# EDGAR Filing Document

**Accession Number:** 0001581835
**File Stem:** 0001104659-26-000611
**Filing Date:** 2026-1
**Character Count:** 37142
**Document Hash:** 7a67c87df2fe0d36decc336e9d17e70b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-000611.hdr.sgml**: 20260105

**ACCESSION NUMBER**: 0001104659-26-000611

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20260105

**DATE AS OF CHANGE**: 20260105

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DBV Technologies S.A.
- **CENTRAL INDEX KEY:** 0001613780
- **STANDARD INDUSTRIAL CLASSIFICATION:** BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 000000000
- **STATE OF INCORPORATION:** I0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-88701
- **FILM NUMBER:** 26505780

**BUSINESS ADDRESS:**
- **STREET 1:** 107 AVENUE DE LA REPUBLIQUE
- **CITY:** CHATILLON
- **STATE:** I0
- **ZIP:** 92320
- **BUSINESS PHONE:** 33(0)155427878

**MAIL ADDRESS:**
- **STREET 1:** 107 AVENUE DE LA REPUBLIQUE
- **CITY:** CHATILLON
- **STATE:** I0
- **ZIP:** 92320
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Bpifrance Participations SA
- **CENTRAL INDEX KEY:** 0001581835

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** I0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **STREET 1:** 27-31 AVENUE DU GENERAL LECLERC
- **CITY:** MAISONS ALFORT, CEDEX
- **STATE:** I0
- **ZIP:** 94710
- **BUSINESS PHONE:** 33153898789

**MAIL ADDRESS:**
- **STREET 1:** 27-31 AVENUE DU GENERAL LECLERC
- **CITY:** MAISONS ALFORT, CEDEX
- **STATE:** I0
- **ZIP:** 94710

## Exhibit 99.2

**Exhibit 99.2**

**Information with respect to Directors and Executive Officers of the Reporting Persons**

**Name, business address, present principal occupation or employment and place of citizenship of the directors and executive officers of**

**BPIFRANCE PARTICIPATIONS S.A.**

The name, business address and present principal occupation or employment of each of the directors and executive officers of Bpifrance Participations S.A. are set forth below. The business address of each director and executive officer is Bpifrance Participations S.A., 27-31, avenue du Général Leclerc, 94710 Maisons-Alfort Cedex, France. Unless otherwise indicated, each director and executive officer is a citizen of France.

**BOARD OF DIRECTORS**

---

| | |
|:---|:---|
| **Name** | **Present Principal Occupation or Employment** |
| NICOLAS DUFOURCQ | **Director, Chairman, Chief Executive Officer of Bpifrance Participations**, and Chief Executive Officer of Bpifrance |
| MARION CABROL | **Director**, Investment manager at the Department of strategic holdings at Caisse des Dépôts |
| OLIVIER RAVEL | **Director**, Head of M&A within the Department of strategic holdings at Caisse des Dépôts |
| FREDERIC SAINT-GEOURS | **Director**, formerly vice chairman of the board of directors of SNCF SA |
| FRENCH STATE represented by GuilLemette Kreis | **Director**, Investment manager at the Agence des Participations de l'Etat (French State Shareholding Agency) |
| CAMILLE SUTTER | **Director,** head of the Corporate Financing and Development Office, Direction Générale du Trésor (French Treasury) |
| CHLOE MAYENOBE | **Director**, Chief Operating Officer at Thunes |
| CAROLINE PAROT | **Director**, CEO of Technicolor Creative Studios |
| JEROME GAZZANO | **Director**, deputy Director for Innovation in the General Directorate for Companies of the Ministry of Economy and Finance |
| PIERRE AUBOUIN | **Director**, Director of the division Sales and Strategic management of the Portfolio Banque des Territoires |

---

**EXECUTIVE OFFICERS**

---

| | |
|:---|:---|
| **Name** | **Present Principal Occupation or Employment** |
| NICOLAS DUFOURCQ | **Chief Executive Officer** |
| JOSÉ GONZALO | **Executive Director** |
| PIERRE BENEDETTI | **Chief Financial Officer** |

---

**Name, business address, present principal occupation or employment and place of citizenship of the directors and executive officers of**

**CAISSE DES DÉPÔTS**

The name, business address and present principal occupation or employment of each of the members of the Management Committee of Caisse des Dépôts are set forth below. The business address of each director and executive officer is Caisse des Dépôts, c/o 56, rue de Lille, 75007 Paris, France. Unless otherwise indicated, each such person is a citizen of France.

