PRESS RELEASE




Inventiva reports 2025 Third Quarter Financial Information1

► Cash and cash equivalents at €97.6 million, and €24.7 million in short-term
deposits 2 as of September 30, 2025.

► Revenues of €4.5 million for the first nine months of 2025.

► Cash runway expected until the end of the first quarter of 2027 3, including net
proceeds from the November 2025 public offering.

Daix (France), New York City, (New York, United States), November 21, 2025 – Inventiva (Euronext Paris and
Nasdaq: IVA) ("Inventiva" or the "Company"), a clinical-stage biopharmaceutical company focused on the
development of oral therapies for the treatment of metabolic dysfunction-associated steatohepatitis ("MASH"),
today reported its cash position as of September 30, 2025 and its revenues for the first nine months of 2025.

Cash and cash equivalents

As of September 30, 2025, the Company’s cash and cash equivalents amounted to €97.6 million, compared to
cash and cash equivalents at €96.6 million as of December 31, 2024.

Net cash used in operating activities amounted to (€76.3) million in the first nine months of 2025, compared to
(€63.7) million for the same period in 2024, up by 20%, while R&D expenses for the first nine months of 2025
were slightly lower by 11% at (€64.6) million, compared to the same period of 2024. The increase in net cash used
in operating activities is due to working capital evolution and, to a lesser extent, the net cash impact of the
implementation of the Company’s previously disclosed pipeline prioritization plan initiated in the first half of 2025.

Net cash used in investing activities for the first nine months of 2025 amounted to (€25.0) million, compared to
€8.9 million generated for the same period in 2024. The change is mostly due to the variation in short-term2
deposits during the period.

Net cash generated from financing activities for the first nine months of 2025 amounted to €103.4 million,
compared to €41.9 million in the same period in 2024. Net cash generated from financing activities during the
first nine months of 2025 primarily comes from the receipt of gross proceeds of €115.6 million (net proceeds of
€108.0 million) from the settlement in May 2025 of the second tranche 4 of the structured financing announced
by the Company in October 2024 (the “Structured Financing”). Net cash generated from financing activities during
the first nine months of 2024 was mainly comprised of (i) the second tranche of €25 million drawn in January 2024
under the unsecured loan agreement granted by the European Investment Bank, and (ii) the issuance of royalty
certificates in July 2024 for €20.1 million.




1
Non-audited financial information.
2
Short-term deposits were included in the category “other current assets” in the IFRS unaudited interim condensed consolidated statement of financial
position and were considered by the Company as liquid and easily available.
3
This estimate is based on the Company’s current business plan and excludes any potential milestones payable to or by the Company, any proceeds from
the potential exercise of the Tranche 3 warrants issued in the Structured Financing and any additional expenditures related to other product candidates or
resulting from the potential in licensing or acquisition of additional product candidates or technologies, or any associated development the Company may
pursue. The Company may have based this estimate on assumptions that are incorrect, and the Company may end up using its resources sooner than
anticipated.
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Press release of May 5, 2025
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PRESS RELEASE



Over the first nine months of 2025, the Company recorded a negative exchange rate effect on cash and cash
equivalents of (€1.0) million, compared to none for the same period in 2024, due to the evolution of the EUR/USD
exchange rate.

Financial information after closing the accounts

In November 2025, the Company completed a public offering in the United States of 44,805,193 American
Depositary Shares (“ADSs”) for aggregate gross proceeds of approximately €149 million (€139.3 million net
proceeds) 5, including the exercise in full of the underwriters’ option to purchase additional ADSs.

Considering its current cost structure and forecasted expenditures, the Company estimates that its cash, cash
equivalents and short-term deposits, including the net proceeds from the public offering, should enable it to
finance its operations until the end of the first quarter of 2027. Assuming the potential exercise in full of the
Tranche 3 warrants issued in the Structured Financing for proceeds of up to €116.0 million, the Company
estimates that such potential additional proceeds would enable it to finance its activities until the middle of the
third quarter of 2027 6.

Revenues

Revenues for the first nine months of 2025 amounted to €4.5 million, compared to none generated for the same
period in 2024.

