DBV Technologies S.A. is reported to have a new significant shareholder group led by RA Capital Management, L.P., Peter Kolchinsky, Rajeev Shah, and RA Capital Healthcare Fund, L.P. These reporting persons collectively report beneficial ownership of 18,288,220 ordinary shares of DBV Technologies, held through 3,657,644 American Depositary Shares (ADSs), with each ADS representing five ordinary shares.
The position represents 5.8% of DBV Technologies’ ordinary shares. This percentage is calculated based on 295,915,176 ordinary shares outstanding (net of 146,321 treasury shares) as of July 16, 2026, plus 18,288,220 ordinary shares issued to the Fund in the form of ADSs pursuant to an at-the-market offering on July 30, 2026. The reporting persons describe how voting and investment power over these securities is delegated within the RA Capital structure and include customary beneficial ownership disclaimers.
Positive
None.
Negative
None.
Key Figures
Ordinary shares beneficially owned:18,288,220 ordinary sharesADS position:3,657,644 American Depositary SharesOwnership percentage:5.8 %+3 more
6 metrics
Ordinary shares beneficially owned18,288,220 ordinary sharesOrdinary shares of DBV Technologies reported as beneficially owned by the reporting persons
ADS position3,657,644 American Depositary SharesADSs directly held by RA Capital Healthcare Fund, L.P., each representing five ordinary shares
Ownership percentage5.8 %Percentage of DBV Technologies ordinary shares beneficially owned by each reporting person
Ordinary shares outstanding295,915,176 ordinary sharesOrdinary shares issued and outstanding net of treasury shares as of July 16, 2026
Treasury shares146,321 treasury sharesTreasury shares excluded from the outstanding share count as of July 16, 2026
Shares issued in ADS offering18,288,220 ordinary sharesOrdinary shares issued to the Fund in the form of ADSs on July 30, 2026
Key Terms
American Depositary Shares, at-the-market offering, beneficial owner, Section 13(d) of the Act, +1 more
5 terms
American Depositary Sharesfinancial
"The Fund directly holds 3,657,644 American Depositary Shares ("ADSs") of the Issuer"
American depositary shares (ADSs) are a way for investors in the United States to buy shares of foreign companies without dealing with international markets directly. They represent ownership in a foreign company's stock and are traded on U.S. stock exchanges, making it easier for American investors to buy, sell, and own parts of companies from around the world.
at-the-market offeringfinancial
"ordinary shares issued to the Fund in the form of ADS by the Issuer pursuant to an at-the-market offering"
An at-the-market offering is a method companies use to sell new shares of stock directly into the open market over time, rather than all at once. This allows them to raise money gradually, similar to selling small pieces of a product instead of a large batch. For investors, it means the company can access funding more flexibly, but it may also increase the supply of shares and influence the stock’s price.
beneficial ownerregulatory
"may be deemed a beneficial owner, for purposes of Section 13(d) of the Act"
A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.
Section 13(d) of the Actregulatory
"for purposes of Section 13(d) of the Act, of any securities of the Issuer"
treasury sharesfinancial
"295,915,176 ordinary shares issued and outstanding (net of 146,321 treasury shares)"
Treasury shares are a company’s own stock that it has repurchased and keeps on its books instead of canceling or leaving in the hands of outside investors. Think of them like coupons a business puts back in a drawer: they don’t vote or receive dividends while held, but they can be reissued later for employee pay or fundraising. For investors this matters because buybacks change the number of shares that count toward earnings and ownership, can boost per‑share metrics, and use corporate cash that might otherwise go to growth or dividends.
What ownership stake in DBV Technologies (DBVT) does RA Capital report?
RA Capital and affiliates report beneficial ownership of 18,288,220 ordinary shares of DBV Technologies. This corresponds to a 5.8% stake in the company’s ordinary shares, calculated on the outstanding shares plus those issued in a July 30, 2026 ADS offering.
How many DBV Technologies (DBVT) ADSs does RA Capital’s fund hold?
