Inventiva S.A. (IVA) Q2 2026: Revenue Decline, Significant Losses — Cautious

In the second quarter of 2026, Inventiva S.A. reported a significant decline in revenue, with total revenues falling to €1.3 million, down €4.3 million or -77% compared to €5.6 million in the same period last year. This sharp decrease is primarily attributed to the absence of revenue from the CTTQ License Agreement, which had contributed significantly to last year's figures.

Overall, this quarter is disappointing for shareholders, primarily due to the substantial net loss of €69.5 million, which reflects ongoing challenges in revenue generation and increased operational costs.

Key Financial Metrics:

• Revenue: €1.3 million (down from €5.6 million YoY)
• Operating Income: -€70.4 million
• Net Income: -€69.5 million (compared to -€175.9 million YoY)
• EPS (Diluted): -€0.25 (compared to -€1.62 YoY)
• Gross Margin: Not explicitly stated, but revenue decline indicates pressure on margins.
• Cash and Cash Equivalents: €166.1 million (up from €99.3 million at year-end 2025)
• Total Debt: €138.8 million (includes long-term and short-term liabilities)

Operational Highlights:

• Research and Development Expenses: Increased to €46.2 million from €44.9 million YoY, reflecting ongoing investment in the lanifibranor development program.
• General and Administrative Expenses: Rose to €22.2 million from €14.7 million YoY, driven by increased personnel costs and consulting fees.
• Other Income: Increased to €1.3 million from €1.2 million YoY, primarily due to other income sources.

Financing Activities:

In June 2026, Inventiva executed a comprehensive refinancing transaction, which included:

• Equity Offering: Issued 27,272,727 ADSs at a price of $4.40 (€3.7781) per ADS, generating gross proceeds of $120.0 million (€103.0 million) and net proceeds of $110.9 million (€95.3 million) after expenses.
• Debt Financing: Entered into a subscription agreement with BlackRock and Claret Capital Partners for up to €130 million, including €35 million in convertible bonds and €40 million in non-convertible bonds.

Cash Position:

As of June 30, 2026, Inventiva's cash and cash equivalents totaled €166.1 million, a significant increase from €99.3 million at the end of 2025. This increase is primarily due to the proceeds from the equity offering, which bolstered the company's liquidity position.

Future Outlook:

Looking ahead, the most critical catalyst to watch is the anticipated topline results from the NATiV3 clinical trial for lanifibranor, expected in the fourth quarter of 2026. Positive results could pave the way for regulatory submissions and potential commercialization, significantly impacting the company's financial trajectory.

In summary, while the cash position has improved, the significant revenue decline and ongoing losses present challenges for Inventiva. The upcoming clinical trial results will be pivotal in determining the company's future direction and shareholder value.

	December 31, 2025	June 30, 2026
Assets
Non-current assets
Intangible assets	182	310
Property, plant and equipment	2,979	2,360
Deferred tax assets	191	197
Investments accounted for using the equity method	527	528
Other non-current assets	1,162	1,849
Total non-current assets	5,042	5,244
Current assets
Trade receivables and others	2,016	3,734
Tax receivables	2,281	3,083
Other current assets	140,861	73,021
Cash and cash equivalents	99,312	166,127
Total current assets	244,469	245,966
Total assets	249,511	251,210
Liabilities
Shareholders’ equity
Share capital	1,932	2,363
Premiums related to share capital	528,230	643,924
Reserves	(205,182)	(518,278)
Translation reserve	636	460
Net loss for the period	(354,138)	(69,467)
Total Shareholders’ equity	(28,522)	59,002
Long-term debt	27,551	53,345
Long-term debt - derivatives	119,385	13,051
Royalty certificates liabilities	51,645	59,079
Provisions for retirement benefit obligations	755	680
Long-term contract liabilities	126	126
Other non-current liabilities	1,193	1,339
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