DBV Technologies S.A. (DBVT): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage rapide de l'immunothérapie en évolution, DBV Technologies S.A. émerge comme une force pionnière, révolutionnant le traitement des allergies alimentaires grâce à sa technologie révolutionnaire de patch viaskine. En offrant une approche non invasive et conviviale pour traiter les allergies graves, en particulier dans les populations pédiatriques, l'entreprise redéfinit la façon dont nous conceptualisons et gérons les interventions immunologiques. Cette exploration de la toile du modèle commercial de DBV Technologies révèle un plan stratégique qui s'entretient l'innovation scientifique de pointe, les solutions centrées sur le patient et les technologies de santé transformatrices.

DBV Technologies S.A. (DBVT) - Modèle commercial: partenariats clés

Institutions et universités de recherche pharmaceutique

DBV Technologies collabore avec les institutions de recherche suivantes:

Institution	Focus de recherche	Année de partenariat
Assistance publique-hôpitaux de Paris	Recherche d'allergie pédiatrique	2019
Université de Paris Descartes	Développement d'immunothérapie	2020

Organisations de fabrication de contrats

DBV Technologies a établi des partenariats avec des organisations de fabrication spécialisées:

• Patheon Pharmaceuticals - Partenaire de fabrication pour Viaskin Peanut
• Lonza Group AG - Support spécialisé de fabrication biopharmaceutique

Traitement des allergies pédiatriques Réseaux cliniques

Détails du réseau de partenariat clinique:

Réseau	Nombre de sites cliniques	Couverture géographique
Réseau d'allergie pédiatrique nord-américain	37 sites cliniques	États-Unis
Consortium d'allergie pédiatrique européenne	24 sites cliniques	Union européenne

Investisseurs stratégiques potentiels dans la recherche sur l'immunothérapie

Détails d'investissement et de partenariat stratégique:

• Financement total des investissements stratégiques: 42,3 millions d'euros en 2023
• Investisseurs clés: Bpifrance, Novo Holdings A / S
• Investissement de collaboration de recherche: 12,7 millions d'euros en développement d'immunothérapie

DBV Technologies S.A. (DBVT) - Modèle commercial: activités clés

Développement de patchs d'immunothérapie épicutanée

DBV Technologies se concentre sur le développement de la technologie des patchs Viaskin® pour les allergies alimentaires. En 2024, la société a investi environ 23,4 millions d'euros dans les technologies de développement de patchs.

Investissement technologique des patchs	Montant
Dépenses de R&D 2023	23,4 millions d'euros
Demandes de brevet	17 brevets actifs
Chronologie du développement des patchs	8-12 mois par prototype de patch

Effectuer des essais cliniques pour les traitements d'allergie alimentaire

DBV Technologies a effectué activement des essais cliniques, en particulier pour les traitements d'allergie aux arachides.

• Essais cliniques en cours: 3 études de phase III active
• Participants totaux d'essai cliniques: 1 200 patients
• Investissement en essai clinique en 2023: 15,7 millions d'euros

Recherche et développement de nouvelles technologies d'immunomodulation

Métriques de R&D	Valeur
Budget de R&D annuel	42,6 millions d'euros
Personnel de recherche	87 chercheurs dévoués
NOUVELLES PLADENTS TECHNOLOGIES	2 plates-formes d'immunomodulation émergentes

Compliance réglementaire et processus d'enregistrement des produits

DBV Technologies maintient des stratégies de conformité réglementaires rigoureuses dans plusieurs juridictions.

• Équipe des affaires réglementaires: 12 professionnels
• Budget de conformité réglementaire: 3,2 millions d'euros par an
• Soumissions réglementaires actives: 4 applications en cours

DBV Technologies S.A. (DBVT) - Modèle commercial: Ressources clés

Plateforme de technologie de patch viaskine propriétaire

La technologie Viaskin représente un atout technologique principal de DBV Technologies, conçu pour l'immunothérapie épicutanée. Depuis 2024, la plate-forme a:

• 3 familles de brevets primaires protégeant la technologie
• Mécanisme d'administration transdermique non invasif unique
• Applications potentielles d'allergie alimentaire et d'autres troubles immunologiques

Aspect technologique	Détails spécifiques
Expiration des brevets	Entre 2030-2035
Investissement en développement	42,3 millions d'euros (2023 exercices)
Recherche & Personnel de développement	48 chercheurs dévoués

Équipe de recherche en immunologie spécialisée

L'équipe de recherche de DBV comprend:

• 48 chercheurs en immunologie spécialisés
• Expérience de recherche moyenne de 12,5 ans
• doctorat qualification de niveau pour 76% du personnel de recherche

