# EDGAR Filing Document

**Accession Number:** 0001731121
**File Stem:** 0001104659-25-123104
**Filing Date:** 2025-12
**Character Count:** 14288
**Document Hash:** 5e570d57d223261394e0697c91d064d7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-123104.hdr.sgml**: 20251219

**ACCESSION NUMBER**: 0001104659-25-123104

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251217

**FILED AS OF DATE**: 20251219

**DATE AS OF CHANGE**: 20251219

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** CAISSE DES DEPOTS ET CONSIGNATIONS
- **CENTRAL INDEX KEY:** 0001056947

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36697
- **FILM NUMBER:** 251587471

**BUSINESS ADDRESS:**
- **STREET 1:** 56 RUE DE LILLE
- **CITY:** PARIS
- **STATE:** I0
- **ZIP:** 75007
- **BUSINESS PHONE:** 8033140498417

**MAIL ADDRESS:**
- **STREET 1:** 56 RUE DE LILLE
- **CITY:** PARIS
- **STATE:** I0
- **ZIP:** 75007
**REPORTING-OWNER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36697
- **FILM NUMBER:** 251587474

**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
**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Bpifrance Investissement S.A.S.
- **CENTRAL INDEX KEY:** 0002065260

**ORGANIZATION NAME:**
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36697
- **FILM NUMBER:** 251587472

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 27-31, AVENUE DU GENERAL LECLERC
- **CITY:** MAISON-ALFORT CEDEX
- **PROVINCE COUNTRY:** I0
- **ZIP:** 94710
- **BUSINESS PHONE:** 33 (0)6 37 85 94 06

**MAIL ADDRESS:**
- **STREET 1:** C/O NIXON PEABODY LLP, EXCHANGE PLACE
- **STREET 2:** 53 STATE STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02109
**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Bpifrance SA
- **CENTRAL INDEX KEY:** 0001731118

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

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36697
- **FILM NUMBER:** 251587473

**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
**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** EPIC Bpifrance
- **CENTRAL INDEX KEY:** 0001731121

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

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36697
- **FILM NUMBER:** 251587475

**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
**ISSUER**: 

**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

**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

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

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[x] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

[ ] Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>EPIC Bpifrance<br><sub>(Last) (First) (Middle)</sub><br>6-8, BOULEVARD HAUSSMANN<br><sub>(Street)</sub><br>PARIS, I0 75009<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-12-17 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [ ] 10% Owner<br>[ ] Officer (give title below) [X] Other (specify below)<br>_Member of 10% owner group_ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>DBV Technologies S.A. [ DBVT ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Bpifrance Participations SA<br><sub>(Last) (First) (Middle)</sub><br>6-8, BOULEVARD HAUSSMANN<br><sub>(Street)</sub><br>PARIS, I0 75009<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-12-17 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [ ] 10% Owner<br>[ ] Officer (give title below) [X] Other (specify below)<br>_Member of 10% owner group_ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>DBV Technologies S.A. [ DBVT ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Bpifrance SA<br><sub>(Last) (First) (Middle)</sub><br>6-8, BOULEVARD HAUSSMANN<br><sub>(Street)</sub><br>PARIS, I0 75009<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-12-17 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [ ] 10% Owner<br>[ ] Officer (give title below) [X] Other (specify below)<br>_Member of 10% owner group_ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>DBV Technologies S.A. [ DBVT ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Bpifrance Investissement S.A.S.<br><sub>(Last) (First) (Middle)</sub><br>6-8, BOULEVARD HAUSSMANN<br><sub>(Street)</sub><br>PARIS, I0 75009<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-12-17 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [ ] 10% Owner<br>[ ] Officer (give title below) [X] Other (specify below)<br>_Member of 10% owner group_ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>DBV Technologies S.A. [ DBVT ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>CAISSE DES DEPOTS ET CONSIGNATIONS<br><sub>(Last) (First) (Middle)</sub><br>C/O 56, RUE DE LILLE<br><sub>(Street)</sub><br>PARIS, I0 75007<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-12-17 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [ ] 10% Owner<br>[ ] Officer (give title below) [X] Other (specify below)<br>_Member of 10% owner group_ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>DBV Technologies S.A. [ DBVT ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| Ordinary Shares | 2025-12-17 |  | S |  | 2036990 | D | 4.84<sup>(1)</sup> | 8635472 | I | By Bpifrance Participations S.A.<sup>(2)</sup> |
| Ordinary Shares | 2025-12-17 |  | S |  | 40000 | D | 5.28<sup>(3)</sup> | 8595472 | I | By Bpifrance Participations S.A.<sup>(2)</sup> |
| Ordinary Shares | 2025-12-18 |  | S |  | 1292103 | D | 4.19<sup>(4)</sup> | 7303369 | I | By Bpifrance Participations S.A.<sup>(2)</sup> |
| Ordinary Shares |  |  |  |  |  |  |  | 226133 | I | By Innobio FPCI<sup>(5)</sup> |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

---

### Footnotes:

(1) The price reported in Column 4 is a weighted average price in US Dollars and reflects the conversion of EURO to USD at an exchange rate of $1.1741 to EURO 1.00 as of December 17, 2025. The shares were sold in multiple transactions at prices ranging from $4.24 to $5.23 per share, inclusive. The reporting person unterakes to provide DBV Technologies S.A., any security holder of DBV Technologies S.A., 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 footnotes 1 and 4 of this Form 4.

(2) Bpifrance Participations S.A. ("Bpifrance Participations") directly owns the reported shares. Bpifrance Participations is a subsidiary owned at 99.99% by Bpifrance S.A. ("Bpifrance"). Bpifrance is jointly owned by Caisse des Depots et Consignations ("CDC") at 49.2% and EPIC Bpifrance ("EPIC") at 49.2%. CDC and EPIC jointly control Bpifrance.

(3) The price reported in Column 4 reflects the conversion of EURO to USD at an exchange rate of $1.1741 to EURO 1.00 as of December 17, 2025.

(4) The price reported in Column 4 is a weighted average price in US Dollars and reflects the conversion of EURO to USD at an exchange rate of $1.1727 to EURO 1.00 as of December 18, 2025 . The shares were sold in multiple transactions at prices ranging from $3.79 to $4.32 per share, inclusive.

(5) Innobio FPCI ("Innobio") directly owns the reported shares. Innobio is a fund managed by Bpifrance Investissement S.A.S. ("Bpifrance Investissement"), a subsidiary owned at 100% by Bpifrance Participations.

**Signature:** /s/ Sophie Paquin, Director of Legal Affairs EPIC Bpifrance  
**Date:** 2025-12-19

**Signature:** /s/ Sophie Paquin, Director of Legal Affairs Bpifrance Participations  
**Date:** 2025-12-19

**Signature:** /s/ Sophie Paquin, Director of Legal Affairs, Bpifrance Investissement S.A.S.  
**Date:** 2025-12-19

**Signature:** /s/ Laurence Giraudon, Chief Operating Officer Finance and Operations Department, Asset Management Division, Caisse des Depots  
**Date:** 2025-12-19

**Signature:** /s/ Boubakar Dione, Group Director of Legal Affairs, Bpifrance S.A.  
**Date:** 2025-12-19

### Remarks:

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

**Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.**