DBV Technologies S.A.DBVT
DBV Technologies S.A. Fair Value Disclosure
Fair Value Measurement
The Company reports assets and liabilities recorded at fair value on the Company’s consolidated balance sheets based upon the level of judgment associated with inputs used to measure their fair value.
The fair value measurement level within the fair value hierarchy for a particular asset or liability is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques maximize the use of observable inputs and minimize the use of unobservable inputs.
Financial instruments not measured at fair value on the Company’s consolidated statement of financial position, but which require disclosure of their fair values include cash and cash equivalents, deposits, liquidity contract, accounts payable, and conditional advances. The fair values of these financial instruments are deemed to approximate their carrying amount.
There has been no transfer between levels of the fair value hierarchy during the years ended December 31, 2024 and 2025.
The financial instruments recognized on the balance sheet are analyzed as follows as of December 31, 2024 :
| Breakdown by financial instrument class - balance sheet value | Level of fair value | |||||||||||||||||||||||||||||||||||||||||||||||||
| 2024 (in thousands of dollars) | Carrying value | Fair value through P&L | Assets at amortized cost | Liabilities at amortized cost | Derivative financial instrument | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||||||
| Deposits | 4,312 | — | 4,312 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
| Liquidity contract | 111 | 111 | — | — | — | 111 | — | — | ||||||||||||||||||||||||||||||||||||||||||
| Accounts receivable | 680 | — | 680 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | 32,456 | 32,456 | — | — | — | 32,456 | — | — | ||||||||||||||||||||||||||||||||||||||||||
| Total Assets | 37,559 | 32,567 | 4,992 | — | — | 32,567 | — | — | ||||||||||||||||||||||||||||||||||||||||||
| Other liabilities | 8,328 | 0 | 0 | 8,328 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||
| Accounts payables | 22,032 | 0 | 0 | 22,032 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||
| Total Liabilities | 30,360 | — | — | — | — | — | 30,360 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
The financial instruments recognized on the balance sheet are analyzed as follows as of December 31, 2025 :
| Breakdown by financial instrument class - balance sheet value | Level of fair value | |||||||||||||||||||||||||||||||||||||||||||||||||
| Carrying value | Fair value through P&L | Assets at amortized cost | Liabilities at amortized cost | Derivative financial instrument | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||||||
| Deposits | 5,189 | 0 | 5,189 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||
| Liquidity contract | 620 | 620 | 0 | 0 | 0 | 620 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | 194,167 | 194,167 | 0 | 0 | 0 | 194,167 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||
| Total Assets | 199,977 | 194,788 | 5,189 | — | — | 194,788 | — | — | ||||||||||||||||||||||||||||||||||||||||||
| Other liabilities | 15,750 | 5 | 0 | 15,750 | 5 | 5 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||
| Accounts payables | 40,941 | 0 | 0 | 40,941 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||
| Total Liabilities | 56,691 | 5 | — | 56,691 | 5 | 5 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Financial instruments evolved during the year primarily as a result of the financings conducted resulting in a significant increase in cash and cash equivalents .
Derivative Instruments
The Company is exposed to increasing foreign exchange risk due to a portion of its procurement activities being conducted in the United States and invoiced in U.S. dollars, as well as the activity of its subsidiary DBV Technologies Inc., in connection with the Company’s preparation for the potential launch of the VIASKIN Peanut patch in the United States, if approved.
This exposure has been increased by the continued depreciation of the U.S. dollar observed over the past year, which increases volatility and uncertainty regarding foreign‑currency‑denominated operating costs.
In this context, since 2025, the Company has hedged the current account of its US subsidiary through the use of financial instruments (foreign exchange swaps entered into with banking counterparties), which are linked to the subsidiary’s current account as of December 31, 2025.
The Company’s policy is not to enter into derivative transactions for speculative purposes.
| (In Million of dollars) | As of December 31, 2025 | |||||||||||||||||||||||||
| Notional amount | Fair value | Due date | ||||||||||||||||||||||||
| Asset | Liabilities | <1 year | 1 – 5 years | >5 years | ||||||||||||||||||||||
| Foreign exchange SWAP Forward sale at maturity | Non-qualified derivative | 1,800 | — | 1,800 | ||||||||||||||||||||||
The impact of financial instruments not qualifying for hedge accounting of future cash flows is included in “Foreign exchange gains/(losses) (excluding operating activities)” within financial result ($(5) thousand as of December 31, 2025). The Company did not hold any derivative instruments in 2024.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 26, 2026 | Showing above |
| 2024 | Apr 11, 2025 | |
| 2023 | Mar 7, 2024 | |
| 2022 | Mar 2, 2023 | |
| 2021 | Mar 9, 2022 | |
| 2020 | Mar 17, 2021 | |
About Fair Value Disclosures
Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.
Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.