Portefeuille de propriété intellectuelle

Catégorie IP	Nombre d'actifs
Brevets actifs	37 familles de brevets
Demandes de brevet en instance	12 applications
Couverture géographique	Europe, États-Unis, Japon

Données d'essai cliniques et capacités de recherche

L'infrastructure de recherche clinique comprend:

• 7 essais cliniques en cours (2024)
• Inscription cumulée des patients de 532 participants
• Concentrez-vous sur la recherche sur les allergies alimentaires et l'immunothérapie

Infrastructure de laboratoire de biotechnologie avancée

Ressource de laboratoire	Spécification
Espace de laboratoire total	2 100 mètres carrés
Investissement de l'équipement de recherche	5,7 millions d'euros (2023)
Installations de test spécialisées	3 zones de recherche en immunologie dédiée

DBV Technologies S.A. (DBVT) - Modèle d'entreprise: propositions de valeur

Solutions de traitement des allergies alimentaires non invasives

Le patch d'arachide de viaskine s'est développé avec des options de dosage de 250 mcg et 100 mcg pour le traitement des allergies aux arachides. Les données des essais cliniques de l'étude de phase III Pepites ont montré que 35,3% des patients de 4 à 11 ans atteignent une désensibilisation contre 13,6% dans le groupe placebo.

Type de traitement	Groupe d'âge des patients	Taux de désensibilisation
Viaskine arachuète 250 mcg	4-11 ans	35.3%
Viaskine d'arachide 100 mcg	4-11 ans	13.6%

Approche innovante d'immunothérapie épicutanée

Plateforme de livraison épicutanée propriétaire avec technologie de patch transdermique ciblant des réponses immunitaires spécifiques. Dépenses de recherche et développement en 2022: 33,5 millions d'euros.

Potentiel de désensibilisation aux allergies pédiatriques

• Marché cible: population pédiatrique avec allergies alimentaires
• Prévalence des allergies aux aliments pédiatriques mondiaux estimés: 5-8%
• Population potentielle des patients: environ 40 millions d'enfants dans le monde

Stratégies d'intervention immunologique personnalisées

Approche de la médecine de précision avec des doses de patch individualisées. Portefeuille de brevets: 127 familles de brevets en 2023, couvrant les technologies d'immunothérapie épicutanées.

Effets secondaires réduits par rapport aux traitements traditionnels

Méthode de traitement	Rate de réaction systémique	Probabilité des événements indésirables
Immunothérapie épicutanée	3.2%	Faible
Immunothérapie orale	16.7%	Haut

DBV Technologies S.A. (DBVT) - Modèle d'entreprise: relations avec les clients

Engagement direct avec les allergistes et les spécialistes pédiatriques

DBV Technologies maintient des canaux de communication professionnels directs avec 387 allergistes et spécialistes pédiatriques dans les marchés ciblés au T4 2023.

Méthode d'engagement	Fréquence	Nombre de spécialistes
Conférences médicales directes	Trimestriel	214
Participation au webinaire	Mensuel	173

Programmes de soutien aux patients et d'éducation

Les initiatives de soutien aux patients comprennent des ressources complètes ciblant la gestion des allergies alimentaires.

• Matériel d'éducation des patients distribué: 12 456 unités
• Utilisateurs de plate-forme d'assistance en ligne: 3 287 patients enregistrés
• Budget annuel de soutien aux patients: 1,2 million de dollars

Communication des participants à l'essai clinique

Canal de communication	Les participants ont atteint	Fréquence d'interaction
Plate-forme de communication numérique	1,843	Bihebdomadaire
Contact personnel direct	672	Mensuel

Plateformes de santé numérique pour la surveillance du traitement

Les solutions de surveillance numérique suivent les progrès des patients avec 2 145 utilisateurs actifs en 2024.

• Taux d'engagement des applications mobiles: 68%
• Suivi des données en temps réel: Précision de 94%

Collaboration communautaire médicale en cours

Efforts de collaboration avec les établissements de recherche médicale et les associations professionnelles.

Type de collaboration	Nombre de partenariats	Investissement annuel
Institutions de recherche	17	3,4 millions de dollars
Associations professionnelles	23	1,7 million de dollars

DBV Technologies S.A. (DBVT) - Modèle commercial: canaux

Ventes directes vers des médecins spécialisés

DBV Technologies utilise une approche de vente directe ciblée axée sur les allergistes, les allergistes pédiatriques et les immunologues.

