Inventiva S.A.
IVA, IVEVF · Pharmaceutical Preparations · EDGAR filings ↗
Grade
D43Single-asset MASH biotech with explicit going-concern doubt awaiting a binary Phase 3 readout.
Strengths
- Pivotal NATiV3 fully enrolled with topline due Q4 2026; Breakthrough/Fast Track designations and CTTQ/Hepalys licenses
- Cash plus short-term deposits (~€231M) fund operations into early 2027
Risks
- Stated substantial doubt about going concern; net loss €354M and current ratio below 1 (15th pct)
- Entirely dependent on lanifibranor; ROE of +1.7 is a negative-equity artifact, not strength
Notable findings
- No interest coverageInterest coverage -8.01 (cannot cover interest)
- Going concernThese factors raise substantial doubt regarding our ability to continue as a going concern
- Weak liquidityCurrent ratio 0.92 (<1)
- Net lossNet loss (net margin -2002.7%)
- Strong balance sheetStrong balance sheet — $100M cash & investments
- Revenue declineRevenue -50.4% YoY
- Notable holderHeld by 2 notable fund(s): GOLDMAN SACHS GROUP INC, CITADEL ADVISORS LLC (as of 2026-03-31)
Key metrics
Operating margin
-1060.6%
Net margin
-2002.7%
Return on equity
172.7%
Return on assets
-154.8%
Revenue growth (QoQ)
-50.4%
Interest coverage
-8.0×
Current ratio
0.9×
Tangible book value
-$111M
Cash & investments
$100M
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-04-08 | 2025-12-31 | 0001104659-26-040704 ↗ |
| 20-F | 2025-04-15 | 2024-12-31 | 0001104659-25-035122 ↗ |
| 20-F | 2024-04-03 | 2023-12-31 | 0001104659-24-042817 ↗ |
| 20-F | 2023-03-30 | 2022-12-31 | 0001104659-23-038571 ↗ |
| 20-F | 2022-03-11 | 2021-12-31 | 0001104659-22-032953 ↗ |
| 20-F | 2021-03-15 | 2020-12-31 | 0001171843-21-001782 ↗ |