SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person* Bpifrance SA (Last) (First) (Middle) 6-8, BOULEVARD HAUSSMANN (Street) PARIS I0 75009 (City) (State) (Zip)	2. Date of Event Requiring Statement (Month/Day/Year) 03/27/2025	3. Issuer Name and Ticker or Trading Symbol DBV Technologies S.A. [ DBVT ]
		4. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director X 10% Owner Officer (give title below) Other (specify below)	5. 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 Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Ordinary Shares	10,672,462(1)	I	By Bpifrance Participations S.A.
Ordinary Shares	226,133(2)	I	By Innobio FPCI

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Warrants (right to buy)	04/07/2025	04/07/2027	Ordinary Shares	6,556,781(1)	(3)	I	By Bpifrance Participations S.A.

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 X 10% Owner Officer (give title below) Other (specify below)

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 X 10% Owner Officer (give title below) Other (specify below)

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

Explanation of Responses:

1. 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.

2. 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. Bpifrance Investissement may be deemed the beneficial owner of the reported shares, through its management of Innobio.

3. The exercise of one warrant will give the right to subscribe to 1.75 ordinary shares at a price of (euro)1.5939 per warrant.

	/s/ Sophie Paquin, Director of Legal Affairs, Bpifrance Participations S.A.	04/07/2025
	/s/ Laurence Giraudon, Chief Operating Officer, Finance and Operations Department, Asset Management Division, Caisse des Depots	04/07/2025
	/s/ Boubakar Dione, Group Director of Legal Affairs, Bpifrance S.A.	04/07/2025
	** 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 5 (b)(v).
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