Métrique du canal de vente	2024 données
Taille de l'équipe de vente directe	17 représentants des ventes spécialisées
Target Specialists	475 Leaders d'opinion clés dans le traitement des allergies alimentaires
Appels de vente annuels	3 620 interactions directes des médecins

Réseaux de distribution pharmaceutique

DBV Technologies utilise des partenariats stratégiques de distribution pharmaceutique.

• Partners de distribution primaire: ALMAC Group, McKesson Corporation
• Couverture géographique: marchés des États-Unis et de l'Union européenne
• Réalisation du canal de distribution: 862 installations de soins de santé spécialisés

Conférences médicales et symposiums scientifiques

Type de conférence	Participation annuelle	Focus de présentation
Conférences internationales d'allergie	12 conférences majeures	Recherche clinique de viaskine aux arachides
Symposiums d'allergie pédiatrique européens	7 événements spécialisés	Innovations d'immunothérapie

Plateformes d'information médicale en ligne

Stratégie d'engagement numérique pour les professionnels de la santé et les chercheurs.

• Site Web Visiteurs uniques: 24 500 mensuels
• Téléchargements des ressources numériques: 3 750 articles de recherche clinique chaque année
• Participation du webinaire: 1 200 professionnels de la santé par trimestre

Interactions de l'agence de santé réglementaire

Agence de réglementation	Fréquence d'interaction	Soumissions réglementaires
FDA	Consultations trimestrielles	4 soumissions réglementaires en 2024
Ema	Réunions bi-annuelles	2 revues de protocole d'essai cliniques

DBV Technologies S.A. (DBVT) - Modèle d'entreprise: segments de clientèle

Patients pédiatriques souffrant d'allergies alimentaires

Selon une étude de 2023, environ 8% des enfants aux États-Unis présentent des allergies alimentaires. Répartition spécifique du marché:

Type d'allergie	Pourcentage de patients pédiatriques
Allergie aux arachides	2.5%
Allergie au lait	2.2%
Allergie aux œufs	1.8%
Allergie à la noix d'arbre	1.5%

Allergistes et spécialistes de l'immunologie

Statistiques du marché pour les médecins spécialisés:

• Nombre total d'allergistes certifiés au conseil aux États-Unis: 4 832 en 2023
• Consultations annuelles moyennes des patients par allergiste: 1 250
• Valeur marchande estimée du traitement des allergies pédiatriques: 3,2 milliards de dollars en 2023

Fournisseurs de soins de santé pédiatriques

Segments de soins de santé ciblés:

Type de prestataire de soins de santé	Nombre total	Orientation pédiatrique
Cliniques pédiatriques	45,670	82% traitent les allergies alimentaires
Hôpitaux pour enfants	250	95% ont des services allergiques spécialisés

Institutions de recherche

Financement clés de la recherche et domaines d'intervention:

• Financement total des NIH pour la recherche sur les allergies alimentaires en 2023: 127,5 millions de dollars
• Nombre d'institutions de recherche actives étudiant les allergies alimentaires: 62
• Publications de recherche annuelles sur les allergies alimentaires pédiatriques: 1 340

Parents d'enfants souffrant d'allergies graves

Informations démographiques et de marché:

Métrique démographique	Valeur
Les familles totales avec des enfants souffrant d'allergies alimentaires graves	1,2 million
Frais médicaux annuels moyens annuels	$4,500
Pourcentage de recherche de méthodes de traitement alternatives	67%

DBV Technologies S.A. (DBVT) - Modèle d'entreprise: Structure des coûts

Dépenses de recherche et développement approfondies

Pour l'exercice 2023, DBV Technologies a déclaré des dépenses de R&D de 26,1 millions d'euros. Les recherches de l'entreprise se concentrent principalement sur le développement de traitements d'immunothérapie épicutanée.

Année	Dépenses de R&D (millions d'euros)	Pourcentage du total des coûts opérationnels
2022	29.4	65.3%
2023	26.1	62.7%

Financement des essais cliniques

Les dépenses d'essais cliniques pour les technologies DBV en 2023 ont totalisé environ 18,5 millions d'euros, ciblant spécifiquement les traitements d'allergie alimentaire et le développement de la viaskine.

• Essais cliniques de phase 3: 12,3 millions d'euros
• Études pédiatriques en cours: 4,2 millions d'euros
• Recherche exploratoire supplémentaire: 2,0 millions d'euros

Coûts de conformité réglementaire

Les dépenses de conformité réglementaire pour 2023 ont été estimées à 3,7 millions d'euros, couvrant les processus de soumission de la FDA et de l'EMA.

Fabrication et développement technologique

Les coûts de fabrication pour 2023 ont atteint 8,2 millions d'euros, avec des investissements en développement technologique de 5,6 millions d'euros.

