first half of 2026
Filed Sep 28, 2026Inventiva reported no revenues for the first half of 2026, a net loss of (€69.5) million, and cash runway guidance through the end of the second quarter of 2027.
Operating cash consumption declined and the June refinancing supported liquidity, but revenue fell to no recorded revenues and the Company stated that current cash and cash equivalents are not sufficient to cover planned operating needs for the next twelve months.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenues, six months ended June 30other | €20K | – | – |
| Other income, six months ended June 30other | €1.29M | – | – |
| Research and development expenses, six months ended June 30other | −€46.24M | – | up 3.0% |
| Marketing – business development expenses, six months ended June 30other | −€2.59M | – | – |
| General and administrative expenses, six months ended June 30other | −€22.25M | – | an increase of €7.5 million |
| Other operating income (expenses), six months ended June 30other | −€619K | – | – |
| Net Operating Loss, six months ended June 30other | −€70.39M | – | – |
| Net Financial Income (Loss), six months ended June 30other | €907K | – | – |
| Share of net loss- Equity method and dilution gain, six months ended June 30other | €117K | – | – |
| Income tax, six months ended June 30other | −€104K | – | – |
| Net Loss for the Period, six months ended June 30other | −€69.47M | – | – |
| Basic/diluted loss per share, six months ended June 30other | (0.25) (euros/share) | – | – |
| Weighted average number of outstanding shares used for computing basic/diluted loss per share, six months ended June 30other | 273,582,870 | – | – |
| Net cash used in operating activities, first half of 2026other | (€45.4) million | – | – |
| Net cash generated from investing activities, first half of 2026other | €63.8M | – | – |
| Net cash generated from financing activities, first half of 2026other | €47.7M | – | – |
| Cash and cash equivalents, as of June 30, 2026other | €166.1M | – | – |
| Short-term deposits, as of June 30, 2026other | €67.8M | – | – |
| Foreign exchange effect on cash and cash equivalents, first half of 2026other | €700K | – | – |
until the end of the second quarter of 2027 outlook
- NoteBased on the Company’s existing cash and cash equivalents and short-term deposits, together with the net proceeds from the completed Equity Offering, the completed EIB Transactions and the issuance of Tranches A and B under the Debt Financing Transaction, the Company expects to be able to finance its operations as currently planned until the end of the second quarter of 2027.
- NoteIf Tranche C of the Debt Financing Transaction is issued for potential gross proceeds of up to €55.0 million and the Tranche 3 warrants previously issued by the Company in the Structured Financing for potential gross proceeds of up to €116.0 million are exercised in full, the Company expects to be able to finance its operations as currently planned until the start of the first quarter of 2028.
- NoteInventiva expects to report topline results from the Phase 3 clinical trial NATiV3 in the fourth quarter of 2026.
- NoteIf the NATiV3 topline results are favorable, the Company anticipates regulatory submission in the first half of 2027 and is preparing for a potential U.S. launch of lanifibranor in 2028, subject to U.S. Food and Drug Administration approval.
What drove it
- No revenues were recorded for the first half of 2026, versus €4.5 million generated in the same period in 2025 from the 2022 License Agreement with Chia Tai Tianging Pharmaceutical Group Co., Ltd.
- Other income mainly consisted of the French research tax credit.
- R&D expenses were mainly driven by the clinical development of lanifibranor in MASH and did not include preclinical research expenses following the mid-2025 discontinuation of preclinical R&D activities.
- Marketing and business development expense growth primarily reflected increased personnel costs and preparations for the potential commercial development of lanifibranor, if approved.
- G&A expense growth was primarily related to increased personnel costs, including share-based compensation expenses, consulting fees and other expenses associated with potential commercial development of lanifibranor, if approved.
- The first-half 2026 financial result reflected IFRS fair value accounting of financial instruments, income from cash equivalents and foreign exchange gains, and interest and related financial expenses.
Concerns
- At the date of the press release, current cash and cash equivalents were not sufficient to cover operating needs as currently planned for the next twelve months.
- The extended runway to the start of the first quarter of 2028 depends on successful issuance of Tranche C for potential gross proceeds of up to €55.0 million and full exercise of Tranche 3 warrants for potential gross proceeds of up to €116.0 million.
- The Company recorded no revenues in the first half of 2026.