**MANAGEMENT COMMITTEE**

---

| | |
|:---|:---|
| **Name** | **Present Principal Occupation or Employment** |
| OLIVIER SICHEL | **Chief Executive Officer of Caisse des Dépôts** |
| NICOLAS DUFOURCQ | **Chief Executive Officer of Bpifrance** |
| VIRGINIE CHAPRON-DU JEU | **Head of Risk Management of Caisse des Dépôts Group** |
| PIERRE CHEVALIER | **Head of Legal Affairs, compliance and Ethics** |
| NATHALIE TUBIANA | **Head of finance and Sustainable Development Policy at Caisse des Dépôts** |
| OLIVIER MAREUSE | **Deputy Chief Executive Officer Head of Asset Management and Saving Funds** |
| CATHERINE MAYENOBE | **Deputy Chief Executive, Operations and Business Transformation Director of Caisse des Dépôts Group** |
| SOPHIE QUATREHOMME | **Head of Communications, Corporate Sponsorship and Partnerships** |
| MARIANNE KERMOAL-BERTHOME | **Head of Social Policy** |
| ANTOINE SAINTOYANT | **Deputy general manager at Caisse des Dépôts and Head of Banque des Territoires** |
| MARIE-LAURE GADRAT | **Chief of staff to the Chairman and the Chief Executive Director** |
| AURELIE ROBINEAU-ISRAĒL | **Head of Human Resources** |
| AUDREY GIRARD | **Head of Strategic Investments** |

---

**Name, business address, present principal occupation or employment and place of citizenship of the directors and executive officers of**

**EPIC BPIFRANCE**

The name, business address and present principal occupation or employment of each of the directors and executive officers of EPIC Bpifrance are set forth below. The business address of each director and executive officer is EPIC Bpifrance, 27-31, avenue du Général Leclerc, 94710 Maisons-Alfort Cedex, France. Unless otherwise indicated, each director and executive officer is a citizen of France.

**DIRECTORS**

---

| | |
|:---|:---|
| **Name** | **Present Principal Occupation or Employment** |
| CHRISTIAN BODIN | **Director, interim Chairman, Chief Executive Officer of EPIC Bpifrance** |
| ESTELLE DHONT-PELTRAULT | **Director**, assistant to the Head of the Innovation, Technology Transfer and Regional Action Department in the General Directorate for Research and Innovation |
| SANDRINE MENARD | **Director**, assistant to the Head of financial markets and company financing at the Direction générale du Trésor (French Treasury) |
| SIMON PINEAU | **Director**, Head of the office for Energy, Investments, Industry and Innovation in the General Directorate for Budget of the Ministry of Economy and Finance |
| EMMANUELLE BENHAMOU | **Director**, Deputy at the audit and accounting department of the Agence des Participations de l'Etat (French State Shareholding Agency) |
| JOHN PALACIN | **Director**, chief of staff within the General Secretary for Public Investment |
| DAVID HELM | **Director**, Head of Innovation Financing and Intellectual Property in the General Directorate for Companies of the Ministry of Economy and Finance |

---

**Name, business address, present principal occupation or employment and place of citizenship of the directors and executive officers of**

**BPIFRANCE S.A.**

The name, business address and present principal occupation or employment of each of the directors and executive officers of Bpifrance S.A. are set forth below. The business address of each director and executive officer is Bpifrance S.A., 27-31, avenue du Général Leclerc, 94710 Maisons-Alfort Cedex, France. Unless otherwise indicated, each director and executive officer is a citizen of France.