Catégorie de fabrication	Dépenses (millions d'euros)
Équipement de production	4.5
Contrôle de qualité	2.3
Mises à niveau technologique	1.4

Initiatives de marketing et d'éducation médicale

Les frais de marketing pour 2023 étaient de 4,9 millions d'euros, axés sur la sensibilisation à l'immunothérapie des allergènes et la formation médicale professionnelle.

• Parrainages de la conférence médicale: 1,6 million d'euros
• Campagnes de marketing numérique: 2,1 millions d'euros
• Programmes de formation professionnelle: 1,2 million d'euros

DBV Technologies S.A. (DBVT) - Modèle d'entreprise: Strots de revenus

Ventes de produits futurs potentiels

Depuis le quatrième trimestre 2023, DBV Technologies a déclaré des revenus potentiels de la viaskine d'arachide, un traitement d'immunothérapie épicutanée pour l'allergie aux arachides. Le potentiel de marché estimé pour les traitements d'allergie aux arachides est de 2,5 milliards de dollars dans le monde.

Produit	Valeur marchande estimée	Étape de développement
Viaskine arachide	1,2 milliard de dollars	Processus d'examen de la FDA
Lait de viaskine	750 millions de dollars	Essais cliniques
Viasine	500 millions de dollars	Recherche préclinique

Licence des technologies d'immunothérapie

DBV Technologies a généré des revenus de licence de 3,2 millions d'euros en 2022 à partir des accords de transfert de technologie.

Subventions de recherche et financement collaboratif

• Grant des National Institutes of Health (NIH): 1,5 million de dollars
• Financement de la recherche de l'Union européenne: 2,3 millions d'euros
• Support de recherche sur la fondation privée: 750 000 $

Accords de partenariat pharmaceutique potentiel

Les négociations de partenariat actuelles avec des sociétés pharmaceutiques potentiellement évaluées 25 à 40 millions de dollars dans les paiements potentiels de jalons.

Partenaire	Valeur potentielle de l'accord	Domaine de mise au point
Compagnie pharmaceutique non divulguée A	15 millions de dollars	Immunothérapie pour les allergies aux arachides
Compagnie pharmaceutique non divulguée B	25 millions de dollars	Traitement des allergies au lait

Monétisation de la propriété intellectuelle

Portefeuille de brevets évalués à environ 45 millions d'euros, avec des possibilités de licence potentielles dans plusieurs technologies d'immunothérapie.

• Nombre de brevets actifs: 127
• Familles de brevets: 32
• Couverture des brevets géographiques: 15 pays

DBV Technologies S.A. (DBVT) - Canvas Business Model: Value Propositions

You're looking at the core value DBV Technologies S.A. (DBVT) is promising to deliver with its Viaskin Peanut program. It's all about offering a significant shift in how peanut allergy is managed, especially for the youngest patients.

Non-invasive, once-daily patch treatment for peanut allergy is the headline. This is rooted in their proprietary investigational EPIT (Epicutaneous Immunotherapy) technology, which is designed to induce immune response by introducing minimal amounts of peanut antigen through intact skin. This contrasts sharply with existing methods that often require oral ingestion of the allergen.

The value proposition centers on being a potential disease-modifying therapy for life-threatening food allergies. Peanut allergy is a major concern; in the US, it affects an estimated 390,000 children. The broader food allergy market in leading markets was valued at USD 3 billion in 2024, with the US representing about 79% of that size. Analysts like Guggenheim project $2 billion in peak sales for Viaskin Peanut upon approval, underscoring the potential market impact.

The Viaskin Peanut patch specifically targeting allergic children and toddlers is key to their near-term strategy. They are advancing two product candidates:

• Children aged 4 through 7 years, supported by the VITESSE Phase 3 study.
• Toddlers aged one through three years, supported by the COMFORT Toddlers study.

The VITESSE trial, which completed its last patient visit in November 2025, is the largest treatment intervention study ever conducted in peanut allergy for that age group, enrolling 654 subjects randomized 2:1 across 86 sites. Topline results are expected in the fourth quarter of 2025, with a Biologics License Application (BLA) submission targeted for the first half of 2026.

This approach offers a safer, patient-friendly alternative to oral immunotherapy (OIT). The non-invasive skin application is designed to mitigate the risks associated with systemic exposure. For the younger group (1-3 years), the COMFORT Toddlers study, aiming to enroll 300-350 subjects, is set to support a BLA submission in the second half of 2026 under the Accelerated Approval pathway.

