DBV TECHNOLOGIES SA Management Report and Analysis of Financial Condition and Operating Results (Form 10-Q)

You should read the following discussion and analysis of our financial condition
and results of operations in conjunction with our unaudited condensed
consolidated financial statements and related notes included in Part 1, Item 1
of this Report and with our audited financial statements and related notes
thereto for the year ended December 31, 2021, included in our Annual Report on
Form 10-K for the year ended December 31, 2021, filed with the Securities and
Exchange Commission on March 9, 2022, or the Annual Report. This discussion and
other parts of this Report contain forward-looking statements that involve risks
and uncertainties, such as statements of our plans, objectives, expectations and
intentions. Our actual results could differ materially from those discussed in
these forward-looking statements. Factors that could cause such differences are
discussed in the section of this Report titled "Special Note Regarding
Forward-Looking Statements" and under "Item 1A. Risk Factors" in the Annual
Report.

Insight

We are a clinical-stage specialty biopharmaceutical company focused on changing
the field of immunotherapy by developing a novel technology platform called
Viaskin. Our therapeutic approach is based on epicutaneous immunotherapy, or
EPIT
TM
, our proprietary method of delivering biologically active compounds to the
immune system through intact skin using Viaskin. We have generated significant
data demonstrating that Viaskin's mechanism of action is novel and
differentiated, as it targets specific antigen-presenting immune cells in the
skin, called Langerhans cells, that capture the antigen and migrate to the lymph
node in order to activate the immune system without passage of the antigen into
the bloodstream, minimizing systemic exposure in the body. We are advancing this
unique technology to treat patients, including infants and children, suffering
from food allergies, for whom safety is paramount, since the introduction of the
offending allergen into their bloodstream can cause severe or life-threatening
allergic reactions, such as anaphylactic shock. We believe Viaskin may offer
convenient, self-administered, non-invasive immunotherapy to patients. Our most
advanced clinical program is Viaskin Peanut.

Viaskin

MT

Peanut for children from 4 to 11 years old United States

In January 2021, the Company received written responses from the FDA to
questions provided in the Type A meeting request the Company submitted in
October 2020 following the Complete Response Letter received in August 2020. The
FDA agreed with its position that a modified Viaskin Peanut patch should not be
considered as a new product entity provided the occlusion chamber of the current
Viaskin Peanut patch and the peanut protein dose of 250 µg (approximately 1/1000
of one peanut) remains unchanged and performs in the same way it has performed
previously. In order to confirm the consistency of efficacy data between the
existing and a modified patch, FDA requested an assessment comparing the uptake
of allergen (peanut protein) between the patches in peanut allergic children
ages 4-11. The Company named that assessment EQUAL, which stands for Equivalence
in Uptake of ALlergen. The FDA also recommended conducting a 6-month,
well-controlled safety and adhesion trial to assess a modified Viaskin Peanut
patch in the intended patient population. The Company later named this study
STAMP, which stands for Safety, Tolerability, and Adhesion of Modified Patches

Based on January 2021 In response to the FDA, the Company has defined three parallel lines of work:

  1. Identify a modified Viaskin patch ("mVP").


2. Generate the 6-month clinical safety and adherence data requested by the FDA via

STAMP, which the company expected to be the longest component of the mVP

clinical project. The Company has given priority to the submission of the STAMP protocol in order to

         the Company could begin the study as soon as possible.



    3.   Demonstrate the equivalence in allergen uptake between the current and
         modified patches in the intended patient population via EQUAL. The
         complexity of EQUAL hinged on the lack of established clinical and

regulatory criteria for characterizing the uptake of allergens via the epicutaneous route

patch. To support these exchanges, the Company presented its proposal

         approach to demonstrate allergen uptake equivalence between the two
         patches, and allotted time to generate informative data through two
         additional studies:


a. PREQUAL, a phase I study with healthy adult volunteers to optimize the

            allergen sample collection methodologies and validate the assays the
            Company intends to use in EQUAL



        b.  'EQUAL in adults'-a second Phase I study with adult healthy volunteers
            to compare the allergen uptake of cVP and mVP;


