dbvt-20260331

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

____________________

FORM 10-Q

____________________

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______________ to _______________

Commission file number 001-36697

DBV TECHNOLOGIES S.A.

(Exact name of registrant as specified in its charter)

____________________


France			Not applicable
State or other jurisdiction of incorporation or organization			(I.R.S. Employer Identification No.)
107 Av. de la République			N/A
92320 Châtillon
(Address of principal executive offices)			(Zip Code)

Registrant’s telephone number, including area code +33 1 55 42 78 78

____________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

American Depositary Shares, each representing five ordinary shares, nominal value €0.10 per share

DBVT

The Nasdaq Stock Market LLC

Ordinary shares, nominal value €0.10 per share*

n/a

The Nasdaq Stock Market LLC

*Not for trading, but only in connection with the registration of the American Depositary Shares.

Securities registered pursuant to Section 12(g) of the Act: None.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☐

Accelerated filer

☐

Non-accelerated filer

☒

Smaller reporting company

☒

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).

☐ Yes ☒ No

As of April 30, 2026, the registrant had 296,042,447 ordinary shares, nominal value €0.10 per share, outstanding including treasury shares.

Table of contents


Part I	Financial information	2
Item 1	Condensed Consolidated Statements of Financial Position (Unaudited) as of March 31, 2026 and December 31, 2025	2
	Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) for the Three Months Ended March 31, 2026 and 2025	3
	Condensed Consolidated Statements of Cash Flows (Unaudited) for the Three Months Ended March 31, 2026 and 2025	4
	Condensed Consolidated Statements of Changes in Shareholders’ Equity (Unaudited) for the Three Months Ended March 31, 2026 and 2025	5
	Notes to the Condensed Consolidated Financial Statements (Unaudited)	6
Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	15
Item 3	Quantitative and Qualitative Disclosures About Market Risk	20
Item 4	Controls and Procedures	20
Part II	Other Information	21
Item 1	Legal Proceedings	21
Item 1A	Risk Factors	21
Item 2	Unregistered Sales of Equity Securities and Use of Proceeds	21
Item 3	Defaults Upon Senior Securities	22
Item 4	Mine Safety Disclosures	22
Item 5	Other Information	22
Item 6	Exhibits	22

Unless the context otherwise requires, we use the terms “DBV”, “DBV Technologies,” the “Company,” “we,” “us” and “our” in this Quarterly Report on Form 10-Q, or Quarterly Report, to refer to DBV Technologies S.A. and, where appropriate, its consolidated subsidiaries. “Viaskin®” and our other registered and common law trade names, trademarks and service marks are the property of DBV Technologies S.A. or our subsidiaries. All other trademarks, trade names and service marks appearing in this Quarterly Report are the property of their respective owners. Solely for convenience, the trademarks and trade names in this Quarterly Report may be referred to without the ® and ™ symbols, but such references should not be construed as any indicator that their respective owners will not assert their rights thereto.

SPECIAL NOTE REGARDING FORWARD LOOKING STATEMENTS

This Quarterly Report contains forward-looking statements which are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These statements may be identified by such forward-looking terminology as “may,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “continue” or variations of these words or similar expressions that are intended to identify forward-looking statements, although not all forward-looking statements contain these words. Any forward-looking statement involves known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statement. Forward-looking statements include statements, other than statements of historical fact, about, among other things:

•our expectations regarding the timing or likelihood of regulatory filings and approvals, including with respect to our anticipated re-submission of a Biologics License Application (“BLA”) for Viaskin Peanut to the U.S. Food and Drug Administration (“FDA”);

•our expectations with respect to an actionable regulatory pathway, including an Accelerated Approval pathway, for toddlers ages 1-3 years-old for Viaskin Peanut patch;

•our expectations regarding initiation of the confirmatory effectiveness study for Viaskin Peanut patch in 1 - 3 years-old;

•anticipated support for the BLA re-submission for Viaskin Peanut patch to FDA;

•the timing and anticipated results of interactions with regulatory agencies;

•the design, initiation, timing, progress, results and success of our pre-clinical studies and clinical trials, and our research and development programs;

•the sufficiency of existing capital resources;

•our business model and our other strategic plans for our business, product candidates and technology;

•our ability to manufacture clinical and commercial supplies of our product candidates and comply with regulatory requirements related to the manufacturing of our product candidates, if approved;

•our ability to build our own sales and marketing capabilities, or seek collaborative partners, to commercialize Viaskin Peanut and/or our other product candidates, if approved;

•the commercialization of our product candidates, if approved;

•our expectations regarding the potential market size and the size of the patient populations for Viaskin Peanut and/or our other product candidates, if approved, and our ability to serve such markets;

•the pricing and reimbursement of our product candidates, if approved;

•the rate and degree of market acceptance of Viaskin Peanut and/or our other product candidates, if approved, by physicians, patients, third-party payors and others in the medical community;

•our ability to advance product candidates into, and successfully complete, clinical trials;

•the scope of protection we are able to establish and maintain for intellectual property rights covering our product candidates and technology;

•estimates of our expenses, future revenues, capital requirements and our needs for additional financing;

•the potential benefits of strategic collaboration agreements and our ability to enter into strategic arrangements;

•our ability to maintain and establish collaborations or obtain additional funding;

•expectations with respect to cash runway;

• our future financial performance; developments relating to our competitors and our industry, including competing therapies; and other risks and uncertainties, including those listed under the caption “Risk Factors.”

Although we believe that we have a reasonable basis for each forward-looking statement contained in this Quarterly Report on Form 10-Q, these statements are based on our estimates or projections of the future that are subject to known and unknown risks and uncertainties and other important factors that may cause our actual results, level of activity, performance, experience or achievements to differ materially from those expressed or implied by any forward-looking statement. These risks, uncertainties and other factors are described in greater detail under the caption “Risk Factors” in Part I. Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission (“SEC”) on March 26, 2026, as amended by the Amendment No. 1 on Form 10-K/A filed with the SEC on April 30, 2026. As a result of the risks and uncertainties, the results or events indicated by the forward-looking statements may not occur. Undue reliance should not be placed on any forward-looking statement. We qualify all of our forward-looking statements by these cautionary statements.

In addition, any forward-looking statement in this Quarterly Report, including statements that “we believe” and similar statements, reflect our beliefs and opinions on the relevant subject and represents our views only as of the date of this Quarterly Report and should not be relied upon as representing our views as of any subsequent date. These statements are based upon information available to us as of the date of this Quarterly Report and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and you are cautioned not to unduly rely upon these statements. We anticipate that subsequent events and developments may cause our views to change. Although we may elect to update these forward-looking statements publicly at some point in the future, we specifically disclaim any obligation to do so, except as required by applicable law. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments we may make.

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

DBV Technologies S.A.

