus’s stake increased to 9.33% of outstanding shares.