DBV Technologies S.A.

## Signal Note: Baker Bros. Initiates Large Position in DBV Technologies (DBVT) Baker Bros. has taken a significant new position in DBV Technologies, the company developing Viaskin Peanut, an epicutaneous immunotherapy patch for peanut allergy in children. This is notable given Baker Bros.' highly concentrated, conviction-driven approach to biotech investing; their entry likely reflects confidence in the ongoing FDA resubmission pathway after the prior CRL, with a PDUFA decision potentially on the horizon following the company's reformulated patch and updated clinical data (VITESSE trial). **Note:** The reported position value of ~$28B appears to be a data error — based on ~1.46M shares and recent DBVT pricing, the actual position is likely in the ~$15–25M range, which would still represent a meaningful bet on a binary regulatory catalyst.