Schedule 13G/A: Invus becomes 10 %+ holder of Inventiva S.A.

Rhea-AI Filing Summary

Invus Public Equities, L.P. and its controlled affiliates (Invus Public Equities Advisors LLC, Invus Global Management LLC, Siren LLC) together with managing member Raymond Debbane filed Amendment No. 1 to Schedule 13G on 31 Jul 2025, disclosing ownership of 14,814,813 ordinary shares of Inventiva S.A. (IVA) as of 30 Jun 2025.

The position represents 10.6 % of Inventiva’s 139,151,274 shares outstanding (per the issuer’s 6-K dated 5 May 2025). Each reporting person holds sole voting and dispositive power over the entire block; no shared power is reported and the filing certifies the stake is passive under Rule 13d-1(c).

The shares referenced are the issuer’s ordinary shares (EUR 0.01 nominal value). CUSIP 46124U107 applies to Inventiva’s American Depositary Shares, traded on Nasdaq (1 ADS = 1 ordinary share). No derivatives, options or other classes are disclosed. The filing contains no indication of intent to influence control and no group status beyond the affiliated Invus entities.

Key takeaway: Invus, a long-term healthcare investor, now owns a low-double-digit passive stake, giving it meaningful economic exposure without triggering control provisions.

Positive

• Invus entities now hold 10.6 % of Inventiva’s outstanding shares, introducing a well-capitalised, healthcare-focused investor to the register, which can bolster market confidence and liquidity.

Negative

• None.

Insights

Financial Analyst

TL;DR – Invus reveals 10.6 % passive stake; signals confidence but no immediate strategic shift.

Invus’ block establishes a top-five shareholding in Inventiva, providing liquidity support and potential back-stop for future raises. The absence of activist language and sole voting power classification suggest a passive approach, limiting near-term governance impact. However, a 10 %+ holder can still influence sentiment, particularly for a small-cap biotech reliant on external funding. The filing does not change financial projections but removes some overhang regarding shareholder base concentration.

Corporate Governance Expert

TL;DR – Ownership crosses 10 % threshold; monitor but governance risk remains low.

Because Invus controls all listed entities, beneficial ownership is consolidated, simplifying disclosure. Sole voting/dispositive power means coordination risk with other investors is minimal, and the Schedule 13G (vs. 13D) confirms no intent to influence control. Board representation rights are not triggered. Nevertheless, any future shift to Schedule 13D or accumulation beyond 15-20 % would warrant closer scrutiny.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Inventiva S.A.

(Name of Issuer)

Ordinary shares, nominal value Euro 0.01 per share

(Title of Class of Securities)

46124U107

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 46124U107

1

Names of Reporting Persons

Invus Public Equities, L.P.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

BERMUDA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 14,814,813.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 14,814,813.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

14,814,813.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

10.6 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: Reflects ownership as of the filing date. As of June 30, 2025, Invus Public Equities, L.P. directly held 14,814,813 Ordinary shares, nominal value Euro 0.01 per share (the "Shares") of Inventiva S.A. (the "Issuer"). There is no CUSIP number assigned to the Shares. The CUSIP Number 46124U107 has been assigned to the American Depositary Shares ("ADS") of the Issuer, which are quoted on the Nasdaq Global Market under the symbol "IVA". Each ADS represents 1 Share.

SCHEDULE 13G

CUSIP No. 46124U107

1

Names of Reporting Persons

Invus Public Equities Advisors, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 14,814,813.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 14,814,813.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

14,814,813.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

10.6 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Reflects ownership as of the filing date. As of June 30, 2025, Invus Public Equities, L.P. directly held 14,814,813 Ordinary shares, nominal value Euro 0.01 per share (the "Shares") of Inventiva S.A. (the "Issuer"). There is no CUSIP number assigned to the Shares. The CUSIP Number 46124U107 has been assigned to the American Depositary Shares ("ADS") of the Issuer, which are quoted on the Nasdaq Global Market under the symbol "IVA". Each ADS represents 1 Share.

SCHEDULE 13G

CUSIP No. 46124U107

1

Names of Reporting Persons

Invus Global Management, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 14,814,813.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 14,814,813.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

14,814,813.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

10.6 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Reflects ownership as of the filing date. As of June 30, 2025, Invus Public Equities, L.P. directly held 14,814,813 Ordinary shares, nominal value Euro 0.01 per share (the "Shares") of Inventiva S.A. (the "Issuer"). There is no CUSIP number assigned to the Shares. The CUSIP Number 46124U107 has been assigned to the American Depositary Shares ("ADS") of the Issuer, which are quoted on the Nasdaq Global Market under the symbol "IVA". Each ADS represents 1 Share.

SCHEDULE 13G

CUSIP No. 46124U107

1

Names of Reporting Persons

Siren, L.L.C.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 14,814,813.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 14,814,813.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

14,814,813.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

10.6 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Reflects ownership as of the filing date. As of June 30, 2025, Invus Public Equities, L.P. directly held 14,814,813 Ordinary shares, nominal value Euro 0.01 per share (the "Shares") of Inventiva S.A. (the "Issuer"). There is no CUSIP number assigned to the Shares. The CUSIP Number 46124U107 has been assigned to the American Depositary Shares ("ADS") of the Issuer, which are quoted on the Nasdaq Global Market under the symbol "IVA". Each ADS represents 1 Share.