Revenues recorded by the Company in the first nine months of 2025 consist mainly of the $10 million gross
proceeds (net proceeds of €8.6 million) milestone payment invoiced to Chia Tai Tianqing Pharmaceutical Group
(“CTTQ”) and the $5 million (€4.3 million) credit notes recognized under the license agreement with CTTQ
following the closing of the second tranche of the Structured Financing in May 2025. The milestone payment from
CTTQ was received in July 2025.

***

Next key milestones expected

 Topline results of NATiV3 – expected in the second half of 2026

Upcoming shareholders meeting

 Combined General Meeting of Shareholders – November 27, 2025

Upcoming investor conference participation

 Euronext Tech Leaders Forum – November 26, 2025 – Paris
 Piper Sandler 37th Annual Healthcare Conference – December 2-4, 2025 – New York




5
Based on the exchange rate of €1.00 = $1.1576 as published by the European Central Bank on November 12, 2025
6
These estimates are based on the Company’s current business plan and exclude any potential milestones payable to or by the Company and any additional
expenditures related to other product candidates or resulting from the potential in licensing or acquisition of additional product candidates or technologies,
or any associated development the Company may pursue. The Company may have based these estimates on assumptions that are incorrect, and the
Company may end up using its resources sooner than anticipated. There can be no assurance whether, and to which extent, the Tranche 3 warrants will be
exercised, if at all.
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Upcoming scientific conference participation

 MASH-TAG – January 7-11, 2026 – Park City

Next financial results publication

 Full-Year 2025 Revenues and cash and cash equivalents: Thursday, February 16, 2026 (after U.S. market
close)

About Inventiva

Inventiva is a clinical-stage biopharmaceutical company focused on the research and development of oral small
molecule therapies for the treatment of patients with MASH. The Company is currently evaluating lanifibranor, a
novel pan-PPAR agonist, in the NATiV3 pivotal Phase 3 clinical trial for the treatment of adult patients with MASH,
a common and progressive chronic liver disease.

Inventiva is a public company listed on compartment B of the regulated market of Euronext Paris (ticker: IVA, ISIN:
FR0013233012) and on the Nasdaq Global Market in the United States (ticker: IVA).
http://www.inventivapharma.com

Contacts

Inventiva ICR Healthcare ICR Healthcare
Pascaline Clerc Media Relations Investor relations
EVP, Strategy and Corporate Affairs Alexis Feinberg Patricia L. Bank
media@inventivapharma.com inventivapr@icrhealthcare.com patti.bank@icrhealthcare.com
+1 202 499 8937 +1 203 939 2225 +1 415 513 1284

Important Notice

This press release contains certain "forward-looking statements" within the meaning of the safe harbor provisions
of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts,
included in this press release are forward-looking statements. These statements include, but are not limited to,
unaudited financial information, forecasts and estimates with respect to Inventiva’s cash resources, the potential
exercise by investors of warrants and pre-funded warrants, including the warrants and pre-funded warrants issued
in connection with the Structured Financing, the potential benefit of the pipeline prioritization plan and related
workforce reduction, and Inventiva’s future activities, expectations, plans, growth and prospects of Inventiva.
Certain of these statements, forecasts and estimates can be recognized by the use of words such as, without
limitation, "believes", "anticipates", "expects", "intends", "plans", "seeks", "estimates", "may", "will", "would",
"could", "might", "should", "designed", "hopefully", "target", "potential", "opportunity", "possible", "aim", and
"continue" and similar expressions. Such statements are not historical facts but rather are statements of future
expectations and other forward-looking statements that are based on management's beliefs. These statements
reflect such views and assumptions prevailing as of the date of the statements and involve known and unknown
risks and uncertainties that could cause future results, performance, or future events to differ materially from
those expressed or implied in such statements. Actual events are difficult to predict and may depend upon factors
that are beyond Inventiva's control. There can be no guarantees with respect to product candidates that the clinical
trial results will be available on their anticipated timeline, that future clinical trials will be initiated as anticipated,
that product candidates will receive the necessary regulatory approvals, or that any of the anticipated milestones
by Inventiva or its partners will be reached on their expected timeline, or at all. Future results may turn out to be
materially different from the anticipated future results, performance or achievements expressed or implied by such
statements, forecasts and estimates due to a number of factors, including that interim data or data from any
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PRESS RELEASE



