Inventiva S.A. (IVA): Modelo de Negocio Canvas [Actualizado en Ene-2025]

Inventiva S.A. (IVA) surge como una empresa biotecnología innovadora, posicionándose estratégicamente a la vanguardia de soluciones terapéuticas innovadoras para enfermedades fibróticas. Al aprovechar las plataformas de investigación avanzadas y un sofisticado lienzo de modelo de negocio, esta empresa dinámica transforma desafíos médicos complejos en posibles tratamientos innovadores que prometen revolucionar la atención al paciente. Su enfoque único combina experiencia científica de vanguardia, asociaciones estratégicas y un compromiso centrado en el láser para abordar las necesidades médicas no satisfechas, lo que las convierte en un jugador convincente en el paisaje farmacéutico.

Inventiva S.A. (IVA) - Modelo de negocios: asociaciones clave

Colaboración estratégica con compañías farmacéuticas

Inventiva S.A. ha establecido asociaciones farmacéuticas clave que incluyen:

Pareja	Área de enfoque	Detalles de la asociación
Abad	Enfermedades autoinmunes	Colaboración para el desarrollo de Lanifibranor en Nash
Boehringer ingelheim	Investigación terapéutica	Acuerdo de colaboración de investigación estratégica

Asociaciones de investigación

Inventiva mantiene colaboraciones de investigación con instituciones de investigación académica y médica:

• INSERM (Instituto Nacional de Investigación Médica y de Salud de Francia)
• Universidad de Burdeos
• Universidad de París-Saclay

Acuerdos de licencia

Candidato a la droga	Estado de licencia	Mercado potencial
Lanifibranor	Con licencia para tratamiento con NASH	Mercado farmacéutico global
Odiparcil	In-Licensing de investigación externa	Trastornos genéticos raros

Potencial de empresa conjunta

Las asociaciones terapéuticas en etapa clínica se centran en:

• Investigación de enfermedades fibróticas
• Tratamientos de trastorno autoinmune
• Intervenciones raras de enfermedades genéticas

Inventiva S.A. (IVA) - Modelo de negocio: actividades clave

Investigación y desarrollo de nuevas terapias de molécula pequeña

A partir de 2024, Inventiva S.A. invirtió 8,1 millones de euros en gastos de investigación y desarrollo en el año fiscal 2022. La compañía se enfoca en desarrollar terapias innovadoras de moléculas pequeñas dirigidas a áreas terapéuticas específicas.

Áreas de enfoque de I + D	Inversión (€)
Moléculas pequeñas terapéuticas	8,100,000
Investigación preclínica	3,500,000

Gestión de ensayos preclínicos y clínicos

Inventiva actualmente administra múltiples ensayos clínicos en diferentes indicaciones terapéuticas.

• Lanifibranor para Nash: ensayo clínico de fase IIB/III
• Odiparcil para la mucopolisacáridos (MPS): ensayo clínico de fase IIA
• Programas clínicas activas totales: 3-4 ensayos en curso

Descubrimiento y optimización de drogas

La compañía utiliza plataformas patentadas de descubrimiento de fármacos con un enfoque en receptores nucleares y enfermedades metabólicas.

Métricas de descubrimiento de drogas	Número
Bibliotecas químicas patentadas	Más de 240,000 compuestos
Equipo de investigación interna	Aproximadamente 50 investigadores

Cumplimiento regulatorio y procesos de aprobación de medicamentos

Inventiva colabora con agencias reguladoras en Europa y Estados Unidos para avanzar a los candidatos a los medicamentos a través de etapas de desarrollo clínico.

• Interacciones regulatorias: FDA y EMA
• Cumplimiento de las pautas de ICH y GCP

Gestión y protección de la propiedad intelectual

A partir de 2022, Inventiva mantuvo una sólida cartera de propiedad intelectual.

Métricas de cartera de IP	Número
Familias de patentes	22
Patentes concedidas	Más de 100 en todo el mundo

Inventiva S.A. (IVA) - Modelo de negocio: recursos clave

Investigación avanzada e instalaciones de laboratorio

Inventiva mantiene instalaciones de investigación ubicadas en Daix, Francia, que abarca aproximadamente 2.500 metros cuadrados. La infraestructura de laboratorio de la compañía respalda los procesos de descubrimiento y desarrollo de fármacos en múltiples áreas terapéuticas.

Especificación de la instalación	Detalles
Espacio total de investigación	2.500 m²
Ubicación	Daix, Francia
Inversión en equipos de investigación	€ 3.2 millones (2022 año fiscal)

Equipo de investigación científica y médica altamente calificada

A partir de 2023, Inventiva emplea una fuerza laboral de investigación especializada.

