Summary of Inventiva (IVA) Q4 2025 Earnings Call

1Key Financial Results and Metrics

As of December 31, 2025, Inventiva reported cash, cash equivalents, and short-term deposits totaling EUR 230.9 million.

The company raised approximately EUR 108 million from a structured financing event and EUR 139.4 million from a U.S. public offering in 2025.

Estimated cash runway extends to mid-Q1 2027, or mid-Q3 2027 with full exercise of tranche 3 warrants, which could generate up to EUR 116 million.

R&D expenses for the year were EUR 87 million, reflecting prioritization of the lanifibranor pipeline.

G&A expenses totaled EUR 47.9 million, including EUR 20.3 million in non-cash share-based compensation.

2Strategic Updates and Business Highlights

Inventiva is focused on advancing lanifibranor for the treatment of Metabolic Associated Steatotic Hepatitis (MASH) through its global Phase III trial, NATiV3, which completed enrollment in April 2025.

The anticipated top-line results from NATiV3 are now expected in Q4 2026, reflecting a disciplined approach to clinical milestones.

The company sold global rights to odiparcil to Biossil for potential milestone payments of up to EUR 90 million and royalties on future sales, allowing a concentrated focus on lanifibranor.

A strengthened leadership team was announced, including key hires in regulatory, quality, and commercial strategy roles.

3Forward Guidance and Outlook

The company is preparing for a potential launch of lanifibranor, with ongoing regulatory and commercial readiness efforts.

The management expressed confidence in the market opportunity for lanifibranor, particularly in the underdiagnosed MASH population, which has seen a 25% increase in diagnosed cases compared to 2024.

The company aims to replicate an 18% fibrosis improvement observed in Phase II trials, which they believe would position lanifibranor competitively in the market.

4Bad News, Challenges, or Points of Concern

The timeline for the top-line readout from the NATiV3 trial has been pushed to Q4 2026, indicating a longer wait for potential approval.

There are concerns regarding the dropout rates in the trial, although management confirmed they remain below the 30% threshold required for financing covenants.

Competitive pressures from other companies, such as Madrigal, were acknowledged, particularly as they continue to see strong market uptake in the U.S.

The company is aware of the challenges in ensuring the safety profile of lanifibranor, particularly regarding weight gain and fluid retention associated with PPAR gamma agonists.

5Notable Q&A Insights

Management confirmed that the dropout rate in the NATiV3 trial is well within acceptable limits, maintaining confidence in trial power.

Discussions highlighted the potential for weight gain associated with lanifibranor, with expectations that it may plateau and could be mitigated by concurrent diabetes treatments like GLP-1 inhibitors.

The exploratory cohort of F4 patients in NATiV3 aims to assess safety and potential biological activity, which will inform future outcome-driven trials.

Management indicated that while they are not actively pushing for increased diagnosis of MASH initially, they are aware of the growing awareness and diagnosis rates in the market.

The regulatory pathway for accelerated approval was clarified, emphasizing that a trial must be underway at the time of filing for conditional approval. Overall, Inventiva is strategically positioned with a strong cash position and focused efforts on lanifibranor, but faces challenges related to trial timelines and competitive pressures in the MASH treatment landscape.