In March 2021, the Company commenced CHAMP (Comparison of adHesion Among
Modified Patches), a trial in healthy adult volunteers to evaluate the adhesion
of five modified Viaskin Peanut patches, to identify the one or two
best-performing patches, which the Company completed in the second quarter of
2021. Based on the adhesion parameters studied, the Company selected the
modified patch to advance to

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further clinical testing in the intended patient population. All modified
Viaskin Peanut patches demonstrated better adhesion performance as compared to
the then-current Viaskin Peanut patch, and the Company then selected two
modified patches that performed best out of the five modified patches studied
for further development. The Company then selected the circular patch for
further development, which is larger in size relative to the current patch and
circular in shape.

In May 2021, the Company submitted its proposed STAMP protocol to the FDA, and
in October 2021, the Company received an Advice/Information Request letter from
the FDA. In this letter, the FDA requested a stepwise approach to the modified
Viaskin patch development program and provided partial feedback on the STAMP
protocol. Specifically, the FDA requested that the Company conduct allergen
uptake comparison studies (i.e., 'EQUAL in Adults', EQUAL), and submit the
allergen uptake comparison data for FDA review and feedback prior to starting
the STAMP study.

After careful review of the FDA's information requests, in December 2021, the
Company decided not to pursue the stepwise approach to the development plans for
Viaskin Peanut as requested by the FDA in the October 2021 letter. The Company
estimated that the FDA's newly proposed stepwise approach would require at least
five rounds of exchanges that necessitate FDA alignment prior to initiating
STAMP, the 6-month safety and adhesion study. As such, in December 2021, the
Company announced its plan to initiate a pivotal Phase III placebo-controlled
efficacy trial for a modified Viaskin Peanut patch (mVP) in children in the
intended patient population. The clinical trial will also include updates to the
Instructions for Use (IFU). The Company considers this approach the most
straightforward to potentially demonstrate effectiveness, safety, and improved
in vivo adhesion of the modified Viaskin Peanut system. The FDA confirmed the
Company's change in strategy is agreeable via oral and written exchanges.

The new pivotal Phase 3 study on modified Viaskin Peanut has been named VITESSE (Viaskin Peanut Immunotherapy Trial to Evaluate Safety, Simplicity and Efficacy).

In May 2022, the Company announced that the FDA granted it a Type C meeting to
align on the protocol and the study protocol was submitted to the FDA as part of
the Type C meeting briefing package.

On September 9, 2022, the Company announced the initiation of the Phase 3 study,
using the modified Viaskin™ Peanut Patch, in peanut-allergic children ages 4 to
7 years.

On September 21, 2022, the Company announced it received feedback from the U.S.
FDA in the form of a partial clinical hold on its VITESSE Phase 3 clinical
study. In the partial clinical hold letter, the FDA specifies changes to
elements of the VITESSE protocol with the intent for the trial to support a
future BLA submission. The modifications noted within the FDA's communication
address design elements, including the statistical analysis of adhesion, minimum
daily wear time and technical alignments in methods of categorizing data, to
meet study objectives as well as the total number of trial participants on
active treatment. The Company has not yet begun the screening or recruitment of
subjects in the VITESSE study. The partial clinical hold is specific to VITESSE
and does not impact any other ongoing its clinical studies. The Company expects
to provide additional updates following consultation with the FDA.

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Viaskin Peanut for children 4 to 11 years old – History and current status of European Union regulations

In August 2021, the Company announced its receipt from the EMA of the Day 180
list of outstanding issues, which is an established part of the prescribed EMA
review process. It is a letter that is meant to include any remaining questions
or objections at that stage in the process. The EMA indicated many of their
objections and major objections from the Day 120 list of questions had been
answered. One major objection remained at Day 180. The Major Objection
questioned the limitations of the data, for example, the clinical relevance and
effect size supported by a single pivotal study.

