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Inventiva
(NASDAQ:IVA)
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Rating:50Neutral
Price Target:
$4.00
▼(-14.71% Downside)
Action:Reiterated
Date:07/08/26
Overall score reflects a high-risk profile dominated by weak financial performance (deep losses, persistent cash burn, negative equity and rising debt). The latest earnings call improves the outlook somewhat through clear clinical timelines (Q4 2026 readout) and near-term funding visibility, while technicals are mixed and valuation is constrained by continued losses and no dividend support.
Positive Factors
Pivotal trial execution and clear readout timeline
Completing enrollment in a large, randomized Phase III study reduces execution uncertainty and creates a defined value-inflection point. The Q4 2026 readout target gives investors a visible path to assess efficacy and supports regulatory and commercial planning.
Negative Factors
Persistent operating losses and worsening cash burn
The company is consuming substantial cash while revenue remains volatile and declining, leaving no evidence of self-funded operations. Continued losses require ongoing financing and increase the risk that development priorities or timelines must change if capital access weakens.
Read all positive and negative factors
Positive Factors
Negative Factors
Pivotal trial execution and clear readout timeline
Completing enrollment in a large, randomized Phase III study reduces execution uncertainty and creates a defined value-inflection point. The Q4 2026 readout target gives investors a visible path to assess efficacy and supports regulatory and commercial planning.
Read all positive factors
Inventiva (IVA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$876.45M
Dividend YieldN/A
Average Volume (3M)961.63K
Price to Earnings (P/E)―
Beta (1Y)0.47
Revenue Growth-50.80%
EPS Growth14.80%
CountryUS
Employees73
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-1.90
Shares Outstanding236,280,200
10 Day Avg. Volume1,540,279
30 Day Avg. Volume961,634
Financial Highlights & Ratios
PEG Ratio0.05
Price to Book (P/B)-29.92
Price to Sales (P/S)193.76
P/FCF Ratio-8.58
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$16.25Price Target Upside246.48% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)-0.79
Revenue Forecast (FY)$7.55M
Inventiva Business Overview & Revenue Model
Company Description
Inventiva S.A. is a biopharmaceutical company currently in its clinical development phase, specializing in the creation of orally administered small molecule therapeutics. The firm primarily targets serious conditions such as non-alcoholic steatoh...
How the Company Makes Money
As a clinical-stage biopharmaceutical company, Inventiva has historically not depended on recurring product sales; instead, it has financed operations primarily through (i) collaboration and licensing arrangements and (ii) capital raising. Under c...
Inventiva Earnings Call Summary
Earnings Call Date:Mar 30, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Sep 27, 2026
Earnings Call Sentiment Positive
The call presents a constructive and execution-focused picture: major operational milestones were achieved (NATiV3 enrollment completion, >1,000 patients, clear Q4 2026 readout target), a solid near-term cash position (EUR 230.9M), conservative powering (>90%) and organizational strengthening for regulatory/commercial readiness. Key risks remain—funding beyond the stated runway depends on tranche/warrant mechanics or future financing, tolerability (weight gain/fluid retention) is a known class risk to be monitored, endpoints have inherent variability, and competition is active. On balance the call emphasized progress, readiness and a clear pathway to a potentially pivotal readout while acknowledging material clinical and financing dependencies.Positive Updates
NATiV3 Enrollment Completed
Enrollment for the global Phase III NATiV3 trial was completed in April 2025, exceeding original targets with just over 1,000 patients in the main cohort (company referenced ~1,009) plus an additional exploratory cohort of ~410 patients (F1–F4). Trial is randomized, double-blind, placebo-controlled and run over 72 weeks.
Negative Updates
Funding Dependent on Contingent Tranche and Future Dilution Risk
While cash on hand is strong, continued runway beyond mid-Q1 2027 depends on the full exercise of tranche 3 warrants (could generate up to EUR 116M). Tranche mechanics are tied to positive trial outcomes and convertible/exercise conditions, creating dependency of future funding on clinical and market events.
Read all updates
Q4-2025 Updates
Positive
Negative
NATiV3 Enrollment Completed
Enrollment for the global Phase III NATiV3 trial was completed in April 2025, exceeding original targets with just over 1,000 patients in the main cohort (company referenced ~1,009) plus an additional exploratory cohort of ~410 patients (F1–F4). Trial is randomized, double-blind, placebo-controlled and run over 72 weeks.
