DBV Technologies, a clinical-stage biopharmaceutical company focused on food allergy treatments, announced on September 5, 2025, the establishment of a new $150 million at-the-market (ATM) offering program. The French company filed a prospectus supplement with the U.S. Securities and Exchange Commission to enable the sale of American Depositary Shares (ADSs) through Citizens JMP Securities, LLC as sales agent.
The proceeds from this financing program will be directed toward critical development activities for the company's lead product candidate. DBV Technologies intends to use the net proceeds primarily for activities associated with the Biologics License Application (BLA), potential approval and launch of VIASKIN Peanut patch in toddlers aged 1-3 years old, as well as to advance development of other product candidates using its proprietary VIASKIN technology platform.
VIASKIN Technology Platform
DBV Technologies has developed a novel approach to treating food allergies through its proprietary VIASKIN patch technology. The patch utilizes epicutaneous immunotherapy (EPIT), a new class of non-invasive treatment designed to modify underlying allergies by re-educating the immune system. Through this approach, the VIASKIN patch introduces microgram amounts of biologically active compounds to the immune system through intact skin, leveraging the skin's immune tolerizing properties to help patients become desensitized to allergens.
Food allergies affect millions of people, including young children, and are caused by hypersensitive immune reactions that can produce symptoms ranging from mild reactions to life-threatening anaphylaxis. The company's epicutaneous immunotherapy approach seeks to address this significant unmet medical need by offering a non-invasive alternative to existing treatment options.
Clinical Development Programs
DBV Technologies is currently conducting clinical trials of VIASKIN Peanut in two pediatric populations: peanut allergic toddlers aged 1 through 3 years and children aged 4 through 7 years. The company's focus on the toddler population for its upcoming BLA represents a strategic approach to address food allergies in the youngest patients, who may benefit most from early intervention.
Financial Structure and Investor Access
The ATM program allows DBV Technologies to offer and sell up to $150 million of ADSs from time to time, with each ADS representing five ordinary shares of the company. Sales will be conducted at market prices, with the corresponding sales price of underlying ordinary shares subject to a maximum discount of 15% from either the last closing price on Euronext Paris or the volume-weighted average price over a chosen period.
The program includes specific investor eligibility requirements, limiting purchases to qualified investors including natural persons or legal entities that regularly invest in the pharmaceutical, biotechnological or medical technology sectors, as well as companies carrying out significant business in pharmaceutical, chemical, or medical device sectors.
Based on an illustrative calculation using the September 2, 2025 ADS price of $9.18, the full $150 million offering could result in maximum potential dilution of approximately 50% based on the company's existing share capital, with a current shareholder holding 1.0% of outstanding shares potentially seeing their ownership reduced to 0.63% following completion of the transaction.
Corporate Operations
DBV Technologies maintains its headquarters in Châtillon, France, with North American operations in Warren, New Jersey. The company's ordinary shares trade on segment B of Euronext Paris under the symbol DBV, while its ADSs trade on the Nasdaq Capital Market under the symbol DBVT. The new ATM program replaces a previous at-the-market program established in May 2022, with similar terms and conditions maintained for the updated financing structure.