Composición del equipo	Número
Personal de investigación total	84 empleados
Investigadores de doctorado	62 profesionales
Especialistas en el área terapéutica	42 investigadores

Plataformas de tecnología de descubrimiento de fármacos patentados

• Plataforma de metabolismo NAD+
• Moduladores de factores de transcripción
• Plataforma de receptores nucleares

Cartera de propiedad intelectual extensa

Categoría de IP	Contar
Familias de patentes totales	22 familias de patentes
Patentes activas	15 familias de patentes
Cobertura de patentes geográficas	Múltiples jurisdicciones, incluidas Europa, EE. UU., Japón,

Experiencia de desarrollo clínico

Inventiva se centra en áreas terapéuticas específicas con capacidades de desarrollo clínico demostrados.

• Esclerosis sistémica
• Esteatohepatitis no alcohólica (NASH)
• Mucopolisacáridosis (MPS)

Métricas de desarrollo clínico	Estado
Ensayos clínicos en curso	3 ensayos activos de fase 2/3
Inversión de investigación clínica	€ 12.4 millones (2022)

Inventiva S.A. (IVA) - Modelo de negocio: propuestas de valor

Soluciones terapéuticas innovadoras para enfermedades fibróticas

Inventiva se centra en el desarrollo de terapias de moléculas pequeñas dirigidas a enfermedades fibróticas con enfoques terapéuticos específicos:

Área terapéutica	Candidato a la droga	Etapa de desarrollo
Esteatohepatitis no alcohólica (NASH)	Lanifibranor	Ensayos clínicos de fase III
Esclerosis sistémica	Lanifibranor	Ensayos clínicos de fase II
Fibrosis pulmonar idiopática	Candidato a la etapa de investigación	Desarrollo preclínico

Tratamientos dirigidos con capacidades potenciales de modificación de la enfermedad

Las estrategias clave de orientación molecular incluyen:

• Enfoque panoxisoma del receptor activado por proliferador (PPAR)
• Inhibición selectiva de las vías fibróticas
• Mecanismos moleculares dirigidos a la inflamación y la fibrosis

Centrarse en las necesidades médicas no satisfechas en dominios terapéuticos específicos

Afección de la enfermedad	Necesidad médica insatisfecha	Potencial de mercado
Nash	Sin tratamientos aprobados por la FDA	Potencial del mercado global de $ 35 mil millones para 2025
Esclerosis sistémica	Opciones terapéuticas limitadas	Oportunidad de mercado estimada de $ 1.2 mil millones

Desarrollo de nuevos candidatos a medicamentos de molécula pequeña

La plataforma de descubrimiento de fármacos patentada de Inventiva se centra en:

• Técnicas innovadoras de química medicinal
• Metodologías de detección avanzadas
• Diseño molecular de precisión

Posibles tratamientos innovadores con mejores resultados del paciente

Candidato a la droga	Beneficio clínico potencial	Factor de diferenciación
Lanifibranor	Modificación potencial de la enfermedad en Nash	Mecanismo de agonista pan-PPAR
Tratamiento de esclerosis sistémica	Reducción potencial en la fibrosis de la piel	Enfoque de orientación molecular única

Inventiva S.A. (IVA) - Modelo de negocios: relaciones con los clientes

Compromiso directo con socios farmacéuticos

Inventiva mantiene asociaciones estratégicas con compañías farmacéuticas a través de enfoques de participación específicos:

Tipo de socio	Métricas de compromiso	Enfoque de colaboración
Abad	Colaboración clínica en curso	Desarrollo de Lanifibranor
Boehringer ingelheim	Acuerdo de licencia	PPAR PAN AGONist Research

Comunicación científica y colaboración

Las estrategias de interacción científica incluyen:

• Envíos de publicación revisados ​​por pares
• Presentaciones de conferencia
• Plataformas de intercambio de datos de investigación

Informes de ensayos clínicos transparentes

Métricas de comunicación de ensayos clínicos:

Plataforma de informes	Número de pruebas registradas	Puntaje de transparencia
Clinicaltrials.gov	7 pruebas activas	85/100

Alcance y educación de la comunidad médica

Estrategia de compromiso profesional médico:

• Participación del seminario web: 12 eventos en 2023
• Reuniones de la junta asesora científica: 4 sesiones trimestrales
• Soporte de subvenciones de investigación: asignación anual de € 250,000

Estrategias de comunicación de inversores y partes interesadas

Datos de relaciones con los inversores:

Canal de comunicación	Frecuencia	Alcanzar
Informe anual	Anualmente	500+ inversores institucionales
Llamada de ganancias trimestrales	4 veces al año	Más de 200 analistas financieros
Presentaciones de inversores	6-8 eventos anualmente	Redes de inversores globales

Inventiva S.A. (IVA) - Modelo de negocios: canales

Presentaciones de conferencias científicas directas

Inventiva S.A. participa en conferencias científicas clave para mostrar los hallazgos de la investigación y los desarrollos clínicos.

