DBV Technologies Raises €166.7 Million Through Full Exercise of Warrants
DBV Technologies has announced a gross proceeds of €166.7 million following the full exercise of warrants issued during its March 2025 financing round. These funds are intended to finance its operations and the preparation for the launch of the VIASKIN patch for peanut allergies in children aged 4 to 7 in the United States, pending regulatory approval.
Details of the Warrant Exercise
According to the press release, the exercise involved 34,090,004 warrants attached to new shares, issued on April 7, 2025, at an exercise price of €1.5939, resulting in the issuance of 59,657,507 new shares. Additionally, 71,005,656 warrants issued on the same date at an exercise price of €1.5764 led to the issuance of 71,005,656 pre-funded warrants, allowing their holders to subscribe to a maximum of 124,259,898 new shares. These warrants were exercisable until January 15, 2026, 30 days after the announcement of the positive preliminary results of the VITESSE study published on December 16, 2025. Following this full exercise, no warrants remain outstanding.
Financial Implications and Use of Proceeds
The total gross proceeds received to date amount to €166.7 million, the company states. If all first and second generation pre-funded warrants are exercised, the total gross proceeds are estimated to be approximately €168.2 million, bringing the overall financing to €284.5 million. According to DBV Technologies, these resources and existing cash will primarily be used to fund working capital and general corporate needs, the preparation and submission of a potential Biologics License Application, and the launch of VIASKIN Peanut for children aged 4 to 7 in the United States, subject to approval. The company estimates that its current cash, including the proceeds from this exercise, should enable it to fund its operations for at least the next 12 months.
Impact on Shareholder Structure
The issuance of 59,657,507 new shares resulting from the exercise of the warrants alters the shareholder structure of the group. As of now, 35,153,512 first generation pre-funded warrants and 67,924,456 second generation pre-funded warrants remain in circulation and can grant access to a total of 154,021,310 new ordinary shares. The newly issued shares are admitted for trading on Euronext Paris, compartment B, under the ISIN code FR0010417345 and the symbol DBV, on the same quotation line as the existing shares. According to the press release, as of the publication date, there is no significant risk concerning the continuity of the company's operations.
