Summary of Inventiva's Conference Call Company Overview - **Company**: Inventiva (NasdaqGM:IVA) - **Event**: 2026 Conference at Guggenheim's Emerging Outlook Biotech Conference - **Key Speaker**: CEO Andrew Obenshain Industry Context - **Industry**: MASH (Metabolic Dysfunction-Associated Steatotic Liver Disease) - **Market Potential**: The MASH market is evolving with recent clinical successes, including two approvals and a billion-dollar market potential for F2 and F3 patients. The diagnosis rate is increasing, with over 15 million patients in the U.S. and 375,000 addressable patients in F2 and F3 categories [2][10]. Core Points and Arguments - **Clinical Trials**: Inventiva is preparing for a Phase 3 trial readout for lanifibranor, a pan-PPAR agonist targeting F2 and F3 patients. The trial is fully enrolled, and data cleaning is underway [3][8]. - **Market Positioning**: Lanifibranor is expected to be used alongside GLP-1 treatments, with a significant effect size of 18% after 6 months compared to 12% for Rezdiffra after 12 months [11][12]. - **Patient Demographics**: The patient population is split between non-diabetics (40%) and diabetics (60%). Lanifibranor is particularly beneficial for diabetic patients due to its ability to reduce HbA1c levels [10][12]. - **Trial Design**: The NATiV3 study is designed conservatively, allowing for a dropout rate of up to 30%, with current rates below this threshold [13][14]. The trial includes a randomized design with a focus on both fibrosis and steatosis improvement [16][18]. - **Safety and Tolerability**: Lanifibranor is a novel chemical entity designed to mitigate historical safety concerns associated with PPARs. Weight gain is a potential side effect, but 50% of patients experience no weight gain, and 20% have modest gains [30][32]. Additional Important Insights - **Strategic Partnerships**: There is a cautious sentiment in the pharmaceutical industry regarding PPARs due to past experiences. However, positive Phase 3 data could overcome these concerns [41]. - **Future Trials**: Inventiva plans to conduct an F4 outcomes trial with lanifibranor, focusing on patients with portal hypertension [42][43]. - **Cash Runway**: The company has structured its finances to support operations through Q3 2027, with a potential third tranche of funding of EUR 118 million contingent on positive trial data [55]. Conclusion Inventiva is positioned to make significant strides in the MASH market with lanifibranor, backed by a strong clinical trial framework and a clear understanding of market dynamics. The upcoming Phase 3 data will be crucial for the company's future and potential partnerships.

Financial Data and Key Metrics Changes - For Q4 2025, research and development expenses decreased to $6.2 million from $7 million in Q4 2024, reflecting the completion of the SHIELD II Phase III trial [14] - General and administrative expenses increased to $1.8 million in Q4 2025 from $1 million in Q4 2024, primarily due to non-cash expenses related to performance-based options [15] - The net loss for Q4 2025 was $8.5 million or $0.41 per share, unchanged from the net loss of $8.5 million or $1.13 per share in Q4 2024 [15] - For the full year 2025, net loss was $34.2 million or $2.09 per share, compared to a net loss of $29 million or $4.91 per share in 2024 [16] Business Line Data and Key Metrics Changes - The company successfully completed the SHIELD II Phase III trial, with D-PLEX100 meeting its primary and key secondary endpoints [6] - The company is advancing its long-acting GLP-1 receptor agonist program alongside D-PLEX100 [6] Market Data and Key Metrics Changes - The company received positive feedback from the FDA regarding the regulatory pathway for D-PLEX100, supporting a rolling NDA submission expected to begin by the end of Q1 2026 [7] - The company is in advanced stages of partnership discussions in the U.S., reflecting recognition of D-PLEX100's strong clinical profile [8] Company Strategy and Development Direction - The company is transitioning from a primarily R&D-focused organization to one preparing for commercialization, with a focus on regulatory pathways and commercial partnerships [6][10] - The introduction of Kynatrix technology represents an expansion of the company's capabilities beyond localized delivery, targeting systemic therapeutic needs [13] Management's Comments on Operating Environment and Future Outlook - Management believes 2026 could be a transformative year, with the rolling NDA submission and ongoing partnership discussions [9] - The company is preparing for market approval and launch, emphasizing the importance of building awareness and readiness among stakeholders [30] Other Important Information - The company appointed Ms. Brooke Story as chairman of the board in December 2025, bringing extensive experience in medical technology [9] Q&A Session All Questions and Answers Question: Can you share how discussions around the scope of the label progressed? - The company is targeting an initial label for the prevention of surgical site infections in patients undergoing abdominal colorectal surgery, supported by Phase III data [21] Question: Any thoughts on plans for a broader label or further expansion opportunities for D-PLEX100? - The company plans to meet with the FDA to discuss potential label expansion opportunities during the review process [23] Question: What work is being done to prepare for potential approval of D-PLEX100? - The company is focusing on market research, building awareness, and creating a KOL network to prepare for commercialization [31] Question: How do you think about strategic partnerships for the GLP-1 program? - The company aims to partner at an early stage, leveraging robust preclinical data to attract interest from potential partners [34] Question: What factors will play a role in identifying the final partner for D-PLEX100? - The ideal partner will have broad hospital-based capabilities and presence in the surgical suite, essential for marketing the product [40] Question: What percentage of potential target IDNs would likely include D-PLEX on formulary within the first 12 months after approval? - The uptake will take time, with a few months before seeing meaningful updates, but once on formulary, usage is expected to grow steadily [48]