In December 2021, the Company announced it had withdrawn the Marketing
Authorization Application for Viaskin Peanut and formally notified the EMA of
our decision. The initial filing was supported by positive data from a single,
placebo-controlled Phase 3 pivotal trial known as PEPITES (V712-301). The
decision to withdraw was based on the view of EMA Committee for Medicinal
Products for Human Use (CHMP) that the data available to date from a single
pivotal study were not sufficient to preclude a Major Objection at Day 180 in
the review cycle. The Company believes data from a second Viaskin Peanut pivotal
study will support a more robust path for licensure of Viaskin Peanut in the EU.
The Company intends to resubmit the MAA when that data set is available.

Viaskin Peanut for children from 1 to 3 years old

In June 2020, the Company announced that in Part A, patients in both treatment
arms showed consistent treatment effects after 12 months of therapy, as assessed
by a double-blind placebo-controlled food challenge and biomarker results. Part
A subjects were not included in Part B and the efficacy analyses from Part A
were not statistically powered to demonstrate superiority of either dose versus
placebo. These results validate the ongoing investigation of the 250 Pg dose in
this age group, which is the dose being studied in Part B of the study.
Enrollment for Part B of EPITOPE was completed in the first quarter of 2022.

In June 2022, The Company announced that its pivotal Phase III trial EPITOPE,
assessing the safety and efficacy of Viaskin™ Peanut 250 µg for the treatment of
peanut-allergic toddlers ages 1 to 3 years, met its primary endpoint. Viaskin
Peanut demonstrated a statistically significant treatment effect (p<0.001), with
67.0% of subjects in the Viaskin Peanut arm meeting the treatment responder
criteria after 12 months, as compared to 33.5% of subjects in the placebo arm
(difference in response rates = 33.4 %, 95 % CI = 22.4% - 44.5 %).

DBV intends to further analyze the EPITOPE data and explore regulatory pathways for Viaskin Peanut in children aged 1-3 years given the high unmet need and lack of treatments approved for this vulnerable population.

Critical Accounting Policies and Significant Judgments and Estimates

Our management's discussion and analysis of our financial condition and results
of operations is based on our condensed consolidated financial statements, which
have been prepared in accordance with generally accepted accounting principles
in the United States, or U.S. GAAP. The preparation of these condensed
consolidated financial statements requires us to make estimates and assumptions
that affect the reported amounts of assets and liabilities and the disclosure of
contingent assets and liabilities at the date of the condensed consolidated
financial statements, as well as the revenue, costs and expenses recognized
during the reporting periods. Our estimates are based on our historical
experience and on various other factors that we believe are reasonable under the
circumstances, the results of which form the basis for making judgments about
the carrying value of assets and liabilities that are not readily apparent from
other sources. Actual results may differ from these estimates under different
assumptions or conditions.

There have been no new policies or significant changes to our critical
accounting policies as disclosed in the critical accounting policies described
in the Annual Report. Our significant accounting policies are more fully
described in Note 1 of the Notes to the Consolidated Financial Statements in
Part I, Item 1 of our Annual Report.

Business trends and operating results

Comparison of the three months ended September 30, 2022 and 2021

The following table summarizes our results of operations, derived from our condensed consolidated financial statements, which have been prepared in accordance with WE GAAP and presented in thousands of WE Dollars, for the three months ended September 30, 2022 and 2021.

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                                               Three months ended
                                                  September 30,
                                              2022            2021           $ change        % change
Operating income                            $   2,074       $   1,323              751              57 %

Operating expenses
Research and development expenses             (15,096 )       (16,320 )          1,224              (8 %)
Sales and marketing expenses                     (159 )        (1,072 )            913             (85 %)
General and administrative expenses            (4,839 )        (8,299 )          3,460             (42 %)

Total Operating expenses                      (20,094 )       (25,691 )          5,597             (22 %)

Financial income                                  732             336              396             118 %

Income tax                                         -               -                -               -

Net loss                                    $ (17,287 )     $ (24,033 )          6,745             (28 %)

Basic/diluted Net loss per share
attributable to shareholders                $   (0.18 )     $   (0.44 )


Operating Income

The following table summarizes our operating profit for the three months ended September 30, 2022 and 2021:

