Long-Term Investor Retains 9.99% Stake and Converts Warrants: Future Moves Under Scrutiny

Baker Brothers Advisors LP filed a Form 13D/A on January 12 regarding DBV Technologies S.A. (Ticker: DBVT), reporting that it converted approximately 23 million BS warrants into second pre-funded warrants while maintaining its ownership limit at 9.99% to preserve its economic exposure. According to the filing, the stake is held for investment purposes, and although the firm remains open to additional purchases or sales depending on market conditions and company developments, there are currently no plans for extraordinary corporate actions such as mergers or acquisitions. Through its director Michael Goller, Baker Brothers retains a board seat, and it exercises both the voting rights and economic interests associated with the director’s compensation warrants.

Meanwhile, DBV Technologies S.A. continues to manage its share liquidity. In its January 7 semi-annual report on the liquidity supply agreement, the company disclosed the balance of treasury shares and cash held in its liquidity account as of year-end 2025. On January 13, coverage by brokerages was reinforced—Nasdaq and other financial platforms reported upward revisions to the 12-month price target and maintained a “Moderate Buy” consensus. (live.euronext.com)

Headquartered in Châtillon, France, DBV Technologies is a clinical-stage biotech company focused on developing food-allergy treatments (notably for peanut allergy) using its epicutaneous immunotherapy platform, Viaskin. By securing up to $306.9 million (about KRW 400 billion) in financing in March 2025 and a subsequent $30 million (around KRW 40 billion) ADS issuance, the company has extended its cash runway into late 2026—suggesting that capital-market considerations will remain prominent through its clinical development and potential commercialization phases. (stocktitan.net)