Core Viewpoint - Inventiva, a clinical-stage biopharmaceutical company, reported its financial results for the first nine months of 2025, highlighting its cash position, revenue generation, and operational expenditures, while also discussing future financing and operational sustainability [1]. Financial Position - As of September 30, 2025, the company's cash and cash equivalents were €97.6 million, a slight increase from €96.6 million at the end of 2024 [2]. - The company also held €24.7 million in short-term deposits as of the same date [10]. Cash Flow Analysis - Net cash used in operating activities for the first nine months of 2025 was (€76.3) million, a 20% increase from (€63.7) million in the same period of 2024, attributed to working capital changes and the impact of a pipeline prioritization plan [3]. - Net cash used in investing activities was (€25.0) million, a significant decrease from €8.9 million generated in the same period of 2024, primarily due to variations in short-term deposits [4]. - Net cash generated from financing activities amounted to €103.4 million, up from €41.9 million in the same period of 2024, mainly from a structured financing settlement [5]. Revenue Generation - Revenues for the first nine months of 2025 totaled €4.5 million, compared to no revenue in the same period of 2024 [9]. - The revenue primarily consisted of a €10 million milestone payment from Chia Tai Tianqing Pharmaceutical Group and €4.3 million from credit notes under a license agreement [11]. Future Outlook - The company estimates that its current cash position, along with net proceeds from a recent public offering, will sustain operations until the end of the first quarter of 2027 [8]. - The company anticipates potential additional proceeds from the exercise of Tranche 3 warrants, which could extend its financial runway until mid-third quarter of 2027 [8]. Upcoming Events - Key upcoming milestones include topline results of the NATiV3 trial expected in the second half of 2026 [12]. - A combined general meeting of shareholders is scheduled for November 27, 2025 [13]. - Participation in the MASH-TAG scientific conference is set for January 7-11, 2026 [14].

Core Insights - Madrigal Pharmaceuticals (MDGL) reported a third-quarter 2025 loss of $5.08 per share, which is wider than the Zacks Consensus Estimate of a loss of $1.98, and compared to a loss of $4.92 per share in the same quarter last year [1][6] - The company generated total revenues of $287.3 million from product sales of its MASH drug Rezdiffra, surpassing the Zacks Consensus Estimate of $249 million, indicating strong year-over-year growth driven by increased demand [2][6] - MDGL shares increased by 7.8% following the announcement of strong sales growth [3] Financial Performance - Research and development expenses more than doubled to $174 million in Q3 2025, primarily due to upfront expenses for CSPC Pharma, partially offset by reduced clinical study expenses [5] - Selling, general and administrative expenses nearly doubled to $209.1 million, attributed to increased commercial launch activities for Rezdiffra [8] - Madrigal's cash, cash equivalents, and marketable securities amounted to $1.1 billion as of September 30, 2025, up from $802 million as of June 30, 2025, reflecting a new $350 million senior secured term loan with Blue Owl Capital [9] Product and Market Updates - Rezdiffra received accelerated approval from the FDA in March 2024, becoming the first and only approved therapy for MASH, with over 29,500 patients currently receiving treatment and more than 10,000 healthcare providers prescribing it as of September 30, 2025 [4][10] - The European Commission granted conditional marketing authorization to Rezdiffra in August 2025, making it the first approved therapy for MASH in the EU, with a launch in Germany in September [10] - Madrigal finalized a global licensing deal with CSPC Pharma for MGL-2086, an oral GLP-1 agonist, to combine with Rezdiffra in MASH treatment, with clinical entry expected in the first half of 2026 [11] Ongoing Studies and Future Prospects - The FDA's continued approval of Rezdiffra will depend on long-term safety and efficacy data from the ongoing pivotal phase III MAESTRO-NASH biopsy study [12] - A second phase III outcomes study (MAESTRO-NASH OUTCOMES) is underway, with top-line data expected in 2027, which could support full approval for Rezdiffra and expand its eligible patient population [13] - Positive two-year data from the open-label extension of the MAESTRO-NAFLD-1 study reinforces Rezdiffra's potential benefits for patients with compensated MASH cirrhosis [14]