Condensed Consolidated Statements of Financial Position (unaudited)

(amounts in millions, except share and per share data)


	Note	March 31, 2026	December 31, 2025
Assets
Current assets :
Cash and cash equivalents	3	229.2	194.2
Other current assets	4	17.5	18.8
Total current assets		246.7	212.9
Property, plant, and equipment, net		9.9	10.4
Right-of-use assets related to operating leases	5	4.2	4.6
Intangible assets		0.1	—
Other non-current assets	4	5.4	5.8
Total non-current assets		19.7	20.8
Total Assets		266.4	233.7

Liabilities and shareholders' equity
Current liabilities:
Trade payables	6	39.5	40.9
Short-term operating leases	5	1.0	1.1

Current contingencies & Employee Benefits	10	0.5	0.2
Other current liabilities	6	10.8	15.8
Total current liabilities		51.8	58.0
Long-term operating leases	5	5.1	5.4

Non-current contingencies & Employee Benefits	10	1.6	1.5

Total non-current liabilities		6.7	6.9
Total Liabilities		58.4	64.9
Shareholders’ equity :	7
Ordinary shares, €0.10 par value; 296,042,447 and 235,670,864 shares authorized, and issued as of March 31, 2026 and December 31, 2025, respectively,		34.0	26.9
Additional paid-in capital		625.6	541.3
Treasury stock, 128,068 and 74,680 ordinary shares as of March 31, 2026 and December 31, 2025, respectively, at cost		(1.0)	(0.8)
Accumulated deficit		(440.7)	(393.1)
Accumulated other comprehensive income		0.4	0.5
Accumulated currency translation effect		(10.3)	(5.9)
Total Shareholders’ equity		207.9	168.8
Total Liabilities and Shareholder's equity		266.4	233.7

The accompanying notes are an integral part of these condensed consolidated financial statements.

DBV Technologies S.A.

Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited)

(amounts in millions, except share and per share data)


	Note		Three Months Ended March 31,
			2026		2025
Operating income	11	$	0.9	$	0.8
			—		—
Operating expenses	12
Research and development expenses			(33.4)		(21.5)
Sales and marketing expenses			(4.8)		(0.3)
General and administrative expenses			(10.5)		(5.6)
Total Operating expenses			(48.8)		(27.4)
Loss from operations			(47.9)		(26.6)
Financial income (expense)			0.5		(0.5)
Loss before taxes			(47.4)		(27.1)
Income tax			(0.2)		—
Net loss		$	(47.6)	$	(27.1)
			—		—
Foreign currency translation differences, net of taxes			(4.4)		0.7
Actuarial gains on employee benefits, net of taxes			(0.1)		0.1
Comprehensive loss		$	(52.0)	$	(26.3)

Basic/diluted Net loss per share attributable to shareholders	15	$	(0.11)	$	(0.26)

Weighted average shares outstanding used in computing per share amounts:	15		428,302,850		102,617,429

The accompanying notes are an integral part of these condensed consolidated financial statements.

DBV Technologies S.A.

Condensed Consolidated Statements of Cash Flows (unaudited)

(amounts in millions)


	Notes		Three Months Ended March 31,
			2026		2025
Net loss for the period		$	(47.6)	$	(27.1)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation, amortization and accrued contingencies	10		0.9		1.0
Expenses related to share-based payments	9		2.3		1.7
Inventory write-downs			3.0		4.3
Other			—		0.5
Changes in operating assets and liabilities:
Decrease (increase) in inventories and work in progress			(3.0)		(4.3)
Decrease (increase) in other current assets	4		0.6		(3.7)
(Decrease) increase in trade payables	6		(0.5)		10.9
(Decrease) increase in other current and non-current liabilities			(4.7)		(3.1)
Change in operating lease liabilities and right of use assets	5		—		0.1
Net cash flow used in operating activities			(49.1)		(19.7)

Cash flows used in investing activities :
Change in property, plant, and equipment			(0.4)		—
Change in intangible assets			—		—
Change in Other non-current assets	4		0.2		(0.4)
Net cash flows used in investing activities			(0.3)		(0.4)

Cash flows provided by financing activities :
Treasury shares			(0.2)		—
Issuance from Net Capital increase and Share warrants	2		89.1		—
Net cash flows provided by financing activities			88.9		—

Effect of exchange rate changes on cash and cash equivalents			(4.5)		0.5
Net (decrease) / increase in cash and cash equivalents			35.0		(19.5)
Net Cash and cash equivalents at the beginning of the period	3		194.2		32.5
Net cash and cash equivalents at the end of the period	3		229.2	$	13.0

The accompanying notes are an integral part of these condensed consolidated financial statements.

DBV Technologies S.A.

Condensed Consolidated Statements of Changes in Shareholders’ Equity (unaudited)

(amounts in millions, except share and per share data)


	Ordinary shares
	Number of Shares		Amount	Additional paid-in capital	Treasury stock	Accumulated deficit	Accumulated other comprehensive income (loss)	Accumulated currency translation effect	Total Shareholders’ Equity
Balance at January 1, 2025	102,847,501		11.7	315.6	(1.3)	(286.4)	0.9	(13.1)	27.4
Net (loss)			—	—	—	(27.1)	—	—	(27.1)
Other comprehensive income (loss)			—	—	—	—	0.1	0.7	0.8
Issuance of ordinary shares	11,367		—	—	—	—	—	—	—
Issuance of share warrants			—	—	—	—	—	—	—
Treasury shares			—	—	—	—	—	—	—
Share-based payments			—	1.7	—	—	—	—	1.7


Balance at March 31, 2025	102,858,868		11.7	317.3	(1.3)	(313.5)	1.0	(12.4)	2.9


	Ordinary shares
	Number of Shares		Amount	Additional paid-in capital	Treasury stock	Accumulated deficit	Accumulated other comprehensive income (loss)	Accumulated currency translation effect	Total Shareholders’ Equity
Balance at January 1, 2026	235,670,864		26.9	541.3	(0.8)	(393.1)	0.5	(5.9)	168.8
Net (loss)			—	—	—	(47.6)	—	—	(47.6)
Other comprehensive income (loss)			—	—	—	—	(0.1)	(4.4)	(4.5)
Issuance of ordinary shares	60,371,583		7.0	16.9	—	—	—	—	23.9
Issuance of share warrants				65.2	—	—	—	—	65.2
Treasury shares			—	—	(0.2)	—	—	—	(0.2)
Share-based payments			—	2.3	—	—	—	—	2.3


Balance at March 31, 2026	296,042,447	$	34.0	625.6	(1.0)	(440.7)	0.4	(10.3)	207.9

The accompanying notes are an integral part of these condensed consolidated financial statements.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note 1 Nature of the business and principles and accounting methods

Incorporated in 2002 under the laws of France, DBV Technologies S.A. (“DBV Technologies,” or the “Company”, or “we”, or the “group”) is a late-stage specialty biopharmaceutical company focused on changing the field of immunotherapy by developing a novel technology platform called Viaskin. The Company’s therapeutic approach is based on epicutaneous immunotherapy (“EPIT”), a proprietary method of delivering biologically active compounds to the immune system through intact skin using Viaskin.