**DIRECTORS**

---

| | |
|:---|:---|
| **Name** | **Present Principal Occupation or Employment** |
| OLIVIER SICHEL | **Director**, Chairman of Bpifrance, Chief Executive Officer of Caisse des Dépôts |
| NICOLAS DUFOURCQ | **Director, Chief Executive Officer of Bpifrance** and Director, Chairman and Chief Executive Officer of Bpifrance Participations |
| ANTOINE SAINTOYANT | **Director,** Deputy general manager at Caisse des Dépôts and Head of Banque des Territoires |
| ALEXIS ZAJDENWEBER | **Director**, Chairman of the Agence des Participations de l'Etat (French State Shareholding Agency) |
| MARIE DELEAGE | **Director representing the employees of Bpifrance** |
| PHILIPPE BAYEUX | **Director representing the employees of Bpifrance** |
| PIERRE-ANDRE DE CHALENDAR | **Director**, honorary Chairman of Saint-Gobain |
| CLAIRE DUMAS | **Director**, formerly CFO at Société Générale |
| STEPHANIE SCHAER | **Director**, Interministerial director of digital affairs |
| MARION CABROL | **Director**, Investment manager in the Department of strategic holdings at Caisse des Dépôts |
| STEPHANIE PERNOD | **Director**, Vice-president of the Regional Council of Auvergne-Rhône-Alpes, in charge of the economy, relocation, regional preference and digital |
| NATHALIE TUBIANA | **Director**, Head of finance and sustainable policy of Caisse des Dépôts Group |
| CLAIRE CHEREMETINSKI | **Director**, Deputy Director General of the Treasury |
| BRICE HUET | **Director**, General commissioner for sustainable development |

---

**Name, business address, present principal occupation or employment and place of citizenship of the directors and executive officers of**

**BPIFRANCE INVESTISSEMENT S.A.S.**

The name, business address and present principal occupation or employment of each of the directors and executive officers of Bpifrance Investissement S.A.S. are set forth below. The business address of each director and executive officer is Bpifrance Investissement S.A.S., 27-31, avenue du Général Leclerc, 94710 Maisons-Alfort Cedex, France. Unless otherwise indicated, each director and executive officer is a citizen of France.

**BOARD OF DIRECTORS**

---

| | |
|:---|:---|
| **Name** | **Present Principal Occupation or Employment** |
| NICOLAS DUFOURCQ | **Director, Chairman and Chief Executive Officer of Bpifrance Investissement, Chief Executive Officer of Bpifrance Participations**, and Chief Executive Officer of Bpifrance |
| MARION CABROL | **Director**, Investment manager at the Department of strategic holdings at Caisse des Dépôts |
| OLIVIER RAVEL | **Director**, Head of M&A within the Department of strategic holdings at Caisse des Dépôts |
| FREDERIC SAINT-GEOURS | **Director**, formerly vice chairman of the board of directors of SNCF SA |
| FRENCH STATE represented by GuilLemette Kreis | **Director**, Investment manager at the Agence des Participations de l'Etat (French State Shareholding Agency) |
| CAMILLE SUTTER | **Director,** head of the Corporate Financing and Development Office, Direction Générale du Trésor (French Treasury) |
| CHLOE MAYENOBE | **Director**, Chief Operating Officer at Thunes |
| CAROLINE PAROT | **Director**, CEO of Technicolor Creative Studios |
| JEROME GAZZANO | **Director**, deputy Director for Innovation in the General Directorate for Companies of the Ministry of Economy and Finance |
| PIERRE AUBOUIN | **Director**, Director of the division Sales and Strategic management of the Portfolio Banque des Territoires |

---

**EXECUTIVE OFFICERS**

---

| | |
|:---|:---|
| **Name** | **Present Principal Occupation or Employment** |
| NICOLAS DUFOURCQ | **Chief Executive Officer** |
| JOSÉ GONZALO | **Executive Director** |
| PIERRE BENEDETTI | **Chief Financial Officer** |

---

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 9)**

**DBV Technologies S.A.**

*(Name of Issuer)*

**Ordinary Shares, nominal value EUR0.10 per share**

*(Title of Class of Securities)*

**23306J309**

*(CUSIP Number)*

**Sophie Paquin**<br>6-8, boulevard Haussmann<br>Paris I0 75009<br>33 6 37 85 94 06

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**12/31/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **23306J309** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Bpifrance Participations S.A.** | Name of reporting person<br>**Bpifrance Participations S.A.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**I0** | Citizenship or place of organization<br>**I0** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**10759239.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**10759239.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**10759239.00** | Aggregate amount beneficially owned by each reporting person<br>**10759239.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**5.2%** | Percent of class represented by amount in Row (11)<br>**5.2%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** Note in relation to Item 13: Percentage of class is calculated based on 200,618,067 Ordinary Shares of the Issuer that are outstanding (based on particular information published by the Issuer) as of November 30, 2025, plus 6,556,781 Ordinary Shares issued upon the Reporting Person's warrants, which were exercised subsequent to November 30, 2025.

