Inventiva (IVA) investor relations material

Executive summary

• Cash and cash equivalents totaled €166.1 million, with €67.8 million in short-term deposits as of June 30, 2026, up from €99.3 million and €131.6 million, respectively, at year-end 2025, reflecting a strengthened liquidity position.

• No revenues were recorded in H1 2026, compared to €4.5 million in H1 2025, as the company remains in the clinical stage.

• Net cash used in operating activities was (€48.7) million in H1 2026, an improvement from (€53.7) million in H1 2025, mainly due to favorable working capital changes.

Financial highlights

• R&D expenses increased to €50.1 million in H1 2026 from €44.9 million in H1 2025, driven by the advancement of the NATIV3 Phase 3 clinical trial and pre-commercial activities.

• Net cash generated from investing activities reached €63.9 million, up from (€24.8) million in H1 2025, primarily due to new short-term deposit subscriptions.

• Net cash from financing activities was €50.9 million in H1 2026, down from €104.8 million in H1 2025, reflecting capital structure optimization and repayments.

• Positive foreign exchange effect on cash of €0.7 million in H1 2026, compared to a negative effect of (€0.7) million in H1 2025.

Outlook and guidance

• Current liquidity is expected to fund operations as planned until the end of Q2 2027; with additional financing, runway could extend to early Q1 2028.

• Cash runway estimates exclude potential milestone payments and additional expenditures from new product candidates or acquisitions.

• At the date of communication, current cash is not sufficient to cover operating needs for the next 12 months without further financing.

• No guarantee that future financing tranches or warrant exercises will occur as planned.