RA Capital Healthcare Fund, L.P. directly holds 3,657,644 American Depositary Shares (ADSs) of DBV Technologies. Each ADS represents five ordinary shares, for a total economic exposure equivalent to 18,288,220 ordinary shares of the issuer.
What percentage of DBV Technologies (DBVT) is represented by RA Capital’s holdings?
The reported holdings represent 5.8% of DBV Technologies’ ordinary shares. This is based on 295,915,176 ordinary shares outstanding (net of 146,321 treasury shares) as of July 16, 2026, plus shares issued in a July 30, 2026 ADS offering.
How were the DBV Technologies (DBVT) shares held by RA Capital issued?
The Fund’s 18,288,220 ordinary shares were issued in the form of ADSs pursuant to an at-the-market offering by DBV Technologies on July 30, 2026, expanding the company’s outstanding share count used in the ownership calculation.
Who are the reporting persons in the DBV Technologies (DBVT) Schedule 13G?
The reporting persons are RA Capital Management, L.P., RA Capital Healthcare Fund, L.P., and individuals Peter Kolchinsky and Rajeev Shah. They describe their roles as adviser, fund, and managers, and provide customary beneficial ownership disclaimers under Section 13(d).
How is voting and investment power over DBV Technologies (DBVT) shares allocated?
The Fund has delegated to RA Capital the sole power to vote and dispose of securities in its portfolio, including DBV Technologies shares. Because of this delegation, the Fund disclaims beneficial ownership for Section 13(d) purposes, while RA Capital and its managers may be deemed beneficial owners.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
DBV TECHNOLOGIES S.A.
(Name of Issuer)
Ordinary shares, nominal value EUR 0.10 per share
(Title of Class of Securities)
23306J309
(CUSIP Number)
07/30/2026
(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
RA Capital Management, 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
0.00
6
Shared Voting Power
18,288,220.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
18,288,220.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
18,288,220.00
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)
5.8 %
12
Type of Reporting Person (See Instructions)
IA, PN
SCHEDULE 13G
CUSIP Number(s):
23306J309
1
Names of Reporting Persons
Peter Kolchinsky
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
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
18,288,220.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
18,288,220.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
18,288,220.00
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)
5.8 %
12
Type of Reporting Person (See Instructions)
HC, IN
SCHEDULE 13G
CUSIP Number(s):
23306J309
1
Names of Reporting Persons
Rajeev Shah
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
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
18,288,220.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
18,288,220.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
18,288,220.00
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)
5.8 %
12
Type of Reporting Person (See Instructions)
HC, IN
SCHEDULE 13G
CUSIP Number(s):
23306J309
1
Names of Reporting Persons
RA Capital Healthcare 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
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
18,288,220.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
18,288,220.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
18,288,220.00
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)
5.8 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
DBV TECHNOLOGIES S.A.
(b)
Address of issuer's principal executive offices:
177-181 AVENUE PIERRE BROSSOLETTE, MONTROUGE, I0, 92120.
Item 2.
(a)
Name of person filing:
The names of the persons filing this report (collectively, the "Reporting Persons") are:
RA Capital Management, L.P. ("RA Capital")
Peter Kolchinsky ("Dr. Kolchinsky")
Rajeev Shah ("Mr. Shah")
RA Capital Healthcare Fund, L.P. (the "Fund")
The Reporting Persons expressly disclaim status as a "group" for purposes of this Schedule 13G.
(b)
Address or principal business office or, if none, residence:
The address of the principal business office of each of the Reporting Persons is:
c/o RA Capital Management, L.P., 200 Berkeley Street, 18th Floor, Boston MA 02116
(c)
Citizenship:
RA Capital and the Fund are Delaware limited partnerships.
Dr. Kolchinsky and Mr. Shah are United States citizens.
(d)
Title of class of securities:
Ordinary shares, nominal value EUR 0.10 per share
(e)
CUSIP Number(s):
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:
CUSIP Number 23306J309 has been assigned to the American Depositary Shares ("ADS") of the Issuer, which are quoted on the Nasdaq Stock Market LLC under the symbol "DBVT". No CUSIP has been assigned to the Issuer's ordinary shares.
