Inventiva Expands Its Share Offering in the United States
The biopharmaceutical company Inventiva has announced that the bookrunners have exercised their option to subscribe for additional shares as part of its public offering in the United States.
According to the press release, Inventiva saw the bookrunners associated with the public offering in the United States fully exercise their option to subscribe to an additional 5,844,155 American Depositary Shares, each representing one ordinary share of the company. This brings the total number of ADS issued in the offering to 44,805,193, for a gross amount of approximately $172.5 million, equivalent to about €149.0 million. The net proceeds from the offering, after deducting fees and commissions, are estimated at $161.2 million, or €139.3 million.
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Inventiva plans to use the net proceeds from the offering of the new ADS proportionally to the intended use outlined in the initial offering. The subscription price was set at $3.85 per ADS, equivalent to €3.33 per ordinary share, at a discount to the average volume-weighted price of the share on Euronext. This price was validated by the CEO, under delegation from the Board of Directors, in accordance with the resolutions of the mixed general meeting on May 22, 2025.
Regulatory Filings
The company has filed the Form F-3 document with the U.S. SEC, which became effective on November 3, 2025. Although the offer does not require the approval of the French Financial Markets Authority, Inventiva has filed an information document with the AMF due to a dilution exceeding 30% of its current share capital. This document is available on the company's website.
Position de trésorerie au 30/09/2025 de 97,6 millions d’euros (plus 24,7 millions d’euros en dépôts à court terme) ; revenus de 4,5 millions d'euros sur les neuf premiers mois de 2025 principalement liés à CTTQ ; flux opérationnels consommés de - 76,3 millions d’euros et flux d'investissement de - 25 millions d’euros ; flux de financement positifs de 103,4 millions d’euros incluant le produit net de la deuxième tranche du financement structuré. Offre publique en novembre 2025 d’ADS apportant un produit net d’environ 139,3 millions d’euros et estimation d’un horizon de trésorerie jusqu’à fin T1 2027 (pouvant aller jusqu’à mi-T3 2027 si exercice intégral de la Tranche 3 pouvant apporter 116,0 millions d'euros).
Risks mentioned
Besoin de capitaux supplémentaires pour financer les opérations
Risque que la Société utilise ses ressources plus rapidement que prévu
Incertitudes et risques liés aux essais cliniques et aux autorisations réglementaires
Dépendance au succès du lanifibranor et des résultats de l'essai NATiV3
Opportunities identified
Produit net de l’offre publique en novembre 2025 d’environ 139,3 millions d’euros renforçant la trésorerie
Exercice potentiel de la Tranche 3 pouvant apporter jusqu’à 116,0 millions d'euros supplémentaires
Paiement d'étape et avoirs liés à l’accord avec CTTQ (10 M$ et 5 M$)
Résultats principaux de l’essai NATiV3 attendus au second semestre 2026
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