DBV Technologies SA (NASDAQ: DBVT) is a clinical-stage biopharmaceutical company developing epicutaneous immunotherapy treatments for food allergies. The company generates no product revenue, funding operations through equity issuances rather than product sales. Its pipeline is concentrated on Viaskin Peanut, a patch-based desensitization therapy targeting peanut allergy in pediatric patients, which accounted for 94% of research and development expenses (excluding share-based compensation) in FY2025. DBV Technologies is headquartered in France and is organized as a French société anonyme, with shares traded in the United States as American Depositary Shares. Total R&D expenses reached $116.7 million in FY2025, up 31% from $89.3 million in FY2024, driven by external clinical costs of $68.0 million and pre-commercial inventory build of $16.1 million. The company raised $65 million through an at-the-market equity offering in the fourth quarter of calendar 2025, selling shares through Citizens JMP Securities as sales agent.

Revenue model

DBV Technologies has no product revenue. Operations are funded entirely through equity capital raises, including an at-the-market offering program initiated in September 2025 under which the company may sell up to $150.0 million in ADSs through Citizens JMP Securities.

Products and services

Viaskin Peanut: epicutaneous immunotherapy patch for peanut allergy, the primary pipeline asset (94% of R&D spend excluding share-based compensation, FY2025). Viaskin Milk: epicutaneous patch for milk allergy, development activity was minimal in FY2025 (under 1% of R&D spend excluding share-based compensation, down from 4% in FY2024).

Customers and end markets

Target end market is pediatric patients with peanut allergy in North America and the European Union. No commercial sales had occurred as of the filing date. Pre-commercialization activities including market research and headcount expansion were underway in North America as of FY2025.

Value-chain role

Clinical-stage drug developer. DBV Technologies conducts immunotherapy research, manages clinical trials, builds pre-commercial inventory, and prepares for potential regulatory approval and commercialization. The company relies on third-party manufacturers and clinical research organizations. Patent term extension applications are anticipated if Viaskin Peanut receives FDA approval.

Geographic exposure

Incorporated and headquartered in France. Primary commercialization targets are North America and the European Union. The company is subject to both U.S. FDA and EU regulatory processes.

Source: SEC 10-K, filed 2026-03-26

Industry: Biological Products, (No Diagnostic Substances)