Row 9 of each Reporting Person's cover page to this Schedule 13G sets forth the aggregate number of ordinary shares of the Issuer beneficially owned by such Reporting Person and is incorporated by reference.
The Fund directly holds 3,657,644 American Depositary Shares ("ADSs") of the Issuer, representing an aggregate of 18,288,220 ordinary shares. Each ADS represents five ordinary shares of the Issuer.
RA Capital Healthcare Fund GP, LLC is the general partner of the Fund. The general partner of RA Capital is RA Capital Management GP, LLC, of which Dr. Kolchinsky and Mr. Shah are the controlling persons. RA Capital serves as investment adviser for the Fund and may be deemed a beneficial owner, for purposes of Section 13(d) of the Act, of any securities of the Issuer held by the Fund. The Fund has delegated to RA Capital the sole power to vote and the sole power to dispose of all securities held in the Fund's portfolio, including the ordinary shares of the Issuer reported herein. Because the Fund has divested voting and investment power over the reported securities it holds and may not revoke that delegation on less than 61 days' notice, the Fund disclaims beneficial ownership of the securities it holds for purposes of Section 13(d) of the Act. As managers of RA Capital, Dr. Kolchinsky and Mr. Shah may be deemed beneficial owners, for purposes of Section 13(d) of the Act, of any securities of the Issuer beneficially owned by RA Capital. RA Capital, Dr. Kolchinsky, and Mr. Shah disclaim beneficial ownership of the securities reported in this Schedule 13G other than for the purpose of determining their obligations under Section 13(d) of the Act, and the filing of this Schedule 13G shall not be deemed an admission that either RA Capital, Dr. Kolchinsky, or Mr. Shah is the beneficial owner of such securities for any other purpose.
(b)
Percent of class:
Row 11 of each Reporting Person's cover page to this Schedule 13G sets forth the percentages of ordinary shares of the Issuer beneficially owned by such Reporting Person and is incorporated by reference. Such percentage is based upon the sum of (i) 295,915,176 ordinary shares issued and outstanding (net of 146,321 treasury shares) as of July 16, 2026, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (the "SEC") on July 16, 2026 and (ii) 18,288,220 ordinary shares issued to the Fund in the form of ADS by the Issuer pursuant to an at-the-market offering by the Issuer on July 30, 2026.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Row 5 of each Reporting Person's cover page to this Schedule 13G sets forth the sole power to vote or to direct the vote of securities of the Issuer beneficially owned by such Reporting Person and is incorporated by reference.
(ii) Shared power to vote or to direct the vote:
Row 6 of each Reporting Person's cover page to this Schedule 13G sets forth the shared power to vote or to direct the vote of securities of the Issuer beneficially owned by such Reporting Person and is incorporated by reference.
(iii) Sole power to dispose or to direct the disposition of:
Row 7 of each Reporting Person's cover page to this Schedule 13G sets forth the sole power to dispose or to direct the disposition of securities of the Issuer beneficially owned by such Reporting Person and is incorporated by reference.
(iv) Shared power to dispose or to direct the disposition of:
Row 8 of each Reporting Person's cover page to this Schedule 13G sets forth the shared power to dispose or to direct the disposition of securities of the Issuer beneficially owned by such Reporting Person and is incorporated by reference.
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:
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.
RA Capital Management, L.P.
Signature:
/s/ Peter Kolchinsky
Name/Title:
By Peter Kolchinsky, Authorized Signatory
Date:
08/06/2026
Peter Kolchinsky
Signature:
/s/ Peter Kolchinsky
Name/Title:
Peter Kolchinsky
Date:
08/06/2026
Rajeev Shah
Signature:
/s/ Rajeev Shah
Name/Title:
Rajeev Shah
Date:
08/06/2026
RA Capital Healthcare Fund, L.P.
Signature:
/s/ Peter Kolchinsky
Name/Title:
By RA Capital Healthcare Fund GP, LLC, its General Partner, By Peter Kolchinsky, Manager