Financial Data and Key Metrics Changes - For Q4 2025, research and development expenses decreased to $6.2 million from $7 million in Q4 2024, reflecting the completion of the SHIELD II Phase 3 trial [14] - General and administrative expenses increased to $1.8 million in Q4 2025 from $1 million in Q4 2024 [15] - The net loss for Q4 2025 was $8.5 million or $0.41 per share, compared to a net loss of $8.5 million or $1.13 per share in Q4 2024 [15] - For the full year 2025, net loss was $34.2 million or $2.09 per share, compared to a net loss of $29 million or $4.91 per share in 2024 [16] - As of December 31, 2025, the company had $12.9 million in cash and equivalents [16] Business Line Data and Key Metrics Changes - The company advanced D-PLEX100 into final stages of regulatory preparation after successful Phase 3 trial results [6][7] - Marketing and business development expenses for the year increased to $2 million from $0.9 million in 2024, reflecting increased efforts as the company moves closer to commercialization [16] Market Data and Key Metrics Changes - The company is focusing on the U.S. market for D-PLEX100, with plans for NDA submission expected by the end of Q1 2026 [9][39] - Discussions with potential U.S. commercial partners are advancing, reflecting the strong clinical profile of D-PLEX100 [11] Company Strategy and Development Direction - The company aims to transition from a primarily R&D-focused organization to one preparing for commercialization [12] - The introduction of Kynatrix technology represents a broader long-term opportunity, while D-PLEX100 remains the focus for near-term execution [13] - The company is engaging with external stakeholders, including surgeons and hospital administrators, to build awareness and readiness for market approval [9][12] Management Comments on Operating Environment and Future Outlook - Management believes 2026 could be transformative, with the rolling NDA submission expected to begin soon and ongoing partnership discussions [9] - Positive feedback from the FDA supports the regulatory pathway for D-PLEX100, indicating that existing clinical data is adequate for NDA submission [21][44] Other Important Information - The company appointed Brooke Story as chairman of the board in December 2025, bringing extensive experience in medical technology [9] - The company is preparing for commercial readiness, including market research and building a KOL network [31] Q&A Session Summary Question: Scope of the label for D-PLEX100 - Management is targeting an initial label for the prevention of surgical site infections in patients undergoing abdominal colorectal surgery, with potential for broader applications [21][22] Question: Plans for broader label and expansion opportunities - Management is planning to meet with the FDA to discuss potential label expansion as part of their ongoing strategy [23] Question: Preparation for potential approval of D-PLEX100 - The company is focused on building awareness, preparing packaging, and conducting market research to ensure readiness for commercial launch [30] Question: Strategic plans for GLP-1 program - The GLP-1 program aims for improved patient compliance with a sustained release mechanism, with plans to partner at an early stage [33] Question: Factors influencing partnership discussions - The ideal partner will have hospital-based capabilities and presence in the surgical suite, which is crucial for marketing D-PLEX100 [40] Question: Timeline for rolling submission - The NDA submission is expected to begin by the end of Q1 2026, with a shortened review period anticipated due to Fast Track and Breakthrough Therapy Designation [56]