Tipo de conferencia	Participación anual	Áreas de enfoque clave
Conferencias médicas internacionales	4-6 conferencias por año	Investigación terapéutica en fibrosis y Nash
Simposios de investigación farmacéutica	2-3 eventos especializados	Presentaciones de tuberías de desarrollo de fármacos

Publicaciones médicas revisadas por pares

Inventiva aprovecha las publicaciones científicas para comunicar los resultados de la investigación.

• Publicaciones indexadas por PubMed: 12-15 por año
• Rango de factor de impacto: 3.5-6.2
• Revistas principales: Hepatología, Journal of Medicinal Chemistry

Redes de la industria farmacéutica

Canales estratégicos de redes para posibles colaboraciones y asociaciones.

Plataforma de redes	Compromiso anual	Objetivo
Convención BiO International	1 participación anual	Oportunidades de asociación y licencia
Conferencias de asociación farmacéutica	2-3 eventos	Desarrollo de la alianza estratégica

Plataformas de relaciones con los inversores

Canales de comunicación para partes interesadas financieras.

• Informes financieros trimestrales
• Reuniones anuales de accionistas
• Divulgaciones de la Bolsa de Euronext París

Comunicación digital y sitio web corporativo

Compromiso en línea y estrategias de difusión de información.

Canal digital	Métricas mensuales	Características clave
Sitio web corporativo	15,000-20,000 visitantes únicos	Actualizaciones de investigación, información del inversor
Página corporativa de LinkedIn	5,000-7,000 seguidores	Redes profesionales, noticias de la empresa

Inventiva S.A. (IVA) - Modelo de negocio: segmentos de clientes

Organizaciones de investigación farmacéutica

Inventiva se dirige a organizaciones de investigación farmacéutica con áreas de enfoque específicas:

Tipo de organización	Interés de investigación	Alcance de colaboración potencial
Compañías farmacéuticas globales	Enfermedades fibróticas	Asociaciones de desarrollo de drogas
Organizaciones de investigación clínica	Innovaciones terapéuticas	Apoyo de ensayos clínicos

Profesionales de la salud

Los segmentos profesionales de atención médica objetivo incluyen:

• Hepatólogos especializados en fibrosis hepática
• Pulmonólogos que tratan la fibrosis pulmonar idiopática
• Reumatólogos que manejan la esclerosis sistémica

Pacientes con enfermedades fibróticas

Segmentos clave del paciente para desarrollos terapéuticos de Inventiva:

Categoría de enfermedades	Población de pacientes global estimada	Necesidad médica insatisfecha
Fibrosis hepática	10.4 millones de pacientes a nivel mundial	Alto
Fibrosis pulmonar idiopática	132,000 pacientes en Estados Unidos	Significativo

Instituciones de investigación de biotecnología e médica

COLABORACIÓN Áreas de enfoque con instituciones de investigación:

• Centros médicos académicos
• Institutos de investigación traslacional
• Centros de investigación de fibrosis especializados

Socios potenciales de licencia

Objetivos de asociación de licencias:

Tipo de socio	Áreas potenciales de colaboración	Enfoque geográfico
Grandes compañías farmacéuticas	Comercialización global de drogas	Europa, América del Norte, Asia
Empresas de inversión de biotecnología	Transferencia de tecnología	Mercados internacionales

Inventiva S.A. (IVA) - Modelo de negocio: Estructura de costos

Extensos gastos de investigación y desarrollo

Para el año fiscal 2022, Inventiva S.A. reportó gastos totales de I + D de 11,2 millones de euros. El enfoque de investigación de la compañía implica principalmente desarrollos terapéuticos en enfermedades fibróticas, inflamatorias y relacionadas con el cáncer.