                           Three months ended
                              September 30,
                            2022          2021         $ change        % change
Sales                            -            -               -               -
Other income                  2,074        1,323             751              57 %
Research tax credit           1,407        1,647            (240 )           (15 %)
Other operating income          668         (324 )           992            (306 %)

Total operating income        2,074        1,323             751              57 %



Our operating income is primarily generated from the French research tax credit
(
Crédit d'Iimpôt Recherche
, or "CIR"), and by the revenue recognized under our collaboration agreement
with Nestlé Health Science. We generated operating income of $2.1 million during
the three months ended September 30, 2022 compared to $ 1.3 million during the
three months ended September 30, 2021. The increase in operating income is
primarily attributable to the revenue recognized under the Nestlé's
collaboration agreement, as we updated the measurement of progress of the Phase
II clinical trial conducted as part of the agreement. During the three months
ended September 30, 2021 negative revenue was recognized under the Nestlé's
collaboration agreement due to delays in new patient enrollment. The decrease in
research tax credit is attributable to the decrease in eligible costs in
connection with Research and Development costs.

Research and development costs

The following table summarizes our research and development expenses incurred during the three months ended September 30, 2022 and 2021:

                                                 Three Months Ended
                                                   September 30,
Research and Development expenses                2022           2021        $ change        % change
External clinical-related expenses                11,136         8,633          2,503              29 %
Employee-related costs                             2,648         3,228           (581 )           (18 %)
Share-based payment expenses                         538           933           (395 )           (42 %)
Depreciation, amortization and other costs           774         3,526         (2,752 )           (78 %)

Total Research and Development expenses           15,096        16,320         (1,224 )            (8 %)



Research and Development costs fell by $1.2 million for the three months ended September 30, 2022compared to the three

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months ended September 30, 2021, primarily due to a decrease in depreciation,
amortization and following the loss at completion recorded on the Phase II
clinical trial conducted as part of the Nestlé agreement for the three months
ended September 30, 2021. The increase in external clinical-related expenses is
driven by the launch of work on VITESSE protocol. We have also continued to
practice financial discipline and implemented further cost containment
strategies.

Employee-related costs, excluding share-based payment expenses, decreased by
$1.0 million for the three months ended September 30, 2022 compared to the three
months ended September 30, 2021 mostly due to EUR/USD exchange variation and
workforce reduction.

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Sales and marketing expenses

The following table summarizes our sales and marketing expenses incurred during the three months ended September 30, 2022 and 2021:

                                                Three Months Ended
                                                  September 30,
Sales and Marketing expenses                   2022            2021          $ change        % change
Personnel expenses                                138             492             (354 )           (72 %)
External professional services and other
costs                                              20             580             (559 )           (96 %)

Total Sales and Marketing expenses                159           1,072             (913 )           (85 %)



Sales and marketing expenses amounted to $0.2 million for the three months ended
September 30, 2022compared to $1.1 million for the three months ended
September 30, 2021.

Staff costs decreased by $0.3 million for the three months ended
September 30, 2022compared to the three months ended September 30, 2021 due to the reduction in staff following the full implementation of the new organization.

General and administrative expenses

The following table summarizes our general and administrative expenses incurred during the three months ended September 30, 2022 and 2021:

                                                 Three Months Ended
                                                   September 30,
General and Administrative expenses              2022           2021        $ change       % change
External professional services                     1,292         2,216           (924 )          (42 %)
Employee-related costs                             1,110         2,052           (942 )          (46 %)
Share-based payment expenses                         488           530            (42 )           (8 %)

Depreciation and other charges 1,949 3,501

(1,552) (44%)

Total general and administrative expenses 4,839 8,299

(3,460) (42%)



General and Administrative expenses decreased by $3.5 million for the three
months ended September 30, 2022, compared to the three months ended
September 30, 2021 primarily due to a decrease in depreciation, amortization and
other costs as we continued to practice financial discipline and implemented
further cost containment strategies.

