The biopharmaceutical company Inventiva has announced its intention to raise approximately $125 million through a public offering of American Depositary Shares in the United States.
According to the press release, Inventiva, listed on both Euronext Paris and the Nasdaq under the symbol 'IVA', plans to raise approximately $125 million, equivalent to about 108 million euros. These American Depositary Shares (ADSs) will represent ordinary shares of the company, each with a nominal value of 0.01 euro. The purpose of this fundraising is primarily to support the financing of a Phase 3 clinical trial named NATiV3, the preparation and launch of a confirmatory study, as well as other general corporate needs.
Issuance and Underwriting Details
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Inventiva indicated that the securities offered will be issued solely by the company itself. Leerink Partners and Piper Sandler are serving as joint book-running managers for the transaction. The company also mentioned that an over-allotment option to subscribe for additional ADSs, up to 15% of the initial offering, will be granted. This issuance does not include preferential subscription rights for existing shareholders and will be carried out in accordance with the resolutions of the mixed general shareholders' meeting held on May 22, 2025.
Financial Position and Use of Proceeds
As of September 30, 2025, Inventiva had 97.61 million euros in cash and cash equivalents, and 24.71 million euros in short-term deposits. However, the company estimates that these financial resources will not be sufficient to cover its obligations over the next 12 months. The trading of ordinary shares on Euronext is expected to be temporarily suspended prior to the NASDAQ IPO of the ADSs. Inventiva plans to use the raised funds to continue its research on Lanifibranor, a treatment for metabolic steatohepatitis, currently in Phase 3 clinical trial.
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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