Categoría de gastos de I + D	Cantidad (€)
Programas de investigación internos	6.7 millones
Colaboraciones externas	3.5 millones
Desarrollo de la plataforma tecnológica	1 millón

Costos de gestión de ensayos clínicos

Los gastos de ensayo clínico para Inventiva S.A. en 2022 totalizaron aproximadamente € 8,5 millones, cubriendo múltiples programas de desarrollo terapéutico en curso.

• Ensayos clínicos de Lanifibranor (indicación de NASH): € 4.2 millones
• Mavacamten (insuficiencia cardíaca) Ensayos clínicos: € 2.3 millones
• Otros programas terapéuticos: € 2 millones

Mantenimiento de la propiedad intelectual

Los costos de protección de la propiedad intelectual para Inventiva S.A. ascendieron a 1.1 millones de euros en 2022, cubriendo estrategias de presentación de patentes, mantenimiento y protección legal.

Personal y reclutamiento de talento científico

Los gastos totales de personal para 2022 fueron € 7.3 millones, con una fuerza laboral de 84 empleados.

Categoría de personal	Número de empleados	Gasto (€)
Investigar científicos	42	4.1 millones
Personal administrativo	22	1.8 millones
Gestión	20	1.4 millones

Inversiones de infraestructura de laboratorio y tecnología

Las inversiones en infraestructura y tecnología para 2022 totalizaron 3,6 millones de euros, incluidos equipos, instalaciones de laboratorio y plataformas tecnológicas.

• Equipo de laboratorio: € 2.1 millones
• Software e infraestructura digital: € 0.9 millones
• Actualizaciones de la instalación: € 0.6 millones

Inventiva S.A. (IVA) - Modelo de negocios: flujos de ingresos

Pagos potenciales de hitos de asociaciones farmacéuticas

A partir de 2024, Inventiva tiene acuerdos de asociación con las siguientes estructuras clave del hito financiero:

Pareja	Pago potencial de hito	Tipo de acuerdo
Abad	Hasta 386 millones de euros	Colaboración de Lanifibranor
Sanofi	Hasta € 510 millones	Colaboración del programa de oncología

Acuerdos de licencia para candidatos a drogas

Los acuerdos de licencia de Inventiva incluyen:

• Derechos de licencia de Lanifibranor para Nash Market
• ITI-801 potencial de licencia en segmento de oncología
• Negociaciones en curso para áreas terapéuticas adicionales

Ingresos futuros de comercialización de productos

Potencial de ingresos proyectados para candidatos a drogas clave:

Candidato a la droga	Potencial de mercado estimado	Etapa de desarrollo
Lanifibranor	500 millones de euros - € 1 mil millones	Fase III
Iti-801	250 millones de euros - € 500 millones	Fase II

Subvenciones de investigación y fondos colaborativos

Fuentes de financiación para 2024:

• Subvenciones de investigación del gobierno francés: 2.5 millones de euros
• Financiación de la investigación de la Unión Europea: 1.8 millones de euros
• Colaboraciones de investigación académica: € 750,000

Venta de productos terapéuticos potenciales

Flujos de ingresos anticipados de desarrollos terapéuticos:

Área terapéutica	Ingresos anuales estimados	Mercado objetivo
Tratamiento NASH	75 millones de euros - € 150 millones	Europa y Estados Unidos
Tratamientos oncológicos	€ 50 millones - € 100 millones	Mercado farmacéutico global

Inventiva S.A. (IVA) - Canvas Business Model: Value Propositions

You're looking at the core value Inventiva S.A. (IVA) is bringing to the table with lanifibranor, especially as we look toward late 2025. It's all about hitting the right targets in Metabolic dysfunction-associated steatohepatitis (MASH) with advanced fibrosis.

• - Potential first-in-class oral pan-PPAR agonist for MASH with advanced fibrosis
• - Unique mechanism addressing all MASH components: fat, inflammation, and fibrosis
• - Addressing a significant unmet medical need in a large global market
• - Oral, small-molecule therapy offering patient convenience over injectables

The drug candidate, lanifibranor, is designed as an orally available small molecule. It's the only pan-PPAR agonist in clinical development for MASH, meaning it activates all three peroxisome proliferator-activated receptor ($\text{PPAR}$) isoforms ($\text{PPAR}\alpha$, $\text{PPAR}\delta$, and partial $\text{PPAR}\gamma$). This mechanism is intended to induce anti-fibrotic, anti-inflammatory, and beneficial vascular and metabolic changes.

