Inventiva S.A. filings document a foreign private issuer and ADR program tied to a clinical-stage biopharmaceutical company developing oral therapies for MASH. Form 6-K reports furnish press releases and meeting notices covering lanifibranor development, annual and preliminary financial results, R&D expense trends, cash resources, revenues, and financing activity.
The company's regulatory disclosures also cover governance and shareholder voting matters, annual general meeting materials, leadership and organizational changes, material agreements, capital-structure disclosures, and portfolio actions including the completed sale of odiparcil. These records connect Inventiva's drug-development focus with its reporting obligations as a France-based issuer listed through American depositary shares.
Inventiva reported 2025 full-year results showing revenues of €4.5 million, down from €9.2 million in 2024, and a net loss widening to €354.1 million from €184.2 million. Cash and cash equivalents were €99.3 million and short-term deposits €131.6 million as of December 31, 2025.
The company raised gross proceeds of $172.5 million in a U.S. public offering and €115.6 million from the second tranche of a structured financing, helping extend its cash runway, which it estimates to last until the middle of the first quarter of 2027. Auditors will include a section on material uncertainty related to going concern in their report.
R&D expenses fell 4% to €87.0 million, while general and administrative costs jumped to €47.9 million, driven largely by €20.3 million of share-based compensation linked to governance and organizational changes. A €212.8 million net financial loss, mainly from non-cash fair value adjustments on derivative instruments and warrants, significantly contributed to the overall loss.
Andera Partners and affiliated investors report a 7.7% beneficial stake in Inventiva S.A., totaling 14,114,476 ordinary shares as of December 31, 2025. The shares are held through BioDiscovery 6 FPCI, which owns 12,296,295 ordinary shares and 1,818,181 American Depositary Shares, each ADS representing one ordinary share.
Andera Partners is the management company of BioDiscovery 6, and its managing partners, Stephane Bergez and Francois Xavier Mauron, may be deemed to share voting and dispositive power over these securities. The filers certify the holdings were not acquired to change or influence control of Inventiva.
Inventiva S.A. reported an updated ownership disclosure from Sofinnova-affiliated investors. As of December 31, 2025, Sofinnova Crossover I SLP beneficially owns 8,433,227 ordinary shares, corresponding to 12,332,804 voting rights, representing 5.6% of Inventiva’s 221,065,508 voting rights outstanding as of January 31, 2026.
Sofinnova Crossover II SLP holds 6,753,246 ordinary shares and voting rights, or 3.1% of voting rights. Sofinnova Partners SAS, as management company of both funds, together with investment committee members Antoine Papiernik, Cedric Moreau, Kinam Hong, Joseph Anderson and Jacques Theurillat, are each reported with 15,186,473 shares and 19,086,050 voting rights, or 8.6% of voting rights.
The individuals state that this report should not be construed as an admission that they are beneficial owners of the securities for Section 13(d) purposes.
Inventiva S.A. received an updated ownership report showing that Great Point Partners, LLC, together with Dr. Jeffrey R. Jay and Ms. Lillian Nordahl, beneficially owns 6,783,269 ordinary shares, representing 3.49% of the company’s share class.
This total includes 3,449,937 shares of common stock held outright and warrants to purchase a further 3,333,332 shares of common stock, all treated as beneficially owned. The filers report no sole voting or dispositive power, instead sharing both voting and disposal power over all reported shares, and state that the holdings are not intended to change or influence control of Inventiva.
Inventiva S.A. reported certain preliminary, unaudited figures for 2025, highlighting a strengthened cash position following major financings. As of December 31, 2025, cash and cash equivalents were €99.3 million and short-term deposits were €131.6 million, supporting the company’s MASH-focused clinical pipeline.
Net cash used in operating activities rose to (€104.6) million from (€85.9) million, driven by pipeline prioritization, lower licensing revenues from CTTQ, and higher general and administrative expenses, while R&D expenses decreased slightly to €86.9 million from €90.9 million. Net cash used in investing activities was (€133.2) million, mainly from new short-term deposits.
Net cash generated by financing activities reached €241.1 million, including €115.6 million of gross proceeds from the second tranche of a structured financing and $172.5 million of gross proceeds from a U.S. public offering. Revenues declined to €4.5 million from €9.2 million in 2024. Based on its current plan, Inventiva estimates its cash, cash equivalents, and short-term deposits can fund operations until the middle of the first quarter of 2027, with a potential extension to the middle of the third quarter of 2027 if Tranche 3 warrants are fully exercised.
Eventide Asset Management, LLC, together with Finny Kuruvilla and Robin C. John, reports beneficial ownership of 9,368,517 Inventiva S.A. ordinary shares, representing 4.6% of the class as of December 31, 2025.
Eventide has sole voting and dispositive power over 9,368,517 shares, while Kuruvilla and John share voting and dispositive power over the same amount. The group files as passive investors, certifying the holdings are not for changing or influencing control, and expressly disclaims beneficial ownership under Rule 13d-4.
Deep Track Capital, its master fund, and David Kroin have filed a Schedule 13G reporting a significant passive stake in Inventiva S.A. They report beneficial ownership of 11,668,983 ordinary shares and related instruments, representing 6.07% of the class as of January 30, 2026, based on 192,329,222 shares outstanding as of December 31, 2025.
The position includes 8,504,604 ordinary shares, 3,164,379 American Depository Shares and 9,999,999 warrants with a 1.50 EUR exercise price. The warrants are exercisable only if a “T3 Triggering Event” occurs, tied to NATiV3 trial topline results meeting key endpoints by June 15, 2027, and must be exercised no later than July 30, 2027. A 4.99% beneficial ownership cap limits how much can be held through warrant exercise.
The filers certify the securities are not held to change or influence control of Inventiva S.A. and characterize themselves as passive investors under Schedule 13G.
Inventiva S.A. announced an underwritten public offering of 38,961,038 ADSs at $3.85 per ADS, with a 30‑day option for underwriters to purchase up to 5,844,155 additional ADSs. The company expects net proceeds of approximately $140.1 million, or $161.2 million if the option is exercised in full, after underwriting commissions and estimated expenses.
The offering is being conducted under Inventiva’s Form F‑3 shelf that was deemed effective on November 3, 2025, and is expected to close on November 17, 2025, subject to customary closing conditions. Leerink Partners LLC and Piper Sandler & Co. are acting as underwriters. A legal opinion from Gide Loyrette Nouel A.A.R.P.I. has been filed in support of the issuance.