Monitor daily volume and periodic disclosures of ADS sales under the ATM; actual dilution depends on the pace of sales. The filing overhang may pressure DBVT shares near-term.
Price Chart
Executive Summary
DBV Technologies filed an automatic shelf registration statement (S-3ASR) to offer up to $150 million in ADSs via an at-the-market offering through Citizens JMP Securities. The proceeds will fund manufacturing expansion, BLA submissions for Viaskin Peanut, launch preparation, and general corporate purposes. As a pre-revenue biotech, this ATM facility signals significant potential dilution, with pro forma dilution of $9.49 per ADS at the assumed price.
Key Facts
- Maximum aggregate offering price of $150,000,000 in ADSs (each ADS = 5 ordinary shares).
- Shares sold via at-the-market offering through Citizens JMP Securities with a 3% commission.
- As of June 30, 2026, net tangible book value was $160.4 million ($2.71/ADS); pro forma after full offering would be $305.9 million ($4.37/ADS), implying $9.49 dilution per new ADS.
- Proceeds will fund manufacturing, BLA preparations, launch of Viaskin Peanut (if approved), and working capital.
- Prior shelf registration (File No. 333-271166) expired April 17, 2026; unsold amounts carried forward.
Financial Impact
Up to $150 million in potential equity issuance, representing ~18.6% of current market cap ($807M) at the assumed price.
Risk Factors
- Substantial dilution if the full $150M is sold; per ADS dilution of $9.49 at assumed price.
- Company is pre-revenue; cash burn continues with no approved product.
- ATM sales could be accelerated if market conditions weaken, increasing dilution.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 9 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| S-3ASR Filing (Primary) | 0001193125-26-316910 |
| Document: d119199dexfilingfees.htm | 0001193125-26-316910 |
| Document: d119199dex51.htm | 0001193125-26-316910 |
| Document: d119199dex52.htm | 0001193125-26-316910 |
| Document: d119199dex232.htm | 0001193125-26-316910 |
| Document: d119199dex231.htm | 0001193125-26-316910 |
| Document: 0001193125-26-316910-index-headers.html | 0001193125-26-316910 |
| Document: 0001193125-26-316910-index.html | 0001193125-26-316910 |
| Document: 0001193125-26-316910.txt | 0001193125-26-316910 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 29, 2026 27d ago | 8-K | $11.76 $9.77 | ▼ −16.92% | ▼ −18.83% | $9.98 (−15.14%) |
Jul 27, 2026 13w ago | S-3ASR | $13.90 $13.50 | ▲ +2.88% | ▲ +3.95% | $9.98 (+28.20%) |
Jul 6, 2026 16w ago | Press Release | $17.35 $15.92 | ▼ −8.24% | ▼ −8.79% | $9.98 (−42.48%) |
Jun 29, 2026 17w ago | 8-K | $16.40 $15.61 | ▼ −4.82% | ▼ −5.42% | $9.98 (−39.15%) |
Apr 30, 2026 25w ago | Press Release | $19.87 $19.73 | ▼ −0.70% | ▼ −3.05% | $9.98 (−49.77%) |
Mar 26, 2026 30w ago | Press Release | $20.00 $20.36 | ▲ +1.80% | ▼ −2.06% | $9.98 (−50.10%) |
Mar 26, 2026 30w ago | Press Release | $20.00 $20.36 | ▲ +1.80% | ▼ −2.06% | $9.98 (−50.10%) |
US Market Status
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