Inventiva S.A. is a biopharmaceutical company currently in its clinical development phase, specializing in the creation of orally administered small molecule therapeutics. ...
Inventiva S.A. (NASDAQ: IVA; also listed on Euronext) is a clinical-stage biopharmaceutical company headquartered in Daix, France. The company focuses on discovering and developing oral small-molecule medicines intended for chronic, high-need conditions where effective long-term therapy is difficult. Its portfolio is built around metabolic and lysosomal diseases as well as ...Inventiva S.A. (NASDAQ: IVA; also listed on Euronext) is a clinical-stage biopharmaceutical company headquartered in Daix, France. The company focuses on discovering and developing oral small-molecule medicines intended for chronic, high-need conditions where effective long-term therapy is difficult. Its portfolio is built around metabolic and lysosomal diseases as well as fibrosis/oncology, reflecting a strategy to advance candidates through clinical proof-of-concept while maintaining multiple readouts and optionality across indications.
From a products and pipeline perspective, Inventiva’s most advanced program is lanifibranor, which has completed Phase IIb trials for the treatment of NASH (now often referenced as MASH in the broader scientific/clinical community). Another key asset is odiparcil, which has completed Phase IIa studies targeting the MPS VI subtype. Beyond these lead candidates, Inventiva maintains earlier-stage discovery and development programs in oncology and other therapeutic areas, designed to expand the platform and extend the life cycle of the company’s pipeline.
Business model and “services” perspective: while Inventiva is not a contract manufacturer in the traditional sense, it operates like a development-focused pharmaceutical R&D platform. The company typically manages discovery, formulation, preclinical development, and clinical execution (including interactions with clinical sites, regulators, and trial suppliers). Strategic alliances also play an important role—such as collaborations involving AbbVie (autoimmune disease research) and Boehringer Ingelheim (discovery efforts for idiopathic pulmonary fibrosis). These partnerships can reduce development risk, share costs, and accelerate timelines by leveraging complementary expertise.
Cost/BOM and financial context: as a clinical-stage biopharma, Inventiva’s major cost drivers are R&D (clinical trial execution, CMC/formulation work, regulatory activities, and scientific staffing) rather than goods sold. The provided TTM financial snapshot shows negative operating and net margins and negative cash-flow metrics (e.g., free cash flow to equity/firm is negative), which is consistent with a company still investing heavily to progress candidates through clinical stages. Balance-sheet liquidity indicators (e.g., current ratio above 3 in the snapshot) suggest it may be managing near-term obligations, but profitability is not yet realized.
Key people: Andrew Obenshain serves as CEO (appointed to succeed the co-founder Frédéric Cren). Inventiva was created in the early 2010s (sources indicate founding around 2011/2012). The company’s direction under current leadership emphasizes advancing oral small molecules toward registration-quality evidence and building a resilient, multi-asset pipeline that can withstand the typical volatility of clinical development.
Overall, Inventiva’s “wish list” as a development-stage company is straightforward: achieve clear clinical efficacy and safety signals for lead candidates, secure or expand partnership support where advantageous, and translate clinical success into future commercial potential for patients with MASH/NASH, MPS, fibrosis, and related difficult-to-treat disorders.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$4.5M
-51.3%
-99.4%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$-340.2M
-84.7%
-0.6%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+33.7%
-66.3%
-6679.2%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
-2921.0%
-175.4%
-20097.6%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
-7587.8%
-278.9%
-15466.1%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$-101.2M
-17.3%
-0.9%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
-2257.9%
-140.8%
-15516.5%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
-204.6%
-301.6%
+66.5%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
3.15x
+241.3%
+6.9%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Good day, and thank you for standing by. Welcome to the Inventiva Full Year 2025 Financial Report Webcast and Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, David Nikodem, Head of Investor Relationship. Please go ahead.
David Nikodem: Good morning, good afternoon, everyone, and thank for joining Inventiva's Full Year 2025 Financial Results and Business Update. Our press release was issued yesterday evening, and this webcast and slides will be available in the Investors section on our website following the call. Joining us on the call today are Andrew Obenshain, Chief Executive Officer; Jean Volatier, Chief Financial Officer; and Dr. Jason Campagna, Chief Medical Officer and President of R&D. I would like to remind everyone that statements made during today's conference call and during the Q&A session may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Please refer to Slide 2 of the slides and our SEC and AMF filings for a discussion of associated risks. These statements reflect our views as of today and should not be relied upon as representing our views at any later date. With that, I will now turn it over to Andrew, starting on Slide 3. Andrew?
Andrew Obenshain: Thank you, David. Good morning, good afternoon to everyone, and thank you for joining us. Since joining Inventiva 6 months ago, I've been struck by the depth of scientific conviction behind lanifibranor and the dedication of this team. Today, every resource, every decision and every member of this team is now aligned behind a single objective, advancing lanifibranor towards approval for patients with MASH. Let me start with our main focus, our global Phase III clinical trial NATiV3. Enrollment was completed in April 2025 and represented a landmark operational milestone for this company. Today, we are updating the expected timing of our top line readout to Q4 2026, reflecting the disciplined sequencing of our clinical and biostatistical milestones. We believe the data from the NATiV3 trial, if positive, has the potential to carry weight with regulators, physicians and most importantly, with patients. And we believe we are running this program with the rigor and precision all stakeholders deserve. On our pipeline and organizational focus, in the first half of 2025, we made the strategic decision to concentrate all of Inventiva's resources on lanifibranor and MASH. As part of this plan, in Q4 2025, we sold our global rights to odiparcil to Biossil and we may receive up to $90 million of potential regulatory and commercial milestone payments, as well as potential high single-digit royalties on future net sales if approved. While this transaction frees up our internal resources to fully focus on lanifibranor, we are pleased that odiparcil has found a new home where its development can continue, …
