Inventiva S.A. completed the full exercise of its underwriters’ option on November 17, 2025, adding 5,844,155 American Depositary Shares to the offering. The additional shares bring the total issued to 44,805,193 and generate gross proceeds of approximately $172.5 million, with net proceeds expected to be about $161.2 million after underwriting fees and estimated expenses.
The new capital extends Inventiva’s cash runway to the third quarter of 2026, providing the liquidity needed to advance lanifibranor, the company’s lead candidate for metabolic dysfunction‑associated steatohepatitis (MASH). The proceeds will be applied pro‑rata to the use of proceeds identified in the base offering, which included funding for Phase 3 clinical trials, regulatory submissions, and commercialization preparation.
Inventiva’s financials underscore the importance of this infusion. In 2024 the company generated €9.2 million in revenue, a decline from €17.5 million in 2023, while net losses widened to (€184.2) million from (€110.4) million. Cash burn has been high, and the company has historically relied on external financing to sustain its clinical program. The new funding therefore represents a critical bridge to the next milestones in lanifibranor’s development.
CEO Frédéric Cren emphasized that the financing “reinforces our confidence in lanifibranor’s potential and gives us the runway to complete the pivotal Phase 3 trial.” He added that the company remains focused on delivering robust data to support regulatory submissions and that the extended runway will allow for strategic flexibility in the coming years.
The MASH market has recently seen the approval of the first treatment, creating a significant unmet need. Lanifibranor’s dual action on fibrosis and metabolic parameters positions it as a differentiated candidate in a competitive landscape that includes other pan‑PPAR agonists and selective agents. The financing strengthens Inventiva’s ability to compete for market share once regulatory approval is achieved.
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