| **CUSIP No.** | **23306J309** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Innobio FPCI** | Name of reporting person<br>**Innobio FPCI** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**I0** | Citizenship or place of organization<br>**I0** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**226133.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**226133.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**226133.00** | Aggregate amount beneficially owned by each reporting person<br>**226133.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0.1%** | Percent of class represented by amount in Row (11)<br>**0.1%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** Note in relation to Item 13: Percentage of class is calculated based on 200,618,067 Ordinary Shares of the Issuer that are outstanding (based on particular information published by the Issuer) as of November 30, 2025, plus 6,556,781 Ordinary Shares issued upon the Reporting Person's warrants, which were exercised subsequent to November 30, 2025.

| **CUSIP No.** | **23306J309** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Bpifrance Investissement SAS** | Name of reporting person<br>**Bpifrance Investissement SAS** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**I0** | Citizenship or place of organization<br>**I0** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**226133.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**226133.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**226133.00** | Aggregate amount beneficially owned by each reporting person<br>**226133.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0.1%** | Percent of class represented by amount in Row (11)<br>**0.1%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** Note in relation to Item 13: Percentage of class is calculated based on 200,618,067 Ordinary Shares of the Issuer that are outstanding (based on particular information published by the Issuer) as of November 30, 2025, plus 6,556,781 Ordinary Shares issued upon the Reporting Person's warrants, which were exercised subsequent to November 30, 2025.

| **CUSIP No.** | **23306J309** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Caisse des Depots** | Name of reporting person<br>**Caisse des Depots** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**I0** | Citizenship or place of organization<br>**I0** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**10985372.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**10985372.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**10985372.00** | Aggregate amount beneficially owned by each reporting person<br>**10985372.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**5.3%** | Percent of class represented by amount in Row (11)<br>**5.3%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** Note in relation to Item 13: Percentage of class is calculated based on 200,618,067 Ordinary Shares of the Issuer that are outstanding (based on particular information published by the Issuer) as of November 30, 2025, plus 6,556,781 Ordinary Shares issued upon the Reporting Person's warrants, which were exercised subsequent to November 30, 2025.

| **CUSIP No.** | **23306J309** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**EPIC Bpifrance** | Name of reporting person<br>**EPIC Bpifrance** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**I0** | Citizenship or place of organization<br>**I0** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**10985372.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**10985372.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**10985372.00** | Aggregate amount beneficially owned by each reporting person<br>**10985372.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**5.3%** | Percent of class represented by amount in Row (11)<br>**5.3%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** Note in relation to Item 13: Percentage of class is calculated based on 200,618,067 Ordinary Shares of the Issuer that are outstanding (based on particular information published by the Issuer) as of November 30, 2025, plus 6,556,781 Ordinary Shares issued upon the Reporting Person's warrants, which were exercised subsequent to November 30, 2025.

| **CUSIP No.** | **23306J309** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Bpifrance S.A.** | Name of reporting person<br>**Bpifrance S.A.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**I0** | Citizenship or place of organization<br>**I0** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**10985372.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**10985372.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**10985372.00** | Aggregate amount beneficially owned by each reporting person<br>**10985372.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**5.3%** | Percent of class represented by amount in Row (11)<br>**5.3%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** Note in relation to Item 13: Percentage of class is calculated based on 200,618,067 Ordinary Shares of the Issuer that are outstanding (based on particular information published by the Issuer) as of November 30, 2025, plus 6,556,781 Ordinary Shares issued upon the Reporting Person's warrants, which were exercised subsequent to November 30, 2025.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Ordinary Shares, nominal value EUR0.10 per share

**(b) Name of Issuer:**
DBV Technologies S.A.

**(c) Address of Issuer's Principal Executive Offices:**
107 Avenue de la Republique, Chatillon, I0, 92320

Introductory Statement:

This Amendment No. 9 ("Amendment") is being filed by Bpifrance Participations S.A., a societe anonyme incorporated under the laws of the Republic of France ("Bpifrance Participations"), Innobio FPCI, a fonds professionnel de capital investissement ("Innobio"), Bpifrance Investissement S.A.S., a French management company (societe de gestion) ("Bpifrance Investissement"), Caisse des depots, a French special public entity (etablissement special) ("CDC"), EPIC Bpifrance, a French public institution of industrial and commercial nature ("EPIC" ) and Bpifrance S.A., a societe anonyme incorporated under the laws of the Republic of France ("Bpifrance") (collectively, the "Reporting Persons") pursuant to Section 13(d)(3) of the Securities Exchange Act of 1934, as amended (the "Exchange Act").