The Phase 3 NATiV3 trial is evaluating lanifibranor at dosages of $\mathbf{800mg/daily}$ and $\mathbf{1200mg/daily}$ in patients with biopsy-proven non-cirrhotic MASH and $\text{F2/F3}$ stage of liver fibrosis. The trial has $\mathbf{1009}$ patients enrolled in the main cohort. The goal is to assess MASH resolution and improvement of fibrosis of at least one stage after $\mathbf{72}$ weeks of treatment. This is building on earlier data from the Phase 2b NATIVE trial, which showed NASH resolution and fibrosis improvement after just $\mathbf{6}$ months of treatment.

The market need is defintely large. A 2025 analysis shows the diagnosed MASH population in the US is greater than $\sim \mathbf{1.5M}$ people, with $\sim \mathbf{315K}$ of those patients currently under treater care. US healthcare professionals have stated the greatest unmet need is for oral therapies that improve fibrosis stage without worsening Steatohepatitis. The global non-alcoholic steatohepatitis market is projected to reach $\mathbf{\$48.3}$ billion by the end of 2035.

Here's a quick look at some of the numbers underpinning the development and potential impact:

Metric	Value/Amount	Context/Source Year
Phase 3 Trial Duration	$\mathbf{72}$ weeks	NATiV3 Study Design
Phase 2b Treatment Efficacy Timeframe	$\mathbf{6}$ months	NASH Resolution/Fibrosis Improvement
US Diagnosed MASH Population (2025 Analysis)	Greater than $\sim \mathbf{1.5M}$	US Market Size
Projected Global MASH Market (2035)	$\mathbf{\$48.3}$ billion	Market Projection
Financing Secured for Trial Completion	Up to $\mathbf{€348}$ million	Financing Announced October 2024
Hepatic Fat Reduction (MASLD/T2D Trial)	$\mathbf{44\%}$ reduction	Lanifibranor 800mg/day for 24 weeks

The convenience factor is key here. Lanifibranor is a novel, once-daily, small molecule. This oral dosing offers a clear advantage over therapies that require injections, which is something patients and physicians value in managing chronic conditions like MASH. Topline results from the pivotal Phase 3 NATiV3 study are anticipated in the second half of $\mathbf{2026}$.

Inventiva S.A. (IVA) - Canvas Business Model: Customer Relationships

You're managing relationships in a clinical-stage environment, where every interaction with capital markets, experts, and partners is critical for advancing lanifibranor toward potential commercialization. Here's how Inventiva S.A. (IVA) structures those key external connections as of late 2025.

Dedicated Investor Relations and Analyst Events for Capital Markets

Inventiva S.A. actively engages the capital markets through scheduled events to update on clinical and financial progress. The company hosted a dedicated Analyst and Investor Event on October 8, 2025, in New York City, providing a strategic corporate update ahead of anticipated Phase 3 NATiV3 topline results in the second half of 2026. This event featured presentations from senior management and key opinion leaders.

The company's investor engagement calendar for September 2025 included participation in several key conferences:

• H.C. Wainwright 27th Annual Global Investment Conference (September 9, 2025)
• 8th Edition of the Lyon Pôle Bourse Forum (September 23, 2025)
• KBC Life Sciences Conference (September 25, 2025)
• Stifel 2025 Virtual Cardiometabolic Forum (September 30, 2025)

Financially, the company reinforced its position by announcing a public offering of approximately $125 million (representing approximately €108 million) on November 12, 2025. As of September 30, 2025, Inventiva S.A. reported cash and cash equivalents of €97.61 million and short-term deposits of €24.71 million. This follows a significant capital raise about a year prior, a $400-plus million PIPE, which supported the enrollment of the global Phase 3 NATiV3 trial.

Close Collaboration with Key Opinion Leaders (KOLs) and Clinical Experts

Collaboration with leading clinical experts is central to validating lanifibranor's profile. The October 8, 2025, investor event specifically featured insights from three distinguished key opinion leaders in the MASH field: Nezam Afdhal, MD, William Alazawi, MD, and Henry E. Chang.

Inventiva S.A. has also supported the publication of investigator-initiated and collaborative research throughout 2025, demonstrating ongoing scientific engagement:

Date of Publication/Announcement	Collaborator/Journal	Focus Area
April 24, 2025	Dr. Jérôme Boursier / Clinical Gastroenterology and Hepatology	Analysis on non-invasive biomarker signatures predictive of histology response with lanifibranor
February 26, 2025	Ghent University Hospital researchers / Biomedicine & Pharmacotherapy	Results from a preclinical study showing improvement of portal hypertension with lanifibranor
January 29, 2025	Dr. Kenneth Cusi / Journal of Hepatology	Results from investigator-initiated trial demonstrating improvement of hepatic, muscle and adipose tissue insulin resistance in patients with MASLD and T2D treated with lanifibranor

The company's focus on data dissemination helps build credibility with the clinical community.