interim analysis of ongoing clinical trials may not be predictive of future trial results, that the recommendation of
the DMC may not be indicative of a potential marketing approval, Inventiva cannot provide assurance on the
impacts of the Suspected Unexpected Serious Adverse Reaction on the results or timing of the NATiV3 trial or
regulatory matters with respect thereto, that Inventiva is a clinical-stage company with no approved products and
no historical product revenues, Inventiva has incurred significant losses since inception and has never generated
any revenue from product sales, Inventiva will require additional capital to finance its operations, in the absence
of which, Inventiva may be required to significantly curtail, delay or discontinue one or more of its research or
development programs or be unable to expand its operations or otherwise capitalize on its business opportunities
and may be unable to continue as a going concern, Inventiva’s ability to obtain financing and to enter into potential
transactions, on the expected timing or at all, and whether, when and to what extent dilutive instruments may be
exercised, and by which holders, Inventiva's future success is dependent on the successful clinical development,
regulatory approval and subsequent commercialization of lanifibranor, preclinical studies or earlier clinical trials
are not necessarily predictive of future results and the results of Inventiva's and its partners’ clinical trials may not
support Inventiva's and its partners’ product candidate claims, Inventiva's expectations with respect to its clinical
trials may prove to be wrong and regulatory authorities may require additional holds and/or additional
amendments to Inventiva’s clinical trials, Inventiva’s expectations with respect to the clinical development plan for
lanifibranor for the treatment of MASH may not be realized and may not support the approval of a New Drug
Application, Inventiva’s ability to identify additional products or product candidates with significant commercial
potential, Inventiva’s expectations with respect to its pipeline prioritization plan and related workforce reduction,
including potential benefits, expenses and consequences relating thereto, Inventiva’s ability to execute on its
commercialization, marketing and manufacturing capabilities and strategy, Inventiva’s ability to successfully
cooperate with existing partners or enter into new partnerships, and to fulfill its obligations under any agreements
entered into in connection with such partnerships, the benefits of its existing and future partnerships on the clinical
development, regulatory approvals and, if approved, commercialization of its product candidates, and the
achievement of milestones thereunder and the timing thereof, Inventiva and its partners may encounter
substantial delays beyond expectations in their clinical trials or fail to demonstrate safety and efficacy to the
satisfaction of applicable regulatory authorities, the ability of Inventiva and its partners to recruit and retain
patients in clinical studies, enrollment and retention of patients in clinical trials is an expensive and time-consuming
process and could be made more difficult or rendered impossible by multiple factors outside Inventiva's and its
partners’ control, Inventiva's product candidates may cause adverse drug reactions or have other properties that
could delay or prevent their regulatory approval, or limit their commercial potential, Inventiva faces substantial
competition and Inventiva’s business, and pre-clinical studies and clinical development programs and timelines, its
financial condition and results of operations could be materially and adversely affected by changes in laws and
regulations, unfavorable conditions in its industry, geopolitical events, such as the conflict between Russia and
Ukraine and related sanctions, the conflict in the Middle East and the related risk of a larger conflict, health
epidemics, and macroeconomic conditions, including developments in international trade policies, global inflation,
financial and credit market fluctuations, tariffs and other trade barriers, political turmoil, and natural
catastrophes, uncertain financial markets and disruptions in banking systems. Given these risks and uncertainties,
no representations are made as to the accuracy or fairness of such forward-looking statements, forecasts, and
estimates. Furthermore, forward-looking statements, forecasts and estimates only speak as of the date of this
press release. Readers are cautioned not to place undue reliance on any of these forward-looking statements.

Please refer to the Universal Registration Document for the year ended December 31, 2024 filed with the Autorité
des Marchés Financiers on April 15, 2025, the interim financial report for the six months ended June 30, 2025
published on September 29, 2025 and the Annual Report on Form 20-F for the year ended December 31, 2024 filed
with the Securities and Exchange Commission (the "SEC") on April 15, 2025 for other risks and uncertainties
affecting Inventiva, including those described under the caption "Risk Factors", and in future filings with the SEC.
Other risks and uncertainties of which Inventiva is not currently aware may also affect its forward-looking
statements and may cause actual results and the timing of events to differ materially from those anticipated. All
information in this press release is as of the date of the release. Except as required by law, Inventiva has no
intention and is under no obligation to update or review the forward-looking statements referred to above.
Consequently, Inventiva accepts no liability for any consequences arising from the use of any of the above
statements.
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