Core Viewpoint - Inventiva reported preliminary financial results for the first half of 2025, highlighting significant changes in cash position, operating expenses, and revenue generation, as well as the need for future funding to support its clinical development efforts [1][10]. Financial Position - As of June 30, 2025, the company's cash and cash equivalents were €122.1 million, with an additional €24.6 million in short-term deposits, an increase from €96.6 million at the end of 2024 [2][13]. - The net cash used in operating activities was (€53.9) million in H1 2025, compared to (€48.3) million in H1 2024, primarily due to working capital changes and pipeline prioritization [3]. - Net cash used in investing activities was (€24.8) million in H1 2025, a significant decrease from €8.9 million generated in H1 2024, attributed to new deposit subscriptions [4]. - Financing activities generated €104.9 million in H1 2025, a substantial increase from €22.6 million in H1 2024, mainly from the second tranche of structured financing [5]. Revenue Generation - Revenues for the first half of 2025 amounted to €4.5 million, a notable increase from zero in the same period of 2024 [10]. - The revenue included a €10 million milestone payment from CTTQ and €5 million in credit notes under a license agreement with CTTQ [11]. Future Outlook - The company estimates that its current cash position, combined with the expected milestone payment from CTTQ, will fund operations until the end of Q3 2026 [7]. - Additional funding will be necessary for long-term objectives related to the development and commercialization of lanifibranor, potentially through public offerings, private placements, or strategic partnerships [8].

Core Viewpoint - Inventiva has successfully completed the enrollment of the Phase 3 NATiV3 study for lanifibranor in MASH and has initiated the second tranche of its structured financing, raising €115.6 million in gross proceeds to support the drug's development [1][2][4]. Financing Details - The second tranche of structured financing amounts to €115.6 million gross (net proceeds of €108.5 million) [1][4]. - The financing was led by existing investors from the first tranche, including New Enterprise Associates, BVF Partners LP, and Samsara BioCapital [3]. Use of Proceeds - The net proceeds from the T2 Transaction will primarily be used to finance the development of lanifibranor in MASH, particularly the continuation of the NATiV3 Phase 3 clinical trial [4]. Financial Position - As of December 31, 2024, the company's cash and cash equivalents were €96.6 million, which was projected to cover operational needs until mid-Q3 2025 [5]. - Following the T2 Transaction, the company estimates sufficient net working capital to meet obligations for the next 12 months, extending financing capabilities until the end of Q3 2026 [6]. Future Funding Needs - The company will require additional funding to achieve long-term objectives for lanifibranor's development and potential commercialization through public offerings, private placements, or strategic partnerships [7]. Transaction Characteristics - The T2 Transaction involves the issuance of 42,488,883 new shares at a subscription price of €1.35 per share, with attached warrants [9][12]. - The Board confirmed that all conditions for the issuance of the second tranche have been satisfied, including the completion of enrollment in the NATiV3 study [10][11]. Shareholder Impact - The issuance of new shares and warrants will dilute existing shareholders, with significant changes in ownership percentages expected post-transaction [23][25][29].