Basis of Presentation

The condensed consolidated financial statements of the Company and its wholly-owned subsidiaries are unaudited and have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) and are presented in U.S. dollars. All significant intercompany accounts and transactions between the Company and its subsidiaries have been eliminated on consolidation.

The unaudited condensed consolidated financial statements presented in this Quarterly Report should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K filed with the SEC on March 26, 2026, as amended by Amendment No. 1 on Form 10-K/A filed with the SEC on April 30, 2026. The condensed consolidated statement of financial position as of December 31, 2025 was derived from the audited consolidated financial statements but does not include all disclosures required by U.S. GAAP. The Company’s critical accounting policies are detailed in the Annual Report. The Company’s critical accounting policies have not changed materially since December 31, 2025.

Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from these interim financial statements. However, these condensed consolidated financial statements include all adjustments, consisting only of normal recurring adjustments, which are, in the opinion of management, necessary to fairly state the results of the interim period. These interim financial results are not necessarily indicative of results to be expected for the full fiscal year ending December 31, 2026, or any other future period.

The Company presents all financial statement amounts in millions. This presentation has been applied consistently to all periods presented, with prior‑period amounts presented on the same basis. No rounding adjustments were required, and the change did not affect comparability.

Recently Adopted Accounting Pronouncements

There have been no recently issued accounting standards that are expected to have a material impact on our results of operations, financial condition, or cash flows.

Accounting Pronouncements issued not yet adopted

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income Topic 220 — Expense Disaggregation Disclosures. The guidance requires disclosure of additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. The disclosure requirements will be applied on a prospective basis, with the option to apply it retrospectively. For SEC filers, this ASU is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Management evaluated the impact of adopting ASU 2024‑03 and determined that its adoption will result on expanded disclosures on the Company’s consolidated financial statements.

In December 2025, the FASB issued ASU 2025‑12, Codification Improvements, which includes a series of technical corrections, clarifications, and minor improvements to existing guidance across various Topics in the FASB Accounting Standards Codification. The amendments are not expected to significantly affect current accounting practices. ASU 2025‑12 is effective for annual and interim reporting periods beginning after December 15, 2026. The Company does not expect the adoption of ASU 2025-12 to have a material impact on its consolidated financial statements.

In December 2025, the FASB also issued ASU 2025‑11, Interim Reporting (Topic 270): Narrow‑Scope Improvements, which clarifies the scope and applicability of interim reporting guidance, enhances the organization and navigability of required interim disclosures, and introduces a disclosure principle requiring entities to disclose material events or changes that occur after the most recent annual reporting period. For public business entities, the ASU is effective for interim reporting periods in fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company does not expect ASU 2025-11 to have a material impact on its interim consolidated financial statements.

In December 2025, the FASB issued ASU 2025‑10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities, which establishes authoritative U.S. GAAP guidance for the recognition, measurement, presentation, and disclosure of government grants received by business entities. The amendments are effective for public business entities for annual reporting periods beginning after December 15, 2028, including interim periods within those annual periods, with early adoption permitted. The Company does not expect ASU 2025-10 to have a material impact on its consolidated financial statements.

Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s consolidated financial statements upon adoption.

Use of estimates

The preparation of the Company’s condensed consolidated financial statements requires the use of estimates, assumptions and judgments that affect the reported amounts of assets, liabilities, and disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amount of income and expenses during the period. The estimates and assumptions, developed based on the information available at the time of closing the accounts, particularly relate to:

•The assessment of the fair value of equity-settled share-based compensation plans granted to employees and/or executives, which is performed using actuarial models. These models require the Company to use certain calculation assumptions, such as the expected volatility of the share price and the estimated timing of achieving performance conditions over the vesting period of the share-based compensation plan ;

•The evaluation of the amount of the Research Tax Credit, which is based on eligible internal and external research expenses incurred by the Company during the fiscal year. Only eligible research expenditures are included in the calculation of the Research Tax Credit;

•The recoverability of the Company’s net deferred tax assets and related valuation allowance

•The assumptions used in the valuation of right-of-use assets & operating leases

•The estimate of provisions and contingencies.

The final amounts may differ from these estimates. Management is also required to exercise judgment in the following areas:

Going concern

These condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern. The going concern assumption contemplates the realization of assets and satisfaction of liabilities in the normal course of business for at least twelve months as of the date of issuance of the financial statements. The Company has incurred operating losses and negative cash flows from operations since inception. The Company does not generate revenue and continues to prepare for the potential launch of its first product in the United States and in the European Union, if approved.

As of March 31, 2026, Cash & Cash Equivalents are $229.2 million. Based on its current operations, plans, and assumptions, Management estimates that the Company is sufficiently funded to run its operations into the second quarter of 2027, and accordingly for at least twelve months from the date of issuance of this Form 10‑Q.

These estimates are based on the Company’s current forecasts and exclude any additional expenditures related to programs other than the Viaskin Peanut or resulting from the potential in licensing or acquisition of additional product candidates or technologies, or any associated development the Company may pursue. The Company may have based these estimates on assumptions that are incorrect, and the Company may end up using its resources sooner than anticipated.

The Company's net cash used in operating activities increased to $49.1 million for the three months ended March 31, 2026, compared to $19.7 million for the three months ended March 31, 2025, reflecting the acceleration of clinical development activities, the build-out of commercial infrastructure, and the continued expansion of the Company's workforce in preparation for a potential U.S. launch of Viaskin Peanut, if approved. The Company expects its operating cash outflows to remain at elevated levels, and potentially increase further, as it advances toward BLA submission, continues to invest in manufacturing readiness and pre-commercial inventory, and scales its commercial organization. This anticipated trajectory of expenditures has been incorporated into the Company's cash runway estimate described above. However, the rate at which the Company utilizes its cash resources may vary materially from current expectations depending on, among other factors, the timing and scope of regulatory interactions, the pace of clinical enrollment, the timing of manufacturing-related capital commitments, and fluctuations in foreign exchange rates. If the Company's operating cash outflows exceed current projections, the Company may need to seek additional financing earlier than anticipated.

The Company may expend resources sooner than anticipated and may seek additional resources to execute the corporate strategy either through new or existing financing strategies.

Significant contracts
March 2025 PIPE Financing

Financing Milestones

On March 27, 2025, the Company announced the 2025 PIPE financing, to advance the VIASKIN Peanut patch through BLA submission and U.S. commercial launch, if approved.

