DBV Technologies (DBVT) investors report 6.2% beneficial ownership stake

Rhea-AI Filing Summary

DBV Technologies S.A. received an updated Schedule 13G/A from a group of related investment entities led by Invus Public Equities and Avicenna Life Sci Master Fund. As of December 31, 2025, they collectively reported beneficial ownership of 14,350,960 Ordinary Shares, equal to 6.2% of the company’s Ordinary Shares.

The position consists of Ordinary Shares and American Depositary Shares, with each ADS representing five Ordinary Shares. The filing attributes control of the various Invus and Avicenna entities up a chain to Raymond Debbane, who may be deemed to beneficially own the same 6.2% stake. The group certifies the holdings are not for the purpose of changing or influencing control of DBV Technologies.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

DBV Technologies S.A.

(Name of Issuer)

Ordinary Shares, nominal value Euro 0.10 per share

(Title of Class of Securities)

23306J309

(CUSIP Number)

12/31/2025

(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)

SCHEDULE 13G

CUSIP No. 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 13,038,825.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 13,038,825.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

13,038,825.00

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)

5.6 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: Invus Public Equities, L.P. holds an aggregate of 5,064,150 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 13,038,825 Ordinary Shares of the Issuer.

SCHEDULE 13G

CUSIP No. 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 13,038,825.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 13,038,825.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

13,038,825.00

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)

5.6 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Invus Public Equities, L.P. holds an aggregate of 5,064,150 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 13,038,825 Ordinary Shares of the Issuer.

SCHEDULE 13G

CUSIP No. 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 13,038,825.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 13,038,825.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

13,038,825.00

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)

5.6 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Invus Public Equities, L.P. holds an aggregate of 5,064,150 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 13,038,825 Ordinary Shares of the Issuer.

SCHEDULE 13G

CUSIP No. 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 13,038,825.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 13,038,825.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

13,038,825.00

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)

5.6 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Invus Public Equities, L.P. holds an aggregate of 5,064,150 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 13,038,825 Ordinary Shares of the Issuer.

SCHEDULE 13G

CUSIP No. 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)

0.6 %

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 No. 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)

0.6 %

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 No. 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)

0.6 %

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 No. 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 14,350,960.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 14,350,960.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

14,350,960.00

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)

6.2 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: Invus Public Equities, L.P. holds an aggregate of 5,064,150 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 14,350,960 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 December 31, 2025, Invus Public Equities beneficially held 13,038,825 Ordinary Shares, nominal value Euro 0.10 per share, represented by (i) 5,064,150 Ordinary Shares and (ii) 1,594,935 American Depositary Shares ("ADSs") directly held by Invus Public Equities, and Avicenna Fund beneficially held 1,312,135 Ordinary Shares represented by an aggregate of 262,427 ADSs directly held by Avicenna. Each ADS represents five Ordinary 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 Ordinary Shares directly 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 Ordinary 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 Ordinary 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 Ordinary 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 Ordinary 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 Ordinary Shares that Siren and Ulys may be deemed to beneficially own.
(b)	Percent of class: As of December 31, 2025, each of the Reporting Persons may be deemed to be the beneficial owner of the percentage of Ordinary Shares listed on such Reporting Person's cover page. Calculations of the percentage of Ordinary Shares beneficially owned are based on 232,207,589 Ordinary Shares outstanding as of December 31, 2025, as reported in the Issuer's press release dated January 5, 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:	02/13/2026

Invus Public Equities Advisors, LLC

Signature:	/s/ Raymond Debbane
Name/Title:	Raymond Debbane, President
Date:	02/13/2026

Invus Global Management, LLC

Signature:	/s/ Raymond Debbane
Name/Title:	Raymond Debbane, President
Date:	02/13/2026

Siren, L.L.C.

Signature:	/s/ Raymond Debbane
Name/Title:	Raymond Debbane, President
Date:	02/13/2026

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
Date:	02/13/2026

Avicenna Life Sci Master GP LLC

Signature:	/s/ Raymond Debbane
Name/Title:	Raymond Debbane, Chief Executive Officer
Date:	02/13/2026

Ulys, L.L.C.

Signature:	/s/ Raymond Debbane
Name/Title:	Raymond Debbane, President
Date:	02/13/2026

Raymond Debbane

Signature:	/s/ Raymond Debbane
Name/Title:	Raymond Debbane
Date:	02/13/2026

FAQ

What ownership stake in DBV Technologies (DBVT) is reported in this Schedule 13G/A?

The filing reports a combined beneficial ownership of 14,350,960 Ordinary Shares of DBV Technologies S.A., representing 6.2% of the outstanding Ordinary Shares as of December 31, 2025, based on 232,207,589 Ordinary Shares outstanding from the issuer’s January 5, 2026 press release.

Who are the main reporting persons in the DBV Technologies (DBVT) Schedule 13G/A?

The reporting persons include Invus Public Equities, L.P., Invus Public Equities Advisors, LLC, Invus Global Management, LLC, Siren, L.L.C., Avicenna Life Sci Master Fund LP, Avicenna Life Sci Master GP LLC, Ulys, L.L.C., and Raymond Debbane, who is identified as controlling several of these entities.

How many DBV Technologies (DBVT) shares does Invus Public Equities directly hold?

Invus Public Equities, L.P. directly holds 5,064,150 Ordinary Shares and 1,594,935 American Depositary Shares of DBV Technologies. Each ADS represents five Ordinary Shares, giving Invus Public Equities beneficial ownership of 13,038,825 Ordinary Shares in total as of December 31, 2025.

What position in DBV Technologies (DBVT) is reported by Avicenna Life Sci Master Fund?

Avicenna Life Sci Master Fund LP holds 262,427 American Depositary Shares of DBV Technologies. Because each ADS represents five Ordinary Shares, this equates to 1,312,135 Ordinary Shares, which the filing states corresponds to 0.6% of the company’s Ordinary Shares outstanding.

How does Raymond Debbane’s beneficial ownership in DBV Technologies (DBVT) arise?

The filing explains that Raymond Debbane is the managing member of Siren and Ulys and holds senior roles in the Invus and Avicenna general partners. Through these control positions, he may be deemed to beneficially own the 14,350,960 Ordinary Shares held by the related entities.

What does the Schedule 13G/A say about influencing control of DBV Technologies (DBVT)?

The reporting persons certify that the DBV Technologies securities “were not acquired and are not held” for the purpose or effect of changing or influencing control of the issuer, nor in connection with any transaction having that purpose, other than activities solely related to a nomination under Rule 240.14a-11.