Global Economic Outlook and Biotech Funding: Deteriorating global growth forecasts due to geopolitical conflicts could heighten investor risk aversion, potentially impacting the availability and cost of capital for clinical-stage biotechnology companies like DBVT, which rely heavily on funding for research, development, and commercialization.

Healthcare Policy and Regulatory Environment: Changes in global and national healthcare policies, including pharmaceutical pricing regulations, the stringency of regulatory approval processes (e.g., FDA), or intellectual property protections, could significantly affect DBVT's ability to bring its Viaskin platform to market and generate revenue.

Competition within the Allergy Treatment Market: The competitive landscape for food allergy treatments, with existing established therapies and other emerging alternatives, is a key macro factor. The success or failure of competing products could influence DBVT's potential market share and pricing power, impacting investor sentiment.