Financial income (expenses)

Our financial income was approximately $0.7 million for the three months ended
September 30, 2022, compared to a financial income of $0.3 million for the three
months ended September 30, 2021. This item mainly includes foreign exchange
income.

Income tax

We recorded no profit or income tax expense for the three months ended
September 30, 2022 or 2021.

Net loss

Net loss was $17.3 million for the three months ended September 30, 2022,
compared to $24.0 million for the three months ended September 30, 2021. Net
loss per share (based on the weighted average number of shares outstanding over
the period) was $0.18 and $0.44 for the three months ended September 30, 2022
and 2021, respectively.

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Business trends and operating results

Comparison of the nine months ended September 30, 2022 and 2021

The following table summarizes our results of operations, derived from our condensed consolidated financial statements, which have been prepared in accordance with WE GAAP and presented in thousands of WE Dollars, for the nine months ended September 30, 2022 and 2021.

                                                 Nine months ended
                                                   September 30,
                                               2022            2021          $ change         % change
Operating income                             $   6,148       $   2,776           3,373              122 %

Operating expenses
Research and development expenses              (45,930 )       (58,663 )        12,733              (22 )%
Sales and marketing expenses                    (1,659 )        (2,999 )         1,340              (45 )%
General and administrative expenses            (17,173 )       (26,250 )         9,077              (35 )%

Total Operating expenses                       (64,762 )       (87,912 )        23,150              (26 )%

Financial income                                 1,668             597           1,071              179 %

Income tax (expense)                               (87 )           404            (491 )           (122 )%

Net loss                                     $ (57,033 )     $ (84,136 )        27,103              (32 )%

Basic/diluted Net loss per share
attributable to shareholders                 $   (0.79 )     $   (1.53 )


Operating Income

The following table summarizes our operating profit for the nine months ended
September 30, 2022 and 2021:

                           Nine months ended
                             September 30,
                           2022          2021         $ change        % change
Sales                           -            -
Other income                 6,148        2,776           3,373             122 %
Research tax credit          4,467        5,324            (857 )           (16 %)
Other operating income       1,681       (2,549 )         4,230            (166 %)

Total operating income       6,148        2,776           3,373             122 %



Our operating income was primarily generated from the French research tax credit
(
Crédit d'Impôt Recherche
or "CIR") and from revenue recognized under our collaboration agreement with
Nestlé Health Science. We generated operating income of $6.1 million during the
nine months ended September 30, 2022, compared to $2.8 million during the nine
months ended September 30, 2021.

The increase in operating income is primarily attributable to the revenue
recognized under the Nestlé's collaboration agreement, as we updated the
measurement of progress of the Phase II clinical trial conducted as part of the
agreement. During the nine months ended September 30, 2021 negative revenue was
recognized under the Nestlé's collaboration agreement due to delays in new
patient enrollment. The decrease in research tax credit is attributable to the
decline in eligible expenses in connection with Research and Development costs.

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Research and development costs

The following table summarizes our research and development expenses incurred during the nine months ended September 30, 2022 and 2021:

                                                 Nine Months Ended
                                                   September 30,
                                                2022           2021        $ change        % change
Research and Development expenses
External clinical-related expenses               30,150        31,319         (1,169 )            (4 %)
Employee-related costs                            7,761        10,525         (2,764 )           (26 %)
Share-based payment expenses                      1,596         1,747           (151 )            (9 %)

Depreciation and other charges 6,423 15,072

   (8,649 )           (57 %)

Total search and Development costs 45,930 58,663

  (12,733 )           (22 %)



Research and Development expenses decreased by $12.7 million for the nine months
ended September 30, 2022 compared to the nine months ended September 30, 2021
primarily due to a decrease in external clinical-related expenses as main
component of the work on clinical studies such as REALISE and EPITOPE has been
finalized during the year 2021. We have also continued to practice financial
discipline and implemented further cost containment strategies.

Employee-related costs, excluding share-based payments expenses, decreased by
$2.8 million for the nine months ended September 30, 2022, compared to the nine
months ended September 30, 2021 due to the workforce reduction following full
implementation of the new organization.