Read all positive updates
Company Guidance
The company reiterated a Q4 2026 top‑line readout for NATiV3 (72‑week pivotal trial), noting enrollment was completed in April 2025 with just over 1,000 patients in the main cohort (cited ~1,009) plus an additional 410 exploratory patients (F1–F4, ~75 compensated F4s for safety), the study is powered to >90% for the prespecified composite primary endpoint (fibrosis ≥1‑stage improvement and MASH resolution), and early‑termination/dropout rates remained below the 30% threshold used for powering; they highlighted Phase II data showing a 24% treatment effect on the composite endpoint at 6 months (and referenced an ~18% fibrosis improvement), tested doses of 1,200 mg and 800 mg, ~14% of participants had background GLP‑1 use, and Phase II showed ~0.5‑point HbA1c lowering. On the financial side, cash and equivalents were EUR 230.9 million as of 31‑Dec‑2025 (net proceeds of ~EUR 108m from a May tranche and ~EUR 139.4m from a November U.S. offering), R&D spend was EUR 87m, marketing/BD ~EUR 5m, G&A EUR 47.9m (including ~EUR 20.3m noncash share‑based comp), the company estimates funding beyond the NATiV3 readout with runway to mid‑Q1‑2027 (or to mid‑Q3‑2027 assuming full exercise of tranche‑3 warrants that could generate up to EUR 116m), and they plan to have a confirmatory outcome trial underway to support regulatory pathways (conditional/accelerated approval discussions contingent on having the trial meaningfully underway at filing).Inventiva Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
28
Negative
Cash Flow
18
Very Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 4.48M | 9.20M | 17.48M | 12.18M | 4.19M |
| Gross Profit | 1.51M | 9.20M | 17.50M | 17.06M | 4.19M |
| EBITDA | -128.15M | -166.53M | -102.04M | -56.29M | -52.76M |
| Net Income | -340.16M | -184.21M | -110.43M | -54.27M | -49.64M |
Balance Sheet | |||||
| Total Assets | 248.88M | 118.97M | 69.56M | 116.00M | 121.98M |
| Cash, Cash Equivalents and Short-Term Investments | 99.27M | 96.56M | 27.34M | 87.78M | 86.55M |
| Total Debt | 59.40M | 54.33M | 37.49M | 34.51M | 10.12M |
| Total Liabilities | 277.91M | 225.61M | 101.59M | 70.53M | 33.12M |
| Stockholders Equity | -29.04M | -106.65M | -32.03M | 45.48M | 88.87M |
Cash Flow | |||||
| Free Cash Flow | -101.22M | -86.26M | -82.15M | -45.49M | -48.16M |
| Operating Cash Flow | -100.98M | -85.93M | -81.61M | -44.93M | -47.63M |
| Investing Cash Flow | -127.93M | 8.74M | -7.73M | 8.87M | -1.79M |
| Financing Cash Flow | 232.00M | 145.59M | 29.08M | 37.27M | 25.45M |
Inventiva Technical Analysis
Negative
4.69
Price Trends
4.51
Negative
4.51
Negative
5.06
Negative
Market Momentum
-0.22
Positive
27.19
Positive
8.20
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IVA, the sentiment is Negative. The current price of 4.69 is above the 20-day moving average (MA) of 4.44, above the 50-day MA of 4.51, and below the 200-day MA of 5.06, indicating a bearish trend. The MACD of -0.22 indicates Positive momentum. The RSI at 27.19 is Positive, neither overbought nor oversold. The STOCH value of 8.20 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IVA.
Inventiva Risk Analysis
Inventiva disclosed 83 risk factors in its most recent earnings report. Inventiva reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 1 New Risks
1.
Through the Royalty Certificates, we transferred to the holders thereof rights to receive certain payments in connection with potential future net sales of lanifibranor, if any, which may reduce our ability to realize potential future revenue from such sales. Q4, 2023
Inventiva Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | $4.64B | -14.64 | -40.51% | ― | 34.52% | 41.20% | |
62 Neutral | $1.81B | -13.02 | -35.42% | ― | -3.28% | 61.09% | |
60 Neutral | $3.03B | -26.21 | -26.01% | ― | ― | -4.40% | |
58 Neutral | $1.04B | -3.48 | -207.18% | ― | -7.27% | -48.89% | |
55 Neutral | $2.11B | -21.84 | 81.78% | ― | 100.27% | 39.90% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | $876.45M | -1.70 | 1870.38% | ― | -50.80% | 14.80% |
* Healthcare Sector Average
IVA
Inventiva
3.78
-2.24
-37.21%
IOVA
Iovance Biotherapeutics
10.25
8.13
383.49%
KURA
Kura Oncology
11.73
3.64
44.99%
URGN
Urogen Pharma
43.25
25.26
140.41%
MRVI
Maravai Lifesciences Holdings
6.97
4.22
153.45%
MBX
MBX Biosciences, Inc.
62.91
42.91
214.55%
Inventiva Corporate Events
Inventiva Completes EIB Warrant Restructuring to Streamline Capital Structure
Jul 9, 2026
On July 9, 2026, Inventiva completed the restructuring of its warrant arrangements with the European Investment Bank, issuing 15.68 million new warrants at €0.01 each and cancelling all remaining legacy Tranche B warrants that had not been r...
Inventiva Shareholders Back Governance and Pay Policies at June 30 General Meeting
Jul 6, 2026
On June 30, 2026, Inventiva held its Combined Shareholders’ General Meeting in Paris under the chairmanship of Chief Executive Officer Andrew Obenshain, with a quorum representing 71.874% of the share capital. The meeting’s Bureau was ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.