Inventiva Raises 139.3 Million Euros, Securing Cash Flow Until First Quarter of 2027

Strengthened Cash Reserves with a 139.3 Million Euro Fundraising

Inventiva closed the third quarter of 2025 with cash and equivalents amounting to 97.6 million euros, supplemented by 24.7 million euros in short-term deposits. This position already includes the net proceeds from the second tranche of a structured financing, received during the period, totaling 108.0 million euros from a gross amount of 115.6 million euros. In November 2025, the company conducted a public offering of American Depositary Shares (ADS), issuing 44.8 million shares and raising gross proceeds of 149 million euros. After deducting fees, this transaction generated net proceeds of approximately 139.3 million euros, not yet accounted for in the financials as of September 30.

Operating cash flow for the first nine months of 2025 showed a net use of 76.3 million euros, consistent with the pace of a biotech in clinical development. Investment cash flows were negative 25 million euros, primarily due to cash placements and capital expenditures. In contrast, financing cash flows were significantly positive at 103.4 million euros, reflecting receipts related to the structured financing and fundraising during the year. Exchange rate effects modestly impacted cash, with a negative impact of 1.0 million euros related to the euro-dollar exchange rate movement.

The revenue recorded over the first nine months of 2025 amounted to 4.5 million euros, fully recognized during the period. This revenue mainly stems from the licensing agreement with the Chinese group Chia Tai Tianqing Pharmaceutical (CTTQ), concerning the development and commercialization of lanifibranor in China. Inventiva received a milestone payment of 10 million dollars (net revenue of 8.6 million euros) and holdings of 5 million dollars (4.3 million euros). These amounts illustrate the company’s ability to progressively monetize its intellectual property assets, even in the absence of commercialization.

A Business Model Still Focused on Partnerships

Inventiva currently operates without commercial revenue, with all its income stemming from partnership or licensing agreements. The agreement with CTTQ is the main source of revenue during the period, accounting for the entire 4.5 million euros recorded over nine months. This agreement, signed in 2023, provides for milestone payments tied to the advancement of clinical trials and the fulfillment of regulatory milestones in China. The company has thus received an initial milestone payment of 10 million dollars upon reaching a specific milestone, as well as a credit of 5 million dollars usable for product development.

Other potential revenue sources, such as possible new partnerships or collaborations, are not detailed in the third-quarter publications. At this stage, the company does not have recurring or diversified revenue, which is consistent with its stage of development. The bulk of the economic value rests on the progress of clinical trials and the prospect of market authorization. Inventiva's strategy involves monetizing its assets through geographical licensing agreements, while retaining rights in key markets like Europe and the United States.

The Chinese partnership represents a major strategic outlet for lanifibranor, with the Asian market considered a priority in the group’s commercial roadmap. At this stage, Inventiva is not generating any revenue in Europe or the United States, where it retains development and commercialization rights.

Lanifibranor at the Core of Clinical and Financial Strategy

The clinical development of lanifibranor, a drug candidate targeting non-alcoholic steatohepatitis (NASH), is the main focus of Inventiva's investments and operational efforts. The company is currently conducting the Phase III NATiV3 trial, with its primary results expected in the second half of 2026. This trial assesses the efficacy and safety of lanifibranor in patients with NASH and fibrosis, a rapidly growing chronic liver disease worldwide. The success of this trial is directly linked to the company's ability to secure market approvals and generate medium-term commercial revenue.

Operational expenses related to this trial account for the majority of the cash consumption observed over the first nine months of 2025. While the company does not disclose the exact amount of R&D expenditures, the net cash usage of 76.3 million euros during this period primarily reflects the costs associated with conducting the NATiV3 trial, including patient recruitment, follow-up, biological analyses, and management of clinical centers. Inventiva is not conducting other pivotal trials simultaneously, which concentrates both risk and resources on a single program.

Meanwhile, the company benefits from the progress of its Chinese partner, CTTQ, which is conducting its own clinical trials of lanifibranor in China. Milestone payments received in 2025 reflect the advancement of this program. Inventiva does not bear the development costs in China, as these are covered by CTTQ, limiting financial exposure while providing opportunities for additional revenue. The company does not report significant investments in other assets or technology platforms outside of lanifibranor.

Extended Financial Visibility Until the First Quarter of 2027

According to Inventiva's management, the cash available as of September 30, 2025, combined with the net proceeds from the public offering in November 2025, is expected to fund operations through the end of the first quarter of 2027. This estimate includes the average monthly expenditure observed over the first nine months of the year, adjusted for expected variations related to the progress of the NATiV3 trial. The company clarifies that this projection is based on the assumption of continuing current operations without major changes to the scope or pace of clinical trials.

An additional financial lever exists in the form of a third tranche of stock warrants, the exercise of which remains uncertain. If these warrants (Tranche 3) were fully exercised, they could generate additional proceeds of up to 116.0 million euros. In this scenario, the company estimates that its cash flow would be sufficient to fund operations until the middle of the third quarter of 2027. However, the exercise of these warrants depends on market conditions and exercise prices not specified in the publications, introducing uncertainty regarding the actual realization of this option.

The management also highlights the risks associated with potentially faster-than-expected use of the available resources. Delays in conducting the NATiV3 trial, especially in terms of recruitment, follow-up duration, or regulatory complications, could accelerate cash consumption. Similarly, unforeseen investments in additional analyses or subgroup studies could impact the financial outlook. Inventiva indicates that, in any case, additional funding will eventually be needed to finance the subsequent phases of development and the potential commercialization of lanifibranor.

Risks Focused on Clinical and Regulatory Success

Inventiva's business model relies almost entirely on the success of lanifibranor and the results of the NATiV3 trial. Any failure or disappointing outcome from this trial would call into question the company's short-term viability and could hinder its ability to raise additional capital. The reliance on a single asset, while common in the biotech industry during the clinical phase, is a significant risk factor highlighted by management. The uncertainties inherent in clinical trials, particularly regarding efficacy, safety, recruitment, and result variability, remain central.

On the regulatory front, obtaining market authorization in Europe, the US, and China is subject to the discretion of health agencies, whose requirements may change. The company has not yet filed for registration, as these filings depend on the NATiV3 results. Review times, requests for additional studies, or denial of authorization present further risks. Inventiva currently does not market any products, depriving it of any recurring revenue stream and making it entirely dependent on its partnerships and ability to raise funds.

Currency risk, although limited, is mentioned in their reports. The company primarily operates in euros but earns revenue and receives payments in dollars, particularly through its agreements with CTTQ and certain structured financing. The negative currency impact of 1.0 million euros in the first nine months of 2025 illustrates this exposure. Lastly, the uncertainty surrounding the exercise of the warrants in Tranche 3 poses a potential challenge to the availability of additional financial resources, which the company might need before the currently projected timeline.

A financial trajectory hinging on the clinical milestones of 2026

Inventiva concludes the third quarter of 2025 with a strengthened financial structure, providing operational visibility through early 2027. The November 2025 fundraising, combined with proceeds from the Chinese partnership, enables the company to continue developing lanifibranor under favorable conditions. Cash consumption remains significant, reflecting the intensity of the NATiV3 trial, with results anticipated in the second half of 2026 expected to be a pivotal turning point. The reliance on a single asset and successive fundraising efforts characterizes the typical profile of an advanced-stage biotech, where clinical risk remains central. The company has yet to generate commercial revenue and remains dependent on partnerships and regulatory milestones to sustain its cash flow.