Inventiva Strengthens Cash Position to €166.1 Million Ahead of Phase 3 NATiV3 Results
The timeline is tightening focus on Inventiva. The Daix-based biotech published its unaudited accounts for the first half of 2026 on September 28, 2026, dominated by a restructuring of its financing that brings its cash and cash equivalents to €166.1 million as of June 30, 2026.
This balance sheet recomposition occurs ahead of the main results from the pivotal Phase 3 NATiV3 study, expected in the fourth quarter of 2026, concerning the lanifibranor drug candidate in MASH.
Zero Revenue in First Half, Net Loss Reduced to €69.5 Million
Inventiva recorded no revenue in the first half of 2026, compared to €4.5 million one year earlier, the latter amount being related to the 2022 licensing agreement concluded with Chia Tai Tianging. Research and development expenses totaled €46.2 million, up 3.0% compared to €44.9 million in the first half of 2025, driven by the clinical development of lanifibranor.
General and administrative expenses rose from €14.7 to €22.2 million, an increase of €7.5 million mainly linked to a €4.7 million increase in personnel costs and consulting fees associated with the preparation of commercial development. Marketing and commercial development expenses rose from €0.7 to €2.6 million.
Net loss stood at €69.5 million as of June 30, 2026, compared to €175.88 million as of June 30, 2025. This variation primarily reflects the financial result, which was positive €0.9 million for the half-year compared to a loss of €113.2 million one year earlier.
Comprehensive Refinancing That Reshapes the Cash Structure
As of June 30, 2026, the Company had €166.1 million in cash and cash equivalents and €67.8 million in short-term deposits, compared to €99.3 million and €131.6 million respectively as of December 31, 2025. This change results from the comprehensive refinancing transaction announced on June 2, 2026.
This comprises a United States offering of 27,272,727 new American Depositary Shares for an amount of €103 million, as well as Tranches A and B of the Financing Transaction for €75.0 million, these two amounts expressed in gross proceeds. In return, the Company proceeded with the early full repayment of loans entered into with the European Investment Bank, totaling €62.2 million, and the repurchase of warrants issued for the benefit of the EIB for a total price of €50 million.
The financial result for the half-year includes in particular a positive impact of €16.2 million with no impact on cash related to the fair value measurement of financial instruments, €4.8 million in treasury and exchange proceeds, as well as €20.0 million in interest charges and financial expenses, of which €11.2 million resulted from the repayment of the EIB loan.
Cash Runway Until Mid-2027, Phase 3 Results Expected in Fourth Quarter
The Company plans to finance its activities, in accordance with its current forecasts, until the end of the second quarter of 2027. It specifies that as of the date of this press release, its cash and cash equivalents are not sufficient to cover its anticipated operational needs over the next twelve months.
This runway could be extended until the beginning of the first quarter of 2028 in the event of issuance of Tranche C of the Financing Transaction, for potential proceeds that could reach €55.0 million, and full exercise of warrants from Tranche 3, representing potential proceeds that could reach €116.0 million. Both of these contributions remain conditional.
On September 2, 2026, the Company announced that the last patient had completed their final 72-week visit as part of the NATiV3 study, which enrolled 1,009 patients with non-cirrhotic MASH with F2/F3 fibrosis, as well as 410 patients in an exploratory cohort. Inventiva plans to publish the main results of this study in the fourth quarter of 2026 and, subject to favorable results, to submit a regulatory approval application in the first half of 2027, with a view to a potential launch of lanifibranor in the United States in 2028.
