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IVA

Inventiva S.A.

IVA

Inventiva S.A. • NASDAQ
$4.25 ▼ -7.61% (-0.35)
Market Cap $220.92 M
52w High $7.98
52w Low $2.11
Dividend Yield 0%
P/E -0.97
Volume 130.38K
Outstanding Shares 51.98M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $4.454M ▼ $59.552M ▲ $-175.882M ▼ -3.949K% ▼ $-1.62 ▲ $-165.841M ▼
Q4-2024 $6.464M ▲ $52.299M ▼ $-135.183M ▼ -2.091K% ▼ $-2.6 ▼ $-114.707M ▼
Q2-2024 $2.734M ▼ $54.457M ▼ $-49.029M ▲ -1.793K% ▼ $-0.94 ▲ $-51.818M ▼
Q4-2023 $16.541M ▲ $63.689M ▲ $-55.157M ▲ -333.456% ▲ $-1.13 ▲ $-47.985M ▲
Q2-2023 $6.622M $60.062M $-55.269M -834.627% $-1.31 $-53.863M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $122.076M ▲ $178.518M ▲ $187.866M ▼ $-9.346M ▲
Q4-2024 $96.563M ▲ $118.967M ▲ $225.613M ▲ $-106.646M ▼
Q2-2024 $10.436M ▼ $39.426M ▼ $118.486M ▲ $-79.06M ▼
Q4-2023 $27.34M ▼ $69.561M ▼ $101.592M ▲ $-32.031M ▼
Q2-2023 $31.29M $70.819M $78.486M $-7.667M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $-175.882M ▼ $-53.893M ▼ $-24.799M ▼ $104.949M ▼ $25.512M ▼ $-53.95M ▼
Q4-2024 $-135.183M ▼ $-37.586M ▲ $-167K ▼ $123.024M ▲ $96.564M ▲ $-37.664M ▲
Q2-2024 $-49.029M ▲ $-48.342M ▼ $8.912M ▲ $22.568M ▼ $10.147M ▲ $-48.597M ▼
Q4-2023 $-55.157M ▲ $-36.381M ▲ $-29K ▲ $31.234M ▲ $-4.322M ▲ $-36.691M ▲
Q2-2023 $-55.269M $-45.233M $-7.702M $-2.153M $-55.496M $-45.463M

Five-Year Company Overview

Income Statement

Income Statement Inventiva is still very much a research-stage biotech. Revenue is negligible and irregular, so the business is effectively funded by financing rather than by product sales. Operating losses and net losses have been consistent for several years and have recently deepened, reflecting heavy spending on clinical trials, especially around lanifibranor. Per‑share losses have also worsened over time, which combines the effect of higher total losses with shareholder dilution. Financial performance will likely remain loss‑making until there is a clear regulatory and commercial path for its lead drug, if it succeeds.

Balance Sheet

Balance Sheet The balance sheet is dominated by cash and other liquid assets, which is typical for a clinical‑stage biotech, but the overall asset base is relatively small. Cash dipped significantly in the prior year and then recovered, likely due to new financing, indicating active management of the cash runway. Debt has crept up over time but remains modest in absolute terms; however, the company’s equity has turned negative, meaning accumulated losses now exceed the capital invested. This thin capitalization and negative equity underline financial fragility and heighten the importance of future fundraising or partnerships.

Cash Flow

Cash Flow Cash flows show a clear and persistent cash burn from operations, with no offsetting inflows from a commercial product. Free cash flow is consistently negative and has trended more negative recently, in line with higher R&D and clinical spending. Capital expenditure is essentially negligible, which confirms that most cash is going into people, trials, and development rather than physical assets. The company’s ability to fund itself through the full Phase 3 program and potential approval will depend on continued access to external capital or upfront payments from collaborations.

Competitive Edge

Competitive Edge Competitively, Inventiva is a focused niche player in a very crowded and strategically important MASH market. Its main asset, lanifibranor, stands out through its pan‑PPAR mechanism, which aims to tackle liver fat, inflammation, and fibrosis all at once. Early data suggesting benefits on both disease resolution and fibrosis is a key differentiator if confirmed in Phase 3. The drug is oral, potentially convenient, and appears suitable for combination regimens, which is attractive given how complex MASH is. However, the company faces intense competition from larger, better‑funded pharma companies with multiple programs, and it is heavily concentrated in a single late‑stage asset and single main indication. Regulatory, clinical, and commercial execution risks are therefore high and quite binary.

Innovation and R&D

Innovation and R&D Innovation is clearly Inventiva’s strength. The company has deep expertise in nuclear receptors and transcription factors, with lanifibranor representing a sophisticated, multi‑target approach that aligns well with the biology of MASH. Regulatory designations like Breakthrough Therapy and Fast Track in the U.S. validate the medical relevance and potential of this approach. That said, the company has deliberately narrowed its R&D focus: other programs such as odiparcil and the YAP‑TEAD oncology work are now paused or sidelined, serving more as long‑term optionality than active growth engines. This concentration increases dependence on a single program but also conserves cash and management attention for the pivotal Phase 3 effort.

Summary

Inventiva is a classic high‑risk, high‑uncertainty clinical‑stage biotech: scientifically ambitious, but financially fragile and highly dependent on one lead program. The income statement reflects a company without sustainable revenue, running sizable recurring losses to push its main drug through late‑stage trials. The balance sheet shows limited resources, negative equity, and reliance on ongoing financing to maintain operations. Cash flow is structurally negative, driven almost entirely by R&D and clinical activities rather than capital investments. Strategically, Inventiva’s differentiated pan‑PPAR approach and supportive early data give it a credible shot at standing out in the MASH field, and regulatory designations plus combination‑therapy potential add to its appeal. On the other hand, competition is intense, and the outcome of the Phase 3 trial and subsequent regulatory decisions will largely determine the company’s long‑term trajectory. Monitoring trial progress, partnership activity, and cash runway will be critical for assessing how its scientific promise translates into a sustainable business.

NEWS

November 21, 2025 · 4:00 PM UTC

Inventiva reports 2025 Third Quarter Financial Information¹

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November 17, 2025 · 2:30 AM UTC

Inventiva announces full exercise of Underwriters' Option, bringing proceeds of Offering to approximately $172.5M

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November 13, 2025 · 10:25 AM UTC

Inventiva announces trading resumption of its ordinary shares on Euronext Paris

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November 13, 2025 · 9:22 AM UTC

Inventiva announces pricing of upsized public offering of approximately $150M of American Depositary Shares

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November 13, 2025 · 2:40 AM UTC

Inventiva announces temporary trading halt of its ordinary shares on Euronext Paris

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