DBV Technologies S.A. Schedule 13G/A amendment shows institutional holders led by Invus entities reporting beneficial ownership stakes in the issuer. Invus Public Equities beneficially held 17,997,870 ordinary shares as of March 31, 2026, representing 6.1% of the class. The filing states 296,042,447 shares outstanding as of March 25, 2026 (source: the issuer's Form 10-K).
The filing aggregates related parties and control links: Invus PE Advisors, Global Management, Siren, Avicenna entities, Ulys, and Raymond Debbane are disclosed as reporting persons or controlling entities; Mr. Debbane is the signing reporting person.
Positive
None.
Negative
None.
Insights
Institutional ownership disclosure clarifies ownership stakes and control relationships across affiliated entities.
The filing itemizes beneficial ownership: Invus Public Equities holds 17,997,870 shares (including ADS conversion), and related investment-management entities are identified as having voting and dispositive power. The filing ties percentages to an explicit outstanding share base of 296,042,447.
Key dependencies include the ADS conversion factor (five Ordinary Shares per ADS) and the control chain (general partner/managing member relationships). Subsequent filings could show changes; this amendment documents position and attribution as of the stated dates.
Key Figures
Shares outstanding:296,042,447 sharesInvus Public Equities holdings:17,997,870 sharesInvus ownership percent:6.1%+2 more
5 metrics
Shares outstanding296,042,447 sharesas of March 25, 2026 (issuer Form 10-K)
Invus Public Equities holdings17,997,870 sharesbeneficial ownership as of March 31, 2026, includes ADS conversion
Invus ownership percent6.1%percentage of class based on 296,042,447 shares outstanding
Avicenna Fund holdings1,312,135 sharesrepresented by 262,427 ADSs (5:1 conversion)
Raymond Debbane-linked holdings19,310,005 sharesaggregate beneficial ownership reported for related entities
Key Terms
ADS, beneficially held, sole dispositive power, Schedule 13G/A
4 terms
ADSfinancial
"1,594,935 American Depositary Shares ("ADSs"), each of which ADS represents five Ordinary Shares"
Ads are paid promotional messages a company places across media — online, on TV, in print, or on social platforms — to attract customers, explain products, or shape public perception. For investors, ads matter because they drive sales growth, affect how much a company must spend to win customers, and influence brand strength and long-term value. Ads can also create regulatory or reputational risk if claims are misleading, which can affect profits and stock price.
beneficially heldregulatory
"Invus Public Equities beneficially held 17,997,870 ordinary shares"
sole dispositive powerregulatory
"Sole Dispositive Power 17,997,870.00"
Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.
A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 2)
DBV Technologies S.A.
(Name of Issuer)
Ordinary Shares, nominal value Euro 0.10 per share
(Title of Class of Securities)
23306J309
(CUSIP Number)
03/31/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
23306J309
1
Names of Reporting Persons
Invus Public Equities, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
BERMUDA
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
17,997,870.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
17,997,870.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
17,997,870.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.1 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: Invus Public Equities, L.P. holds an aggregate of 10,023,195 Ordinary Shares, nominal value Euro 0.10 per share, and 1,594,935 American Depositary Shares ("ADSs"), each of which ADS represents five Ordinary Shares, totaling 17,997,870 Ordinary Shares of the Issuer.
SCHEDULE 13G
CUSIP Number(s):
23306J309
1
Names of Reporting Persons
Invus Public Equities Advisors, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
17,997,870.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
17,997,870.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
17,997,870.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.1 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: Invus Public Equities, L.P. holds an aggregate of 10,023,195 Ordinary Shares, nominal value Euro 0.10 per share, and 1,594,935 American Depositary Shares ("ADSs"), each of which ADS represents five Ordinary Shares, totaling 17,997,870 Ordinary Shares of the Issuer.
SCHEDULE 13G
CUSIP Number(s):
23306J309
1
Names of Reporting Persons
Invus Global Management, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
17,997,870.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
17,997,870.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
17,997,870.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.1 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: Invus Public Equities, L.P. holds an aggregate of 10,023,195 Ordinary Shares, nominal value Euro 0.10 per share, and 1,594,935 American Depositary Shares ("ADSs"), each of which ADS represents five Ordinary Shares, totaling 17,997,870 Ordinary Shares of the Issuer.