This Amendment relates to the Ordinary Shares, nominal value EUR0.10 per share (the "Ordinary Shares") of DBV Technologies S.A. (the "Issuer"). This Amendment amends and supplements the Schedule 13D relating to Ordinary Shares of the Issuer filed with the Securities and Exchange Commission (the "SEC") on April 12, 2018, as amended by Amendment No. 1 to Schedule 13D filed with the SEC on May 7, 2018, as further amended by Amendment No. 2 to Schedule 13D filed with the SEC on April 9, 2019, as further amended by Amendment No. 3 to Schedule 13D filed with the SEC on October 15, 2019, as further amended by Amendment No. 4 to Schedule 13D filed with the SEC on February 12, 2021, as further amended by Amendment No. 5 to Schedule 13D filed with the SEC on June 16, 2022, as further amended by Amendment No. 6 to Scheduled 13D filed with the SEC on April 7, 2025, as further amended by Amendment No. 7 to Schedule 13D filed with the SEC on November 4, 2025, and as further amended by Amendment No. 8 to Schedule 13D filed with the SEC on December 19, 2025 (collectively, as amended, the "Schedule 13D").

Except as specifically provided herein, this Amendment does not modify any of the information previously reported in the Schedule 13D.  Capitalized terms used herein shall have the meanings ascribed to them in the Schedule 13D.

**Item 4. Purpose of Transaction**

Item 4 of the Schedule 13D is hereby amended and supplemented as follows:

Bpifrance Participations sold the amount of Ordinary Shares on the dates and at the prices set forth below in open market transactions, except as noted otherwise. All daily sales of the Ordinary Shares were sold in multiple transactions at varying prices. The Reporting Persons undertake to provide the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each price within the ranges set forth in this Schedule 13D.

December 19, 2025:

- 415,398 Ordinary Shares at a weighted average price of EUR3.63 per share (multiple transactions at prices ranging from EUR3.51 to EUR3.69, inclusive).

- 400,00 Ordinary Shares at a price of EUR3.61 (block trade).

December 22, 2025:

- 584,342 Ordinary Shares at a weighted average price of EUR3.47 per share (multiple transactions at prices ranging from EUR3.45 to EUR3.56, inclusive).

- 101,359 Ordinary Shares at a price of EUR3.45 (block trade).

December 23, 2025

- 100,000 Ordinary Shares at a weighted average price of EUR3.21 per share (multiple transactions at prices ranging from EUR3.20 to EUR3.23, inclusive).

December 24, 2025

- 114,768 Ordinary Shares at a weighted average price of EUR3.21 per share (multiple transactions at prices ranging from EUR3.20 to EUR3.22, inclusive).

December 29, 2025

- 185,110 Ordinary Shares at a weighted average price of EUR3.33 per share (multiple transactions at prices ranging from EUR3.28 to EUR3.41, inclusive).

December 30, 2025

- 106,518 Ordinary Shares at a weighted average price of EUR3.30 per share (multiple transactions at prices ranging from EUR3.30 to EUR3.31, inclusive).

December 31, 2025

- 840,446 Ordinary Shares at a weighted average price of EUR3.38 per share (multiple transactions at prices ranging from EUR3.32 to EUR3.41, inclusive).

January 2, 2026

- 252,970 Ordinary Shares at a weighted average price of EUR3.37 per share (multiple transactions at prices ranging from EUR3.30 to EUR3.42, inclusive).

As previously disclosed, Bpifrance Participations purchased from the Issuer, in a private placement, 3,746,732 ABSA, which included 3,746,732 Ordinary Shares and warrants to purchase 6,556,781 Ordinary Shares (the "ABSA Warrant"). Bpifrance Participations exercised the ABSA Warrants on December 22, 2025 for an aggregate price of EUR 5,971,916.14.

All of the Ordinary Shares that are held of record by the Reporting Persons as reported herein were acquired for investment purposes. The Reporting Persons retain the right to change their investment intent, from time to time to acquire additional Ordinary Shares or other securities of the Issuer, or to sell or otherwise dispose of all or part of the Ordinary Shares or other securities of the Issuer, if any, beneficially owned by them, in any manner permitted by law. The Reporting Persons may engage from time to time in ordinary course transactions with financial institutions with respect to the securities described herein.

