Inventiva (IVA) Registration Filing summary

Company overview and business model

• Clinical-stage biopharmaceutical company focused on oral small molecule therapies for metabolic dysfunction-associated steatohepatitis (MASH).

• Lead candidate lanifibranor is a pan-PPAR agonist in pivotal Phase 3 NATIV3 trial for MASH.

• Lanifibranor targets all three PPAR isoforms, aiming for anti-fibrotic, anti-inflammatory, and metabolic benefits.

• Pipeline prioritization in 2025 to focus exclusively on lanifibranor, halting all pre-clinical programs and reducing workforce by ~50%.

Financial performance and metrics

• As of June 30, 2025: €122.1 million in cash and cash equivalents, €24.6 million in short-term deposits.

• Net tangible book value as of June 30, 2025: $0.54 per ADS after $100M offering at $5.36 per ADS.

• Company estimates current cash will finance activities until end of Q3 2026; additional funding required for ongoing operations.

• Audit report raises substantial doubt about ability to continue as a going concern due to projected expenditure commitments.

Use of proceeds and capital allocation

• Net proceeds intended primarily for research and development of lanifibranor, working capital, and general corporate purposes.

• May use a portion for acquisitions or investments in complementary businesses or technologies, though no current plans.