DBV Technologies S.A. ownership disclosure: Vivo Opportunity entities report beneficial ownership positions in the issuer's Ordinary Shares represented by ADSs. Vivo Opportunity, LLC and its affiliated Delaware partnership report 11,820,005 Ordinary Shares (represented by 2,364,001 ADSs), equal to 4.0% of shares.
Related Cayman entities report 1,517,840 Ordinary Shares (represented by 303,568 ADSs), equal to 0.5%. The percent calculations use 296,042,447 Ordinary Shares outstanding as of April 30, 2026.
Positive
None.
Negative
None.
Insights
Vivo Opportunity holds modest stakes totalling 4.0% and 0.5% in DBV Technologies.
Vivo Opportunity, LLC is reported to beneficially own 11,820,005 Ordinary Shares (2,364,001 ADSs), representing 4.0% of the issuer based on April 30, 2026 outstanding shares. The Cayman partnership holds 1,517,840 Ordinary Shares (303,568 ADSs; 0.5%).
These holdings place the groups below common institutional control thresholds; subsequent filings would clarify any changes to voting or disposition rights.
Filing clarifies record holders, voting and dispositive power for the Vivo entities.
The schedule states the securities are held of record by the partnership entities, with Vivo Opportunity, LLC and Vivo Opportunity Cayman, LLC identified as general partners and reported as having sole voting and sole dispositive power over their respective shares.
Ownership percentages are tied to the issuer's reported outstanding share count on April 30, 2026; any governance implications depend on future changes to those holdings.
Key Figures
Vivo Opportunity, LLC holdings:11,820,005 sharesVivo Opportunity percentage:4.0%Vivo Opportunity Cayman holdings:1,517,840 shares+1 more
4 metrics
Vivo Opportunity, LLC holdings11,820,005 sharesrepresented by 2,364,001 ADSs
Vivo Opportunity percentage4.0%of 296,042,447 Ordinary Shares outstanding as of April 30, 2026
Vivo Opportunity Cayman holdings1,517,840 sharesrepresented by 303,568 ADSs
Outstanding shares used296,042,447 sharesas of April 30, 2026 (Form 10-Q)
Key Terms
American Depository Shares (ADSs), Beneficial ownership, Schedule 13G/A
3 terms
American Depository Shares (ADSs)financial
"represented by 2,364,001 American Depository Shares"
Beneficial ownershipregulatory
"Amount beneficially owned: Vivo Opportunity, LLC may be deemed to beneficially own 11,820,005 Ordinary Shares"
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.
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 0.10 euro per share, represented by American Depository Shares
(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
Vivo Opportunity Fund Holdings, 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
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
11,820,005.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
11,820,005.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
11,820,005.00
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)
4.0 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: The reported ordinary shares, nominal value 0.10 euro per share (the "Ordinary Shares") of DBV Technologies S.A. (the "Issuer"), represented by 2,364,001 American Depository Shares ("ADSs"), are held of record by Vivo Opportunity Fund Holdings, L.P. Vivo Opportunity, LLC is the general partner of Vivo Opportunity Fund Holdings, L.P.
The percentage is calculated based on 296,042,447 Ordinary Shares outstanding of the Issuer as of April 30, 2026, as reported in the Issuer's Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission (the "SEC") on April 30, 2026.
SCHEDULE 13G
CUSIP Number(s):
23306J309
1
Names of Reporting Persons
Vivo Opportunity, 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
11,820,005.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
11,820,005.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
11,820,005.00
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)
4.0 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: The reported Ordinary Shares of the Issuer, represented by 2,364,001 ADSs, are held of record by Vivo Opportunity Fund Holdings, L.P. Vivo Opportunity, LLC is the general partner of Vivo Opportunity Fund Holdings, L.P.
The percentage is calculated based on 296,042,447 Ordinary Shares outstanding of the Issuer as of April 30, 2026, as reported in the Issuer's Quarterly Report on Form 10-Q, filed with the SEC on April 30, 2026.
SCHEDULE 13G
CUSIP Number(s):
23306J309
1
Names of Reporting Persons
Vivo Opportunity Cayman Fund, 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
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
1,517,840.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
1,517,840.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,517,840.00
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)
0.5 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: The reported Ordinary Shares of the Issuer, represented by 303,568 ADSs, are held of record by Vivo Opportunity Cayman Fund, L.P. Vivo Opportunity Cayman, LLC is the general partner of Vivo Opportunity Cayman Fund, L.P.
The percentage is calculated based on 296,042,447 Ordinary Shares outstanding of the Issuer as of April 30, 2026, as reported in the Issuer's Quarterly Report on Form 10-Q, filed with the SEC on April 30, 2026.
SCHEDULE 13G
CUSIP Number(s):
23306J309
1
Names of Reporting Persons
Vivo Opportunity Cayman, 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
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
1,517,840.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
1,517,840.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,517,840.00
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)
0.5 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: The reported Ordinary Shares of the Issuer, represented by 303,568 ADSs, are held of record by Vivo Opportunity Cayman Fund, L.P. Vivo Opportunity Cayman, LLC is the general partner of Vivo Opportunity Cayman Fund, L.P.
