Châtillon, France, July 29, 2025




DBV Technologies Reports Second Quarter and Half-
Year 2025 Financial Results

DBV Technologies (Euronext: DBV – ISIN: FR0010417345 – Nasdaq Stock Market:
DBVT – CUSIP: 23306J309), a clinical-stage biopharmaceutical company, today
reported financial results for the Second Quarter of 2025. The quarterly and half-year
financial statements were approved by the Board of Directors on July 29, 2025.


Financial Highlights for the Second Quarter Ended June 30, 2025
The Company’s interim condensed consolidated financial statements for the
quarter and six months ended June 30, 2025, are prepared in accordance with
accounting principles generally accepted in the United States (“U.S. GAAP”) and
Europe (IFRS).

Operating Income
Operating income amounted to $2.2 million for the six months ended June 30, 2025,
compared with $2.6 million for the same period in 2024, primarily due to a lower
French Research Tax Credit entitlement as a greater proportion of studies activities
were carried out in North America and therefore not eligible for the tax credit.


U.S. GAAP U.S. GAAP IFRS
six months ended three months six months ended
In millions of USD June 30, ended June 30, June 30,
(unaudited) 2025 2024 2025 2024 2025 2024
Research tax credit 2.2 2.6 1.5 1.2 2.2 2.6
Other operating income — — — — — —
Operating income 2.2 2.6 1.5 1.2 2.2 2.6



Operating Expenses

Operating expenses amounted to $69.9 million for the six months ended June 30,
2025, compared with $65.0 million for the six months ended June 30, 2024, an
increase by $4.9 million driven mostly by the launch of the COMFORT Toddlers
supplemental safety study.
U.S. GAAP U.S. GAAP IFRS
six months three months six months
In millions of USD
ended June 30, ended June 30, ended June 30,
(unaudited)
2025 2024 2025 2024 2025 2024
Research & Development (55.2) (46.8) (33.7) (25.4) (55.1) (46.7)
Sales & Marketing (0.7) (1.7) (0.4) (1.0) (0.7) (1.7)
General & Administrative (14.1) (16.4) (8.5) (8.6) (14.1) (16.5)
Operating expenses (69.9) (65.0) (42.6) (35.0) (69.8) (64.9)


Net Loss and Net Loss Per Share
The Company recorded a net loss for the six months ended June 30, 2025, of $69.0
million, compared to a net loss of $60.5 million for the six months ended June 30,
2024.


On a per share basis, net loss (based on the weighted average number of shares
outstanding over the period) was $(0.58) for the six months ended June 30, 2025
compared with $(0.63) for the six months ended June 30, 2024.


U.S. GAAP U.S. GAAP IFRS
six months three months six months
In millions of USD ended June 30, ended June 30, ended June 30,
(unaudited) 2025 2024 2025 2024 2025 2024
Net (loss) (in millions of USD) (69.0) (60.5) (41.9) (33.1) (69.0) (60.6)
Basic / diluted net (loss) per share
(0.58) (0.63) (0.31) (0.34) (0.58) (0.63)
(USD/share)


Cash and Cash Equivalents


Our 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.
Cash and cash equivalents amounted to $103.2 million as of June 30, 2025,
compared to $32.5 million as of December 31, 2024, a net increase of $70.7 million. .


On March 27, 2025, the company announced a financing of up to $306.9 million
(€284.5 million), to advance Viaskin® Peanut patch through Biologics License
Application ("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. With the receipt of the aforementioned proceeds, and based on its current
operations, plans, and assumptions examined by the Board on June 23, 2025, the
Company estimates that its cash and cash equivalents are sufficient to fund its
operations into the second quarter of 2026. As such, there is substantial doubt
regarding our ability to continue as a going concern.

However, it should be noted that the Company financing also includes an
aggregate of up to $181.4 million (€168.2 million) in gross proceeds if all warrants are
exercised, subject to satisfaction of specified conditions. The VITESSE Phase 3 study
hitting its primary endpoint will trigger an acceleration of the exercise period of the
warrants. DBV expects that the proceeds of this funding will be used for working
capital and general corporate purposes, to finance the continued development of
the Viaskin Peanut program, to finance the preparation and submission of a
potential BLA, and to finance the readiness of a launch of Viaskin peanut in the U.S.,
if approved.


These condensed consolidated financial statements do not include any
adjustments to the carrying amounts and classification of assets, liabilities, and
reported expenses that may be necessary if the Company was unable to continue
as a going concern.
U.S. GAAP IFRS
In millions of USD six months ended June 30, six months ended June 30,
(unaudited) 2025 2024 2025 2024
Net cash & cash equivalents at
the beginning of the period 32.5 141.4 32.5 141.4
Net cash flow used in operating
activities (53.6) (69.8) (53.3) (68.7)
Net cash flow provided by / (used
in) investing activities (0.4) (1.4) (0.4) (1.4)
Net cash flow provided by / (used
in) financing activities 117.0 (0.1) 116.7 (1.1)
Effect of exchange rate changes
on cash & cash equivalents 7.7 (3.9) 7.7 (3.9)
Net cash & cash equivalents at
the end of the period 103.2 66.2 103.2 66.2


These condensed consolidated financial statements do not include any
adjustments to the carrying amounts and classification of assets, liabilities, and
reported expenses that may be necessary if the Company was unable to continue
as a going concern.


CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION


U.S. GAAP IFRS
In millions of USD
December 31, December 31,
(unaudited) June 30, 2025 June 30, 2025
2024 2024
Assets 143.4 65.7 143.2 65.5
of which cash & cash
equivalents 103.2 32.5 103.2 32.5
Liabilities 57.2 38.3 57.1 38.2
Shareholders’ equity 86.2 27.4 86.2 27.4
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

U.S. GAAP U.S. GAAP IFRS
six months three months six months
ended June ended June ended June
In millions of USD
30, 30, 30,
(unaudited)
2025 2024 2025 2024 2025 2024
Operating income 2.2 2.6 1.5 1.2 2.2 2.6
Research & Development (55.2) (46.8) (33.7) (25.4) (55.1) (46.7)
Sales & Marketing (0.7) (1.7) (0.4) (1.0) (0.7) (1.7)
General & Administrative (14.1) (16.4) (8.5) (8.6) (14.1) (16.5)
Operating expenses (69.9) (65.0) (42.6) (35.0) (69.8) (64.9)
Financial income/(expenses) (1.1) 2.0 (0.6) 0.7 (1.3) 1.8
Income tax (0.1) — (0.1) — (0.1) —
Net loss (69.0) (60.5) (41.9) (33.1) (69.0) (60.6)
Basic/diluted net loss per share
attributable to shareholders (0.58) (0.63) (0.31) (0.34) (0.58) (0.63)



About DBV Technologies
DBV Technologies is a clinical-stage biopharmaceutical company developing treatment
options for food allergies and other immunologic conditions with significant unmet medical
need. DBV Technologies is currently focused on investigating the use of its proprietary
technology platform, Viaskin, to address food allergies, which are caused by a hypersensitive
immune reaction and characterized by a range of symptoms varying in severity from mild
to life-threatening anaphylaxis. Millions of people live with food allergies, including young
children. Through epicutaneous immunotherapy (EPIT), the Viaskin platform is designed to
introduce microgram amounts of a biologically active compound to the immune system
through intact skin. EPIT is a new class of non-invasive treatment that seeks to modify an
individual’s underlying allergy by re-educating the immune system to become desensitized
to allergen by leveraging the skin’s immune tolerizing properties. DBV Technologies is
committed to transforming the care of food allergic people. The Company’s food allergy
programs include ongoing clinical trials of Viaskin Peanut in peanut allergic toddlers (1
through 3 years of age) and children (4 through 7 years of age).

DBV Technologies is headquartered in Châtillon, France, with North American operations in
Warren, NJ. The Company’s ordinary shares are traded on segment B of Euronext Paris (DBV,
ISIN code: FR0010417345) and the Company’s ADSs (each representing five ordinary shares)
are traded on the Nasdaq Capital Market (DBVT – CUSIP: 23306J309).
For more information, please visit www.dbv-technologies.com and engage with us on X
(formerly Twitter) and LinkedIn.

Forward Looking Statements
This press release may contain forward-looking statements and estimates, including
statements regarding DBV’s financial condition, forecast of its cash runway and therapeutic
potential of Viaskin® Peanut patch and EPIT. These forward-looking statements and
estimates are not promises or guarantees and involve substantial risks and uncertainties. At
this stage, DBV’s product candidates have not been authorized for sale in any country.
Among the factors that could cause actual results to differ materially from those described
or projected herein include uncertainties associated generally with research and
development, clinical trials and related regulatory reviews and approvals, and DBV’s ability
to successfully execute on its budget discipline measures. A further list and description of
risks and uncertainties that could cause actual results to differ materially from those set forth
in the forward-looking statements in this press release can be found in DBV’s regulatory
filings with the French Autorité des Marchés Financiers (“AMF”), DBV’s filings and reports
with the U.S. Securities and Exchange Commission (“SEC”), including in DBV’s Annual Report
on Form 10-K for the year ended December 31, 2024, filed with the SEC on April 11, 2025, as
amended by Amendment No. 1 on Form 10-K/A filed with the SEC on April 28, 2025, and as
amended further by Amendment No. 2 on Form 10-K/A filed with the SEC on May 14, 2025,
and future filings and reports made with the AMF and SEC by DBV. Existing and prospective
investors are cautioned not to place undue reliance on these forward-looking statements
and estimates, which speak only as of the date hereof. Other than as required by applicable
law, DBV Technologies undertakes no obligation to update or revise the information
contained in this Press Release.

Viaskin is a registered trademark of DBV Technologies.

Investor Contact
Katie Matthews
DBV Technologies
katie.matthews@dbv-technologies.com

Media Contact
Brett Whelan
DBV Technologies
brett.whelan@dbv-technologies.com