Baker Brothers funds adjust DBV Technologies (NASDAQ: DBVT) warrant stake

Rhea-AI Filing Summary

DBV Technologies S.A. insider filing shows major warrant restructuring by Baker Brothers–affiliated funds. On January 12, 2026, 667, L.P. and Baker Brothers Life Sciences, L.P. exercised 2,299,656 and 25,005,240 DBV Technologies BS Warrants at a strike price of EUR 1.5764, receiving an equal number of Second Pre-Funded Warrants. Each Second Pre-Funded Warrant is initially exercisable for 1.75 Ordinary Shares at an unpaid exercise price of EUR 0.01 per underlying share and may be exercised until April 7, 2035.

The Second Pre-Funded Warrants are subject to a “Second Pre-Funded Warrant Beneficial Ownership Limitation,” generally capping beneficial ownership at 9.99% of DBV’s outstanding Ordinary Shares, with potential increases up to 19.99% of shares and 24.99% of voting rights subject to regulatory conditions and a 61‑day waiting period. The transactions and resulting indirect pecuniary interests are reported for entities including 667, L.P., Baker Brothers Life Sciences, L.P., Baker Bros. Advisors LP, Baker Bros. Advisors (GP) LLC, and individuals Julian C. Baker and Felix J. Baker, who disclaim beneficial ownership except to the extent of their pecuniary interests.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

BAKER BROS. ADVISORS LP

(Last) (First) (Middle)

860 WASHINGTON STREET, 3RD FLOOR

(Street)

NEW YORK NY 10014

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
DBV Technologies S.A. [ DBVT ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
01/12/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
BS Warrant	(1)	01/12/2026		M			2,299,656	(2)	01/15/2026(2)	Second Pre-Funded Warrant(7)(8)(9)	2,299,656	$0	0	I	See Footnotes(3)(4)(5)
BS Warrant	(1)	01/12/2026		M			25,005,240	(2)	01/15/2026(2)	Second Pre-Funded Warrant(7)(8)(9)	25,005,240	$0	0	I	See Footnotes(4)(5)(6)
Second Pre-Funded Warrant	(1)(7)(8)(9)	01/12/2026		M		2,299,656		(7)(8)(9)	(7)	Ordinary Shares	4,024,398	$0	2,299,656	I	See Footnotes(3)(4)(5)
Second Pre-Funded Warrant	(1)(7)(8)(9)	01/12/2026		M		25,005,240		(7)(8)(9)	(7)	Ordinary Shares	43,759,170	$0	25,005,240	I	See Footnotes(4)(5)(6)

1. Name and Address of Reporting Person^*

BAKER BROS. ADVISORS LP

(Last) (First) (Middle)

860 WASHINGTON STREET, 3RD FLOOR

(Street)

NEW YORK NY 10014

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Baker Bros. Advisors (GP) LLC

(Last) (First) (Middle)

860 WASHINGTON STREET, 3RD FLOOR

(Street)

NEW YORK NY 10014

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

667, L.P.

(Last) (First) (Middle)

860 WASHINGTON STREET, 3RD FLOOR

(Street)

NEW YORK NY 10014

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Baker Brothers Life Sciences LP

(Last) (First) (Middle)

860 WASHINGTON STREET, 3RD FLOOR

(Street)

NEW YORK NY 10014

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

BAKER FELIX

(Last) (First) (Middle)

860 WASHINGTON STREET, 3RD FLOOR

(Street)

NEW YORK NY 10014

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

BAKER JULIAN

(Last) (First) (Middle)

860 WASHINGTON STREET, 3RD FLOOR

(Street)

NEW YORK NY 10014

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. On January 12, 2026, 667, L.P. ("667") and Baker Brothers Life Sciences, L.P. ("Life Sciences" and together with 667, the "Funds") exercised, respectively, 2,299,656 and 25,005,240 warrants (each, a "BS Warrant") of DBV Technologies S.A. (the "Issuer"), at a strike price of EUR 1.5764, on a one-for-one basis into pre-funded warrants (each, a "Second Pre-Funded Warrant"), each of which are exercisable for 1.75 Ordinary Shares of the Issuer at an exercise price of EUR 0.0175.

