Inventiva SA (FR:IVA)
:IVA
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Inventiva
(IVA)
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Rating:45Neutral
Price Target:
€3.00
▼(-37.76% Downside)
Action:Reiterated
Date:06/05/26
Overall score is constrained primarily by weak financial performance (sharp revenue decline, widening losses, ongoing cash burn, and negative equity) and bearish technical momentum (below key moving averages with negative MACD). The latest earnings call provides a partial offset via strong Phase III execution and stated cash runway, but valuation offers limited support given ongoing losses and no dividend.
Positive Factors
Phase III execution
Completing a >1,000‑patient, >90%‑powered global Phase III demonstrates strong operational capability and trial integrity. This durable execution reduces recruitment and operational risk ahead of the Q4 2026 readout, supports regulator/partner confidence, and preserves the program's clinical credibility.
Negative Factors
Negative equity
Negative equity signals accumulated losses have overwhelmed the capital base, weakening financing flexibility and increasing creditor/partner scrutiny. Over 2–6 months this constrains strategic optionality, raises potential dilution risk, and can elevate the cost or limit availability of debt and partner deals.
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Positive Factors
Negative Factors
Phase III execution
Completing a >1,000‑patient, >90%‑powered global Phase III demonstrates strong operational capability and trial integrity. This durable execution reduces recruitment and operational risk ahead of the Q4 2026 readout, supports regulator/partner confidence, and preserves the program's clinical credibility.
Read all positive factors
Inventiva (IVA) vs. iShares MSCI France ETF (EWQ)
Market Cap
€718.15M
Dividend YieldN/A
Average Volume (3M)416.07K
Price to Earnings (P/E)―
Beta (1Y)0.25
Revenue Growth-51.26%
EPS Growth17.63%
CountryFR
Employees114
SectorGeneral
Sector StrengthN/A
IndustryBiotechnology
Share Statistics
EPS (TTM)-1.90
Shares Outstanding236,280,200
10 Day Avg. Volume620,713
30 Day Avg. Volume416,066
Financial Highlights & Ratios
PEG Ratio0.05
Price to Book (P/B)-25.87
Price to Sales (P/S)164.59
P/FCF Ratio-7.02
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€8.68Price Target Upside80.07% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-0.68
Revenue Forecast (FY)€3.60M
Inventiva Business Overview & Revenue Model
Company Description
Inventiva S.A. is a biopharmaceutical firm currently in the clinical development phase, specializing in creating orally administered small molecule treatments for conditions such as non-alcoholic steatohepatitis (NASH), mucopolysaccharidoses (MPS)...
How the Company Makes Money
Inventiva does not have publicly known recurring product sales and, as a clinical-stage biopharmaceutical company, typically generates cash primarily from non-commercial sources while funding R&D. Its potential and historical revenue sources inclu...
Inventiva Earnings Call Summary
Earnings Call Date:Mar 30, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Sep 25, 2026
Earnings Call Sentiment Positive
The call emphasizes several substantial positives: completion of a large, well-powered Phase III enrollment, a strong cash position today, strategic focus on lanifibranor with monetization of non-core assets (odiparcil), regulatory designations (Breakthrough/Fast Track), and organizational strengthening. Key risks and negatives are manageable but material: readout timing into Q4 2026, conditionality of additional tranche funding, safety/tolerability attention on PPAR-related fluid retention/weight gain (though no CHF signal reported), and a competitive landscape (e.g., Madrigal) that increases the importance of a robust Phase III effect. On balance, operational and financial preparedness plus a large addressable market and prior Phase II efficacy signals outweigh the outstanding uncertainties, but the company’s future funding and commercial upside remain closely tied to the upcoming Phase III readout.Positive Updates
NATiV3 Enrollment Completed — Large, Well-Powered Trial
Enrollment for the global Phase III NATiV3 trial was completed in April 2025, exceeding original targets with over 1,000 patients in the main cohort (approximately 1,009 referenced) and an additional 410 patients in an exploratory F1–F4 cohort. The trial is powered >90% for the prespecified composite primary endpoint (fibrosis improvement ≥1 stage AND MASH resolution).
Negative Updates
Readout Timing Extended to Q4 2026
Top-line readout moved to Q4 2026 (later than some investors may have expected), driven by 'disciplined sequencing' of clinical/biostatistical milestones — extending timing to a potential corporate inflection point.
