DBV Technologies S.A. American Depositary Shares

Item 1A. Risk Factors

Our business is subject to risks and events that, if they occur, could adversely affect our financial condition and results of operations and trading price of our securities. In addition to the other information set forth in this Quarterly Report, you should carefully consider the factors described in Part I, Item 1A. Risk Factors of our Annual Report. As of June 30, 2025, substantial doubt exists ab . Except as set forth below, there have been no material changes from our risk factors described in Part I, Item 1A. Risk Factors of our Annual Report on Form 10-K.While management has plans to address these issues, there is no assurance these plans will be successful, which could materially impact our business and financial condition.

There is uncertainty regarding our ability to maintain liquidity sufficient to operate our business effectively, which raises substantial doubt about our ability to continue as a going concern due to on.

Our unaudited condensed consolidated financial statements as of September 30, 2025 have been prepared assuming the Company will continue as a going operatconcern for the next twelve months. Our management concluded that our recurring losses and liquidifrom operations, existing unrestricted cash, and cash equivalents raise substantial doubt about our ability challenges. While manageto continue as a going concern for the next twelve months after issuance of our financial statements included in this Quarterly Report on Form 10-Q. As of September 30, 2025, we had unrestricted cash, cash equivalents and marketable securities of $69.8 million consisting of cash and investment has plans to addresss. Subsequent to September 30, 2025, we raised additional proceeds of approximately $30 million total gross proceeds through the Companys ATM Offering. We do not expect our existing cash and cash equivalents will be sufficient to fund our operations these issuerough the next twelve months and we will need to seek additional capital to fund our operations, tworking capital needs, capital expenditures and othere is no assurance  strategic initiatives beyond that time. Although management has been successful in raising capital in these plans w past, there can be no assurance that we will be successful, which could ma or that any needed financing will be available in the future at terms acceptable to us. As such, we cannot conclude that such plans will be effectively implemented within one year afterially impact o the date that the financial statements included in this Quarterly Report on Form 10-Q and there is uncertainty regarding our ability to maintain liquidity sufficient to operate our business and financeffectively, which raises substantial doubt about our ability to condition.

tinue as a going concern.