The percentage is calculated based on 296,042,447 Ordinary Shares outstanding of the Issuer as of April 30, 2026, as reported in the Issuer's Quarterly Report on Form 10-Q, filed with the SEC on April 30, 2026.
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:
Vivo Opportunity Fund Holdings, L.P. and its General Partner Vivo Opportunity, LLC
Vivo Opportunity Cayman Fund, L.P. and its General Partner Vivo Opportunity Cayman, LLC
(b)
Address or principal business office or, if none, residence:
192 Lytton Avenue, Palo Alto, CA 94301
(c)
Citizenship:
Vivo Opportunity Fund Holdings, L.P. is a Delaware limited partnership.
Vivo Opportunity, LLC is a Delaware limited liability company.
Vivo Opportunity Cayman Fund, L.P. is a Cayman Islands limited partnership.
Vivo Opportunity Cayman, LLC is a Cayman Islands limited liability company.
(d)
Title of class of securities:
Ordinary shares, nominal value 0.10 euro per share, represented by American Depository Shares
(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:
Vivo Opportunity, LLC may be deemed to beneficially own 11,820,005 Ordinary Shares, represented by 2,364,001 ADSs. The securities are held of record by Vivo Opportunity Fund Holdings, L.P. Vivo Opportunity, LLC is the general partner of Vivo Opportunity Fund Holdings, L.P.
Vivo Opportunity Cayman, LLC may be deemed to beneficially own 1,517,840 Ordinary Shares, represented by 303,568 ADSs. The securities are held of record by Vivo Opportunity Cayman Fund, L.P. Vivo Opportunity Cayman, LLC is the general partner of Vivo Opportunity Cayman Fund, L.P.
(b)
Percent of class:
Vivo Opportunity Fund Holdings, L.P.: 4.0%
Vivo Opportunity, LLC: 4.0%
Vivo Opportunity Cayman Fund, L.P.: 0.5%
Vivo Opportunity Cayman, LLC: 0.5%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Vivo Opportunity Fund Holdings, L.P.: 11,820,005 Ordinary Shares, represented by 2,364,001 ADSs
Vivo Opportunity, LLC: 11,820,005 Ordinary Shares, represented by 2,364,001 ADSs
Vivo Opportunity Cayman Fund, L.P.: 1,517,840 Ordinary Shares, represented by 303,568 ADSs
Vivo Opportunity Cayman, LLC: 1,517,840 Ordinary Shares, represented by 303,568 ADSs
(ii) Shared power to vote or to direct the vote:
0
(iii) Sole power to dispose or to direct the disposition of:
Vivo Opportunity Fund Holdings, L.P.: 11,820,005 Ordinary Shares, represented by 2,364,001 ADSs
Vivo Opportunity, LLC: 11,820,005 Ordinary Shares, represented by 2,364,001 ADSs
Vivo Opportunity Cayman Fund, L.P.: 1,517,840 Ordinary Shares, represented by 303,568 ADSs
Vivo Opportunity Cayman, LLC: 1,517,840 Ordinary Shares, represented by 303,568 ADSs
(iv) Shared power to dispose or to direct the disposition of:
0
Item 5.
Ownership of 5 Percent or Less of a Class.
Ownership of 5 percent or less of a class
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:
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.
Vivo Opportunity Fund Holdings, L.P.
Signature:
/s/ Kevin Dai
Name/Title:
Kevin Dai/Managing Member of Vivo Opportunity, LLC, General Partner
Date:
05/12/2026
Vivo Opportunity, LLC
Signature:
/s/ Kevin Dai
Name/Title:
Kevin Dai/Managing Member
Date:
05/12/2026
Vivo Opportunity Cayman Fund, L.P.
Signature:
/s/ Kevin Dai
Name/Title:
Kevin Dai/Managing Member of Vivo Opportunity Cayman, LLC, General Partner
Vivo Opportunity, LLC reports beneficial ownership of 11,820,005 Ordinary Shares (2,364,001 ADSs), representing 4.0% of the class based on 296,042,447 shares outstanding as of April 30, 2026. The Cayman funds report 1,517,840 shares (0.5%).
How many ADSs correspond to Vivo Opportunity's holdings?
The filing shows 2,364,001 ADSs for Vivo Opportunity, LLC's 11,820,005 Ordinary Shares and 303,568 ADSs for the Cayman entity's 1,517,840 Ordinary Shares, as presented in the Schedule 13G/A amendment.
What voting and dispositive power are disclosed for these holdings?
The Schedule states the reporting entities have sole voting power and sole dispositive power over their reported Ordinary Shares: 11,820,005 for the Delaware entities and 1,517,840 for the Cayman entities, with no shared powers listed.
What outstanding share base was used to calculate percentages?
Percentages are calculated using 296,042,447 Ordinary Shares outstanding as of April 30, 2026, a figure referenced from the issuer's Form 10-Q filed on April 30, 2026, per the filing comments.
