DBV Technologies S.A. (NASDAQ:DBVT) Q2 2021 Earnings Conference Call August 2, 2021 5:00 PM ET Company Participants Anne Pollak - Head of Investor Relations Daniel Tassé - Chief Executive Officer Sébastien Robitaille - Chief Financial Officer Conference Call Participants Graig Suvannavejh - Goldman Sachs Jon Wolleben - JMP Securities Operator Good afternoon, and welcome to the DBV Technologies First Half 2021 Financial Results and Business Update Conference Call. My name is Reece, and I am the operator for ...

Table of Contents Title of each class Trading Symbol(s)Name of each exchange on which registered American Depositary Shares, each representing one-half of one ordinary share, nominal value €0.10 per share DBVT The Nasdaq Stock Market LLC Ordinary shares, nominal value €0.10 per share* n/a The Nasdaq Stock Market LLC UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the qua ...

Financial Performance - Net loss for the three months ended March 31, 2021, was $29,449 thousand, compared to a net loss of $40,913 thousand for the same period in 2020, indicating an improvement of about 28%[21] - Operating income for the three months ended March 31, 2021, was $2,941 thousand for the three months ended March 31, 2021, compared to an operating loss of $4,720 thousand in Q1 2020[21] - Basic/diluted net loss per share attributable to shareholders improved from $(0.79) in Q1 2020 to $(0.54) in Q1 2021[21] - The company experienced a comprehensive loss of $38,279 million for the three months ended March 31, 2021, compared to $46,788 million for the same period in 2020, indicating a decrease of approximately 18.1%[21] - Net loss for the three months ended March 31, 2021, was $29,449 million, compared to a net loss of $40,913 million for the same period in 2020, showing an improvement of 28%[89] Cash Flow and Liquidity - Cash and cash equivalents decreased from $196,352 thousand as of December 31, 2020, to $152,459 thousand as of March 31, 2021, a decline of approximately 22.3%[18] - Net cash flow used in operating activities was $36,204 thousand for the three months ended March 31, 2021, down from $49,683 thousand in the same period of 2020, indicating a 27% reduction in cash outflow[26] - The company expects its current cash balance will be sufficient to fund operations for at least the next 12 months[39] - As of March 31, 2021, total cash and cash equivalents were reported at $152.5 million, down from $196.4 million at December 31, 2020[62] - The company expects current cash and cash equivalents to support operations until the second half of 2022[107] Expenses and Cost Management - Operating expenses decreased from $45,942 thousand in Q1 2020 to $32,575 thousand in Q1 2021, a reduction of approximately 29%[21] - Research and development expenses were $22,164 thousand for the three months ended March 31, 2021, down from $27,532 thousand in the same period of 2020, reflecting a decrease of about 19.6%[21] - Share-based payment expenses were $1,433 thousand for the three months ended March 31, 2021, compared to $3,073 thousand for the same period in 2020, reflecting a 53% decrease[26] - Personnel expenses decreased by $9.7 million, or 51.8%, to $9.0 million during the three months ended March 31, 2021, from $18.7 million for the same period in 2020[94] - Total operating expenses for Q1 2021 were $32.6 million, down 29.1% from $45.9 million in Q1 2020, primarily due to a reduction in personnel expenses[94] Assets and Liabilities - Total assets decreased from $272,246 thousand as of December 31, 2020, to $221,405 thousand as of March 31, 2021, representing a decline of approximately 18.7%[18] - Total current liabilities decreased from $52,713 thousand as of December 31, 2020, to $38,831 thousand as of March 31, 2021, a reduction of about 26.4%[18] - The total shareholders' equity decreased from $205,491 thousand as of December 31, 2020, to $169,176 thousand as of March 31, 2021, a decline of approximately 17.6%[18] - Total liabilities decreased from $66,754 million as of December 31, 2020, to $52,229 million as of March 31, 2021, a reduction of about 21.8%[18] - Restructuring liabilities decreased from $9.4 million on January 1, 2021, to $4.3 million by March 31, 2021[56] Regulatory and Development Updates - The company anticipates the re-submission of a Biologics License Application for Viaskin Peanut to the U.S. FDA, indicating ongoing regulatory efforts[13] - The FDA issued a Complete Response Letter for Viaskin Peanut, citing concerns about patch-site adhesion and the need for modifications[47] - The European Medicines Agency validated the Marketing Authorization Application for Viaskin Peanut, confirming the submission was complete for review[50] - The company plans to submit protocols for safety and adhesion studies to the FDA for the modified Viaskin Peanut patch[86] - The company is advancing its Viaskin technology platform for treating food allergies, with ongoing clinical trials impacted by COVID-19[85] Restructuring and Workforce Changes - The company has initiated a global restructuring plan to provide operational latitude for the clinical development of Viaskin Peanut[39] - The company expects full implementation of the restructuring plan to result in a reduction of more than 200 jobs, leaving a global team of 90 individuals[96] - The Company had an average of 121 employees in Q1 2021, compared to 311 employees in Q1 2020, indicating a significant reduction in headcount[75] - The company expects full implementation of its global restructuring plan, which aims to reduce more than 200 jobs, to be completed by the second half of 2021[96] Clinical Trial Results - 75.9% of patients in the Viaskin Peanut trial increased their eliciting dose from baseline after three years, with 51.8% reaching at least 1,000 mg peanut protein[45] - Treatment compliance in the Viaskin Peanut trial remained high at a mean of 98% over three years[45] - The company observed that 75.9% (107/141) of patients in the Phase III PEPITES trial increased their eliciting dose from baseline after three years[45] - 51.8% (73/141) of patients reached an eliciting dose of at least 1,000 mg peanut protein by year three in the same trial[45] Financing Activities - The global offering raised total gross proceeds of $160.7 million, with net proceeds of $150.0 million after the partial exercise of the underwriters' option[54] - Net cash flow provided by financing activities decreased to $0.4 million in Q1 2021 from $150.6 million in Q1 2020[106] - The company intends to seek additional capital to prepare for the potential launch of Viaskin Peanut, if approved, and to continue other research and development efforts[40]

