Inventiva: 2025 Revenues Decline but €99.3 Million in Cash Reserves
On Tuesday, the biopharmaceutical group Inventiva released its unaudited preliminary results for the fiscal year 2025. The company reported cash and cash equivalents of €99.3 million as of December 31, 2025, an increase from €96.6 million a year earlier, yet it recorded a significant decline in revenue.
Cash Position and Operational Consumption
Inventiva's cash and cash equivalents amounted to €99.3 million on December 31, 2025, supplemented by €131.6 million in short-term deposits. This position represents an improvement from December 31, 2024, when the company had €96.6 million in cash. However, operational consumption accelerated during the period. Net cash flows used in operating activities reached €104.6 million in 2025, up from €85.9 million in 2024, an increase of 22 percent. This rise primarily reflects the net impact of the strategic pipeline prioritization plan implemented in the first half of 2025, the decrease in revenue from the licensing agreement with Chia Tai Tianqing Pharmaceutical Group, and an increase in general and administrative expenses. Research and development expenses, mainly dedicated to the development of lanifibranor in MASH, decreased by 4 percent, from €90.9 million in 2024 to €86.9 million in 2025.
Financing Activities and Investment Operations
Net cash flows generated from financing activities amounted to €241.1 million in 2025, compared to €145.6 million in 2024. This improvement primarily came from two sources. The second tranche of structured financing, completed in May 2025 as part of an operation announced in October 2024, generated a gross amount of €115.6 million, resulting in a net amount of €108.0 million. The public offering in the United States, announced in November 2025, contributed $172.5 million in gross proceeds, equivalent to €139.3 million in net proceeds. Conversely, net cash flows used in investing activities totaled €133.2 million in 2025, mainly related to new subscriptions of short-term deposits, compared to a generation of €8.7 million in 2024. The EUR/USD exchange rate had a negative impact, with a loss effect of €0.5 million in 2025, compared to a gain of €1.2 million the previous year.
Revenue Decline and Financial Outlook
Inventiva's revenues fell to €4.5 million in 2025, down from €9.2 million in 2024. This decrease stems from two elements. The company recorded a milestone payment of $10 million gross, equivalent to €8.6 million net, billed by Chia Tai Tianqing Pharmaceutical Group, received in July 2025. It also accounted for $5 million, equivalent to €4.3 million, in the context of the settlement-delivery of the second tranche of structured financing in May 2025. Given its current cost structure and forecasted expenditures, Inventiva estimates that its cash, cash equivalents, and short-term deposits will fund its operations until mid-first quarter of 2027. If the warrants for the third tranche of structured financing were fully exercised for proceeds up to €116.0 million, the company could extend its financing until mid-third quarter of 2027.