The financing included gross proceeds of $125.5 million (€116.3 million) received on April 7, 2025, and up to $181.4 million (€168.2 million at the exchange rate of 1 EUR = $1.08) in potential additional gross proceeds contingent on the full exercise of all the warrants, subject to satisfaction of specified conditions. The terms of the financing provided that the ABSA Warrants and the BS Warrants were exercisable from their respective date of issue until the earlier of (i) April 7, 2027 and (ii) 30 days following the publication by the Company of a press release announcing that the VITESSE trial of the VIASKIN Peanut patch in children aged 4-7 years old met the primary endpoint defined in the VITESSE study protocol (the “VITESSE Topline Reuslts”). It being specified that (i) the primary measure of treatment effect will be the difference in response rates at Month 12 between active and placebo treatment groups, (ii) the primary analysis will be based on a 2-sided confidence interval (“CI”) for the difference in response rates, and (iii) the primary analysis must be positive according to the success criterion (lower bound of the 2- sided 95% CI of the difference in response rates ≥ 15%) (the “ABSA Warrant Exercise Period”). Following the announcement of the positive VITESSE Topline Results on December 16, 2025, the ABSA Warrants and BS Warrants were exercisable until January 16, 2026.

On January 16, 2026, the Company announced additional gross proceeds of $195.4 million (€166.7 million at the exchange rate of 1 EUR = $1.17), which exceeded the original dollar-equivalent estimate of $181.4 million due to the appreciation of the EURO against the U.S. dollar between the commitment date and the exercise date, resulting from the full exercise of (i) 34,090,004 warrants attached to the ABSA Warrants (as defined below) resulting in the issuance of 59,657,507 new ordinary shares of the Company (as defined below) and (ii) 71,005,656 BS Warrants (as defined below) resulting in the issuance of 71,005,656 Second Pre-Funded Warrants (as defined below), allowing its holders to subscribe for an aggregate of up to 124,259,898 new shares.

Of the total additional gross proceeds of $195.4 million (€166.7 million), $100.7 million (€85.7 million) was received in the fourth quarter of 2025 and $94.7 million (€81.0 million) was received in January 2026.

Reminder of the main characteristics of the financing

The exercise of one (1) ABSA Warrant gives the holder the right to subscribe to one point seventy-five (1.75) ABSA Warrant Shares at a price of €1.5939 per ABSA Warrant. The financing resulted in an immediate dilution of 22.4% and a maximal dilution of up to 73.7% of existing shareholders (on a non-diluted basis) if all the warrants in the Offering are exercised in full. The financing consisted of:

•a share capital increase without preferential subscription rights reserved to categories of persons satisfying determined characteristics pursuant to the 24th resolution of the general meeting of shareholders held on May 16, 2024 (the “2024 General Meeting”) completed on April 7, 2025 for an amount of $41 million (€38 million), consisting of the issuance of (i) 34,090,004 new shares at a par value of €0.10 (the "New Shares") each with warrants of the Company attached (the "ABSA Warrants", and together with the New Shares, the "ABSA") at a subscription price of €1.1136 per ABSA and (ii) up to 59,657,507 additional new shares, if all the ABSA Warrants attached to the New Shares are exercised (the "ABSA Warrant Shares"); and

•the issue through an offering reserved to categories of persons satisfying determined characteristics of 71,005,656 units (the “PFW-BS-PFW”) completed on April 7, 2025 for an amount of $85 million (€79 million) at a subscription price of €1.1136 per PFW-BS-PFW (of which €1.1036 will have been prefunded on the issue date), each PFW-BS-PFW consisting of one pre-funded warrant to subscribe for one share of the Company (the "First Pre-Funded Warrants") and one warrant (the "BS Warrants") to subscribe to one second pre-funded warrants (the "Second Pre-Funded Warrants"), each of which entitles the holder to subscribe for 1.75 shares of the Company (the "Second PFW Shares"), allowing to issue up to 71,005,656 additional new shares if all the First Pre-Funded Warrants are exercised (the "First PFW Shares") and up to 124,259,898 additional new shares if all the Second Pre-Funded Warrants are exercised (the "Second PFW Shares", together with the ABSA Warrant Shares and the First Pre-Funded Warrant Shares, the "Warrant Shares", and together with the New Shares, the "Offered Shares"),(together, the "Offering").

Use of proceeds

The proceeds from the issue of the ABSA Warrants and BS Warrants, together with existing cash and cash equivalents, will be mainly used (i) for working capital and general corporate purposes, (ii) to finance the preparation and submission of a potential Biologics License Application (BLA) as well as (iii) efforts to support, the readiness of the potential launch of VIASKIN® Peanut for children aged 4-7 years in the US, if approved.

Accounting treatment

To properly account for pre-funded warrants under US GAAP, an issuer must first apply ASC 480 – Distinguishing liabilities from equity, and then from ASC 815 – Derivatives and Hedging ASC 480 – DISTINGUISHING LIABILITIES FROM EQUITY

Under ASC 480–10–25, a financial instrument should be classified as liability if:

(i)It is mandatorily redeemable,

(ii)It represents an unconditional obligation to repurchase the issuer’s equity shares,

(iii)It requires the issuer to deliver a variable number of shares or net cash settlement.

In our view, April 2025 prefunded warrants avoid all ASC 480 triggers as they meet the following conditions:

(i)Freestanding and detachable: they are legally separable from other instruments,

(ii)Fixed exercise terms: they entitle the holder to a fixed number of shares upon exercise,

(iii)No redemption obligations: they do not require the issuer to transfer cash to repurchase shares.

ASC 815 – DERIVATIVES AND HEDGING

ASC 815 – 40 – Contracts in Entity’s Own Equity addresses whether an equity-linked contract, qualifies as equity in the entity’s financial statements. Indexation to the Company’s own stock. The first condition that must be met for an equity-linked instrument to qualify as equity is to be considered indexed to the entity’s own stock in accordance with ASC 815-40-15. To determine whether an equity-linked instrument is indexed to the Entity’s own stock, a 2-step analysis must be performed:

•Step 1 – Evaluate whether the instrument contains any exercise contingencies, and, if so, whether they disqualify the instrument from being classified as equity,

•Step 2 – Assess whether the settlement terms are consistent with equity classification.

Based on the above elements Prefunded warrants are to be indexed to the Company’s stock.

Equity classification

As Pre-Funded warrants require a settlement in shares (physical settlement) and neither give rise to a net-cash settlement nor provide the option of settlement in shares or net cash settlement, they shall be initially classified as equity. Other conditions necessary for equity classification are met:

•The Company has sufficient authorized and unissued shares available to settle the contract after considering all other commitments that may require the issuance of stock during the maximum period the Pre-Funded warrants could remain outstanding.

•The contract contains an explicit limit on the number of shares (1 share per First Pre-Funded warrant and up to 71,005,656 in total and 1.75 share per Second Prefunded warrant and up to 124,259,898 in total) to be delivered in a share settlement. Adjustments to the exercise ratio are subject to the occurrence of specific events and result from the application of determined formulas.

•There is no required cash payment if DBV Technologies S.A. fails to timely file. There is no requirement to net cash settle the contract in the event the entity fails to make timely filings with the SEC or to maintain registration.

