Inventiva S.A. (IVA): Modelo de negócios Canvas [Jan-2025 Atualizado]

A Inventiva S.A. (IVA) surge como uma empresa inovadora de biotecnologia, posicionando -se estrategicamente na vanguarda de soluções terapêuticas inovadoras para doenças fibróticas. Ao alavancar plataformas avançadas de pesquisa e uma sofisticada tela de modelo de negócios, essa empresa dinâmica transforma desafios médicos complexos em possíveis tratamentos inovadores que prometem revolucionar o atendimento ao paciente. Sua abordagem única combina experiência científica de ponta, parcerias estratégicas e um compromisso focado a laser em atender às necessidades médicas não atendidas, tornando-as um jogador atraente na paisagem farmacêutica.

Inventiva S.A. (IVA) - Modelo de negócios: Parcerias -chave

Colaboração estratégica com empresas farmacêuticas

A Inventiva S.A. estabeleceu as principais parcerias farmacêuticas, incluindo:

Parceiro	Área de foco	Detalhes da parceria
Abbvie	Doenças autoimunes	Colaboração para o desenvolvimento de Lanifibranor em Nash
Boehringer Ingelheim	Pesquisa terapêutica	Contrato de Colaboração de Pesquisa Estratégica

Parcerias de pesquisa

A Inventiva mantém colaborações de pesquisa com instituições de pesquisa acadêmica e médica:

• Inserm (Instituto Nacional Francês de Saúde e Pesquisa Médica)
• Universidade de Bordeaux
• Universidade de Paris-Saclay

Acordos de licenciamento

Candidato a drogas	Status de licenciamento	Mercado potencial
Lanifibranor	Licenciado para tratamento de Nash	Mercado Farmacêutico Global
Odiparcil	Licenciamento em pesquisa externa	Distúrbios genéticos raros

Potencial de joint venture

As parcerias terapêuticas em estágio clínico se concentram:

• Pesquisa de doenças fibróticas
• Tratamentos de desordem autoimune
• Intervenções de doenças genéticas raras

Inventiva S.A. (IVA) - Modelo de negócios: Atividades -chave

Pesquisa e desenvolvimento de novas terapias de pequenas moléculas

Em 2024, a Inventiva S.A. investiu 8,1 milhões de euros em despesas de pesquisa e desenvolvimento no ano fiscal de 2022. A empresa se concentra no desenvolvimento de terapias inovadoras de pequenas moléculas direcionadas a áreas terapêuticas específicas.

Áreas de foco em P&D	Investimento (€)
Moléculas pequenas terapêuticas	8,100,000
Pesquisa pré -clínica	3,500,000

Gerenciamento de ensaios pré -clínicos e clínicos

Atualmente, a Inventiva gerencia vários ensaios clínicos em diferentes indicações terapêuticas.

• Lanifibranor para Nash: Fase IIB/III ensaio clínico
• Odiparcil para mucopolissacaridose (MPS): ensaios clínicos de fase IIA
• Total de programas clínicos ativos: 3-4 ensaios em andamento

Descoberta e otimização de medicamentos

A empresa utiliza plataformas proprietárias de descoberta de medicamentos, com foco em receptores nucleares e doenças metabólicas.

Métricas de descoberta de medicamentos	Número
Bibliotecas químicas proprietárias	Mais de 240.000 compostos
Equipe de pesquisa interna	Aproximadamente 50 pesquisadores

Processos de conformidade regulatória e aprovação de medicamentos

A Inventiva colabora com agências reguladoras na Europa e nos Estados Unidos para promover os candidatos a drogas por meio de estágios de desenvolvimento clínico.

• Interações regulatórias: FDA e EMA
• Conformidade com as diretrizes de ICH e GCP

Gerenciamento de propriedade intelectual e proteção

A partir de 2022, a Inventiva manteve um portfólio de propriedade intelectual robusta.

Métricas de portfólio IP	Número
Famílias de patentes	22
Patentes concedidas	Mais de 100 em todo o mundo

Inventiva S.A. (IVA) - Modelo de negócios: Recursos -chave

Pesquisa avançada e instalações de laboratório

A Inventiva mantém instalações de pesquisa localizadas em DAIX, França, abrangendo aproximadamente 2.500 metros quadrados. A infraestrutura do laboratório da empresa apóia os processos de descoberta e desenvolvimento de medicamentos em várias áreas terapêuticas.