- Potential regulatory submission and a potential U.S. launch are conditional on favorable NATiV3 topline results and FDA approval.
What to watch
- Topline results from the Phase 3 NATiV3 clinical trial in the fourth quarter of 2026.
- Revenues and cash and cash equivalents for the third quarter 2026, scheduled for Monday November 23, 2026.
- The Company’s ability to fund operations through the end of the second quarter of 2027 under its existing financing plan.
- Potential issuance of Tranche C and exercise of the Tranche 3 warrants.
- Potential regulatory submission in the first half of 2027 if NATiV3 topline results are favorable.
Balance sheet and cash flow
- Cash and cash equivalents amounted to €166.1 million and short-term deposits amounted to €67.8 million as of June 30, 2026.
- Net cash used in operating activities amounted to (€45.4) million for the first half of 2026, compared to (€53.7) million for the same period in 2025.
- Net cash generated from investing activities amounted to €63.8 million for the first half of 2026, compared to (€24.8) million for the first half of 2025.
- Net cash generated from financing activities amounted to €47.7 million for the first half of 2026, compared to €104.8 million for the first half of 2025.
- The Equity Offering comprised 27,272,727 American Depositary Shares for €103.0 million in gross proceeds, and Tranches A and B of the Debt Financing provided €75.0 million in gross proceeds.
- The Company repaid existing EIB loans for an aggregate amount of €62.2 million and repurchased specified EIB warrants for an aggregate repurchase price of €50.0 million.
Analysis
Inventiva’s first-half results reflect a clinical-stage business with no recorded revenue in 2026, compared with €4.5 million in the prior-year period that was attributable to its Chia Tai Tianging license agreement. The reported table lists revenues of 20 (in thousands of euros), while the release states that no revenues were recorded for the first half. Other income was €1.3 million and mainly consisted of the French research tax credit. The operating loss was (70,388) (in thousands of euros), compared with (62,940) (in thousands of euros) in the prior-year period.
Spending remained centered on lanifibranor and the NATiV3 Phase 3 program. R&D expense was €46.2 million, up 3.0%, driven by clinical development in MASH and without preclinical research expenses following the mid-2025 discontinuation of those activities. Marketing and business development expense increased to €2.6 million as the Company prepared for potential commercialization. G&A increased to €22.2 million, with the release citing higher personnel costs, including share-based compensation, consulting fees and other potential-commercialization costs.
The net loss narrowed to (€69.5) million from (€175.9) million, while net financial income (loss) changed to €0.9 million from (€113.2) million. The 2026 financial result included a €16.2 million non-cash impact from IFRS fair value accounting for certain financial instruments, €4.8 million of income from cash equivalents and foreign exchange gains, and (€20.0) million of interest and related financial expenses. The reported basic/diluted loss per share was (€0.25), compared with (€1.62), alongside a weighted average share count of 273,582,870 versus 108,839,636.
Liquidity was reshaped by the June 2026 refinancing. Cash and cash equivalents were €166.1 million and short-term deposits were €67.8 million at June 30, 2026. Operating cash use was (€45.4) million, lower than (€53.7) million in the prior-year period, with favorable working-capital changes partly offsetting increased operating expenses. Financing cash flow reflected the Equity Offering and Tranches A and B of the Debt Financing, partially offset by repayment of EIB loans and EIB warrant repurchases.
Management maintained cash runway guidance through the end of the second quarter of 2027 based on existing cash, deposits and completed financing transactions. The release explicitly states that current cash and cash equivalents are not sufficient to cover planned operating needs for the next twelve months. A runway extension to the start of the first quarter of 2028 depends on both Tranche C issuance and full exercise of the Tranche 3 warrants. The principal upcoming operating catalyst is expected NATiV3 topline data in the fourth quarter of 2026, with a potential regulatory submission in the first half of 2027 contingent on favorable results.
Not in the filing
stated, not guessed- GAAP financial metrics
- Non-GAAP financial metrics
- Gross profit and gross margin
- Segment revenue disclosure
- Quarterly financial results
- Free cash flow
- Debt balance as of June 30, 2026
- Dividend or share repurchase program disclosure
- Revenue guidance
- Gross margin guidance
- Operating expense guidance
- Tax-rate guidance
- Previous-release outlook for comparison
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.