Inventiva ended the first half of 2026 with €166.1 million in cash and cash equivalents plus €67.8 million in short-term deposits, as the biotechnology company approaches a major Phase 3 readout for lanifibranor in metabolic dysfunction-associated steatohepatitis, or MASH.
Topline results from the Phase 3 NATiV3 trial are expected in the fourth quarter of 2026, with the company’s cash runway guidance remaining unchanged.
Inventiva reported essentially no first-half revenue, compared with €4.5 million in the first half of 2025, when revenue was associated with its licensing agreement with Chia Tai Tianqing.
R&D spending increased 3% to €46.2 million, largely reflecting development of lanifibranor.
Marketing and business development expenses increased to €2.6 million from €700,000, primarily as Inventiva prepares for the potential commercialization of lanifibranor if the drug is approved.
G&A expenses increased to €22.2 million from €14.7 million.
Inventiva reported a €70.4 million operating loss, compared with €62.9 million a year earlier, but its overall net loss narrowed significantly to €69.5 million from €175.9 million, reflecting a dramatic improvement in financial results compared with unusual financial charges in the prior-year period.
The company’s financing position changed substantially during the first half.
A June refinancing included an offering of 27,272,727 American Depositary Shares generating €103 million in gross proceeds, along with €75 million of gross proceeds from the first two tranches of its debt financing.
Inventiva subsequently repaid approximately €62.2 million of European Investment Bank loans and spent €50 million repurchasing associated warrants.
Net cash used in operations improved to €45.4 million from €53.7 million.
Based on its existing resources and completed financing transactions, Inventiva expects to fund its planned operations through the end of the second quarter of 2027.
The company nevertheless stated that its current cash and cash equivalents alone are not sufficient to cover currently planned operating needs for the next 12 months.
If Inventiva receives up to €55 million from Tranche C of its debt financing and up to €116 million through the full exercise of previously issued Tranche 3 warrants, management estimates its runway could extend to the beginning of the first quarter of 2028.
The primary near-term catalyst is NATiV3.
The trial enrolled 1,009 adults with biopsy-confirmed non-cirrhotic MASH and F2/F3 fibrosis, along with another 410 patients in an exploratory cohort.
The last patient completed the final 72-week visit in September.
If topline results are favorable, Inventiva expects to pursue a regulatory submission during the first half of 2027 and is preparing for a potential U.S. commercial launch in 2028, subject to FDA approval.
Lanifibranor is an investigational oral pan-PPAR agonist that has received Breakthrough Therapy and Fast Track designations from the FDA for MASH. Its safety and efficacy have not been established, and it has not been approved by any regulatory authority.