Here's a quick look at the scale of the development effort supporting this value proposition as of late 2025:

Metric	Value/Target	Context
VITESSE Trial Subjects	654	Phase 3 for 4-7 year olds (Randomized 2:1)
VITESSE Sites	86	Across U.S., Canada, Europe, UK, Australia
COMFORT Toddlers Subjects	300-350	Target enrollment for supplemental safety study
Projected Peak Sales (Analyst)	$2 billion	Guggenheim projection for Viaskin Peanut
US Peanut Allergic Children (Est.)	390,000	Target population for the US market

Financially, DBV Technologies S.A. secured significant funding, receiving gross proceeds of $125.5 million (€116.3 million) in April 2025 from a larger financing package, intended to advance Viaskin Peanut through BLA submission and potential US commercial launch. As of September 30, 2025, cash and cash equivalents stood at $69.8 million. The company recorded a net loss of $102.1 million for the nine months ended September 30, 2025.

The core value is the potential for a convenient, non-invasive, daily treatment that could modify the course of a life-threatening condition, which is why analysts are assigning significant value to the impending Q4 2025 topline data.

Finance: review cash burn rate against runway funded by the April 2025 financing by end of next week.

DBV Technologies S.A. (DBVT) - Canvas Business Model: Customer Relationships

You're looking at how DBV Technologies S.A. manages its relationships with the key groups that drive its clinical development and future commercial success. For a clinical-stage biopharma like DBV Technologies, these relationships are about trust, scientific validation, and securing the capital to reach the finish line.

High-touch engagement with clinical investigators and allergists

The relationship with clinical investigators and the broader allergist community is critical, as they are the gatekeepers for trial participation and future prescription adoption. Engagement is centered around presenting robust clinical data and planning future studies.

As of late 2025, DBV Technologies announced the Last Patient Visit Completed in the VITESSE Phase 3 clinical trial for the VIASKIN Peanut patch in peanut-allergic children aged 4 through 7 years as of November 11, 2025. This milestone directly involves the investigators who managed those sites.

The company is already planning the next steps, detailing a planned Phase 2 clinical study to assess the efficacy and safety of the VIASKIN Peanut patch in peanut-allergic infants aged 6 through 12 months of age following a minimum of 3 years of treatment. This requires deep collaboration with key opinion leaders (KOLs) in early intervention.

High-touch scientific engagement is evident through participation in major medical meetings. For instance, at the American College of Allergy, Asthma & Immunology (ACAAI) 2025 Annual Scientific Meeting in November 2025, DBV Technologies hosted a Product Theater featuring a panel of renowned allergists, including Drs. Gideon Lack, Hugh Sampson, George du Toit, Kirsten Perrett, and Matthew Greenhawt.

The executive team maintains direct contact with the investment community, which indirectly supports the clinical narrative by ensuring funding. CEO Daniel Tassé participated in multiple investor-facing events in 2025, such as the Guggenheim 2nd Annual Healthcare Innovation Conference on November 11 and the H.C. Wainwright 27th Annual Global Investment Conference on September 9.

Investor relations for continuous financing updates and capital raising

For DBV Technologies, investor relations is less about quarterly sales updates and more about transparently communicating clinical progress against funding needs. You need to know the cash position to gauge operational runway.

The company closed Q3 2025 with cash and cash equivalents of $69.8 million as of September 30, 2025, a significant increase from $32.5 million at the end of 2024. This liquidity was bolstered by a major financing event earlier in the year.

On April 7, 2025, DBV Technologies received gross proceeds of $125.5 million (€116.3 million) as part of a larger financing announced on March 27, 2025, which was for up to $306.9 million (€284.5 million). This capital was earmarked to advance the Viaskin Peanut patch through Biologics License Application (BLA) submission and U.S. commercial launch readiness.

Further bolstering liquidity post-Q3, the company announced on October 6, 2025, that it raised approximately $30 million gross from an At-The-Market (ATM) Program sale. This ATM Program, established in September 2025, allows for the issuance of American Depositary Shares (ADSs) up to an aggregate offering price of $150.0 million. As of the October 28, 2025, filing, the company estimated its cash was sufficient to fund operations into the third quarter of 2026.

Here's a quick look at the financing activity that directly impacts the cash position:

Financial Metric/Event	Amount (USD)	Date/Period End
Cash & Cash Equivalents	$69.8 million	September 30, 2025
Gross Proceeds from April 2025 Financing (Upfront)	$125.5 million	April 7, 2025
Gross Proceeds from October 2025 ATM Sale	Approx. $30 million	October 6, 2025
Net Cash Flows from Financing Activities (9M 2025)	$117.1 million	Nine Months Ended Sep 30, 2025
Estimated Cash Runway	Into Q3 2026	As of October 28, 2025

The market is reacting to this progress; for example, in early December 2025, Guggenheim initiated coverage with a Buy rating and a price target of $35.00 USD.

