IVEVF Inventiva S.A.
Price Chart
Executive Summary
Inventiva reported Q1 2026 cash of €75.0M and short-term deposits of €121.5M, down from €99.3M and €131.6M respectively at year-end 2025. The company reported zero revenue for the quarter, unchanged from Q1 2025. Cash runway extended to mid-Q1 2027 (or mid-Q3 2027 if Tranche 3 warrants are fully exercised), and topline results from the pivotal NATiV3 trial are expected in Q4 2026. Cash burn is on plan, with no revenue, no new catalysts since the prior filing — the stock remains a binary catalyst play on NATiV3 data.
Actionable Insight
No material change from the prior 20-F filing. The Q4 2026 NATiV3 topline readout remains the key catalyst. Monitor for any Tranche 3 warrant exercise announcements (potential €116M cash injection) and for any enrollment updates or interim data from the trial. Cash runway to mid-Q1 2027 is adequate for data delivery but leaves limited post-data buffer before refinancing is needed.
Key Facts
- Cash and cash equivalents: €75.0M as of March 31, 2026 (vs €99.3M at Dec 31, 2025)
- Short-term deposits: €121.5M as of March 31, 2026 (vs €131.6M at Dec 31, 2025)
- Zero revenue recognized in Q1 2026, consistent with Q1 2025
- Cash runway estimate: through mid-Q1 2027 on current cost structure
- Potential additional proceeds of up to €116.0M from Tranche 3 warrants would extend runway to mid-Q3 2027
- Topline results of NATiV3 Phase 3 trial for lanifibranor expected in Q4 2026
- Pre-revenue clinical-stage biopharma company — no approved products
Financial Impact
Cash burn of ~€34.4M in Q1 2026 from €230.9M total liquidity to €196.5M total liquidity. Zero revenue; no earnings reported. Net cash used driven by planned operating activities for the NATiV3 trial.
Risk Factors
- NATiV3 trial could fail to meet endpoints, rendering the stock near worthless
- Tranche 3 warrants may not be exercised, reducing potential cash runway to mid-Q1 2027 only
- SUSAR (Suspected Unexpected Serious Adverse Reaction) disclosed in forward-looking statements may impact recruitment or trial results
- Likely need for additional dilutive financing after Q1 2027 regardless of trial outcome
- Zero-revenue clinical-stage company with wide net losses requires constant capital market access
Market Snapshot
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001171843-26-003704 |
| Document: f6k_052626.htm | 0001171843-26-003704 |
| Document: 0001171843-26-003704-index-headers.html | 0001171843-26-003704 |
| Document: 0001171843-26-003704-index.html | 0001171843-26-003704 |
| Document: 0001171843-26-003704.txt | 0001171843-26-003704 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
Jun 9, 2026
today
|
6-K
| — | awaiting T+1 | — | — |
|
Jun 3, 2026
6d ago
|
6-K
| $5.33 $5.33 | · 0.00% | ▼ −0.40% | $5.33 (−0.00%) |
|
Jun 3, 2026
7d ago
|
6-K
| $5.33 $5.33 | · 0.00% | ▼ −0.40% | $5.33 (−0.00%) |
|
May 26, 2026
14d ago
|
6-K
| $5.33 $5.33 | · 0.00% | ▼ −0.55% | $5.33 (−0.00%) |
|
May 22, 2026
18d ago
|
6-K
| $5.33 $5.33 | · 0.00% | ▲ +0.01% | $5.33 (+0.00%) |
|
Apr 8, 2026
8w ago
|
20-F
| $5.50 $5.50 | · 0.00% | ▲ +0.57% | $5.33 (+3.09%) |
|
Mar 30, 2026
10w ago
|
6-K
| $5.50 $5.50 | · 0.00% | ▼ −0.75% | $5.33 (−3.09%) |
US Market Status
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