2. The BS Warrants were exercisable until January 15, 2026, which is 30 days following the publication by the Issuer that the VITESSE Phase 3 study met its primary endpoint as further described in the Terms and Conditions of the BS Warrants.

3. After giving effect to the transactions reported herein and as a result of their ownership interest in (i) Baker Biotech Capital, L.P. and (ii) 667, Julian C. Baker and Felix J. Baker each may be deemed to have an indirect pecuniary interest in the securities reported in column 9 of Table II held directly by 667, a limited partnership of which the sole general partner is Baker Biotech Capital, L.P., a limited partnership of which the sole general partner is Baker Biotech Capital (GP), LLC, due to their interest in 667 and Baker Biotech Capital, L.P.'s right to receive an allocation of a portion of the profits from 667.

4. Baker Bros. Advisors LP (the "Adviser") serves as the investment adviser to the Funds. In connection with the services provided by the Adviser, the Adviser receives an asset-based management fee that does not confer any pecuniary interest in the securities held directly by the Funds. Baker Bros. Advisors (GP) LLC (the "Adviser GP") is the Adviser's sole general partner. Julian C. Baker and Felix J. Baker are managing members of the Adviser GP. The Adviser has complete and unlimited discretion and authority with respect to the investment and voting power of the securities held directly by the Funds. The general partners of the Funds relinquished to the Adviser all discretion and authority with respect to the investment and voting power of the securities held directly by the Funds.

5. Julian C. Baker, Felix J. Baker, the Adviser GP and the Adviser disclaim beneficial ownership of the securities held directly by the Funds except to the extent of their pecuniary interest therein, and this report shall not be deemed an admission that any of Julian C. Baker, Felix J. Baker, the Adviser GP or the Adviser is a beneficial owner of such securities for purposes of Section 16 or any other purpose.

6. After giving effect to the transactions reported herein and as a result of their ownership interest in (i) Baker Brothers Life Sciences Capital, L.P. and (ii) Life Sciences, Julian C. Baker and Felix J. Baker each may be deemed to have an indirect pecuniary interest in the securities reported in column 9 of Table II held directly by Life Sciences, a limited partnership of which the sole general partner is Baker Brothers Life Sciences Capital, L.P., a limited partnership of which the sole general partner is Baker Brothers Life Sciences Capital (GP), LLC, due to their interest in Life Sciences and Baker Brothers Life Sciences Capital, L.P.'s right to receive an allocation of a portion of the profits from Life Sciences.

7. Each Second Pre-Funded Warrant is exercisable initially for 1.75 Ordinary Shares per Second Pre-Funded Warrant. The Second Pre-Funded Warrants bear an unpaid exercise price per Ordinary Share issuable pursuant to such Second Pre-Funded Warrants (a "Second Pre-Funded Warrant Share") of EUR 0.01. The Second Pre-Funded Warrants may be exercised until April 7, 2035. (continued in Note 8)

8. (continued from Note 7) The Second Pre-Funded Warrants are only exercisable to the extent that immediately prior to or after giving effect to such exercise the holders thereof, their affiliates and any persons who are members of a Section 13(d) group with the holders or one of their affiliates would beneficially own in the aggregate, for purposes of Rule 13d-3 under the Exchange Act, no more than 9.99% of the Issuer's outstanding Ordinary Shares (the "Second Pre-Funded Warrant Beneficial Ownership Limitation"). A holder, upon notice to the Issuer, may increase or decrease the Second Pre-Funded Warrant Beneficial Ownership Limitation, provided that (a) to the extent required by law, in cases of the Second Pre-Funded Warrant Beneficial Ownership Limitation being increased above 9.99%, the holder has obtained certain French regulatory approvals as described in the Terms and Conditions of the Second Pre-Funded Warrants and (continued in Note 9)

9. (continued from Note 9) (b) the Second Pre-Funded Warrant Beneficial Ownership Limitation in no event exceeds 19.99% of the number of Ordinary Shares outstanding immediately after giving effect to the issuance of shares upon exercise of the Second Pre-Funded Warrants held by the holder, and with respect to the French FDI Regime (as defined in the Terms and Conditions of the Second Pre-Funded Warrants), does not exceed 24.99% of the voting rights immediately after giving effect to the issuance of shares upon exercise of the Second Pre-Funded Warrants held by the holder. Any increase in the Second Pre-funded Warrant Beneficial Ownership Limitation will not be effective until the sixty-first (61st) day after such notice is delivered to the Issuer.

