SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
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* EPIC Bpifrance (Last) (First) (Middle) 6-8, BOULEVARD HAUSSMANN (Street) PARIS I0 75009 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol DBV Technologies S.A. [ DBVT ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director 10% Owner Officer (give title below) X Other (specify below) Member of 10% owner group
	3. Date of Earliest Transaction (Month/Day/Year) 12/17/2025
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) Form filed by One Reporting Person X Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Ordinary Shares	12/17/2025		S		2,036,990	D	$4.84(1)	8,635,472	I	By Bpifrance Participations S.A.(2)
Ordinary Shares	12/17/2025		S		40,000	D	$5.28(3)	8,595,472	I	By Bpifrance Participations S.A.(2)
Ordinary Shares	12/18/2025		S		1,292,103	D	$4.19(4)	7,303,369	I	By Bpifrance Participations S.A.(2)
Ordinary Shares								226,133	I	By Innobio FPCI(5)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person* EPIC Bpifrance (Last) (First) (Middle) 6-8, BOULEVARD HAUSSMANN (Street) PARIS I0 75009 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) Member of 10% owner group

1. Name and Address of Reporting Person* Bpifrance Participations SA (Last) (First) (Middle) 6-8, BOULEVARD HAUSSMANN (Street) PARIS I0 75009 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) Member of 10% owner group

1. Name and Address of Reporting Person* Bpifrance SA (Last) (First) (Middle) 6-8, BOULEVARD HAUSSMANN (Street) PARIS I0 75009 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) Member of 10% owner group

1. Name and Address of Reporting Person* Bpifrance Investissement S.A.S. (Last) (First) (Middle) 6-8, BOULEVARD HAUSSMANN (Street) PARIS I0 75009 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) Member of 10% owner group

1. Name and Address of Reporting Person* CAISSE DES DEPOTS ET CONSIGNATIONS (Last) (First) (Middle) C/O 56, RUE DE LILLE (Street) PARIS I0 75007 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) Member of 10% owner group

Explanation of Responses:

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.

	/s/ Sophie Paquin, Director of Legal Affairs EPIC Bpifrance	12/19/2025
	/s/ Sophie Paquin, Director of Legal Affairs Bpifrance Participations	12/19/2025
	/s/ Sophie Paquin, Director of Legal Affairs, Bpifrance Investissement S.A.S.	12/19/2025
	/s/ Laurence Giraudon, Chief Operating Officer Finance and Operations Department, Asset Management Division, Caisse des Depots	12/19/2025
	/s/ Boubakar Dione, Group Director of Legal Affairs, Bpifrance S.A.	12/19/2025
	** Signature of Reporting Person	Date
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).
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