In this paper, we present a data-driven analysis of the γγ → D + D − and γγ → D 0 D0 reactions from threshold up to 4.0 GeV in the D D invariant mass. For the S -wave contribution, we adopt a partial-wave dispersive representation, which is solved using the N/D ansatz. The left-hand cuts are accounted for using the model-independent conformal expansion. The D-wave χ c2 (3930) state is described as a Breit-Wigner resonance. The resulting fits are consistent with the data on the invariant mass distribution of the e + e − → J/ψD D process. Performing an analytic continuation to the complex s-plane, we find no evidence of a pole corresponding to the broad resonance X(3860) reported by the Belle Collaboration. Instead, we find a clear bound state below the D D threshold at √ s B = 3695(4) MeV, confirming the previous phenomenological and lattice predictions.