Inventiva S.A.

Inventiva reported EUR 230.9 million of combined cash, cash equivalents and short-term deposits as of Dec. 31, 2025. It said the year’s cash build came from approximately EUR 108 million net proceeds from the second tranche of its 2024 structured financing and approximately EUR 139.4 million net proceeds from the November U.S. public offering. Full-year R&D expense was EUR 87 million, marketing and business development spend was EUR 5 million, and G&A expense was EUR 47.9 million, including approximately EUR 20.3 million of noncash share-based compensation. Management said cash runway extends to mid-Q1 2027, or to mid-Q3 2027 assuming full exercise of tranche 3 warrants that could generate up to an additional EUR 116 million. On the clinical side, NATiV3 enrollment was completed in April 2025 with over 1,000 patients in the main cohort and 410 in the exploratory cohort, and top-line readout is now expected in Q4 2026. No revenue or EPS was reported on the call.

Andrew Obenshain framed the quarter as a strategic reset around one priority: advancing lanifibranor toward approval for MASH. He said the company is now aligning every resource behind NATiV3, while also building lean regulatory and commercial readiness for a potential launch. His tone was confident and urgency-driven, emphasizing that the company is “well-funded, operationally focused” and that the Q4 2026 readout is a genuine inflection point.

Jean Volatier focused on balance sheet strength and cost discipline. He highlighted EUR 230.9 million in cash at year-end, funded by the May 2025 structured-finance tranche and the November U.S. offering, and reiterated runway to mid-Q1 2027 or mid-Q3 2027 if tranche 3 warrants are fully exercised for up to EUR 116 million. He also broke out full-year spending: EUR 87 million in R&D, EUR 5 million in marketing/business development, and EUR 47.9 million in G&A, of which approximately EUR 20.3 million was noncash share-based compensation tied to the company’s governance and organizational transition.

The main analyst focus was on NATiV3 mechanics, durability of the data set, dose response, weight gain/fluid retention, and how lanifibranor stacks up versus Madrigal in a growing MASH market. Management said early termination rates were below the 30% threshold built into the financing and confirmed the trial remains well powered; it also said the 800 mg dose could potentially “catch up” over longer treatment, while weight gain has appeared to plateau in prior data and has not been associated with congestive heart failure in the program. On market strategy, management repeatedly pointed to the F3 diabetic population as a key entry segment, said a replicate of the Phase II 18% fibrosis effect would be highly competitive, and explained that the confirmatory trial needs to be meaningfully underway at filing and continue progressing by mid-cycle review for conditional approval under Subpart H.