Especificação da instalação	Detalhes
Espaço total de pesquisa	2.500 m²
Localização	DAIX, França
Investimento em equipamentos de pesquisa	€ 3,2 milhões (2022 ano fiscal)

Equipe de pesquisa científica e médica altamente qualificada

A partir de 2023, a Inventiva emprega uma força de trabalho de pesquisa especializada.

Composição da equipe	Número
Pessoal de pesquisa total	84 funcionários
Pesquisadores de doutorado	62 profissionais
Especialistas em área terapêutica	42 pesquisadores

Plataformas de tecnologia de descoberta de medicamentos proprietários

• Plataforma NAD+ Metabolismo
• Moduladores do fator de transcrição
• Plataforma de receptores nucleares

Portfólio de propriedade intelectual extensa

Categoria IP	Contar
Total de famílias de patentes	22 famílias de patentes
Patentes ativas	15 famílias de patentes
Cobertura de patente geográfica	Múltiplas jurisdições, incluindo Europa, EUA, Japão

Experiência em desenvolvimento clínico

A Inventiva se concentra em áreas terapêuticas específicas com capacidades de desenvolvimento clínico demonstradas.

• Esclerose sistêmica
• Esteato-hepatite não alcoólica (Nash)
• Mucopolissacaridose (deputados)

Métricas de desenvolvimento clínico	Status
Ensaios clínicos em andamento	3 ensaios de fase ativa 2/3
Investimento de pesquisa clínica	€ 12,4 milhões (2022)

Inventiva S.A. (IVA) - Modelo de negócios: proposições de valor

Soluções terapêuticas inovadoras para doenças fibróticas

A Inventiva se concentra no desenvolvimento de terapias de pequenas moléculas direcionadas a doenças fibróticas com abordagens terapêuticas específicas:

Área terapêutica	Candidato a drogas	Estágio de desenvolvimento
Esteato-hepatite não alcoólica (Nash)	Lanifibranor	Ensaios clínicos de fase III
Esclerose sistêmica	Lanifibranor	Ensaios clínicos de fase II
Fibrose pulmonar idiopática	Candidato a estágio de pesquisa	Desenvolvimento pré -clínico

Tratamentos direcionados com possíveis recursos de modificação de doenças

As principais estratégias de direcionamento molecular incluem:

• Receptor ativado por proliferador de peroxissomo (PPAR) abordagem pan-agonista
• Inibição seletiva de vias fibróticas
• Mecanismos moleculares direcionados à inflamação e fibrose

Concentre -se em necessidades médicas não atendidas em domínios terapêuticos específicos

Condição da doença	Necessidade médica não atendida	Potencial de mercado
Nash	Sem tratamentos aprovados pela FDA	Potencial de mercado global de US $ 35 bilhões até 2025
Esclerose sistêmica	Opções terapêuticas limitadas	Oportunidade de mercado estimada em US $ 1,2 bilhão

Desenvolvimento de novos candidatos a medicamentos para pequenas moléculas

A plataforma de descoberta de medicamentos proprietária da Inventiva se concentra:

• Técnicas de química medicinal inovadora
• Metodologias de triagem avançada
• Projeto molecular de precisão

Potenciais tratamentos inovadores com resultados aprimorados dos pacientes

Candidato a drogas	Benefício clínico potencial	Fator de diferenciação
Lanifibranor	Potencial modificação de doenças em Nash	Mecanismo agonista pan-par
Tratamento da esclerose sistêmica	Redução potencial na fibrose da pele	Abordagem de direcionamento molecular exclusivo

Inventiva S.A. (IVA) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento direto com parceiros farmacêuticos

A Inventiva mantém parcerias estratégicas com empresas farmacêuticas por meio de abordagens direcionadas de engajamento:

Tipo de parceiro	Métricas de engajamento	Foco de colaboração
Abbvie	Colaboração clínica em andamento	Desenvolvimento de Lanifibranor
Boehringer Ingelheim	Contrato de licenciamento	Pesquisa agonista do PPAR