The decrease in depreciation, amortization and other costs was primarily due to
the loss at completion recorded on the Phase II clinical trial conducted as part
of Nestlé agreement.

Sales and Marketing expenses

The following table summarizes our sales and marketing expenses incurred during the nine months ended September 30, 2022 and 2021:

                                                     Nine Months Ended
                                                       September 30,
                                                     2022          2021        $ change        % change
Sales and Marketing expenses
Personnel expenses                                       727        1,528           (801 )           (52 %)
External professional services and other costs           932        1,471           (538 )           (37 %)

Total Sales and Marketing expenses                     1,659        2,999         (1,340 )           (45 %)



Sales and marketing expenses decreased by $1.3 million for the nine months ended
September 30, 2022compared to the nine months ended September 30, 2021mainly due to a decrease in personnel costs.

Personnel costs, down by $0.8 million for the nine months ended
September 30, 2022compared to the nine months ended September 30, 2021 due to the reduction in staff following the full implementation of the new organization.

General and administrative expenses

The following table summarizes our general and administrative expenses incurred during the nine months ended September 30, 2022 and 2021:

                                                 Nine Months Ended
                                                   September 30,
                                                2022           2021        $ change        % change
General and Administrative expenses
External professional services                    4,171         6,425         (2,255 )           (35 %)
Employee-related costs                            5,139         7,263         (2,124 )           (29 %)
Share-based payment expenses                      1,822         2,084           (263 )           (13 %)

Depreciation and other charges 6,042 10,478

   (4,436 )           (42 %)

Total general and administrative expenses 17,173 26,250

  (9,077 )           (35 %)




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General and Administrative expenses decreased by $9.1 million for the nine
months ended September 30, 2022, compared to the nine months ended September 30,
2021, primarily due to a decrease of depreciation, amortization and other costs.
We have continued to practice financial discipline and implemented further cost
containment strategies.

The decrease in employee-related costs, excluding share-based payment expenses,
is directly related to the workforce reduction following full implementation of
the new organization
.

Financial income (expense)

Our financial income was $1.7 million for the nine months ended September 30,
2022, compared to a financial income of $0.6 million for the nine months ended
September 30, 2021. This item mainly includes foreign exchange income (expense).

Income tax

Our income tax expense was $87,000 for the nine months ended September 30, 2022,
compared to a US Tax income of $404,000 for the nine months ended September 30,
2021.

Net loss

Net loss was $57.0 million for the nine months ended September 30, 2022,
compared to $84.1 million for the nine months ended September 30, 2021. Net loss
per share (based on the weighted average number of shares outstanding over the
period) was $0.79 and $1.53 for the nine months ended September 30, 2022 and
2021, respectively.

Cash and capital resources

Financial condition

On September 30, 2022, we had $212.7 million in cash and cash equivalents
compared to $77.3 million of cash and cash equivalents on December 31, 2021. We
have incurred operating losses and negative cash flows from operations since our
inception. Net cash used for operating activities was $31.8 and $89.5 million
for the nine months ended September 30, 2022 and 2021, respectively. For the
nine months ended September 30, 2022, we recorded a net loss of $57 million. Our
net cash flows provided by financing activities increased to $194.4 million
during the nine months ended September 30, 2022 from $(0.1) million during the
nine months ended September 30, 2021. Financing activities consisted mainly of
our global offering in the second quarter of 2022.

We may seek to finance our future cash needs through a combination of public or
private equity or debt financings, collaborations, license and development
agreements and other forms of non-dilutive financings. A severe or prolonged
economic downturn could result in a variety of risks to us, including reduced
ability to raise additional capital when needed or on acceptable terms, if at
all.

If we are not successful in our financing objectives, we could have to scale
back our operations, notably by delaying or reducing the scope of our research
and development efforts or obtain financing through arrangements with
collaborators or others that may require us to relinquish rights to our product
candidates that we might otherwise seek to develop or commercialize
independently.

Our financial statements have been prepared on a going concern basis assuming
that we will be successful in our financing objectives. As such, no adjustments
have been made to the financial statements relating to the recoverability and
classification of the asset carrying amounts or classification of liabilities
that might be necessary should we not be able to continue as a going concern.