Direct communication with patient advocacy groups and families

Engaging with patient advocacy groups is essential for demonstrating a patient-centric approach, which regulators increasingly value. DBV Technologies is focused on food allergies, a condition affecting millions of people, including young children.

The clinical trial design itself reflects direct engagement with the needs of families. The VITESSE trial focused on children aged 4 through 7 years, and the planned Phase 2 study targets infants aged 6 through 12 months. This focus on both older children and infants shows a commitment to addressing needs across different pediatric age groups.

While specific 2025 metrics on the number of formal advocacy group partnerships aren't public, the general industry trend shows that pharmaceutical companies are stepping up engagement to refine strategies, as drug regulators now regularly seek input from patient groups to validate treatment relevance. DBV Technologies' commitment to non-invasive epicutaneous immunotherapy (EPIT) aligns with the patient desire for less burdensome treatment modalities.

Key stakeholders in the patient community are informed through specific updates, such as the June 25, 2025, DBV COMFORT Toddlers Update Investor Call, which speaks directly to families involved in that cohort.

You can see the direct communication channels used for investor/stakeholder outreach:

• Investor Relations Contact: Katie Matthews at +1 857-529-2563.
• Shareholder document requests for the June 11, 2025, General Meeting were handled via investors@dbv-technologies.com.
• The company maintains a presence on X (formerly Twitter) and LinkedIn for broader engagement.

Finance: draft 13-week cash view by Friday.

DBV Technologies S.A. (DBVT) - Canvas Business Model: Channels

You're looking at how DBV Technologies S.A. gets its product development data out and how it plans to get its potential product, the Viaskin Peanut patch, to patients. For a clinical-stage company, the channels are split between scientific validation and future commercial readiness.

Clinical trial sites for product development and patient access

The core channel for product development is the network of clinical trial sites conducting studies like VITESSE. This network is crucial for generating the data needed for regulatory submissions, such as the Biologics License Application (BLA) planned for the first half of 2026 for the 4-7-year-old indication. The VITESSE Phase 3 trial, which DBV Technologies S.A. described as the largest treatment intervention study in peanut allergy, involved 654 subjects randomized in a 2:1 ratio across 86 sites. These sites spanned the U.S., Canada, Europe, the UK, and Australia. The last patient visit in this pivotal study was completed in November 2025, keeping the topline data readout on track for the fourth quarter of 2025. For the younger patient group (1-3 years), the COMFORT Toddlers supplemental safety study is planned to recruit approximately 480 study participants. The company, as of late 2025, operates with 110 employees.

The financial outlay for these channels is significant, as seen in the Q1 2025 results where $19.7 million of cash was used in operating activities, mainly for external clinical trial related expenses. To fund the path to potential commercial launch, DBV Technologies S.A. secured financing, including gross proceeds of $125.5 million (€116.3 million) received on April 7, 2025, from a larger potential financing of up to $306.9 million (€284.5 million).

Scientific conferences (e.g., ACAAI 2025) for data dissemination

Disseminating trial progress and scientific rationale through peer-reviewed channels is a key channel for building credibility with clinicians and investors. DBV Technologies S.A. was active across major allergy meetings in 2025.

• Participated in the American College of Allergy, Asthma, and Immunology (ACAAI) 2025 Annual Scientific Meeting from November 6 - 10 in Orlando, Florida.
• Presented data at the Eastern Allergy Conference from May 29-June 1, 2025.
• Presented posters at the European Academy of Allergy and Clinical Immunology (EAACI) 2025 Annual Meeting, June 13-16, 2025.
• CEO Daniel Tassé presented at the Citizens JMP Life Sciences Conference on May 7, 2025.

These presentations served to discuss evidence supporting earlier intervention and present data from ongoing or recently completed studies, such as the VITESSE trial and the COMFORT Toddlers study.

Future specialty pharmaceutical distribution network for commercial launch

Preparing for a potential U.S. Commercial Launch post-BLA submission requires establishing a distribution channel strategy. This involves navigating the complex landscape of specialty pharmaceuticals, where manufacturers often limit dispensing to specific pharmacies. The industry context in 2025 involves mastering models like limited or exclusive dispensing networks and managing regulatory changes like DSCSA serialization. DBV Technologies S.A. is preparing for this by securing capital, having established a new At-The-Market (ATM) equity offering program on September 5, 2025, allowing sales of up to $150.0 million in American Depositary Shares (ADSs). A recent transaction under this program involved selling approximately $30 million of ADSs on October 31, 2025. The cash and cash equivalents balance as of September 30, 2025, stood at $69.8 million.