Remarks:

Michael Goller, a full-time employee of Baker Bros. Advisors LP is a director of DBV Technologies S.A.. (the "Issuer"). By virtue of their representation on the board of directors of the Issuer, for purposes of Section 16 of the Securities Exchange Act of1934, as amended, the reporting persons are deemed directors by deputization of the Issuer.

	By: Baker Bros. Advisors LP, Name: Scott L. Lessing, Title: President /s/ Scott L. Lessing	01/14/2026
	By: Baker Bros. Advisors (GP) LLC, Name: Scott L. Lessing, Title: President /s/ Scott L. Lessing	01/14/2026
	Baker Bros. Advisors LP, Mgmt. Co. and Inv. Adviser to 667, L.P., pursuant to authority granted by Baker Biotech Capital, L.P., GP to 667, L.P. Name: Scott L. Lessing, Title: President /s/ Scott L. Lessing	01/14/2026
	Baker Bros. Advisors LP, Mgmt. Co. and Inv. Adviser to BAKER BROTHERS LIFE SCIENCES, L.P., pursuant to authority granted by Baker Brothers Life Sciences Capital, L.P., GP to Baker Brothers Life Sciences, L.P.,Name: /s/ Scott L. Lessing, Title: President	01/14/2026
	/s/ Felix J. Baker	01/14/2026
	/s/ Julian C. Baker	01/14/2026
	** Signature of Reporting Person	Date
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FAQ

What insider transactions involving DBV Technologies (DBVT) are reported here?

The report shows that on January 12, 2026, 667, L.P. and Baker Brothers Life Sciences, L.P. exercised an aggregate of 2,299,656 and 25,005,240 DBV Technologies BS Warrants, respectively, converting them one-for-one into Second Pre-Funded Warrants linked to DBV’s Ordinary Shares.

Who are the reporting persons in this DBV Technologies (DBVT) Form 4?

The reporting persons include BAKER BROS. ADVISORS LP, Baker Bros. Advisors (GP) LLC, 667, L.P., Baker Brothers Life Sciences LP, Felix J. Baker, and Julian C. Baker. They are treated as directors by deputization because a Baker Bros. Advisors LP employee serves on DBV Technologies’ board.

What are the terms of the Second Pre-Funded Warrants related to DBVT?

Each Second Pre-Funded Warrant is initially exercisable for 1.75 DBV Technologies Ordinary Shares, with an unpaid exercise price of EUR 0.01 per Second Pre-Funded Warrant Share. These warrants may be exercised until April 7, 2035, subject to a stated beneficial ownership limitation.

How does the beneficial ownership limitation work for these DBV Technologies warrants?

The Second Pre-Funded Warrants are only exercisable to the extent that, before or after exercise, the holders and certain related parties would beneficially own no more than 9.99% of DBV Technologies’ outstanding Ordinary Shares. This cap can be increased or decreased by notice, but cannot exceed 19.99% of Ordinary Shares and, under the French FDI Regime, 24.99% of voting rights, and any increase becomes effective on the 61st day after notice.

Do Felix and Julian Baker personally own the DBV Technologies securities reported?

The filing states that Julian C. Baker and Felix J. Baker may be deemed to have an indirect pecuniary interest through their ownership in entities such as Baker Biotech Capital, L.P., 667, and Baker Brothers Life Sciences Capital, L.P., but they, along with Baker Bros. Advisors LP and Baker Bros. Advisors (GP) LLC, expressly disclaim beneficial ownership of securities held directly by the funds except to the extent of their pecuniary interests.

What role does Baker Bros. Advisors LP play in relation to the DBVT funds?

Baker Bros. Advisors LP serves as investment adviser to the funds holding DBV Technologies securities. It receives an asset-based management fee that does not confer pecuniary interest in the funds’ holdings and has complete discretion over investment and voting power, authority that the funds’ general partners have relinquished to the adviser.