Comunicação científica e colaboração

As estratégias de interação científica incluem:

• Envios de publicação revisados ​​por pares
• Apresentações da conferência
• Plataformas de compartilhamento de dados de pesquisa

Relatório de ensaio clínico transparente

Métricas de comunicação de ensaios clínicos:

Plataforma de relatório	Número de testes registrados	Pontuação de transparência
ClinicalTrials.gov	7 ensaios ativos	85/100

Alcance e educação comunitária médica

Estratégia de Engajamento Profissional Médico:

• Participação no webinar: 12 eventos em 2023
• Reuniões do Conselho Consultivo Científico: 4 sessões trimestrais
• Pesquisa de suporte: alocação anual de € 250.000

Estratégias de comunicação de investidores e partes interessadas

Dados de relações com investidores:

Canal de comunicação	Freqüência	Alcançar
Relatório anual	Anualmente	Mais de 500 investidores institucionais
Ligados trimestrais	4 vezes por ano	Mais de 200 analistas financeiros
Apresentações de investidores	6-8 eventos anualmente	Redes de investidores globais

Inventiva S.A. (IVA) - Modelo de negócios: canais

Apresentações de conferências científicas diretas

A Inventiva S.A. participa de conferências científicas importantes para mostrar resultados de pesquisas e desenvolvimentos clínicos.

Tipo de conferência	Participação anual	Principais áreas de foco
Conferências médicas internacionais	4-6 conferências por ano	Pesquisa terapêutica em fibrose e Nash
Simpósios de pesquisa farmacêutica	2-3 eventos especializados	Apresentações de Desenvolvimento de Medicamentos

Publicações médicas revisadas por pares

A Inventiva aproveita as publicações científicas para comunicar os resultados da pesquisa.

• Publicações indexadas no PubMed: 12-15 por ano
• Faixa do fator de impacto: 3,5-6.2
• Revistas primárias: hepatologia, Journal of Medicinal Chemistry

Networking da indústria farmacêutica

Canais de rede estratégicos para possíveis colaborações e parcerias.

Plataforma de rede	Engajamento anual	Propósito
Convenção Bio Internacional	1 participação anual	Oportunidades de parceria e licenciamento
Conferências de parceria farmacêutica	2-3 eventos	Desenvolvimento de Aliança Estratégica

Plataformas de relações com investidores

Canais de comunicação para partes interessadas financeiras.

• Relatórios financeiros trimestrais
• Reuniões anuais de acionistas
• Divisões da Bolsa de Valores de Paris Euronext

Comunicação digital e site corporativo

Estratégias de divulgação de engajamento e informação on -line.

Canal digital	Métricas mensais	Principais recursos
Site corporativo	15.000-20.000 visitantes únicos	Atualizações de pesquisa, informações sobre investidores
Página corporativa do LinkedIn	5.000-7.000 seguidores	Networking Professional, Notícias da empresa

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

Organizações de pesquisa farmacêutica

A Inventiva tem como alvo organizações de pesquisa farmacêutica com áreas de foco específicas:

Tipo de organização	Interesse da pesquisa	Escopo potencial de colaboração
Empresas farmacêuticas globais	Doenças fibróticas	Parcerias de desenvolvimento de medicamentos
Organizações de pesquisa clínica	Inovações terapêuticas	Suporte ao ensaio clínico

Profissionais de saúde

Os segmentos profissionais de saúde -alvo incluem:

• Hepatologistas especializados em fibrose hepática
• Pulmonologistas tratando fibrose pulmonar idiopática
• Reumatologistas gerenciando a esclerose sistêmica

Pacientes com doenças fibróticas

Principais segmentos de pacientes para desenvolvimentos terapêuticos da Inventiva:

Categoria de doença	População global estimada de pacientes	Necessidade médica não atendida
Fibrose hepática	10,4 milhões de pacientes globalmente	Alto
Fibrose pulmonar idiopática	132.000 pacientes nos Estados Unidos	Significativo

Instituições de Biotecnologia e Pesquisa Médica

Áreas de foco de colaboração com instituições de pesquisa:

• Centros Médicos Acadêmicos
• Institutos de pesquisa translacional
• Centros especializados de pesquisa de fibrose

Potenciais parceiros de licenciamento

Metas de parceria de licenciamento:

Tipo de parceiro	Áreas de colaboração em potencial	Foco geográfico
Grandes empresas farmacêuticas	Comercialização global de medicamentos	Europa, América do Norte, Ásia
Empresas de investimento de biotecnologia	Transferência de tecnologia	Mercados internacionais

Inventiva S.A. (IVA) - Modelo de negócios: estrutura de custos

Extensas despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2022, a Inventiva S.A. registrou despesas totais de P&D de 11,2 milhões de euros. O foco da pesquisa da empresa envolve principalmente desenvolvimentos terapêuticos em doenças fibróticas, inflamatórias e relacionadas ao câncer.

Categoria de despesa de P&D	Valor (€)
Programas de pesquisa interna	6,7 milhões
Colaborações externas	3,5 milhões
Desenvolvimento da plataforma de tecnologia	1 milhão

Custos de gerenciamento de ensaios clínicos

As despesas de ensaios clínicos da Inventiva S.A. em 2022 totalizaram aproximadamente 8,5 milhões de euros, cobrindo vários programas de desenvolvimento terapêutico em andamento.

• Lanifibranor (Nash Indication) ensaios clínicos: 4,2 milhões de euros
• Mavacamten (insuficiência cardíaca) Ensaios clínicos: € 2,3 milhões
• Outros programas terapêuticos: 2 milhões de euros

Manutenção da propriedade intelectual

Os custos de proteção de propriedade intelectual da Inventiva S.A. totalizaram 1,1 milhão de euros em 2022, cobrindo estratégias de arquivamento, manutenção e proteção legal de patentes.

Pessoal e recrutamento de talentos científicos

O total de despesas de pessoal em 2022 foi de 7,3 milhões de euros, com uma força de trabalho de 84 funcionários.

Categoria de pessoal	Número de funcionários	Despesa (€)
Cientistas de pesquisa	42	4,1 milhões
Equipe administrativo	22	1,8 milhão
Gerenciamento	20	1,4 milhão

Investimentos de infraestrutura de laboratório e tecnologia

Os investimentos em infraestrutura e tecnologia para 2022 totalizaram € 3,6 milhões, incluindo equipamentos, instalações de laboratório e plataformas tecnológicas.

• Equipamento de laboratório: € 2,1 milhões
• Software e infraestrutura digital: 0,9 milhão de euros
• Atualizações da instalação: 0,6 milhão de euros

Inventiva S.A. (IVA) - Modelo de negócios: fluxos de receita

Potenciais pagamentos marcantes de parcerias farmacêuticas

A partir de 2024, a Inventiva possui acordos de parceria com as seguintes principais estruturas de marcos financeiros:

Parceiro	Pagamento em potencial	Tipo de contrato
Abbvie	Até € 386 milhões	Colaboração de Lanifibranor
Sanofi	Até € 510 milhões	Colaboração do Programa de Oncologia

Acordos de licenciamento para candidatos a drogas

Os acordos de licenciamento da Inventiva incluem:

• Direitos de licenciamento de Lanifibranor para Nash Market
• Potencial de licenciamento ITI-801 no segmento de oncologia
• Negociações em andamento para áreas terapêuticas adicionais

Futuras receitas de comercialização de produtos

Potencial de receita projetado para os principais candidatos a drogas:

Candidato a drogas	Potencial estimado de mercado	Estágio de desenvolvimento
Lanifibranor	€ 500 milhões - € 1 bilhão	Fase III
ITI-801	€ 250 milhões - € 500 milhões	Fase II

Subsídios de pesquisa e financiamento colaborativo

Fontes de financiamento para 2024:

• Subsídios de pesquisa do governo francês: 2,5 milhões de euros
• Financiamento da pesquisa da União Europeia: 1,8 milhão de euros
• Colaborações de pesquisa acadêmica: € 750.000

Vendas potenciais de produtos terapêuticos

Receita prevista flui de desenvolvimentos terapêuticos:

Área terapêutica	Receita anual estimada	Mercado -alvo
Tratamento de Nash	€ 75 milhões - € 150 milhões	Europa e Estados Unidos
Tratamentos oncológicos	€ 50 milhões - € 100 milhões	Mercado Farmacêutico 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.