Inventiva (IVA) Q4 2025 TU earnings summary

Executive summary

• Cash and cash equivalents totaled €99.3 million, with €131.6 million in short-term deposits as of December 31, 2025, reflecting a stable liquidity position year-over-year.

• Revenues for 2025 were €4.5 million, down from €9.2 million in 2024, primarily from milestone payments and credits under a licensing agreement.

• Completed a U.S. public offering raising approximately $172.5 million (€149 million), and received €115.6 million from a structured financing tranche.

Financial highlights

• Net cash used in operating activities increased 22% to (€104.6) million in 2025, mainly due to strategic pipeline prioritization, lower licensing revenues, and higher administrative expenses.

• R&D expenses were €86.9 million, a 4% decrease from €90.9 million in 2024, focused on the development of lanifibranor for MASH.

• Net cash used in investing activities was (€133.2) million, mainly from new short-term deposits.

• Net cash generated by financing activities reached €241.1 million, up from €145.6 million in 2024, driven by financing and public offering proceeds.

• Negative exchange rate effect on cash and equivalents was (€0.5) million in 2025, compared to a positive €1.2 million in 2024.

Outlook and guidance

• Cash runway is expected to last until mid-Q1 2027 based on current plans; full exercise of Tranche 3 warrants could extend this to mid-Q3 2027.

• Guidance excludes potential milestone payments, additional proceeds from warrant exercises, and expenses from new product candidates or acquisitions.