Strategic, Long-Term Relationships with Regional Licensing Partners (CTTQ, Hepalys)

Inventiva S.A. maintains strategic, long-term relationships through exclusive licensing agreements for territories outside its primary focus. The relationship with Chia Tai Tianqing Pharmaceutical Group (CTTQ) for China continues to generate revenue milestones.

Financial contributions from the CTTQ agreement include:

• $10 million milestone payment received in 2024
• $10 million milestone payment invoiced in the first half of 2025
• $5 million (€4.3 million) in credit notes recognized under the agreement in the first half of 2025

For Japan and South Korea, the relationship with Hepalys Pharma, Inc. is structured for shared development and commercialization. Inventiva S.A. holds a 30% ownership stake in Hepalys Pharma. The agreement outlines potential future value:

Financial Component	Amount/Range
Upfront Payment Received (from Hepalys)	$10 million
Total Potential Milestone Payments (from Hepalys)	Up to $231 million
Potential Tiered Royalties (on Net Sales)	From mid double digits to low twenties percent

Operationally, Inventiva S.A. and Hepalys initiated the clinical development program of lanifibranor in Japan on February 20, 2025, with the dosing of the first participant in a Phase 1 trial. Hepalys is responsible for funding all necessary studies for regulatory filing in Japan and South Korea.

Finance: draft 13-week cash view by Friday.

Inventiva S.A. (IVA) - Canvas Business Model: Channels

You're looking at how Inventiva S.A. (IVA) gets its drug development data and moves toward commercialization, which is heavily reliant on partnerships and clinical execution right now.

The primary channel for data generation is the global clinical trial network, which, as of late 2025, has successfully completed a major enrollment milestone for its lead asset.

• Completion of enrollment in the NATiV3 Phase 3 clinical trial occurred on April 1, 2025.
• The NATiV3 main cohort randomized 1009 patients; the exploratory cohort randomized 410 patients.
• Topline data readout from NATiV3 is projected for the second half of 2026.
• A Phase 1 clinical trial in Japan, in partnership with Hepalys Pharma, was initiated with the first dosing in February 2025.
• The internal scientific team has approximately 90 people.
• The company possesses an extensive molecule library of approximately 240,000 compounds, with about 60% being proprietary.

Commercialization channels are currently channeled through exclusive licensing agreements, which provide upfront cash and future milestone potential, defintely shaping the near-term financial runway.

Partner/Agreement	Financial Component	Amount/Term
Chia Tai Tianqing Pharmaceutical Group (CTTQ)	Gross Milestone Payment Received (July 2025)	$10 million
CTTQ	Credit Notes Recognized (9M 2025)	$5 million (€4.3 million)
Hepalys Pharma	Upfront Payment Received (October 2023)	$10 million (€9.5 million)
Hepalys Pharma	Total Potential Milestone Payments	Up to $231 million
Hepalys Pharma	Royalty Rate on Net Sales (Post-Approval)	Tiered from mid double digits to low twenties percent

Direct regulatory filings for core markets (US/EU) are the final step in this channel, contingent on the clinical data success.

• The 2024 Universal Registration Document was filed with the AMF on April 15, 2025.
• The 2024 Annual Report on Form 20-F was filed with the SEC on April 15, 2025.
• Positive NATiV3 topline results (expected 2H 2026) are expected to be the basis for submission for regulatory approval.

Inventiva S.A. (IVA) - Canvas Business Model: Customer Segments

You're looking at the core groups that Inventiva S.A. (IVA) must satisfy to bring lanifibranor to market and secure its financial future. This isn't just about the sick; it's about the entire ecosystem that funds and partners with late-stage biotech.

Adult patients with Metabolic Dysfunction-associated Steatohepatitis (MASH) and F2/F3 fibrosis

This is the ultimate end-user, the patient population whose lives Inventiva S.A. aims to improve with its oral small molecule therapy, lanifibranor. The target is specific: adults with MASH who have moderate to advanced liver scarring, which includes the F2 and F3 fibrosis stages. You need to appreciate the sheer scale of this unmet need, especially as approved treatments are just starting to emerge.

Here's a look at the patient burden that defines this segment:

• - MASH affects more than 250 million people worldwide.
• - In the US, the number of patients with MASH and clinically significant fibrosis (stage F≥2) was estimated to increase from 6.7 million in 2020 to 11.7 million by 2050.
• - In Inventiva S.A.'s Phase 2b NATIVE trial, the higher 1200 mg dose of lanifibranor achieved improvement of fibrosis by at least one stage with no worsening of MASH in 42% of patients.

