Inventiva S.A. (IVA): Business Model Canvas [Jan-2025 Mis à jour]

Inventiva S.A. (IVA) émerge comme une entreprise de biotechnologie révolutionnaire, se positionnant stratégiquement à la pointe de solutions thérapeutiques innovantes pour les maladies fibrotiques. En tirant parti des plateformes de recherche avancées et d'une toile de modèle commercial sophistiqué, cette entreprise dynamique transforme les défis médicaux complexes en traitements de percée potentiels qui promettent de révolutionner les soins aux patients. Leur approche unique combine une expertise scientifique de pointe, des partenariats stratégiques et un engagement axé sur le laser à répondre aux besoins médicaux non satisfaits, ce qui en fait un acteur convaincant dans le paysage pharmaceutique.

Inventiva S.A. (IVA) - Modèle d'entreprise: partenariats clés

Collaboration stratégique avec les sociétés pharmaceutiques

Inventiva S.A. a établi des partenariats pharmaceutiques clés, notamment:

Partenaire	Domaine de mise au point	Détails du partenariat
Abbvie	Maladies auto-immunes	Collaboration pour le développement de Lanifibranor à Nash
Boehringer Ingelheim	Recherche thérapeutique	Contrat de collaboration de recherche stratégique

Partenariats de recherche

Inventiva maintient des collaborations de recherche avec des établissements de recherche universitaires et médicaux:

• INSERM (Institut national français de la recherche de la santé et médicale)
• Université de Bordeaux
• Université de Paris-Saclay

Accords de licence

Drogue	Statut de licence	Marché potentiel
Lanifibranor	Licencié pour le traitement NASH	Marché pharmaceutique mondial
Odiparcil	Licence de la recherche externe	Troubles génétiques rares

Potentiel de coentreprise

Les partenariats thérapeutiques à stade clinique se concentrent sur:

• Recherche des maladies fibrotiques
• Traitements des troubles auto-immunes
• Interventions de maladies génétiques rares

Inventiva S.A. (IVA) - Modèle d'entreprise: activités clés

Recherche et développement de nouvelles thérapies à petites molécules

En 2024, Inventiva S.A.

Zones de mise au point R&D	Investissement (€)
Petites molécules thérapeutiques	8,100,000
Recherche préclinique	3,500,000

Gestion des essais précliniques et cliniques

Inventiva gère actuellement plusieurs essais cliniques à travers différentes indications thérapeutiques.

• Lanifibranor pour NASH: phase IIB / III essai clinique
• ODiparcil pour la mucopolysaccharidose (MPS): essai clinique de phase IIA
• Programmes cliniques actifs totaux: 3-4 essais en cours

Découverte et optimisation des médicaments

La société utilise des plateformes de découverte de médicaments propriétaires en mettant l'accent sur les récepteurs nucléaires et les maladies métaboliques.

Métriques de découverte de médicaments	Nombre
Bibliothèques chimiques propriétaires	Plus de 240 000 composés
Équipe de recherche interne	Environ 50 chercheurs

Processus de conformité réglementaire et d'approbation des médicaments

Inventiva collabore avec des organismes de réglementation en Europe et aux États-Unis pour faire progresser les candidats aux médicaments à travers les stades de développement clinique.

• Interactions réglementaires: FDA et EMA
• Conformité avec les directives ICH et GCP

Gestion et protection de la propriété intellectuelle

En 2022, Inventiva a maintenu un portefeuille de propriétés intellectuels robuste.

Métriques du portefeuille IP	Nombre
Familles de brevets	22
Brevets accordés	Plus de 100 dans le monde

Inventiva S.A. (IVA) - Modèle d'entreprise: Ressources clés

Recherche avancée et installations de laboratoire

Inventiva maintient des installations de recherche situées à Daix, en France, couvrant environ 2 500 mètres carrés. L'infrastructure de laboratoire de l'entreprise soutient les processus de découverte et de développement de médicaments dans plusieurs domaines thérapeutiques.