•There are no cash settled top-off or make-whole provisions. April 2025 Prefunded warrants can be classified as equity and shall be accounted for in permanent equity. Subsequent changes in fair value shall not be recognized as long as they continue to be classified as equity.

Upon exercise of the pre-funded warrants, the Company issued common shares in accordance with the terms of the warrants. The accounting treatment for the exercise is as follows:

•The par value of the newly issued common shares is recorded in ‘Common stock’. Any additional amount, including the exercise price paid and the remaining carrying amount of the warrants is recorded in ‘Additional paid‑in capital.

•No gain or loss was recognized in the Consolidated Statements of Operations and Comprehensive Loss as the warrants were classified as equity from inception.

•The Company updated its share count and equity roll-forward to reflect the issuance of shares.

Manufacturing Supply Agreement - Peanut Source Material - Fareva La Vallée

On March 17, 2026, DBV Technologies S.A. entered into a MS Agreement (the “MS Agreement”) with Fareva La Vallee (“FLV”), under which FLV will manufacture and supply the Viaskin peanut source material (“PSM”), exclusively for DBV Technologies S.A. during the agreement term. The term is effective for a period of eight (8) years and can be renewed for a period of two (2) years.

This MS Agreement is subsequent to the the Service Agreement that the Company entered into with FLV on March 18, 2024 (the “PSM Services Agreement”), for the construction of a dedicated production line and facility and the transfer of manufacturing of the PSM to FLV required to produce Viaskin Peanut patches. The PSM Services Agreement also included binding commercial terms which were incorporated into the MS Agreement.

The PSM Services Agreement services include (i) construction activities, (ii) the acquisition equipment, and (iii) the cGMP qualification of a dedicated PSM production line installed at FLV’s premises. DBV has funded capital expenditures amounting to $3.9 million, granting access to preferential pricing and to an exclusively dedicated PSM production line located at FLV’s facilities, while ownership of the line remains with FLV. The assessment of the Manufacturing Supply Agreement concludes that the arrangement contains an embedded lease within the scope of ASC 842 (Leases), based on the following criteria:

–Identified asset: The dedicated PSM production line represents an identified asset, and the supplier does not have substitution rights.

–Control of use: The Company has (i) the right to obtain substantially all of the economic benefits from use of the asset, through exclusive access to the production capacity, and (ii) the right to direct the use of the asset, including decision‑making authority over relevant activities such as production volumes, scheduling, and operating methods.

In accordance with ASC 842‑10‑25‑2, the right‑of‑use asset will be recognized at the lease commencement date, defined as the date on which the production line is made available for use following completion of cGMP qualification. At this stage, the Company has identified the embedded lease, the separation of lease and non‑lease components of the arrangement, and the reclassification of the payment related to the exclusive access right as prepaid rent under ASC 842 (Other non-current assets).

The Company has non-cancellable minimum commitments for PSM, subject to the terms of the Manufacturing Supply Agreement. At the end of a 36-month period starting from the first commercial batch delivery, if the Company has not ordered any batches, excluding technical and validation batches, the Company shall pay FLV an amount not to exceed $0.6 million. As of March 31, 2026, DBV intends to meet the purchase obligations and therefore did not record any liability or accrual related to these commitments

Note 2 Significant Events and Transactions

March 2025 PIPE Financing

Refer to Note 1 above for additional details regarding the March 2025 PIPE Financing.

Manufacturing Supply Agreement - Peanut Source Material - Fareva La Vallée

The Company entered into the MS Agreement with FLV, under which FLV will manufacture and supply the PSM exclusively for DBV Technologies S.A. during the agreement term. The term is effective for a period of eight (8) years and can be renewed for a period of two (2) years.

Legal Proceedings

From time to time, the Company may become subject to various legal proceedings and claims that arise in the ordinary course of our business activities. The Company is not currently subject to any material legal proceedings.

Note 3 Cash and Cash Equivalents

The following tables summarize the cash and cash equivalents as of March 31, 2026 and December 31, 2025:


	March 31, 2026	December 31, 2025
Cash	42.6	127.1
Cash Equivalents	186.6	67.0
Total Cash and Cash Equivalents	229.2	194.2

Cash equivalents are convertible into cash on 32 days notice at no or insignificant cost, on demand. They are measured using level 1 fair value measurements.

Note 4 Other Current & Non Current Assets

Other current assets consisted of the following:


	March 31, 2026	December 31, 2025
Research tax credit	6.6	5.9
VAT Assets	7.5	8.7
Prepaid expenses	2.4	2.6
Other receivables	1.0	1.6
Total	17.5	18.8

The VAT (Value Added Taxes) Assets related to deductible VAT paid on purchases. Prepaid expenses are comprised of finance, legal as well as scientific consulting fees and insurance expenses. Prepaid expenses also include upfront payments which are recognized over the term of the ongoing clinical studies.

Other non Current Assets mainly include $3.9 million the prepaid rent of the dedicated PSM production line located at Fareva La Vallée’s facilities. The right‑of‑use asset will be recognized when the production line is made available for use following completion of cGMP qualification.

Research tax credit

The variance in Research Tax Credit is presented as follows:


			Amount in millions of US dollars
Opening research tax credit receivable as of January 1, 2026			5.9
+ Other operating income			0.9

- Adjustment and currency translation effect			-0.1
Closing research tax credit receivable as of March 31, 2026			6.6
Of which - Non-current portion			—
Of which - Current portion			6.6

In the fiscal year ended December 31, 2021, the Company recovered its Small & Medium Enterprise “SME” status under EU law, and became therefore eligible again for the immediate reimbursement of the Research Tax Credit.

During the period ended March 31, 2026, the Company accrued $0.9 million. The decrease in tax credit income accrual reflects the expected lower level of eligible experimental activities, as the Company’s focus continues to shift from clinical development toward commercial readiness activities.

Note 5 Lease contracts

Future minimum lease payments under the Company’s operating leases’ right of use as of March 31, 2026 and December 31, 2025, are as follows:


	March 31, 2026			December 31, 2025
	Real Estate	Other assets	Total	Real Estate	Other assets	Total
Current portion	1.2	—	1.3	1.3	0.1	1.4
Year 2	1.0	—	1.0	1.0	—	1.0
Year 3	1.0	—	1.0	1.0	—	1.0
Thereafter	3.9	—	3.9	4.2	—	4.2
Total minimum lease payments	7.1	—	7.1	7.5	0.1	7.6
Less: Effects of discounting	(1.0)	—	(1.0)	(1.1)	—	(1.1)
Present value of lease liabilities	6.1	—	6.1	6.4	0.1	6.5
Less: current portion	(1.0)	—	(1.0)	(1.0)	(0.1)	(1.1)
Long-term lease liabilities	5.1	—	5.1	5.4	—	5.4
Weighted average remaining lease term (years)	6.77	0.01		6.95	0.19
Weighted average discount rate	5.00%	0.06%		5.02%	0.07%

The Company recognizes rent expense, calculated as the remaining cost of the lease allocated over the remaining lease term on a straight-line basis. Rent expense presented in the consolidated statement of operations and comprehensive loss was:


	March 31,
	2026	2025
Operating lease expense / (income)	0.3	0.3

Note 6 Trade Payables and Other Current Liabilities

Trade Payables

Trade payables decreased by $1.4 million as of March 31, 2026, compared to December 31, 2025.

