IVA · Inventiva S.A.

Inventiva's 2025 financial results reflect intensified investment in its lead asset lanifibranor for MASH amid pipeline prioritization. Revenues declined 51% to €4.5 million, primarily from a $10 million milestone and $5 million credit notes under the CTTQ licensing agreement, versus €9.2 million in 2024. R&D expenses dipped 4% to €87.0 million due to focused lanifibranor development and NATiV3 enrollment completion in April 2025, but G&A surged to €47.9 million (up €32.1 million), largely from €20.3 million in share-based compensation tied to governance changes. Marketing expenses rose to €5.0 million for pre-commercial lanifibranor preparations. A massive €212.8 million net financial loss stemmed from non-cash fair value adjustments on Structured Financing derivatives (€84.7 million) and EIB warrants (€95.1 million), plus loan interests. This drove net loss to €354.1 million from €184.2 million prior year. Cash burn intensified with operating cash use at €104.9 million (up 22%), offset by €241.3 million financing inflows from Structured Financing's second tranche (€115.6 million gross) and U.S. offering ($172.5 million gross). Ending cash position of €99.3 million plus €131.6 million deposits funds operations to mid-Q1 2027; full Tranche 3 warrant exercise could extend to mid-Q3 2027. CEO Obenshain emphasized alignment with NATiV3 Q4 2026 readout, now refined from earlier expectations, with advancing regulatory and commercial readiness. Odiparcil sale to Biossil provides non-dilutive upside via up to $90 million milestones and royalties. Multiple C-suite appointments signal execution focus ahead of pivotal data.