Spécification de l'installation	Détails
Espace de recherche total	2 500 m²
Emplacement	Daix, France
Investissement de l'équipement de recherche	3,2 millions d'euros (2022 exercices)

Équipe de recherche scientifique et médicale hautement qualifiée

Depuis 2023, Inventiva utilise une main-d'œuvre de recherche spécialisée.

Composition de l'équipe	Nombre
Personnel de recherche total	84 employés
Chercheurs de doctorat	62 professionnels
Spécialistes de la région thérapeutique	42 chercheurs

Plateformes de technologie de découverte de médicaments propriétaires

• Plateforme de métabolisme NAD +
• Modulateurs du facteur de transcription
• Plate-forme de récepteur nucléaire

Portfolio de propriété intellectuelle étendue

Catégorie IP	Compter
Familles totales de brevets	22 familles de brevets
Brevets actifs	15 familles de brevets
Couverture des brevets géographiques	Plusieurs juridictions, notamment en Europe, aux États-Unis, au Japon

Expertise en développement clinique

Inventiva se concentre sur des zones thérapeutiques spécifiques avec des capacités de développement clinique démontrées.

• Sclérose systémique
• Stéatohépatite non alcoolique (NASH)
• Mucopolysaccharidose (MPS)

Métriques de développement clinique	Statut
Essais cliniques en cours	3 essais de phase 2/3 actifs
Investissement de recherche clinique	12,4 millions d'euros (2022)

Inventiva S.A. (IVA) - Modèle d'entreprise: propositions de valeur

Solutions thérapeutiques innovantes pour les maladies fibrotiques

Inventiva se concentre sur le développement de thérapies de petites molécules ciblant les maladies fibrotiques avec des approches thérapeutiques spécifiques:

Zone thérapeutique	Drogue	Étape de développement
Stéatohépatite non alcoolique (NASH)	Lanifibranor	Essais cliniques de phase III
Sclérose systémique	Lanifibranor	Essais cliniques de phase II
Fibrose pulmonaire idiopathique	Candidat à la scène de recherche	Développement préclinique

Traitements ciblés avec des capacités potentielles de modification des maladies

Les stratégies clés de ciblage moléculaire comprennent:

• Approche pan-agoniste des récepteurs activés par les proliférateurs (PPAR)
• Inhibition sélective des voies fibrotiques
• Mécanismes moléculaires ciblant l'inflammation et la fibrose

Concentrez-vous sur les besoins médicaux non satisfaits dans des domaines thérapeutiques spécifiques

Condition de maladie	Besoin médical non satisfait	Potentiel de marché
Nash	Aucun traitement approuvé par la FDA	Potentiel du marché mondial de 35 milliards de dollars d'ici 2025
Sclérose systémique	Options thérapeutiques limitées	Opportunité de marché estimée à 1,2 milliard de dollars

Développement de nouveaux candidats au médicament à petites molécules

La plate-forme de découverte de drogues propriétaire d'Inventiva se concentre sur:

• Techniques de chimie médicinale innovantes
• Méthodologies de dépistage avancées
• Conception moléculaire de précision

Traitements de percés potentiels avec des résultats améliorés pour les patients

Drogue	Avantage clinique potentiel	Facteur de différenciation
Lanifibranor	Modification potentielle de la maladie en nash	Mécanisme d'agoniste pan-pppar
Traitement de la sclérose systémique	Réduction potentielle de la fibrose cutanée	Approche de ciblage moléculaire unique

Inventiva S.A. (IVA) - Modèle d'entreprise: relations clients

Engagement direct avec les partenaires pharmaceutiques

Inventiva maintient des partenariats stratégiques avec les sociétés pharmaceutiques grâce à des approches d'engagement ciblées:

Type de partenaire	Métriques d'engagement	Focus de la collaboration
Abbvie	Collaboration clinique en cours	Développement de lanifibranor
Boehringer Ingelheim	Accord de licence	Recherche Agoniste PPAR

Communication scientifique et collaboration

Les stratégies d'interaction scientifique comprennent:

• Souvances de publication évaluées par des pairs
• Présentations de conférence
• Recherche de plateformes de partage de données

Rapports d'essais cliniques transparents

Métriques de communication des essais cliniques:

Plate-forme de rapport	Nombre d'essais enregistrés	Score de transparence
ClinicalTrials.gov	7 essais actifs	85/100

Sensibilisation et éducation de la communauté médicale

Stratégie d'engagement professionnel médical:

• Participation du webinaire: 12 événements en 2023
• Réunions du conseil consultatif scientifique: 4 séances trimestrielles
• Soutenir la subvention de recherche: 250 000 € Attribution annuelle

Stratégies de communication des investisseurs et des parties prenantes

Données sur les relations avec les investisseurs:

Canal de communication	Fréquence	Atteindre
Rapport annuel	Annuellement	Plus de 500 investisseurs institutionnels
Appel de résultats trimestriel	4 fois par an	Plus de 200 analystes financiers
Présentations des investisseurs	6-8 événements par an	Réseaux d'investisseurs mondiaux

Inventiva S.A. (IVA) - Modèle d'entreprise: canaux

Présentations directes de la conférence scientifique

Inventiva S.A. participe à des conférences scientifiques clés pour présenter les résultats de la recherche et les développements cliniques.

Type de conférence	Participation annuelle	Domaines d'intervention clés
Conférences médicales internationales	4-6 conférences par an	Recherche thérapeutique en fibrose et en Nash
Symposiums de recherche pharmaceutique	2-3 événements spécialisés	Présentations de pipeline de développement de médicaments

Publications médicales évaluées par des pairs

Inventiva exploite des publications scientifiques pour communiquer les résultats de la recherche.

• Publications PubMed-Indexé: 12-15 par an
• Plage du facteur d'impact: 3,5-6.2
• Journaux primaires: hépatologie, Journal of Medicinal Chemistry

Réseautage de l'industrie pharmaceutique

Canaux de réseautage stratégiques pour les collaborations et les partenariats potentiels.

Plate-forme de réseautage	Engagement annuel	But
Convention internationale de bio	1 Participation annuelle	Opportunités de partenariat et de licence
Conférences de partenariat pharmaceutique	2-3 événements	Développement d'alliance stratégique

Plateformes de relations avec les investisseurs

Canaux de communication pour les parties prenantes financières.

• Rapports financiers trimestriels
• Réunions annuelles des actionnaires
• Divulgations de la Bourse d'Euronext Paris

Communication numérique et site Web de l'entreprise

Stratégies d'engagement en ligne et de diffusion de l'information.

Canal numérique	Métriques mensuelles	Caractéristiques clés
Site Web de l'entreprise	15 000 à 20 000 visiteurs uniques	Mises à jour de la recherche, informations sur les investisseurs
Page d'entreprise LinkedIn	5 000 à 7 000 abonnés	Réseautage professionnel, nouvelles de l'entreprise

Inventiva S.A. (IVA) - Modèle d'entreprise: segments de clientèle

Organisations de recherche pharmaceutique

Inventiva cible les organisations de recherche pharmaceutique avec des domaines d'intervention spécifiques:

Type d'organisation	Intérêt de recherche	Portée de collaboration potentielle
Sociétés pharmaceutiques mondiales	Maladies fibrotiques	Partenariats de développement de médicaments
Organisations de recherche clinique	Innovations thérapeutiques	Soutien en essai clinique

Professionnels de la santé

Les segments professionnels de la santé cible comprennent:

• Hépatologues spécialisés dans la fibrose hépatique
• Pulmonologists traitant la fibrose pulmonaire idiopathique
• Des rhumatologues gérant la sclérose systémique

Patients atteints de maladies fibrotiques

Segments clés des patients pour les développements thérapeutiques d'Inventiva:

Catégorie de maladie	Population estimée de patients mondiaux	Besoin médical non satisfait
Fibrose hépatique	10,4 millions de patients dans le monde	Haut
Fibrose pulmonaire idiopathique	132 000 patients aux États-Unis	Significatif

Institutions de biotechnologie et de recherche médicale

Collaboration Focus Domans avec des institutions de recherche:

• Centres médicaux académiques
• Instituts de recherche translationnelle
• Centres de recherche en fibrose spécialisés

Partenaires de licence potentiels

Objectifs de partenariat de licence:

Type de partenaire	Zones de collaboration potentielles	Focus géographique
Grandes sociétés pharmaceutiques	Commercialisation mondiale des médicaments	Europe, Amérique du Nord, Asie
Biotech Investment Company	Transfert de technologie	Marchés internationaux

Inventiva S.A. (IVA) - Modèle d'entreprise: Structure des coûts

Dépenses de recherche et développement approfondies

Pour l'exercice 2022, Inventiva S.A. a déclaré des dépenses totales de R&D de 11,2 millions d'euros. L'orientation de la recherche de l'entreprise implique principalement des développements thérapeutiques dans les maladies fibrotiques, inflammatoires et liées au cancer.

Catégorie de dépenses de R&D	Montant (€)
Programmes de recherche interne	6,7 millions
Collaborations externes	3,5 millions
Développement de la plate-forme technologique	1 million

Coûts de gestion des essais cliniques

Les dépenses d'essais cliniques pour Inventiva S.A. en 2022 ont totalisé environ 8,5 millions d'euros, couvrant plusieurs programmes de développement thérapeutique en cours.

• Essais cliniques de Lanifibranor (indication Nash): 4,2 millions d'euros
• Essais cliniques de Mavacamten (insuffisance cardiaque): 2,3 millions d'euros
• Autres programmes thérapeutiques: 2 millions d'euros

Maintenance de la propriété intellectuelle

Les coûts de protection de la propriété intellectuelle pour Inventiva S.A. s'élevaient à 1,1 million d'euros en 2022, couvrant les stratégies de dépôt, de maintenance et de protection juridique des brevets.

Recrutement du personnel et des talents scientifiques

Le total des dépenses du personnel pour 2022 était de 7,3 millions d'euros, avec une main-d'œuvre de 84 employés.

Catégorie de personnel	Nombre d'employés	Dépenses (€)
Chercheur	42	4,1 millions
Personnel administratif	22	1,8 million
Gestion	20	1,4 million

Investissements en laboratoire et en technologie

Les investissements d'infrastructure et de technologie pour 2022 ont totalisé 3,6 millions d'euros, y compris l'équipement, les installations de laboratoire et les plateformes technologiques.

• Équipement de laboratoire: 2,1 millions d'euros
• Infrastructure logicielle et numérique: 0,9 million d'euros
• Mises à niveau des installations: 0,6 million d'euros

Inventiva S.A. (IVA) - Modèle d'entreprise: Strots de revenus

Paiements de jalons potentiels provenant de partenariats pharmaceutiques

En 2024, Inventiva a des accords de partenariat avec les principales structures de jalons financières suivantes:

Partenaire	Paiement de jalon potentiel	Type d'accord
Abbvie	Jusqu'à 386 millions d'euros	Collaboration de lanifibranor
Sanofi	Jusqu'à 510 millions d'euros	Collaboration du programme en oncologie

Accords de licence pour les candidats à la drogue

Les accords de licence d'Inventiva comprennent:

• Droits de licence de Lanifibranor pour Nash Market
• Potentiel de licence ITI-801 dans le segment de l'oncologie
• Négociations en cours pour des zones thérapeutiques supplémentaires

Revenus de commercialisation des produits futurs

Potentiel de revenus prévu pour les clés de drogues:

Drogue	Potentiel de marché estimé	Étape de développement
Lanifibranor	500 millions d'euros - 1 milliard d'euros	Phase III
ITI-801	250 millions d'euros - 500 millions d'euros	Phase II

Subventions de recherche et financement collaboratif

Sources de financement pour 2024:

• Subventions de recherche du gouvernement français: 2,5 millions d'euros
• Financement de la recherche de l'Union européenne: 1,8 million d'euros
• Collaborations de recherche universitaire: 750 000 €

Ventes de produits thérapeutiques potentiels

Stronce de revenus prévu des développements thérapeutiques:

Zone thérapeutique	Revenus annuels estimés	Marché cible
Traitement de Nash	75 millions d'euros - 150 millions d'euros	Europe et États-Unis
Traitements en oncologie	50 millions d'euros - 100 millions d'euros	Marché pharmaceutique mondial

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.