Other Current Liabilities

The following tables summarize the other liabilities as of March 31, 2026 and December 31, 2025:

The decrease in social debt compared to the prior period primarily reflects the timing of bonus payments and the settlement of payroll-related liabilities accrued as of December 31, 2025, partially offset by the continued expansion of the Company's teams and the corresponding increase in social security and payroll tax contributions.


	March 31, 2026	December 31, 2025

Social debt	9.7	13.7

Tax liabilities	0.6	0.6
Other debts	0.5	1.5
Total	10.8	15.8

Note 7 Shareholders’ equity

The share capital as of March 31, 2026 is set at the sum of €29,604,245 ($33,959,486.35 converted at historical rates). It is divided into 296,042,447 fully authorized, subscribed and paid-up ordinary shares with a par value of €0.10.

The table below presents the changes in the share capital of the Company as of March 31, 2026 compared to December 31, 2025 at historical rate:


Amounts in millions of U.S. Dollars except share and per share data		Share capital in USD	Additional paid-in capital	Number of shares
Date	Nature of the transactions
Total Equity RFW as of December 31, 2025		26,911,786	541.3	235,670,864
02/01/2026	Capital increase by ordinary shares	1,081,489	6.9	9,226,931
02/01/2026	Capital increase by ordinary shares	361,147	(0.3)	3,081,200
06/01/2026	Capital increase by ordinary shares	1,042,823	6.6	8,907,689
06/01/2026	Capital increase by ordinary shares	1,080,197	6.9	9,226,931
09/01/2026	Capital increase by employee warrants	192	—	1,650
14/01/2026	Capital increase by ordinary shares	628,234	(0.6)	5,392,100
16/01/2026	Capital increase by employee warrants	3,427	—	29,500
22/01/2026	Capital increase by ordinary shares	337,888	(0.3)	2,886,452
22/01/2026	Capital increase by ordinary shares	48,411	—	413,553
29/01/2026	Capital increase by employee warrants	1,749	—	15,212
13/02/2026	Capital increase by ordinary shares	415,170	(0.4)	3,500,000
11/03/2026	Capital increase by ordinary shares	2,046,974	(1.8)	17,690,365

31/03/2026	Share base payment accrual		2.3
31/03/2026	Issuance of warrants		65.2
Total Equity Balance as of March 31, 2026		33,959,486	625.6	296,042,447

Note 8 Fair Value Measurement

The Company reports assets and liabilities recorded at fair value on the Company’s condensed consolidated balance sheets based upon the level of judgment associated with inputs used to measure their fair value.

The fair value measurement level within the fair value hierarchy for a particular asset or liability is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques maximize the use of observable inputs and minimize the use of unobservable inputs.

Financial instruments not measured at fair value on the Company’s consolidated statement of financial position, but which require disclosure of their fair values include cash and cash equivalents, deposits, liquidity contract, accounts payable, and conditional advances. The fair values of these financial instruments are deemed to approximate their carrying amount.

There has been no transfer between levels of the fair value hierarchy and no change from the consolidated balance sheets ended December 31, 2025.

Derivative Instruments

The Company is exposed to increasing foreign exchange risk due to a portion of its procurement activities being conducted in the United States and invoiced in U.S. dollars, as well as the activity of its subsidiary DBV Technologies Inc., in connection with the Company’s preparation for the potential launch of the VIASKIN Peanut patch in the United States, if approved.

This exposure has been increased by the continued depreciation of the U.S. dollar observed over the past year, which increases volatility and uncertainty regarding foreign‑currency‑denominated operating costs.

In this context, since 2025, the Company has hedged the current account of its US subsidiary through the use of financial instruments (foreign exchange swaps entered into with banking counterparties), which are linked to the subsidiary’s current account as of March 31, 2026.

The Company’s policy is not to enter into derivative transactions for speculative purposes.

(In Million of dollars)

As of March 31, 2026

As of December 31, 2025

Notional amount

Fair value

Due date

Notional amount

Fair value

Due date

Asset

Liabilities

<1 year

Asset

Liabilities

<1 year

Foreign exchange SWAP*
Forward sale at maturity

Non-qualified derivative

4.7

—

4.7

1.8

—

1.8

*Forward sale at maturity

The impact of financial instruments not qualifying for hedge accounting of future cash flows is included in “Foreign exchange gains/(losses) (excluding operating activities)” within financial result ($(12) thousand as of March 31, 2026).

Note 9 Share-Based Payments

The Board of Directors has been authorized at the General Meeting of the Shareholders to grant restricted stock units (“RSU”), stock options plan (“SO”), and non-employee warrants (Bons de Souscription d’Actions or “BSA”).

During the three months ended March 31, 2026, the Company granted stock options and restricted stock units to employees as described below.

There have been no changes in the vesting conditions and method of valuation of the SO and RSUs from that disclosed in Note 11 to the consolidated financial statements included in the Annual Report.

Change in Number of BSA/SO/RSU:


	Number of outstanding
	BSA	SO	RSUs
Balance as of December 31, 2025	107,008	14,104,578	3,608,347
Granted during the period	—	147,000	222,200
Forfeited during the period	—	—	(39,000)
Exercised/released during the period	—	—	(32,612)

Balance as of March 31, 2026	107,008	14,251,578	3,758,935

Share-based payments expense reflected in the condensed consolidated statements of operations is as follows:


		Three Months Ended March 31,
			2026	2025
Research & development	SO		(0.6)	(0.4)
	RSU		(0.4)	(0.2)
Sales & marketing	SO		(0.1)	—
	RSU		—	—
General & administrative	SO		(0.9)	(1.0)
	RSU		(0.2)	(0.1)
			(2.3)	(1.7)

Note 10 Contingencies & Employee Benefits

The following tables summarize the contingencies as of March 31, 2026 and December 31, 2025:


	March 31, 2026	December 31, 2025
Current contingencies & Employee Benefits	0.5	0.2
Non-current contingencies & Employee Benefits	1.6	1.5
Total contingencies & Employee Benefits	2.0	1.7

The changes in contingencies are as follows:


	Pension retirement obligations	Other contingencies	Total
At January 1, 2026	1.5	0.2	1.7
Increases in liabilities	—	0.3	0.3
Reversals of unused liabilities	—	—	—
Actuarial gains and losses on defined-benefit plans	0.1	—	0.1
Currency translation effect	—	—	—
At March 31, 2026	1.6	0.5	2.0
Of which current	—	0.5	0.5
Of which non-current	1.6	—	1.6

The Company does not hold any plan assets related to long-term employee benefit for any of the periods presented. There have been no significant changes in assumptions for the estimation of the retirement commitments from those disclosed in Note 12 to the consolidated financial statements included in the Annual Report.

