Inventiva Reports First-Half 2026 Financial Results
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Inventiva, a clinical-stage biopharmaceutical company focused on the development of an oral therapy for the treatment of metabolic dysfunction-associated steatohepatitis (MASH), reported its financial information for the first half of 2026, ended June 30, 2026. The company's cash and cash equivalents stood at €166.1 million, with €67.8 million in short-term deposits as of June 30, 2026. The cash runway guidance remains unchanged from July 30, 2026.
Inventiva did not record any revenues for the first half of 2026, compared to €4.5 million generated in the same period in 2025. The revenue recognized in the first half of 2025 was attributable to the 2022 License Agreement with Chia Tai Tianging Pharmaceutical Group Co., Ltd. (as amended and assigned to Chia Tai Tianging (Guangzhou) Co., Ltd.). Other income amounted to €1.3 million for the first half of 2026, stable as compared to €1.2 million for the first half of 2025. Other income mainly consisted of the French research tax credit (Crédit d’Impôt Recherche).
Research and development (R&D) expenses for the first half of 2026 amounted to €46.2 million, mainly driven by the clinical development of lanifibranor in MASH, up 3.0% compared to the €44.9 million for the first half of 2025. Marketing and business development expenses amounted to €2.6 million for the first half of 2026, compared to €0.7 million for the same period in 2025, primarily reflecting increased personnel costs and expenses related to preparations for the potential commercial development of lanifibranor, if approved.
General and administrative expenses (G&A) amounted to €22.2 million in the first half of 2026, compared to €14.7 million in the first half of 2025, an increase of €7.5 million. The change was primarily related to €4.7 million of increase in personnel costs, including share-based compensation expenses, consulting fees, and other expenses associated with potential commercial development of lanifibranor, if approved.
Net financial income (loss) amounted to €0.9 million in the first half of 2026, compared to (€113.2) million for the same period in 2025. The financial result for the first half of 2026 mainly reflected (i) €16.2 million of non-cash impact from the IFRS fair value accounting of financial instruments entered into in connection with the restructuring of warrants issued to European Investment Bank (EIB), the Lenders' Warrants issued to funds and accounts managed by BlackRock and Claret Capital Partners (together, the “Lenders”) and the embedded convertible option in the first tranche of €35.0 million of senior secured convertible bonds issued under the June 2026 debt financing with the Lenders for up to €130.0 million (the “Debt Financing”), (ii) €4.8 million of income from cash equivalents and foreign exchange gains (net), and (iii) (€20.0) million of interest and related financial expenses, including (€11.2) million resulting from the repayment of the loan with the EIB and (€7.4) million of interest expense related to the royalty certificates issued in 2023 and 2024.
The company’s net loss stood at (€69.5) million as of June 30, 2026, compared to (€175.9) million as of June 30, 2025. Inventiva’s management will host a webcast today at 8:00 AM ET to discuss first-half 2026 financial results.