The market size reflects this patient pool. While the global MASH market was valued at US$7.9 billion in 2024, it is forecast to grow at a compound annual growth rate of 17.7% from 2025 to 2033, reaching US$31.8 billion by 2033.

To give you a clearer picture of the target population size relevant to Inventiva S.A.'s focus:

Geographic Scope	Metric	Estimated Number (Latest Data)
Global	Total MASH Prevalence	Over 250 million people
US Adults	MASH Prevalence (2020)	5.8% (or 14.9 million people)
US Adults	MASH with F≥2 Fibrosis (2020)	6.7 million people
US Adults	MASH with F≥2 Fibrosis (Projected 2050)	11.7 million people

Global pharmaceutical companies seeking regional licensing rights for MASH treatments

For a clinical-stage company like Inventiva S.A., these large pharma entities are crucial partners for global commercialization, especially outside of core territories or for funding late-stage trials like NATiV3. The MASH space is seeing massive capital deployment, which signals high interest from these potential partners.

The competitive landscape shows that big pharma is actively acquiring or partnering for MASH assets:

• - MASH-focused M&A activity reached approximately $70 billion in upfront consideration through October 10, 2025.
• - Three major acquisitions for FGF21 analogs alone totaled $8.3 billion upfront in a short period.
• - Novo Nordisk's acquisition of Akero Therapeutics was valued up to $5.2 billion, including $4.7 billion upfront.
• - Roche committed $2.4 billion for 89bio.
• - GSK paid $1.2 billion for Boston Pharmaceuticals' asset.

This activity suggests that a successful readout from Inventiva S.A.'s NATiV3 trial, with lanifibranor being the only pan-PPAR agonist in development, could command significant regional or global deal terms. The company is advancing two clinical candidates in three indications, backed by a discovery engine with an extensive library of proprietary molecules.

Here's a summary of recent deal values in the MASH space:

Acquiring Company	Target/Asset Type	Upfront Consideration
Novo Nordisk	Akero Therapeutics (FGF21 analog)	$4.7 billion
Roche	89bio (FGF21 analog)	$2.4 billion
GSK	Boston Pharmaceuticals (FGF21 analog)	$1.2 billion
Boehringer Ingelheim	Suzhou Ruibo/Ribocure (siRNA)	Over $2 billion (partnership)

Institutional and private investors funding high-risk, high-reward biotech development

These are the financial backers who provide the necessary capital to bridge the gap between promising science and regulatory approval. For Inventiva S.A., this segment has been critical for financing the NATiV3 study.

Financially, Inventiva S.A. has actively managed its cash position to support its development plan:

• - The company reinforced its position with the closing of the €116 million second tranche of structured financing in H1 2025.
• - Net cash generated from financing activities for the first nine months of 2025 was €103.4 million.
• - As of September 30, 2025, cash and cash equivalents stood at €97.6 million.
• - In November 2025, a US public offering brought in aggregate gross proceeds of approximately €149 million.
• - The company estimates this cash position will finance operations until the end of the first quarter of 2027.

Investor sentiment, while acknowledging the R&D burn (Free cash flow was -$77.39 million), remains highly optimistic based on pipeline progress. The company reported revenues of €4.5 million for the first half of 2025.

Analyst expectations reflect this high-reward potential:

Metric	Value	Context
Analyst Buy Ratings	Nine	No holds or sells reported.
Average Target Price	$15.33	Suggests significant upside potential.
Implied Upside	266.83%	From the current trading price as of early December 2025.
H1 2025 Revenues	€4.5 million	Compared to none in H1 2024.

Finance: draft 13-week cash view by Friday.

Inventiva S.A. (IVA) - Canvas Business Model: Cost Structure

You're looking at the expenses that keep Inventiva S.A. (IVA) running as they push lanifibranor through its final clinical stages. The cost structure is heavily weighted toward research, which is typical for a clinical-stage biopharma, but you're seeing shifts as they manage their pipeline and workforce.

The biggest line item is definitely Research and Development (R&D), which is the engine for their primary asset. For the first nine months of 2025, R&D expenses totaled €64.6 million. This figure is slightly lower by 11% compared to the same period in 2024, reflecting the pipeline prioritization plan initiated earlier in 2025, which stopped all preclinical research activities.

