Inventiva SA ADR (IVA)
NASDAQ:IVA
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Inventiva
(NASDAQ:IVA)
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Rating:47Neutral
Price Target:
$4.00
▼(-29.45% Downside)
Action:Reiterated
Date:06/03/26
The score is constrained primarily by weak financial performance (large ongoing losses, consistent cash burn, negative equity and rising debt). Technicals also detract due to a clear downtrend (price below key moving averages and negative MACD), partially tempered by oversold readings. The earnings call provides a meaningful offset via operational progress and defined clinical/readout timing plus stated cash runway, but it comes with material clinical and financing dependencies.
Positive Factors
Pivotal trial fully enrolled and well powered
Completion of NATiV3 enrollment and >90% statistical power materially reduces clinical execution and sample-size risk versus earlier-stage programs. A well-powered, randomized pivotal trial increases the chance of a definitive regulatory readout and clearer go/no-go decisions that drive long-term development and partnering timelines.
Negative Factors
Persistent operating losses and rising cash burn
Sustained large operating losses and negative operating cash flow indicate the business runs structural cash deficits. Continued cash burn forces recurring financing, constrains long-term investment flexibility and elevates dilution risk, making the company dependent on capital markets timing and successful clinical outcomes to sustain operations beyond the pivotal readout.
Read all positive and negative factors
Positive Factors
Negative Factors
Pivotal trial fully enrolled and well powered
Completion of NATiV3 enrollment and >90% statistical power materially reduces clinical execution and sample-size risk versus earlier-stage programs. A well-powered, randomized pivotal trial increases the chance of a definitive regulatory readout and clearer go/no-go decisions that drive long-term development and partnering timelines.
Read all positive factors
Inventiva (IVA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$936.10M
Dividend YieldN/A
Average Volume (3M)524.57K
Price to Earnings (P/E)―
Beta (1Y)0.36
Revenue Growth-50.80%
EPS Growth14.80%
CountryUS
Employees114
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-1.90
Shares Outstanding236,280,200
10 Day Avg. Volume1,098,502
30 Day Avg. Volume524,569
Financial Highlights & Ratios
PEG Ratio0.04
Price to Book (P/B)-25.46
Price to Sales (P/S)164.91
P/FCF Ratio-7.30
Enterprise Value/Market Cap0.59
Enterprise Value/Revenue124.12
Enterprise Value/Gross Profit352.01
Enterprise Value/Ebitda-2.28
Forecast
1Y Price Target
$15.75Price Target Upside177.78% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering9
EPS Forecast (FY)-0.79
Revenue Forecast (FY)$4.18M
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
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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 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
5.67
Price Trends
5.03
Negative
5.63
Negative
5.31
Negative
Market Momentum
-0.41
Positive
28.83
Positive
11.25
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 5.67 is above the 20-day moving average (MA) of 4.51, above the 50-day MA of 5.03, and above the 200-day MA of 5.31, indicating a bearish trend. The MACD of -0.41 indicates Positive momentum. The RSI at 28.83 is Positive, neither overbought nor oversold. The STOCH value of 11.25 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 |
|---|---|---|---|---|---|---|---|
65 Neutral | $1.29B | -6.95 | -44.72% | ― | -15.35% | 37.09% | |
59 Neutral | $1.82B | -4.77 | -50.17% | ― | 34.26% | 23.00% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | $803.41M | -2.87 | -141.95% | ― | 5.37% | -60.20% | |
50 Neutral | $1.45B | -11.63 | 121.52% | ― | 52.92% | 13.32% | |
49 Neutral | $1.69B | -20.96 | -24.50% | ― | ― | -0.43% | |
47 Neutral | $936.10M | -5.88 | 1870.38% | ― | -50.80% | 14.80% |
* Healthcare Sector Average
IVA
Inventiva
3.76
0.32
9.46%
IOVA
Iovance Biotherapeutics
4.03
2.01
99.50%
KURA
Kura Oncology
9.54
3.34
53.87%
URGN
Urogen Pharma
30.87
17.63
133.12%
MRVI
Maravai Lifesciences Holdings
4.96
2.87
137.32%
MBX
MBX Biosciences, Inc.
38.98
28.88
285.94%
Inventiva Corporate Events
Inventiva Outlines Q1 2026 Cash Position and Runway Ahead of Key MASH Milestone
May 26, 2026
Inventiva reported first-quarter 2026 financial information on May 26, 2026, showing cash and cash equivalents of €75.0 million and €121.5 million in short-term deposits as of March 31, 2026, down from year-end 2025, with the decline m...
Inventiva Bolsters C-Suite Ahead of Lanifibranor Phase 3 Readout
Apr 22, 2026
Inventiva announced on April 22, 2026, that it has expanded its leadership team with the appointments of Axel-Sven Malkomes as Chief Financial Officer, Susan Coles as Chief Legal Officer, and Pamela Herbster as Chief People Officer. The reshuffle ...
Inventiva Posts Deeper 2025 Loss but Extends Cash Runway Ahead of Key MASH Phase 3 Readout
Mar 30, 2026
On March 30, 2026, Inventiva reported its 2025 results, highlighting revenues of €4.5 million, cash and cash equivalents of €99.3 million plus €131.6 million in short‑term deposits as of December 31, 2025, and a widened net...
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.