Inventiva (IVA)
NASDAQ:IVA
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Inventiva
(NASDAQ:IVA)
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Rating:47Neutral
Price Target:
$5.50
▼(-0.18% Downside)
Action:ReiteratedDate:04/15/26
Overall score is held down primarily by weak financial performance (large and widening losses, ongoing cash burn, negative equity and higher debt) and bearish technical momentum. The earnings call provides a partial offset via clear Phase III execution milestones and defined readout timing with near-term funding visibility, while valuation is not supportive due to loss-making fundamentals and no dividend.
Positive Factors
Clinical execution & trial powering
Completing NATiV3 enrollment (>1,000 main cohort) and a clearly stated Q4 2026 readout materially de-risks program timing and execution risk. A fully enrolled, randomized pivotal trial with pre-set timelines supports durable development visibility and regulatory planning over the next 6–18 months.
Negative Factors
Balance-sheet weakness
Equity turning meaningfully negative and higher debt levels indicate elevated leverage risk and reduced financial flexibility. Structural balance-sheet weakness limits options for non-dilutive funding, raises creditor scrutiny, and increases dependence on capital markets or contingent financings ahead of commercialization.
Read all positive and negative factors
Positive Factors
Negative Factors
Clinical execution & trial powering
Completing NATiV3 enrollment (>1,000 main cohort) and a clearly stated Q4 2026 readout materially de-risks program timing and execution risk. A fully enrolled, randomized pivotal trial with pre-set timelines supports durable development visibility and regulatory planning over the next 6–18 months.
Read all positive factors
Inventiva (IVA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.08B
Dividend YieldN/A
Average Volume (3M)99.38K
Price to Earnings (P/E)―
Beta (1Y)0.27
Revenue Growth-12.52%
EPS Growth-82.84%
CountryUS
Employees114
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-1.07
Shares Outstanding207,707,470
10 Day Avg. Volume175,727
30 Day Avg. Volume99,378
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 Cap0.53
Enterprise Value/Revenue131.64
Enterprise Value/Gross Profit358.61
Enterprise Value/Ebitda-2.33
Forecast
1Y Price Target
$16.67Price Target Upside202.54% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering10
EPS Forecast (FY)-0.78
Revenue Forecast (FY)$3.95M
Inventiva Business Overview & Revenue Model
Company Description
Inventiva S.A., a clinical-stage biopharmaceutical company, focuses on the development of oral small molecule therapies for the treatment of non-alcoholic steatohepatitis (NASH), mucopolysaccharidoses (MPS), and other diseases. Its lead product ca...
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 23, 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
5.51
Price Trends
6.04
Negative
5.49
Negative
5.00
Positive
Market Momentum
-0.25
Positive
33.90
Neutral
21.87
Neutral
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 5.51 is below the 20-day moving average (MA) of 5.70, below the 50-day MA of 6.04, and above the 200-day MA of 5.00, indicating a neutral trend. The MACD of -0.25 indicates Positive momentum. The RSI at 33.90 is Neutral, neither overbought nor oversold. The STOCH value of 21.87 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
58 Neutral | $1.43B | -2.50 | -54.54% | ― | 175.62% | 19.63% | |
54 Neutral | $1.56B | -13.24 | -28.72% | ― | ― | -44.79% | |
53 Neutral | $786.63M | -3.61 | -51.07% | ― | -30.56% | 48.79% | |
52 Neutral | $770.24M | -3.27 | -102.59% | ― | ― | -5.18% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $987.28M | -7.34 | 170.21% | ― | 8.00% | -10.15% | |
47 Neutral | $1.08B | -2.17 | 536.36% | ― | -12.52% | -82.84% |
* Healthcare Sector Average
IVA
Inventiva
5.51
2.11
61.96%
IOVA
Iovance Biotherapeutics
3.64
0.41
12.69%
KURA
Kura Oncology
9.14
3.11
51.58%
URGN
Urogen Pharma
21.22
10.47
97.40%
MRVI
Maravai Lifesciences Holdings
3.28
1.55
89.60%
MBX
MBX Biosciences, Inc.
32.81
25.43
344.58%
Inventiva Corporate Events
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...
Inventiva Posts Preliminary 2025 Results and Extends Cash Runway After Major U.S. Offering
Feb 17, 2026
On February 17, 2026, Inventiva reported preliminary unaudited results for the fiscal year ended December 31, 2025, highlighting cash and cash equivalents of €99.3 million and €131.6 million in short-term deposits, alongside 2025 reven...
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.