Except as set forth above, none of the Reporting Persons currently has any plans or proposals which would be related to or would result in any of the matters described in Items 4(a)-(j) of the Instructions to Schedule 13D. However, as part of the ongoing evaluation of investment and investment alternatives, the Reporting Persons may consider such matters and, subject to applicable law, may formulate a plan with respect to such matters, and, from time to time, may hold discussions with or make formal proposals to management or the board of directors of the Issuer or other third parties regarding such matters.

**Item 5. Interest in Securities of the Issuer**

**(a)**
Item 5(a) of the Schedule 13D is hereby amended and supplemented as follows:

Items 7 through 11 and 13 of each of the cover pages of this Amendment are incorporated herein by reference. As of January 5, 2026, (i) Bpifrance Participations holds directly 10,759,239 Ordinary Shares, which represent 5.2% of the Issuer's outstanding Ordinary Shares, and (ii) Innobio holds directly 226,133 Ordinary Shares, which represents 0.1% of the Issuer's outstanding Ordinary Shares.

As of January 5, 2026, neither Bpifrance, Bpifrance Investissement, EPIC nor CDC holds any Ordinary Shares directly. Bpifrance Investissement may be deemed to be the beneficial owner of the 226,133 Ordinary Shares held by Innobio, through its management of Innobio. Bpifrance may be deemed to be the beneficial owner of 10,985,372 Ordinary Shares, which represent 5.3% of the Issuer's outstanding Ordinary Shares, indirectly through its sole ownership of Bpifrance Participations, which is the parent company of Bpifrance Investissement. EPIC and CDC may be deemed to be the beneficial owners of 10,985,372 Ordinary Shares, indirectly through their joint ownership and control of Bpifrance.

The percentage of Ordinary Shares beneficially owned by each Reporting Person is based on 200,618,067 Ordinary Shares of the Issuer that are outstanding (based on particular information published by the Issuer) as of November 30, 2025, plus 6,556,781 Ordinary Shares issued upon the Reporting Person's exercise of the ABSA Warrants. The amount of outstanding Ordinary Shares disclosed in the prior sentence is calculated under U.S. law, which requires treasury shares to be excluded from the calculation of outstanding shares.  Under French law, treasury shares are required to be included in the calculation of outstanding shares.

**(b)**
Item 5(b) of the Schedule 13D is hereby amended and supplemented as follows:

Items 7 through 11 and 13 of each of the cover pages of this Amendment are incorporated herein by reference.

**(c)**
Item 5(c) of the Schedule 13D is hereby amended and supplemented as follows:

The information set forth in Item 4 is hereby incorporated by reference into this Item 5(c). Except as disclosed in this Amendment, there have been no reportable transactions with respect to the Ordinary Shares of the Issuer since the filing of Amendment No. 8 to this Schedule 13D, or, to the best of their knowledge, any of the persons referred to in Exhibit 99.2.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

Item 6 of the Schedule 13D is hereby amended and supplemented as follows:

The information included in Item 4 is incorporated herein by reference.

### 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.

**Reporting Person:** Bpifrance Participations S.A.

**Signature:** /s/ Sophie Paquin

**Name/Title:** Director of Legal Affairs

**Date:** 01/05/2026

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.

**Reporting Person:** Innobio FPCI

**Signature:** /s/ Sophie Paquin

**Name/Title:** Director of Legal Affairs (Bpifrance Investissement S.A.S.)

**Date:** 01/05/2026

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.

**Reporting Person:** Bpifrance Investissement SAS

**Signature:** /s/ Sophie Paquin

**Name/Title:** Director of Legal Affairs (Bpifrance Investissement S.A.S.)

**Date:** 01/05/2026

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.

**Reporting Person:** Caisse des Depots

**Signature:** /s/ Laurence Giraudon

**Name/Title:** Chief Operating Officer, Finance and Operations Department, Asset Management Division

**Date:** 01/05/2026

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.

**Reporting Person:** EPIC Bpifrance

**Signature:** /s/ Sophie Paquin

**Name/Title:** Director of Legal Affairs

**Date:** 01/05/2026

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.

**Reporting Person:** Bpifrance S.A.

**Signature:** /s/ Boubakar Dione

**Name/Title:** Group Director of Legal Affairs

**Date:** 01/05/2026