SCHEDULE 13G
CUSIP Number(s):
23306J309
1
Names of Reporting Persons
Siren, L.L.C.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
17,997,870.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
17,997,870.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
17,997,870.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.1 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: Invus Public Equities, L.P. holds an aggregate of 10,023,195 Ordinary Shares, nominal value Euro 0.10 per share, and 1,594,935 American Depositary Shares ("ADSs"), each of which ADS represents five Ordinary Shares, totaling 17,997,870 Ordinary Shares of the Issuer.
SCHEDULE 13G
CUSIP Number(s):
23306J309
1
Names of Reporting Persons
Avicenna Life Sci Master Fund LP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
1,312,135.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
1,312,135.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,312,135.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.4 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: Avicenna Life Sci Master Fund LP holds an aggregate of 262,427 American Depositary Shares ("ADSs"), each of which ADS represents five Ordinary Shares, nominal value Euro 0.10 per share, totaling 1,312,135 Ordinary Shares of the Issuer.
SCHEDULE 13G
CUSIP Number(s):
23306J309
1
Names of Reporting Persons
Avicenna Life Sci Master GP LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
1,312,135.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
1,312,135.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,312,135.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.4 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: Avicenna Life Sci Master Fund LP holds an aggregate of 262,427 American Depositary Shares ("ADSs"), each of which ADS represents five Ordinary Shares, nominal value Euro 0.10 per share, totaling 1,312,135 Ordinary Shares of the Issuer.
SCHEDULE 13G
CUSIP Number(s):
23306J309
1
Names of Reporting Persons
Ulys, L.L.C.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
1,312,135.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
1,312,135.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,312,135.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.4 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: Avicenna Life Sci Master Fund LP holds an aggregate of 262,427 American Depositary Shares ("ADSs"), each of which ADS represents five Ordinary Shares, nominal value Euro 0.10 per share, totaling 1,312,135 Ordinary Shares of the Issuer.
SCHEDULE 13G
CUSIP Number(s):
23306J309
1
Names of Reporting Persons
Raymond Debbane
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
PANAMA
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
19,310,005.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
19,310,005.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
19,310,005.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.5 %
12
Type of Reporting Person (See Instructions)
IN
Comment for Type of Reporting Person: Invus Public Equities, L.P. holds an aggregate of 10,023,195 Ordinary Shares, nominal value Euro 0.10 per share, and 1,594,935 American Depositary Shares ("ADSs"), and Avicenna Life Sci Master Fund LP holds an aggregate of 262,427 ADSs, each of which ADS represents five Ordinary Shares, totaling 19,310,005 Ordinary Shares of the Issuer.
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
DBV Technologies S.A.
(b)
Address of issuer's principal executive offices:
107 avenue de la Republique, 92320 Chatillon France
Item 2.
(a)
Name of person filing:
See Item 2(c) below.
(b)
Address or principal business office or, if none, residence:
See Item 2(c) below.
(c)
Citizenship:
(i) Invus Public Equities, L.P. ("Invus Public Equities")
750 Lexington Avenue, 30th Floor, New York, NY 10022
Citizenship: Bermuda limited partnership
(ii) Invus Public Equities Advisors, LLC ("Invus PE Advisors")
750 Lexington Avenue, 30th Floor, New York, NY 10022
Citizenship: Delaware limited liability company
(iii) Invus Global Management, LLC ("Global Management")
750 Lexington Avenue, 30th Floor, New York, NY 10022
Citizenship: Delaware limited liability company
(iv) Siren, L.L.C. ("Siren")
c/o The Invus Group, LLC, 750 Lexington Avenue, 30th Floor, New York, NY 10022
Citizenship: Delaware limited liability company
(v) Avicenna Life Sci Master Fund LP ("Avicenna Fund")
750 Lexington Avenue, 30th Floor, New York, NY 10022
Citizenship: Cayman Islands limited partnership
(vi) Avicenna Life Sci Master GP LLC ("Avicenna GP")
750 Lexington Avenue, 30th Floor, New York, NY 10022
Citizenship: Delaware limited liability company
(vii) Ulys, L.L.C. ("Ulys")
750 Lexington Avenue, 30th Floor, New York, NY 10022
Citizenship: Delaware limited liability company
(viii) Mr. Raymond Debbane
750 Lexington Avenue, 30th Floor, New York, NY 10022
Citizenship: Panama
The foregoing persons are hereinafter sometimes collectively referred to as the "Reporting Persons."
