Inventiva S.A. reported its unaudited financial results for the first nine months of 2025, covering the third quarter. Cash and cash equivalents stood at €97.6 million as of September 30, 2025, up from €96.6 million at the end of 2024. Operating activities generated a net cash outflow of €76.3 million, a 20% increase from the €63.7 million outflow recorded for the same period in 2024, reflecting higher clinical‑trial and regulatory‑support costs as the company advances its lead asset, lanifibranor.
Inventiva’s financing strategy delivered a net cash inflow of €103.4 million for the nine‑month period. The bulk of this inflow—€108 million—came from the settlement of the second tranche of a structured financing deal in May 2025. A separate public offering of 38,961,038 American Depositary Shares at $3.85 per share raised gross proceeds of approximately €149 million, providing additional liquidity that extends the company’s cash runway to the end of the first quarter of 2027, with potential further extension from warrant exercise.
Revenue for the period was €4.5 million, almost entirely driven by a $10 million milestone payment received from Chia Tai Tianqing Pharmaceutical Group in July 2025 and a $5 million credit note under the same license agreement. The milestone payment represents the first commercial milestone under the China partnership and confirms progress in lanifibranor’s development pipeline.
Research and development expenses fell 11% to €64.6 million from €72.5 million in the prior year, a result of disciplined cost control while maintaining investment in lanifibranor’s pivotal Phase 3 trial. The reduction in R&D spend is offset by the company’s decision to discontinue pre‑clinical programs, reallocating resources to high‑return clinical activities.
Strategically, Inventiva has secured Breakthrough Therapy Designation for lanifibranor from both the U.S. FDA and China’s NMPA, accelerating regulatory review and market access. The company’s pipeline prioritization plan focuses exclusively on lanifibranor, discontinuing lower‑priority assets to conserve capital and streamline development.
Looking ahead, Inventiva’s cash balance, combined with the proceeds from the public offering and structured financing, supports operations through Q1 2027. The company remains in the clinical stage, so revenue will continue to be milestone‑based, but the strong cash runway and regulatory milestones position it well for the next phases of lanifibranor’s development.
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