Group 1 - The innovative drug industry is showing signs of recovery, with factors such as increased investment and financing, record overseas expansion, and improved review efficiency potentially impacting biotechnology companies like Boan Biologics [1] Group 2 - Boan Biologics' stock price has fluctuated recently, with a range of 0.65% and a volatility of 6.06%. On February 10, the stock rose by 2.09% to 8.05 HKD, with a trading volume of 310 million HKD; on February 11, it closed flat at 7.80 HKD with reduced trading volume [2] Group 3 - Some institutions have set a target average price of 10.44 HKD for the company based on its innovative drug pipeline, indicating potential upside from the current price, but caution is advised due to uncertainties in profit forecasts [3]

Group 1 - Gilead Sciences' 2026 financial forecast is at the lower end of analyst expectations, leading to a nearly 2% drop in stock price [1] - The company reported Q4 2025 sales and profits slightly above Wall Street expectations, with quarterly sales of its HIV prevention drug Yeztugo reaching $96 million, surpassing the forecast of $88 million [1] - Gilead expects Yeztugo sales to be $800 million in 2026, lower than the analyst forecast of $907 million, with a noted discrepancy from investor expectations of $1 billion [1] Group 2 - Yeztugo has shown nearly 100% effectiveness in clinical trials for HIV prevention, offering hope to curb the annual 1.3 million new infections globally [2] - The annual U.S. list price for Yeztugo is approximately $28,000, causing some hesitation among potential users, although 90% of U.S. payers have agreed to cover the drug's cost [2] - Gilead projects adjusted earnings per share for 2026 to be between $8.45 and $8.85, while analysts expect an average of $8.75, which is 10 cents higher than Gilead's midpoint forecast [2]

Core Viewpoint - Gilead Sciences' 2026 financial forecast is at the lower end of analyst expectations, leading to a nearly 2% drop in its stock price [1] Group 1: Financial Performance - Gilead reported Q4 2025 sales and profits slightly above Wall Street expectations [1] - Quarterly sales for the HIV prevention drug Yeztugo reached $96 million, exceeding the forecast of $88 million [1] - The company anticipates Yeztugo sales of $800 million in 2026, while analysts predict $907 million [1] Group 2: Market Reception and Pricing - Analyst Brian Abrahams noted that Yeztugo's forecast is below the $1 billion expectation from investors [1] - Yeztugo has shown nearly 100% effectiveness in clinical trials for preventing HIV, offering hope to curb the annual 1.3 million new infections globally [1] - There is hesitation among some regarding Yeztugo's annual U.S. price of approximately $28,000, although 90% of U.S. payers have agreed to cover the cost [1] Group 3: Earnings Projections - Gilead expects adjusted earnings per share for 2026 to be between $8.45 and $8.85, while analysts estimate $8.75, which is 10 cents higher than Gilead's midpoint [1] - The company's stock price fell by 3% during regular trading and approximately 2% in after-hours trading, closing at $144.52 [1]

（来源：乌兰察布财政） 会投入更多"真金白银"支持创新。 加快科技创新平台建设 支持国家技术创新中心、全国重点实验室、 怀柔实验室内蒙古基地等重大科技创新平台建 设,健全多层次创新平台体系,加强基础研究 和应用基础研究,实施自治区重点研发和成果 转化项目。 王胜亮 松 柏 编 辑：郭晓雪 张 珂 校 审：刘志伟 宫 博 赵传孝 （来源：乌兰察布财政） 加大科技创新投入力度 落实政府科技投入稳定增长机制，安排科 技资金60.5亿元,增长41%,其中科技专项 资金50亿元,实现翻一番。推动设立科技创 新投资子基金,激励企业创新发展,撬动全社 会投入更多"真金白银"支持创新。 加快科技创新平台建设 支持国家技术创新中心、全国重点实验室、 怀柔实验室内蒙古基地等重大科技创新平台建 设,健全多层次创新平台体系,加强基础研究 和应用基础研究,实施自治区重点研发和成果 转化项目。 推动科技创新和产业创新融合发展 瞄准乳业、稀土、氢能、储能和新型电力、 生物技术、低空经济等特色优势产业和发展亟 需领域,强化应用驱动型科技创新、产业创新, 形成一批产业化成果,推动产业转型升级。 校 审：刘志伟 宫 博 赵传孝 王胜亮 松 柏 ...