(d)
Title of class of securities:
Ordinary Shares, nominal value Euro 0.10 per share
(e)
CUSIP No.:
23306J309
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
As of March 31, 2026, Invus Public Equities beneficially held 17,997,870 ordinary shares, nominal value Euro 0.10 per share (the "Shares") of DBV Technologies S.A. (the "Issuer"), represented by (i) 10,023,195 Shares and (ii) 1,594,935 American Depositary Shares ("ADSs") directly held by Invus Public Equities, and Avicenna Fund beneficially held 1,312,135 Shares of the Issuer, represented by an aggregate of 262,427 ADSs directly held by Avicenna Fund, each of which ADS represents five Shares. Invus PE Advisors, as the general partner of Invus Public Equities, controls Invus Public Equities and, accordingly, may be deemed to beneficially own the Shares beneficially held by Invus Public Equities. Global Management, as the managing member of Invus PE Advisors, controls Invus PE Advisors and, accordingly, may be deemed to beneficially own the Shares that Invus PE Advisors may be deemed to beneficially own. Siren, as the managing member of Global Management, controls Global Management and, accordingly, may be deemed to beneficially own the Shares that Global Management may be deemed to beneficially own. Avicenna GP, as the general partner of Avicenna Fund, controls Avicenna Fund and, accordingly, may be deemed to beneficially own the Shares beneficially held by Avicenna Fund. Ulys, as the managing member of Avicenna GP, controls Avicenna GP and, accordingly, may be deemed to beneficially own the Shares that Avicenna GP may be deemed to beneficially own. Mr. Raymond Debbane, as the managing member of Siren and Ulys, controls Siren and Ulys and, accordingly, may be deemed to beneficially own the Shares that Siren and Ulys may be deemed to beneficially own.
(b)
Percent of class:
As of March 31, 2026, each of the Reporting Persons may be deemed to be the beneficial owner of the percentage of Shares listed on such Reporting Person's cover page. Calculations of the percentage of Shares beneficially owned are based on 296,042,447 Shares outstanding as of March 25, 2026, as reported by the Issuer its annual report on Form 10-K as filed with the Securities and Exchange Commission on March 26, 2026.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
See each cover page hereof.
(ii) Shared power to vote or to direct the vote:
See each cover page hereof.
(iii) Sole power to dispose or to direct the disposition of:
See each cover page hereof.
(iv) Shared power to dispose or to direct the disposition of:
See each cover page hereof.
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
Each of the Reporting Persons hereby makes the following certification:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held 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 ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Invus Public Equities, L.P.
Signature:
/s/ Raymond Debbane
Name/Title:
Raymond Debbane, President of Invus Public Equities Advisors, LLC, its general partner
Date:
05/05/2026
Invus Public Equities Advisors, LLC
Signature:
/s/ Raymond Debbane
Name/Title:
Raymond Debbane, President
Date:
05/05/2026
Invus Global Management, LLC
Signature:
/s/ Raymond Debbane
Name/Title:
Raymond Debbane, President
Date:
05/05/2026
Siren, L.L.C.
Signature:
/s/ Raymond Debbane
Name/Title:
Raymond Debbane, President
Date:
05/05/2026
Avicenna Life Sci Master Fund LP
Signature:
/s/ Raymond Debbane
Name/Title:
Raymond Debbane, Chief Executive Officer of Avicenna Life Sci Master GP LLC, its general partner
What stake does Invus Public Equities hold in DBVT?
Invus Public Equities beneficially holds 17,997,870 ordinary shares. This total reflects 10,023,195 direct ordinary shares and 1,594,935 ADSs, each ADS representing five Ordinary Shares, as reported in the amendment dated March 31, 2026.
How much of DBV Technologies is owned by Raymond Debbane-linked entities?
Entities linked to Raymond Debbane beneficially own 19,310,005 ordinary shares, equal to 6.5% of the class. That number aggregates Invus and Avicenna-related holdings as presented in the filing with the stated outstanding share base.
What share count did the filing use to calculate percentages for DBVT?
The filing uses 296,042,447 shares outstanding as of March 25, 2026. Percentage ownership calculations for each reporting person are expressly based on that outstanding share figure cited from the issuer's Form 10-K.
How are ADSs treated in the reported ownership for DBV Technologies?
Each ADS is counted as five Ordinary Shares for ownership totals. The filing converts reported ADS holdings into Ordinary Shares when computing beneficial ownership and percentage of class as shown on the cover pages.
