Inventiva (IVA) investor relations material

Executive summary

• Strategic focus shifted entirely to advancing lanifibranor for MASH, with all resources and leadership aligned behind this objective.

• Reported full-year 2025 revenues of €4.5 million, down from €9.2 million in 2024, mainly from milestone and license payments.

• Completed a U.S. public offering raising approximately $172.5 million (€149 million), supporting a cash runway into Q1 2027.

• Sale of odiparcil completed, with potential milestone payments up to $90 million and future royalties.

• Leadership team strengthened with key hires and multiple executive appointments in R&D, regulatory, and commercial strategy.

Financial highlights

• Cash, cash equivalents, and short-term deposits totaled €230.9 million as of December 31, 2025.

• Net loss for 2025 was (€354.1) million, compared to (€184.2) million in 2024.

• R&D expenses for 2025 were €87.0 million, reflecting pipeline prioritization and NATiV3 enrollment completion.

• Marketing and business development spend increased to €5.0 million, mainly for pre-commercial investments.

• G&A expenses reached €47.9 million, including €20.3 million in non-cash share-based compensation.

Outlook and guidance

• Cash runway extends to mid-Q1 2027, or mid-Q3 2027 if tranche three warrants are exercised, potentially adding €116 million.

• Focused on NDA preparations and early commercialization groundwork for lanifibranor.

• No plans for aggressive commercial staffing until positive data is available.

• Topline NATIV3 Phase 3 results anticipated in Q4 2026.