As of September 30, 2025, Inventiva's cash and cash equivalents stood at 97.6 million euros, up from 96.6 million euros on December 31, 2024. Net cash flows from operating activities reached -76.3 million euros for the first nine months of 2025, compared to -63.7 million euros for the same period the previous year, marking a 20% increase, primarily due to changes in working capital requirements. Research and development expenditures slightly decreased by 11%, amounting to -64.6 million euros. Investment activities generated net negative flows of -25 million euros, a significant change from the 8.9 million euros generated in 2024, mainly related to short-term deposits.
Capital Raising Activities in the United States
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In November 2025, Inventiva conducted a public offering in the United States, issuing 44,805,193 American Depositary Shares, for a total gross proceeds of approximately 149 million euros (139.3 million euros net). The group estimates that its cash, augmented by the net proceeds from the offering, will finance its operations until the end of the first quarter of 2027. If the warrants for the third tranche of their structured financing were fully exercised, it could extend their financing horizon until the middle of the third quarter of 2027.
Revenue and Clinical Development Updates
Inventiva recorded a revenue of 4.5 million euros for the first nine months of 2025. These revenues primarily came from a milestone payment of 10 million dollars made with Chia Tai Tianqing Pharmaceutical Group, and other holdings under a licensing agreement with the same group. The company continues to evaluate lanifibranor in a phase 3 clinical study for the treatment of steatohepatitis associated with metabolic dysfunction. Inventiva plans to publish its annual financial results for 2025 on February 16, 2026.
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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