Significant sources of liquidity and cash requirements

We have incurred net losses each year since our inception. Substantially all of
our net losses resulted from costs incurred in connection with our development
programs and from general and administrative expenses associated with our
operations. We have not incurred any bank debt.

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As of the date of filing, our available cash should be sufficient to support our operating plan for at least the next 12 months.

In May 2022, the Company announced that pursuant to the Company's ATM program,
it had issued and completed sales of new Ordinary Shares in the form of ADSs,
for a total gross amount of $15.3 million.

In June 2022, the Company announced an aggregate $194 million PIPE financing
(corresponding to €181 million on the basis of an exchange rate of $1.0739 =
€1.00 published by the European Central Bank on June 8, 2022) from the sale of
32,855,669 Ordinary Shares, as well as pre-funded warrants to purchase up to
28,276,331 Ordinary Shares.

We cannot guarantee that we will be able to obtain the necessary financing to
meet our needs or to obtain funds at attractive terms and conditions, including
as a result of disruptions to the global financial markets due to the ongoing
COVID-19 pandemic. A severe or prolonged economic downturn could result in a
variety of risks to us, including reduced ability to raise additional capital
when needed or on acceptable terms, if at all.

The following table presents our significant cash requirements for future periods:

                                                           Material Cash 

Requirements due by the period

                                                                               Ended
                                                                           September 30,
                                                  2023             2024         2025        Thereafter       Total
                                                                      (Amounts in thousands)
Operating leases                                    1,381            1,423          -                -         2,804
Purchase obligations - Obligations Under the
Terms of CRO Agreements                            12,411           36,234       7,805               -        56,450

Total                                              13,791           37,657       7,805               -        59,254


The commitment amounts in the table above are associated with contracts that are
enforceable and legally binding and that specify all significant terms,
including interest on long-term debt, fixed or minimum services to be used,
fixed, minimum or variable price provisions, and the approximate timing of the
actions under the contracts. The table does not include obligations under
agreements that we can cancel without a significant penalty.

Future events could cause actual payments to differ from these estimates.

Conditional advances

In 2014, BpiFrance Financement granted an interest-free Innovation loan to DBV
Technologies to help finance the pharmaceutical development of Viaskin™ Milk.
This amount was received in a single disbursement on November 27, 2014. In 2020,
due to the COVID-19 pandemic, Bpifrance postponed the repayments for a 6-month
period. Repayment ended during the third quarter of 2022.

Operating leases

Our head office is located at Montrouge, France. Our main offices occupy an area of ​​4,470 square meters, under a rental agreement dated March 3, 2015 and represents a $3 million need for cash
September 30, 2022 which expires March 8, 2024.

We also have facilities in North America that were initially intended to support
our U.S. subsidiary as well as future commercialization needs. We lease 3,780
square feet of office space in Tower 49, New York, New York. This lease is for a
period of 65 months and expires on February 25, 2023. In light of our global
restructuring, the current stage of regulatory interactions regarding Viaskin
Peanut, and the ongoing COVID-19 pandemic, we entered into a sublease agreement
of this office space in June 2021. The NYC office represents a $0.2 million cash
requirement as of September 30, 2022 until the first quarter of 2023.

On March 28, 2022, the Company entered into a binding office lease agreement in
New Jersey for a lease term of 3 years and 2 months. The lease commencement was
based upon delivery of possession of the premises by the Landlord and occurred
on April 1, 2022. The principal offices occupy a 5,799 square meter facility,
and represents a $0.4 million cash requirement as of September 30, 2022 which
expires May 1, 2025.

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Purchase Obligations – Obligations under CRO Agreements

In connection with the launch of our clinical trials for Viaskin Peanut and
Viaskin Milk, we signed agreements with several contract research organizations.
Expenses associated with the ongoing trials amounted globally to $125.9 million.
As of September 30, 2022, the amount we are still obligated to pay in connection
with these contracts through 2025 is $56.4 million.

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