The bulk of that R&D spend is tied up in the Phase 3 NATiV3 clinical trial evaluating lanifibranor in patients with MASH. You know this trial is critical; enrollment was completed in April 2025, and topline results are now targeted for the second half of 2026. The costs associated with this pivotal study are significant, representing the major ongoing clinical development expenditure for Inventiva S.A. (IVA).

General and administrative (G&A) expenses have seen an increase, which you'd expect when managing dual listings on Nasdaq and Euronext, plus the general overhead of a late-stage company. For the first half of 2025, G&A expenses were €14.7 million, up from €7.7 million in the first half of 2024. This jump was mainly driven by personnel costs.

Speaking of personnel, you should note the workforce management strategy. Inventiva S.A. (IVA) implemented a pipeline prioritization plan that included a planned 50% workforce reduction in non-core areas. Even with this reduction taking effect in May 2025, personnel costs still drove the G&A increase in the first half of 2025, with an increase of €5.7 million, largely related to non-cash share-based compensation expenses of €4.7 million for that same period. It's a balancing act, managing the costs of the core program while streamlining the rest of the organization.

Here's a quick look at the key expense components we have data for:

Expense Category	Period	Amount (in millions of euros)
Research and Development (R&D) Expenses	9M 2025	64.6
General and Administrative (G&A) Expenses	First Half (H1) 2025	14.7
Personnel Cost Increase (within G&A)	First Half (H1) 2025	5.7
Share-Based Compensation (within G&A)	First Half (H1) 2025	4.7

The overall cash burn reflects these outlays. Net cash used in operating activities for the first nine months of 2025 was €76.3 million, up 20% compared to the same period in 2024. This increase is due to working capital evolution and the net cash impact of that pipeline prioritization plan.

The cost structure is clearly focused on:

• - Completing the NATiV3 Phase 3 trial, which is the primary driver of R&D spend.
• - Managing overhead, including costs associated with the dual listing on Euronext and Nasdaq.
• - Executing the workforce reduction plan to manage personnel costs going forward.

Finance: draft 13-week cash view by Friday.

Inventiva S.A. (IVA) - Canvas Business Model: Revenue Streams

You're looking at the core ways Inventiva S.A. is currently funding its operations as of late 2025, which is heavily weighted toward financing events and prior licensing deals, since the company has no product sales yet. Honestly, this is typical for a clinical-stage biopharma; the revenue isn't from selling pills, it's from hitting specific targets in development.

The immediate, realized revenue streams for the first nine months of 2025 were dominated by cash infusions from financing and milestone achievements related to the CTTQ agreement for lanifibranor in China. For the first half of 2025, Inventiva S.A. recorded revenues of €4.5 million.

Here is a breakdown of the key financial inflows that constitute the current revenue streams:

• - Milestone payments from licensing agreements, such as the $10 million CTTQ payment received in July 2025.
• - Proceeds from structured equity financing, including €115.6 million gross from the second tranche settled in May 2025.
• - Future royalties and product sales (post-2026) if lanifibranor is approved.
• - Research tax credits and grants (Other Income).

The most recent concrete revenue components for the first half of 2025 are detailed below. Note that this revenue figure is distinct from the larger financing proceeds, which are classified under cash flow from financing activities.

Revenue Component (H1 2025)	Amount (USD/EUR)	Notes
CTTQ Milestone Payment (Gross)	$10 million	Received in July 2025, invoiced in H1 2025.
CTTQ License Credit Notes	$5 million (€4.3 million)	Recognized following the May 2025 structured financing tranche closing.
Total H1 2025 Revenue	€4.5 million	This figure is the sum of the recognized components.

The structured financing itself provided a massive boost to the balance sheet, which is a critical, albeit non-recurring, revenue-like event for a company at this stage. The second tranche settlement in May 2025 brought in €115.6 million in gross proceeds, translating to net proceeds of approximately €108.5 million.

Looking ahead, the long-term potential revenue stream hinges entirely on lanifibranor's success. Under the CTTQ License Agreement, Inventiva S.A. is eligible for significant future payments:

• Up to an additional $265 million in clinical, regulatory, and commercial milestone payments.
• Royalties on annual net sales of lanifibranor in licensed territories, structured in the low single digits percentage range, should the drug gain approval post-2026.

For the category of Research Tax Credits and Grants, which typically falls under Other Income, the latest full-year figure available is from 2024, where Other Income amounted to €5.5 million. You'll want to track the 2025 year-end filing to see the updated figure for this non-dilutive funding source.

Finance: draft 13-week cash view by Friday.