Financial Performance - The company has incurred net losses of $172.0 million and $159.6 million for the years ended December 31, 2019 and 2020 respectively, with an accumulated deficit of $958.5 million as of December 31, 2020[198]. - The company expects to continue incurring significant operating losses and anticipates that current cash will fund operations only until the second half of 2022[210]. - The company anticipates requiring additional financing to continue funding operations, with capital needs influenced by clinical trial costs and regulatory approvals[230]. Cash and Funding - As of December 31, 2020, the company's cash and cash equivalents were $196.4 million, primarily funded through equity financings and public assistance[205]. - The company plans to seek substantial additional capital in the future to commercialize Viaskin Peanut and develop other product candidates[211]. - The company may face challenges in raising additional share capital due to French law limitations on capital increases without shareholder approval[215]. Product Development and Regulatory Approval - The company has not generated any product revenue to date and continues to advance the clinical and regulatory development of Viaskin Peanut in the United States and European Union[200]. - The Marketing Authorization Application (MAA) for Viaskin Peanut has been validated by the European Medicines Agency (EMA), confirming the submission is complete for review[208]. - The FDA has raised concerns regarding the efficacy of Viaskin Peanut related to patch-site adhesion, requiring modifications and additional studies[206]. - The FDA issued a Complete Response Letter for the Viaskin Peanut Biologics License Application, citing concerns about patch-site adhesion and the need for modifications[245]. - The company plans to submit protocols for safety and adhesion studies to the FDA in Q2 2021, following feedback indicating a defined regulatory path forward[246]. - The company is currently advancing product candidates through pre-clinical and clinical development, with expected increases in research and development expenses[204]. - The company is dependent on obtaining FDA approval for its Viaskin products before marketing them in the United States, which is a complex and uncertain process[251]. - The company must demonstrate the safety and efficacy of its product candidates through extensive clinical testing, which is inherently uncertain[268]. Clinical Trials and Challenges - Clinical trials are expensive and time-consuming, with a high risk of failure, potentially leading to increased costs and delays in product development[253]. - The company has experienced delays in obtaining FDA approval for Viaskin Peanut and may face further delays in the future[269]. - The ongoing COVID-19 pandemic has caused disruptions that may affect the company's operations, including clinical trials and access to capital[218]. - The ongoing COVID-19 pandemic may disrupt operations and supply chains, affecting the company's ability to conduct clinical trials and commercialize products[303]. Market and Competitive Landscape - The biopharmaceutical industry is highly competitive, with established competitors having greater resources and experience, which may hinder the company's ability to succeed[321]. - Market acceptance of the company's products is uncertain and will depend on factors such as clinical efficacy, safety, and pricing relative to competitors[319]. - Government restrictions on pricing and reimbursement could negatively impact the company's revenue generation if products are approved for marketing[325]. Regulatory Compliance and Risks - The company faces significant legal and compliance costs as a U.S. public company, which may strain resources and divert management's attention[237]. - The company is subject to extensive regulatory review and must demonstrate safety and efficacy for product candidates, a process that can take many years[250]. - Any failure to comply with regulatory requirements could result in significant penalties or restrictions on product marketing[281]. - The company faces significant regulatory compliance costs and risks associated with healthcare laws, which could disrupt operations[350]. Intellectual Property and Legal Risks - The ability to protect proprietary rights through patents is uncertain, with various factors potentially affecting patentability and enforcement[366]. - Legal actions to enforce patent rights can be costly and may not guarantee successful outcomes, impacting the company's competitive position[370]. - The company may need to resort to litigation to enforce its patents or protect trade secrets, which could be costly and time-consuming[391]. - There is a risk of litigation regarding trade secret misappropriation or other claims related to prior affiliations of employees or consultants, which could consume managerial and financial resources[394]. Supply Chain and Manufacturing - The company is dependent on a single supplier, Sanofi S.A., for active pharmaceutical ingredients, which poses risks to the supply chain and commercialization efforts[291]. - The company has only manufactured Viaskin product candidates at a scale sufficient for research and clinical trials, with no assurance that these processes will be adequate for commercial needs[298]. - The company intends to diversify supply sources for critical raw materials to mitigate risks associated with reliance on single suppliers[290]. Sales and Marketing - The company currently lacks a commercial-ready marketing and sales infrastructure, which may hinder effective sales and marketing of product candidates if approved[309]. - Plans are in place to hire sales representatives for the marketing of Viaskin Peanut in the United States, contingent on approval, but establishing a sales force is costly and time-consuming[310]. - The company faces risks in recruiting and retaining effective sales and marketing personnel, which could impact the commercialization of its product candidates[311].

DBV Technologies S.A. (NASDAQ:DBVT) Q4 2020 Earnings Conference Call March 11, 2021 5:00 PM ET Company Participants Anne Pollak - Head of Investor Relations Daniel Tassé - Chief Executive Officer & Director Pascal Wotling - Chief Technical Operations Officer Pharis Mohideen - Chief Medical Officer Sébastien Robitaille - Chief Financial Officer Conference Call Participants Alex Cogut - Kempen Graig Suvannavejh - Goldman Sachs Jon Wolleben - JMP Securities Operator Good afternoon, and welcome to the DBV Techn ...

Table of Contents DBVT The Nasdaq Stock Market LLC UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to OR ☐ SHEL ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2018 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to OR ☐ SHELL COMPANY REPORT PURSUANT TO SECT ...