Note 11 Operating income

The following table summarizes the operating income during the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
	2026	2025
Research tax credit	0.9	0.8
Other operating income	0.0	0.0
Total	0.9	0.8

During the period ended March 31, 2026, the Company accrued $0.9 million of research tax credit. The tax credit income accrual reflects the expected lower level on a full year basis of eligible experimental activities, as the Company’s focus continues to shift from clinical development toward commercial readiness activities.

Note 12 Operating expenses and Allocation of Personnel Expenses

The Company had an average of 161 employees during the three months ended March 31, 2026, in comparison with an average of 106 employees during the three months ended March 31, 2025. The increase is mainly due to hiring to support development activities and quality activities.

The following table summarizes the allocation of personnel expenses by function during the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
	2026	2025
Research and Development expenses	8.5	4.6
Sales & Marketing expenses	1.0	0.2
General & Administrative expenses	4.6	3.0
Total personnel expenses	14.0	7.8

The following table summarizes the allocation of personnel expenses by nature during the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
	2026	2025
Wages and salaries	9.0	4.7
Social security contributions	2.7	1.4
Expenses for pension commitments	—	—
Share-based payments	2.3	1.7
Total	14.0	7.8

The first quarter of 2025 remained at a more measured pace, as the Company was awaiting the agreement with the U.S. Food and Drug Administration, reached on March 24, 2025, regarding the safety data required to support the Biologics License Application (BLA) for the Viaskin® Peanut patch in children aged 4 to 7, if approved. Following this regulatory milestone, the completion of the March 2025 PIPE financing enabled the Company to accelerate progress toward its next development and regulatory milestones.

The increase in personnel expenses of $6.2 million aligns with the reinforcement in the United States of commercial, quality and regulatory talents to support a potential launch of the Viaskin® Peanut patch in children aged 4 to 7, if approved.

Note 13 Commitments

In connection with the launch of our clinical trials, we have entered into service agreements with several CROs. For the three months ended March 31, 2026, expenses associated with the ongoing trials amounted globally to $7.4 million, and we had non-cancellable contractual obligations with CROs amounting to $88.9 million.

The Company has entered into multi‑year supply and manufacturing agreements that include minimum purchase obligations over defined periods. Under applicable accounting guidance, take‑or‑pay commitments are generally considered firm purchase commitments but remain off‑balance sheet unless they create an unavoidable or unconditional payment obligation, or become loss contract.

With Sanofi

On August 29, 2025, the Company entered into a Manufacturing Supply Agreement (the “Supply Agreement”) with SANOFI under which SANOFI will manufacture and supply the Viaskin Peanut API exclusively for DBV Technologies S.A. during the agreement term. The Supply Agreement has an effective date of January 1, 2025 and an initial term of four (4) years with a possibility to extend for an additional period. Under the Supply Agreement, the Company has agreed to certain minimum purchase levels and service fees over the initial 4-year-term.

As of March 31, 2026, total payments made during the period under the Supply Agreement were approximately $1.6 million, which were recorded as R&D expenses. The Company will expense manufacturing and supply costs as incurred.

With Fareva

On March 17, 2026, DBV Technologies S.A. entered into the MS Agreement with FLV, under which FLV will manufacture and supply PSM, exclusively for DBV Technologies S.A. during the agreement term. The term is effective for a period of eight (8) years and can be renewed for a period of two (2) years .

For the three months ended March 31, 2026, total payments made during the period under the MS Agreement are approximately $0.1 million.

The following table presents our material expenses commitments for future periods:



	2026	2027	2028	Thereafter	Total
	(Amounts in million)
Purchase obligations - Obligations Under the Terms of CRO Agreements	37.1	25.2	20.1	6.5	88.9
Purchase obligations - Obligations Under the Terms of CMO Agreements	17.7	15.9	15.9	—	49.5
Total	54.8	41.1	36.0	6.5	138.4

Letter of Credit and Collateral

A Certificate of Deposit, for an initial amount of $0.3 million was signed in order to guarantee an American Express credit cards program in the United States.

Note 14 Relationships with Related Parties

There were no new significant related-party transactions during the period nor any changes in the nature of the transactions from those described in Note 17 to the consolidated financial statements included in the Annual Report.

The compensation amounts presented below, which were awarded to the Directors and Officers of the Company totaled $1.8 million. The recipients of this compensation are “related parties”.


	March 31, 2026	March 31, 2025
Short-term benefits	1.7	1.4
Post-employment benefits	—	—


Total	1.8	1.4

The methods for the valuation of the benefit related to share-based payments are presented in Note 9 Share-Based Payments.

Amounts payable to related parties as of March 31, 2026 and December 31, 2025 are as follows:


	March 31, 2026	December 31, 2025
Compensation	1.4	3.0
Pension obligations	0.1	0.1
Total	1.5	3.1

The parent company, DBV Technologies S.A., entered into a cash‑pooling agreement with its subsidiaries (DBV Technologies Inc., DBV Technologies Australia Pty Ltd and DBV Pharma SAS), the balance of which amounts to the following:


	March 31, 2026	December 31, 2025
Loans & Advances	4.1	1.8
Total	4.1	1.8

Note 15 Loss Per Share

The Basic loss per share is calculated by dividing net loss attributable to the Company’s shareholders by the weighted‑average number of ordinary shares outstanding during the period. Following the March 2025 PIPE financing, this weighted‑average share count includes the shares underlying the pre‑funded warrants, as the remaining cash exercise price for those warrants is considered immaterial.

The computations for basic and diluted loss per share were as follows (in millions of U.S. Dollars except share and per share data):


	March 31, 2026	March 31, 2025
Net loss	(47.6)	(27.1)
Weighted average number of ordinary shares	428,302,850	102,617,429
Net loss per share attributable to ordinary shareholders, basic and diluted ($/share)	(0.11)	(0.26)

This summary also gives an overview of all exercisable instruments generated by the company either through Financing or incentive programs for employees as described in Note 9.


