DBV Technologies sells $30 million of shares through ATM program

DBV Technologies (NASDAQ: DBVT) sold approximately $30 million of American Depositary Shares through its at-the-market program to investor Invus, the clinical-stage biopharmaceutical company announced.

The transaction involves issuing 11,538,460 new ordinary shares underlying 2,307,692 ADSs at $13.00 per ADS. Each ADS represents five ordinary shares of the French company. The price represents a 3.41% discount to the last closing price on Euronext Paris.

The issuance is expected to settle on October 8, 2025. Citizens Capital Markets served as sales agent for the transaction.

Following the transaction, Invus will hold 13,857,460 shares, representing 9.33% of DBV Technologies' share capital, up from its previous 1.69% stake. The new shares will result in approximately 7.77% dilution for existing shareholders.

Baker Brothers Investments remains the largest shareholder with 25,005,300 shares, though its percentage ownership will decrease to 16.84% from 18.26%. Bpifrance Participations will hold 7.34% compared to 7.96% previously.

The company established the ATM program on September 5, 2025, pursuant to a resolution adopted at its annual shareholder meeting in June. The program allows DBV to issue shares without preferential subscription rights to specific categories of investors.

DBV Technologies develops treatments for food allergies using its Viaskin platform for epicutaneous immunotherapy. The company has ongoing clinical trials of Viaskin Peanut in children and toddlers with peanut allergies.

The transaction falls under European regulatory exemptions that allow companies to issue up to 30% of existing shares over 12 months without requiring a prospectus approval from French financial authorities.

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