Inventiva priced a public offering of 38,961,038 American Depositary Shares (ADSs) at $3.85 per share, generating net proceeds of $140.1 million (about €121 million). The offering adds to the company’s structured financing, which now totals up to €348 million, and the ADS price was set at a 0.89 % discount to the volume‑weighted average price on Euronext Paris, indicating a deliberate pricing strategy to secure a successful placement.
The proceeds will be directed toward the continuation of the NATiV3 Phase 3 clinical trial, the initiation of an outcome study, broader commercialization activities for lanifibranor, and general working‑capital needs. The financing extends Inventiva’s cash runway beyond the previous tranche that had taken the company to the third quarter of 2026, now projecting liquidity into early or mid‑2027, which reduces the need for additional fundraising in the near term.
Trading of Inventiva’s ordinary shares on the Euronext Paris regulated market was temporarily halted, with trading resuming at 3:30 pm CET on the same day to coincide with the start of ADS trading on the Nasdaq Global Market. This is the company’s first U.S.‑only equity issuance, although it has previously issued shares on Nasdaq; the “U.S.‑only” designation refers to the geographic focus of this particular offering.
Inventiva’s decision to raise capital follows a 50 % workforce reduction announced in February 2025, a move aimed at conserving cash while concentrating resources on lanifibranor. The MASH market, which saw the approval of Rezdiffra in March 2024, remains highly competitive, and the company’s NATiV3 trial—enrollment completed in April 2025 with topline results expected in the second half of 2026—represents a critical milestone for lanifibranor’s development.
Analysts have expressed confidence in the progress of the NATiV3 trial and in Inventiva’s strategy to bring lanifibranor to market, underscoring the importance of the new capital to support these objectives.
The offering strengthens Inventiva’s financial position, provides the resources needed to advance a key late‑stage clinical program, and positions the company to pursue commercialization of lanifibranor while maintaining operational flexibility for the next several years.
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