	March 31, 2026		December 31, 2025
	Warrants	Shares *	Warrants	Shares *
Non-employee warrants	107,008	107,008	107,008	107,008
Stock-options	14,251,578	14,251,578	14,104,578	14,104,578
Restricted stock units	3,758,935	3,758,935	3,608,347	3,608,347
Prefunded warrants	100,962,751	142,647,271	137,991,871	202,972,492
PFW 2022	13,116,331	13,116,331	13,116,331	13,116,331
BSA from ABSA (March 2025 PIPE Financing)	—	—	15,635,172	27,361,551
PFW1 from PFW-BS-PFW (March 2025 PIPE Financing)	32,267,060	32,267,060	38,234,712	38,234,712
BS from PFW-BS-PFW (March 2025 PIPE Financing)	—	—	35,348,260	61,859,455
PFW2 (March 2025 PIPE Financing)	55,579,360	97,263,880	35,657,396	62,400,443
Total Shares		160,764,792		220,792,425

* The equivalent in shares

Note 16 Reportable segment disclosure


	Three Months Ended March 31,
	2026	2025
Clinical studies	11.4	6.8
BLA & Regulatory	6.3	1.4
Medical Affairs & Other Medical	4.9	2.0
Research & Innovation	0.3	0.7
Manufacturing & Supply and Quality	10.5	10.6
Sales & Marketing	4.8	0.3
General & Administrative	10.5	5.6
Total expenses	48.8	27.4

The Company operates and is managed as one operating segment driving expenses for the development of Viaskin Peanut. The Company’s R&D organization is primarily responsible for the development and registration efforts of Viaskin Peanut. The Company is also supported by corporate staff functions.

The Company’s Chief Executive Officer as the chief operating decision maker (“CODM”) manages and allocates resources to the operations of the total company by assessing the overall level of resources available and how to best allocate them to support the Company’s long-term company-wide strategic goals. In making this decision, the CODM uses consolidated financial information for the purposes of evaluating performance, allocating resources, setting incentive compensation targets and planning and forecasting for future periods.

The CODM's analysis includes a comparison to budgeted results. Segment assets provided to the CODM are consistent with those reported on the Consolidated Statement of Financial Position with particular emphasis on the Company's available liquidity including cash, cash equivalents.

Note 17 Events after the Close of the Period

The Company has evaluated subsequent events through the date these condensed consolidated financial statements were issued and determined that there were no subsequent events requiring disclosure or adjustment.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our unaudited condensed consolidated financial statements and related notes included in Part 1, Item 1 of this Report and with our audited financial statements and related notes thereto for the year ended December 31, 2025, included in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission on March 26, 2026, as amended by the Amendment No. 1 on Form 10-K/A filed with the SEC on April 30, 2026, or the Annual Report. This discussion and other parts of this Report contain forward-looking statements that involve risks and uncertainties, such as statements of our plans, objectives, expectations and intentions. Our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause such differences are discussed in the section of this Report titled “Special Note Regarding Forward-Looking Statements” and under “Item 1A. Risk Factors” in the Annual Report.

Overview

We are a late-stage specialty biopharmaceutical company focused on changing the field of immunotherapy by developing a novel technology platform called Viaskin. Our therapeutic approach is based on EPIT, our proprietary method of delivering biologically active compounds to the immune system through intact skin using Viaskin, an epicutaneous patch (i.e., a skin patch). We have generated significant data demonstrating that Viaskin’s mechanism of action is novel and differentiated. Viaskin targets specific antigen-presenting immune cells in the skin, called Langerhans cells, that capture the antigen and migrate to the lymph node in order to activate the immune system without passage of the antigen into the bloodstream, minimizing systemic exposure in the body. We are advancing this unique technology to treat children suffering from food allergies, for whom safety is paramount, since the introduction of the offending allergen into their bloodstream can cause severe or life-threatening allergic reactions, such as anaphylactic shock. We believe Viaskin may offer convenient, self-administered, non-invasive immunotherapy to patients, if approved.

Our most advanced product candidate is Viaskin Peanut, which has been evaluated as a potential therapy for children with peanut allergy in twelve clinical trials, including three Phase 2 trials and four completed Phase 3 trials. We have two ongoing Phase 3 trials of Viaskin Peanut in children ages one to three and ages four to seven with peanut allergy. The Company plans to submit a BLA for Viaskin Peanut in children aged 4 to 7 in the first half of 2026. With respect to the toddler program, the COMFORT Toddlers supplemental safety study in peanut allergic children aged 1 to 3, which screened its first subject on June 25, 2025, is ongoing and the Company continues to enroll subjects towards its target of approximately 300 to 350 subjects on active treatment. This would bring the total Viaskin Peanut patch safety database in this age group to approximately 600 subjects, consistent with prior FDA guidance.

Overview of the First Quarter of 2026

In the first quarter of 2026, the Company started to execute its plan for the potential U.S. commercialization of the Viaskin Peanut patch for children aged 4 to 7, following regulatory, clinical and financial developments in 2025 that will support a BLA filing and have increased cash and cash equivalents.

In March 2025, the FDA confirmed the safety data requirements to support the planned Biologics License Application for Viaskin Peanut in children aged 4 to 7 if approved, providing a clear and executable path toward submission. Subsequently, the Company completed its March 2025 PIPE financing. In addition ATM sales in the second half of 2025 materially strengthened the Company’s balance sheet, enabling continued progression toward potential commercialization while maintaining disciplined capital allocation. Finally, in December 2025, the Company reported positive topline results from the Phase 3 VITESSE trial in peanut-allergic children aged 4 to 7 years that enable a BLA filing expected in the first half of 2026.

The Company’s strategic objective remains to change the field of immunotherapy by developing and commercializing safe, effective, and convenient therapies for patients with food allergies and other immunological conditions while delivering sustained value to shareholders.

Critical Accounting Policies and Significant Judgments and Estimates

Our management’s discussion and analysis of our financial condition and results of operations is based on our unaudited condensed consolidated financial statements, which have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). The preparation of these unaudited condensed consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements, as well as the revenue, costs and expenses recognized during the reporting periods. Our estimates are based on our historical experience and on various other factors that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

There have been no new policies or significant changes to our critical accounting policies as disclosed in the critical accounting policies described in the Annual Report. Our significant accounting policies are more fully described in Note 1 of the Notes to the Consolidated Financial Statements in Part I, Item 1 of our Annual Report.

Business Trends and Results of Operations

Comparison of the Three Months Ended March 31, 2026 and 2025

The following table summarizes our results of operations, derived from our unaudited condensed consolidated financial statements, which have been prepared in accordance with U.S. GAAP and presented in millions of U.S. dollars, for the three months ended March 31, 2026 and 2025.


	Three Months Ended March 31,
	2026	2025	$ change	% of change
Operating income	0.9	0.8	0.1	15%

Operating expenses
Research and development expenses	(33.4)	(21.5)	(11.9)	55%
Sales and marketing expenses	(4.8)	(0.3)	(4.6)	1750%
General and administrative expenses	(10.5)	(5.6)	(4.9)	87%
Total Operating expenses	(48.8)	(27.4)	(21.4)	78%
Financial income (expense)	0.5	(0.5)	1.0	(215)%
Income tax	(0.2)	—	(0.2)	—%
Net loss	(47.6)	(27.1)	(20.5)	76%

Operating Income

The following table summarizes our operating income during the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
	2026	2025		$ change
Research tax credit	0.9	0.8	0.1	15%
Total Other operating income	0.9	0.8

SEC Form 10-Q filed by DBV Technologies S.A.