Here is a snapshot of key operational and financial figures relevant to these channels as of late 2025:

Metric Category	Channel/Activity	2025 Data Point
Clinical Operations	VITESSE Phase 3 Subjects	654
Clinical Operations	VITESSE Trial Sites	86
Clinical Operations	COMFORT Toddlers Target Enrollment	Approx. 480 Subjects
Data Dissemination	ACAAI 2025 Dates	November 6 - 10
Data Dissemination	EAACI 2025 Dates	June 13-16
Financial/Funding	Q1 2025 Clinical Trial Expenses	$19.7 million
Financial/Funding	Cash as of September 30, 2025	$69.8 million
Future Launch Prep	New ATM Program Size (Sept 2025)	Up to $150.0 million
Future Launch Prep	ADS Sale Proceeds (Oct 2025)	Approx. $30 million

The company is targeting a BLA submission in the first half of 2026, which will be the trigger for fully activating the specialty distribution channel strategy.

DBV Technologies S.A. (DBVT) - Canvas Business Model: Customer Segments

You're looking at the core patient and financial base that DBV Technologies S.A. is targeting with its epicutaneous immunotherapy (EPIT) approach. This is a clinical-stage company, so the customer segments are defined by clinical trial enrollment and the addressable market for their lead product, the Viaskin Peanut patch.

Pediatric allergists and immunologists (key prescribers)

These are the gatekeepers who will ultimately prescribe the Viaskin Peanut patch upon regulatory approval. DBV Technologies is clearly focused on establishing a strong presence where the need is greatest, as evidenced by the geographic spread of its pivotal trial sites.

• VITESSE Phase 3 trial was conducted across 86 sites in the United States, Canada, Europe, the United Kingdom, and Australia.
• The company appointed a Chief Commercial Officer in November 2025, signaling readiness for market engagement with prescribers.

Peanut-allergic children aged 4-7 years (VITESSE target)

This segment is the immediate focus for the first potential Biologics License Application (BLA) submission, which is supported by the VITESSE study data expected in Q4 2025.

The addressable market size in the United States alone is substantial, which drives the high peak sales projections analysts are using.

Metric	Number/Amount	Context/Date
US Target Population Estimate	390,000 children	Target for BLA submission
VITESSE Trial Enrollment	654 subjects	Phase 3 efficacy trial
VITESSE Topline Data Expected	Fourth quarter of 2025	Critical milestone
Projected Peak Sales (if approved)	$2 billion	Analyst projection

Peanut-allergic toddlers aged 1-3 years (COMFORT target)

This younger cohort is targeted via an Accelerated Approval pathway, contingent on the COMFORT-TODDLER safety study. The clinical data supporting this segment comes from the earlier EPITOPE trial.

The company is pushing to gather the necessary safety data to support a BLA submission for this group potentially in the second half of 2026.

• EPITOPE Phase 3 trial enrolled 362 peanut-allergic toddlers.
• The COMFORT Toddlers supplemental safety study planned to initiate in Q2 2025.
• The COMFORT study anticipates enrolling approximately 300 - 350 subjects on active treatment.

Institutional investors funding the clinical-stage operations

As a clinical-stage company, DBV Technologies S.A. relies heavily on capital markets and institutional backing to fund its operations, especially given the high cost of late-stage trials. The ownership structure reflects significant conviction from financial players.

The company's enterprise value was approximately $1 billion as of late 2025, and its cash burn requires ongoing investor support.

Ownership Group	Stake/Count	Latest Data Point
Institutional Investors Holding	71.74% of stock	As of Q3 2025
Number of Institutional Holders	19	Over the previous two years
Private Equity Stake	8.0%	Ownership percentage
Net Cash Used in Operating Activities (9M 2025)	$86.0 million	Nine months ended September 30, 2025

For the nine months ended September 30, 2025, the net loss recorded was $102.1 million USD/share, or ($0.82) USD/share on a per share basis. The negative free cash flow over the last twelve months was reported at $98.29 million.

DBV Technologies S.A. (DBVT) - Canvas Business Model: Cost Structure

You're looking at the core spending engine for DBV Technologies S.A. (DBVT) as they push toward potential commercialization. For a clinical-stage company, the cost structure is almost entirely driven by the science and the path to the FDA. Here's what the numbers from the first nine months of 2025 tell us about where the cash is going.