Read all updates
Q4-2025 Updates
Positive
Negative
NATiV3 Enrollment Completed — Large, Well-Powered Trial
Enrollment for the global Phase III NATiV3 trial was completed in April 2025, exceeding original targets with over 1,000 patients in the main cohort (approximately 1,009 referenced) and an additional 410 patients in an exploratory F1–F4 cohort. The trial is powered >90% for the prespecified composite primary endpoint (fibrosis improvement ≥1 stage AND MASH resolution).
Read all positive updates
Company Guidance
Inventiva guided that NATiV3—their global Phase III (72‑week) trial—completed enrollment in April 2025 (main cohort ~1,009 patients plus an exploratory cohort of ~410 F1–F4 patients, ~75 compensated F4s), is powered >90% for the composite primary endpoint, and remains on track for top‑line readout in Q4 2026; early termination/dropout is confirmed below the 30% covenant threshold used in financing. Financial guidance: cash, cash equivalents and short‑term deposits were EUR 230.9m as of 31‑Dec‑2025 after ~EUR 108m net from a May 2025 tranche and ~EUR 139.4m net from a Nov 2025 U.S. offering, R&D spend was EUR 87m, marketing/BD EUR 5m, G&A EUR 47.9m (including EUR 20.3m non‑cash share‑based comp), and the company estimates runway to mid‑Q1‑2027 (or to mid‑Q3‑2027 assuming full exercise of tranche‑3 warrants that could generate up to EUR 116m). Clinical and market metrics cited included Phase II signals (1,200 mg showed a 24% treatment effect at 6 months; the company also referenced an ~18% fibrosis‑improvement benchmark), a 7% placebo fibrosis response in Phase II, ~14% of NATiV3 subjects on background GLP‑1 therapy, an estimated 18 million U.S. people with MASH (only ~10% diagnosed; diagnosis up ~25% vs 2024), and roughly 40% of diagnosed F2/F3 patients currently under care (≈375,000 F2/F3 patients treated today).Inventiva Financial Statement Overview
Summary
Income Statement
14
Very Negative
Balance Sheet
18
Very Negative
Cash Flow
16
Very Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 4.48M | 14.72M | 17.48M | 12.18M | 4.19M |
| Gross Profit | 1.57M | 9.20M | 17.50M | 11.18M | 3.18M |
| EBITDA | -133.42M | -96.69M | -102.04M | -57.72M | -52.27M |
| Net Income | -354.14M | -184.21M | -110.43M | -54.27M | -49.64M |
Balance Sheet | |||||
| Total Assets | 249.51M | 118.97M | 69.56M | 116.00M | 121.98M |
| Cash, Cash Equivalents and Short-Term Investments | 230.87M | 96.56M | 26.99M | 87.02M | 86.55M |
| Total Debt | 59.86M | 54.33M | 37.49M | 34.51M | 10.12M |
| Total Liabilities | 278.03M | 225.61M | 101.59M | 70.53M | 33.12M |
| Stockholders Equity | -28.52M | -106.65M | -32.03M | 45.48M | 88.87M |
Cash Flow | |||||
| Free Cash Flow | -105.13M | -86.26M | -82.15M | -45.49M | -48.16M |
| Operating Cash Flow | -104.88M | -85.93M | -81.61M | -44.93M | -47.63M |
| Investing Cash Flow | -133.19M | 8.74M | -7.73M | 8.87M | -1.79M |
| Financing Cash Flow | 241.29M | 145.59M | 29.08M | 37.27M | 25.45M |
Inventiva Technical Analysis
Negative
4.82
Price Trends
4.21
Negative
4.72
Negative
4.41
Negative
Market Momentum
-0.36
Positive
28.35
Positive
8.07
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:IVA, the sentiment is Negative. The current price of 4.82 is above the 20-day moving average (MA) of 3.72, above the 50-day MA of 4.21, and above the 200-day MA of 4.41, indicating a bearish trend. The MACD of -0.36 indicates Positive momentum. The RSI at 28.35 is Positive, neither overbought nor oversold. The STOCH value of 8.07 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FR:IVA.
Inventiva Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
46 Neutral | €10.74M | -0.75 | ― | ― | 249.95% | 33.78% | |
45 Neutral | €718.15M | -5.47 | ― | ― | -51.26% | 17.63% | |
45 Neutral | €517.91M | -6.02 | -63.70% | ― | -2.34% | -5574.92% | |
44 Neutral | €6.88B | -17.83 | ― | ― | ― | ― | |
42 Neutral | €31.56M | -2.23 | ― | ― | 417.14% | 22.08% |
* General Sector Average
FR:IVA
Inventiva
3.06
0.28
9.89%
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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.