BioImpact LLC reported a significant passive stake in DBV Technologies S.A., disclosing beneficial ownership of 24,579,307 Ordinary Shares as of December 31, 2025. This includes Ordinary Shares held directly, shares represented by American Depositary Shares (each ADS equals five Ordinary Shares), and Ordinary Shares underlying pre-funded warrants.
BioImpact’s position represents 9.99% of DBV’s Ordinary Shares, although EDGAR field limits show this as 9.9% on the cover page. The firm has sole voting and dispositive power over all reported shares and certifies that the holdings are for ordinary-course, non-control purposes.
Positive
None.
Negative
None.
Insights
BioImpact LLC has a sizable, passive 9.99% stake in DBV Technologies.
BioImpact LLC reports beneficial ownership of 24,579,307 DBV Technologies Ordinary Shares, equal to 9.99% of the class as of December 31, 2025. The stake combines directly held Ordinary Shares, ADS-linked shares, and Ordinary Shares issuable from pre-funded warrants.
The pre-funded warrants are subject to a Beneficial Ownership Blocker that prevents exercises pushing BioImpact and its attribution parties above 9.99%. This keeps the stake just below a 10% threshold often associated with additional regulatory and governance implications.
BioImpact certifies the position is held in the ordinary course and not for changing or influencing control, signaling a passive investment posture. Actual influence will depend on DBV’s total shareholder base and any future changes in BioImpact’s ownership reported in later filings.
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 0.01 euro 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
MPM BioImpact 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
24,579,307.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
24,579,307.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
24,579,307.00
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)
9.9 %
12
Type of Reporting Person (See Instructions)
IA
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:
MPM BioImpact LLC
(b)
Address or principal business office or, if none, residence:
399 Boylston Street, Suite 1100
Boston, MA 02116
(c)
Citizenship:
Delaware
(d)
Title of class of securities:
Ordinary Shares, nominal value 0.01 euro 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:
There is no CUSIP number assigned to the Ordinary Shares. CUSIP number 23306J309 has been assigned to the American Depositary Shares ("ADSs") of the Issuer. Each ADS represents five Ordinary Shares.
The shares reported herein for the Reporting Person include (i) 9,226,931 Ordinary Shares, and (ii) 4,984,125 Ordinary Shares represented by ADSs. In addition, the Reporting Person beneficially owns pre-funded warrants ("Pre-Funded Warrants") exercisable for up to 17,690,365 Ordinary Shares. The Pre-Funded Warrants may be exercised for Ordinary Shares at the election of the holder thereof, except that the Pre-Funded Warrants contain a provision (the "Beneficial Ownership Blocker") which precludes the exercise of the Pre-Funded Warrants to the extent that, following the exercise, the holder, together with its Attribution Parties (as defined in the Pre-Funded Warrants") would beneficially own more than 9.99% of the Ordinary Shares outstanding (including any Ordinary Shares represented by ADSs).
As of December 31, 2025, the Reporting Person was prohibited from exercising the Pre-Funded Warrants to the extent that the exercise would result in beneficial ownership of more than 24,579,307 Ordinary Shares by the Reporting Person.
The information required by this item with respect to the Reporting Person is set forth in Rows 5 through 9 and 11 of the cover page to this Schedule 13G. The beneficial ownership percentage reported is based on 235,670,864 outstanding Ordinary Shares as of December 31, 2025, as published by the Issuer, plus (ii) 10,368,251 Ordinary Shares of which the Reporting Person may currently acquire upon the exercise of the Pre-Funded Warrants, as limited by the Beneficial Ownership Blocker.
(b)
Percent of class:
As of December 31, 2025, the Reporting Person beneficially owned 9.99% of the Ordinary Shares. Due to field limitations of the EDGAR filing system, the percentage listed in Row 11 of the Reporting Person's cover page of this Schedule 13G has been rounded down to 9.9%.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
24,579,307
(ii) Shared power to vote or to direct the vote:
0
(iii) Sole power to dispose or to direct the disposition of:
24,579,307
(iv) Shared power to dispose or to direct the disposition of:
0
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 acquired and are held in the ordinary course of business and 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.
What percentage of DBV Technologies (DBVT) does BioImpact LLC own?
BioImpact LLC beneficially owns 9.99% of DBV Technologies’ Ordinary Shares. This percentage is based on 235,670,864 outstanding Ordinary Shares plus shares BioImpact may currently acquire from pre-funded warrants, subject to a Beneficial Ownership Blocker limiting ownership to below 10%.
How many DBV Technologies shares does BioImpact LLC report owning?
BioImpact LLC reports beneficial ownership of 24,579,307 DBV Technologies Ordinary Shares. This total includes Ordinary Shares held directly, Ordinary Shares represented by ADSs, and Ordinary Shares underlying pre-funded warrants that can be exercised within the limits of the Beneficial Ownership Blocker.
What types of DBV Technologies securities does BioImpact LLC hold?
BioImpact LLC holds DBV’s Ordinary Shares directly, Ordinary Shares represented by ADSs, and pre-funded warrants exercisable for up to 17,690,365 additional Ordinary Shares. Warrant exercises are restricted by a Beneficial Ownership Blocker that prevents BioImpact and its attribution parties from exceeding 9.99% ownership.
What is the Beneficial Ownership Blocker mentioned in the DBVT filing?
The Beneficial Ownership Blocker in BioImpact’s pre-funded warrants prevents exercises that would push its beneficial ownership above 9.99% of DBV’s Ordinary Shares. As of December 31, 2025, this limited the number of warrant shares BioImpact could count toward its reportable holdings.
Is BioImpact LLC seeking control of DBV Technologies (DBVT)?
BioImpact LLC certifies its DBV Technologies securities were acquired and are held in the ordinary course of business. It specifically states they were not acquired and are not held for changing or influencing control, indicating a passive investment intent under Schedule 13G.
When was BioImpact LLC’s DBV Technologies ownership measured?
BioImpact’s reported ownership in DBV Technologies is measured as of December 31, 2025. The 9.99% beneficial ownership figure and the 24,579,307 Ordinary Shares reflect the issuer’s published share count and warrant exercisability as of that date.