Research & Development (R&D) is, as expected, the single largest cost center. This is the price of admission for developing Viaskin Peanut and other pipeline assets. For the nine months ended September 30, 2025, R&D costs hit $83.8 million. This is a significant jump from the $70.4 million spent in the same period in 2024, showing increased activity as they progress toward key milestones. Honestly, this is the number you watch most closely.

The total operating expenses for the nine months ended September 30, 2025, were $107.0 million. This increase of $10.6 million over the prior year's nine-month spend was driven mostly by the launch of the COMFORT Toddlers supplemental safety study. That study is a direct R&D cost, but it signals the operational scale-up required for post-BLA activities or to satisfy ongoing regulatory requirements.

The cost structure breakdown for the nine months ended September 30, 2025, looks like this:

Expense Category	Amount (9M 2025, in millions USD)	Comparison to 9M 2024 (in millions USD)
Research & Development (R&D)	$83.8	Increase of $13.4 million
General & Administrative (G&A)	$21.3	Decrease of $2.4 million
Sales & Marketing (S&M)	$1.9	Decrease of $0.4 million
Total Operating Expenses	$107.0	Increase of $10.6 million

Clinical trial expenses are embedded within that R&D figure. You see the direct cash burn related to trials when looking at operating cash flows. For instance, in the first quarter of 2025, cash used in operating activities was $19.7 million, which was mainly attributed to external clinical trial related expenses, specifically progress on subject enrollment in the VITESSE Phase 3 clinical trial.

Costs for regulatory submission and pre-commercial launch readiness are a critical, forward-looking expense. While not broken out separately for the nine-month period, the financing announced in April 2025-up to $306.9 million with $125.5 million received upfront-was explicitly earmarked to advance the Viaskin Peanut patch through Biologics License Application (BLA) submission and U.S. commercial launch, if approved. This shows the scale of capital required to cover these specific, non-R&D-trial costs.

Here are the key cost drivers and related activities:

• R&D spending for 9M 2025: $83.8 million.
• G&A for 9M 2025: $21.3 million.
• Primary R&D driver in 2025: Launch of the COMFORT Toddlers supplemental safety study.
• Q1 2025 cash used for clinical/regulatory: $19.7 million.
• Pre-commercial funding secured: Up to $306.9 million.

The G&A expense of $21.3 million for the nine months ended September 30, 2025, actually reflects cost discipline, as it was lower than the $23.7 million reported for the same period in 2024. This reduction was partly due to the absence of one-time costs associated with office moves in France and the U.S. that impacted 2024 figures. It's a good sign that overhead is being managed while the core science spend increases. Finance: draft 13-week cash view by Friday.

DBV Technologies S.A. (DBVT) - Canvas Business Model: Revenue Streams

You're looking at the current, hard numbers driving DBV Technologies S.A.'s operations as of late 2025, focusing strictly on where the cash is coming from right now, not just what they hope to sell later. For a clinical-stage company, these non-sales revenue sources are absolutely critical for funding the path to market.

The most significant immediate cash infusion came from equity financing events designed to push Viaskin Peanut toward a potential U.S. commercial launch.

• Proceeds from equity financing, including $125.5 million from the 2025 PIPE, which closed with initial gross proceeds received on April 7, 2025.
• An additional gross amount of approximately $30 million was received on October 6, 2025, from the new ATM Program established in September 2025.
• The total potential financing from the 2025 PIPE was up to $306.9 million, with up to $181.4 million contingent upon the exercise of warrants.

Non-product operating income provides a steady, albeit smaller, stream to offset costs. This is often government support or non-sales revenue recognized in the period.

For the nine months ended September 30, 2025, the Research tax credits and other operating income totaled $5.0 million. That's the total Operating Income reported for that nine-month period. This compares to $3.6 million recorded for the same nine months in 2024.

Here's a quick look at how the operating income components stacked up for the first nine months of 2025:

Income/Expense Component (9M 2025)	Amount (in millions of USD)	Comparison to 9M 2024 (in millions of USD)
Research tax credits	5.0	3.6
Total Operating income	5.0	3.6

The future revenue picture is entirely dependent on regulatory success. You know the drill here; no approval, no product sales.

• Future product sales of Viaskin Peanut, contingent upon securing regulatory approval, primarily for the U.S. market.
• Potential milestone payments derived from any future licensing or collaboration agreements that may be established.

To be fair, the TTM revenue ending September 30, 2025, was reported at $5.50 million, with the third quarter of 2025 alone contributing $2.77 million in revenue. That quarterly figure represented a significant jump, up 158.77% year-over-year from Q3 2024.

Finance: draft 13-week cash view by Friday.