SCHEDULE 13G

CUSIP No. 46124U107

1

Names of Reporting Persons

Raymond Debbane

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

PANAMA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 14,814,813.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 14,814,813.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

14,814,813.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

10.6 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: Reflects ownership as of the filing date. As of June 30, 2025, Invus Public Equities, L.P. directly held 14,814,813 Ordinary shares, nominal value Euro 0.01 per share (the "Shares") of Inventiva S.A. (the "Issuer"). There is no CUSIP number assigned to the Shares. The CUSIP Number 46124U107 has been assigned to the American Depositary Shares ("ADS") of the Issuer, which are quoted on the Nasdaq Global Market under the symbol "IVA". Each ADS represents 1 Share.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Inventiva S.A.
(b)	Address of issuer's principal executive offices: 50 rue de Dijon, 21121 Daix France
Item 2.
(a)	Name of person filing: See Item 2(c) below.
(b)	Address or principal business office or, if none, residence: See Item 2(c) below.
(c)	Citizenship: (i) Invus Public Equities, L.P. ("Invus Public Equities") 750 Lexington Avenue, 30th Floor, New York, NY 10022 Citizenship: Bermuda limited partnership (ii) Invus Public Equities Advisors, LLC ("Invus PE Advisors") 750 Lexington Avenue, 30th Floor, New York, NY 10022 Citizenship: Delaware limited liability company (iii) Invus Global Management, LLC ("Global Management") 750 Lexington Avenue, 30th Floor, New York, NY 10022 Citizenship: Delaware limited liability company (iv) Siren, L.L.C. ("Siren") c/o The Invus Group, LLC, 750 Lexington Avenue, 30th Floor, New York, NY 10022 Citizenship: Delaware limited liability company (v) Mr. Raymond Debbane 750 Lexington Avenue, 30th Floor, New York, NY 10022 Citizenship: Panama The foregoing persons are hereinafter sometimes collectively referred to as the "Reporting Persons."
(d)	Title of class of securities: Ordinary shares, nominal value Euro 0.01 per share
(e)	CUSIP No.: 46124U107
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: As of June 30, 2025, Invus Public Equities directly held 14,814,813 Ordinary shares, nominal value Euro 0.01 per share (the "Shares") of Inventiva S.A. (the "Issuer"). Invus PE Advisors, as the general partner of Invus Public Equities, controls Invus Public Equities and, accordingly, may be deemed to beneficially own the Shares directly held by Invus Public Equities. Global Management, as the managing member of Invus PE Advisors, controls Invus PE Advisors and, accordingly, may be deemed to beneficially own the Shares that Invus PE Advisors may be deemed to beneficially own. Siren, as the managing member of Global Management, controls Global Management and, accordingly, may be deemed to beneficially own the Shares that Global Management may be deemed to beneficially own. Mr. Raymond Debbane, as the managing member of Siren, controls Siren and, accordingly, may be deemed to beneficially own the Shares that Siren may be deemed to beneficially own. There is no CUSIP number assigned to the Shares. The CUSIP Number 46124U107 has been assigned to the American Depositary Shares ("ADS") of the Issuer, which are quoted on the Nasdaq Global Market under the symbol "IVA". Each ADS represents 1 Share.
(b)	Percent of class: As of June 30, 2025, each of the Reporting Persons may be deemed to be the beneficial owner of the percentage of Shares listed on such Reporting Person's cover page. Calculations of the percentage of Shares beneficially owned are based on 139,151,274 Shares outstanding as of May 5, 2025, based on information provided by the Issuer in its Form 6-K filed with the Securities and Exchange Commission on May 5, 2025.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See each cover page hereof.
	(ii) Shared power to vote or to direct the vote: See each cover page hereof.
	(iii) Sole power to dispose or to direct the disposition of: See each cover page hereof.
	(iv) Shared power to dispose or to direct the disposition of: See each cover page hereof.
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

Each of the Reporting Persons hereby makes the following certification: By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Invus Public Equities, L.P.

Signature:	/s/ Raymond Debbane
Name/Title:	Raymond Debbane, President of Invus Public Equities Advisors, LLC, its general partner
Date:	07/31/2025

Invus Public Equities Advisors, LLC

Signature:	/s/ Raymond Debbane
Name/Title:	Raymond Debbane, President
Date:	07/31/2025

Invus Global Management, LLC

Signature:	/s/ Raymond Debbane
Name/Title:	Raymond Debbane, President
Date:	07/31/2025

Siren, L.L.C.

Signature:	/s/ Raymond Debbane
Name/Title:	Raymond Debbane, President
Date:	07/31/2025

Raymond Debbane

Signature:	/s/ Raymond Debbane
Name/Title:	Raymond Debbane
Date:	07/31/2025

FAQ

How many Inventiva (IVA) shares does Invus own?

Invus entities report owning 14,814,813 ordinary shares, equal to 10.6 % of shares outstanding.

Is Invus’ stake considered activist or passive?

The Schedule 13G filing and certification state the stake is passive; no intent to influence control is disclosed.

What triggered this Schedule 13G/A filing?

Crossing the 5 % ownership threshold (now 10.6 %) as of 30 Jun 2025 required disclosure under SEC rules.

Does the CUSIP 46124U107 refer to ordinary shares or ADS?

It refers to Inventiva’s American Depositary Shares; each ADS represents one ordinary share.

Could Invus gain board seats at Inventiva?

Not under this filing. A 13G signals no control intent; board influence would require a switch to Schedule 13D or separate agreement.