中新网北京2月7日电北京未来企业家促进会第一次会员大会6日召开。活动以"凝聚未来企业家力量，促 进新质生产力发展"为宗旨，通过构建多层次、精准化的服务体系，助力会员企业实现技术创新、产业 升级和高质量发展，致力打造国内领先、国际有影响力的未来企业家创新共同体，成为首都民营经济高 质量发展的重要推动力量和京津冀协同创新的示范平台。 "丰台区委区政府愿以最大的诚意、最实的举措，为北京未来企业家促进会的发展提供全方位、强有力 的支持，让每一位会员企业家在丰台安心创业、放心投资、顺心发展。"北京市丰台区委常委、统战部 部长李宗荣在致辞中表示。 北京市工商联党组成员、副主席杨靖国在讲话中表示，未企会要以本次会员大会为新起点，紧密团结广 大民营企业家，积极搭建交流合作平台，促进资源共享、优势互补，激发市场主体活力。要强化政治引 领，把准"跟党创业"的正确方向。聚焦未来产业，激发"为国创新"的奋进力量。夯实自身建设，筑 牢"服务发展"的坚实根基。市工商联将一如既往地支持未企会的工作，与各方携手，共同将未企会打造 成为丰台区、北京市乃至京津冀地区服务民营企业家、培育未来产业、优化创新生态的响亮品牌，谱写 首都民营经济高质量发 ...

Core Viewpoint - The company plans to repurchase its shares using funds raised from its initial public offering, with the aim of reducing its registered capital and enhancing shareholder value [2][36]. Group 1: Share Repurchase Details - The total amount for the share repurchase will be no less than RMB 100 million and no more than RMB 200 million [2]. - The repurchase price will not exceed RMB 85 per share, which is 150% of the average trading price over the last 30 trading days prior to the board's decision [2][14]. - The repurchase will be conducted through centralized bidding [3][9]. Group 2: Implementation Timeline - The repurchase period will last for 12 months from the date the shareholders' meeting approves the plan [4][10]. - If the repurchase amount reaches the upper limit, the plan will be completed early [11]. Group 3: Purpose and Funding - The purpose of the repurchase is to maintain shareholder interests and enhance investor confidence based on the company's future development prospects [7][36]. - The funds for the repurchase will come from the excess funds raised during the company's initial public offering [15][36]. Group 4: Shareholder and Management Plans - As of the announcement date, there are no plans for share reductions by directors, senior management, or major shareholders in the next three to six months [4][18]. - The proposal for the share repurchase was initiated by the company's controlling shareholder and chairman, Gao Fei [19][36]. Group 5: Legal and Regulatory Compliance - The company has complied with relevant laws and regulations regarding the share repurchase process, including notifying creditors as required [7][37]. - The repurchased shares will be legally canceled, thereby reducing the registered capital [20][21].

Group 1 - The core viewpoint of the articles emphasizes the importance of strong governance and practical actions to achieve the development goals set for the "14th Five-Year Plan" period, highlighting the need for a proactive and responsible approach from government officials [1][2][6] - The articles stress the significance of aligning local development strategies with actual conditions and community needs, advocating for tailored approaches in industrial upgrades and public welfare projects [2][3] - There is a call for enhancing the capabilities of local officials through grassroots training and practical experience, which is seen as essential for fostering effective leadership and driving regional development [5][6] Group 2 - The articles highlight the necessity of integrating various development sectors, such as urban planning and industrial growth, to improve overall efficiency and effectiveness in achieving economic goals [5][6] - There is a focus on the role of innovation and technology in driving economic transformation, particularly in sectors like biomedicine and renewable energy, which are identified as key areas for future growth [4][6] - The importance of cultural and artistic contributions to economic and social development is also noted, with initiatives aimed at enhancing community engagement and promoting local talent [7]