Core Viewpoint - Inventiva reported preliminary unaudited financial results for the full year ending December 31, 2025, highlighting significant changes in cash flow, revenues, and operational expenses as it continues to focus on developing therapies for metabolic dysfunction-associated steatohepatitis (MASH) [1]. Financial Position - As of December 31, 2025, the company's cash and cash equivalents were €99.3 million, with short-term deposits amounting to €131.6 million, an increase from €96.6 million in cash and cash equivalents in 2024 [2]. - The company estimates that its cash resources will support operations until the middle of the first quarter of 2027, potentially extending to the middle of the third quarter of 2027 with additional proceeds from the exercise of warrants [7]. Cash Flow Analysis - Net cash used in operating activities was (€104.6) million in 2025, a 22% increase from (€85.9) million in 2024, primarily due to a strategic pipeline prioritization plan and lower revenues from licensing agreements [3]. - Net cash used in investing activities was (€133.2) million in 2025, significantly higher than €8.7 million generated in 2024, mainly due to new short-term deposits [4]. - Net cash generated from financing activities was €241.1 million in 2025, up from €145.6 million in 2024, driven by proceeds from structured financing and a public offering in the United States [5]. Revenue Performance - The company's revenues for 2025 were €4.5 million, a decrease from €9.2 million in 2024, primarily consisting of milestone payments and credit notes from licensing agreements [8]. Future Financial Reporting - The company plans to publish its audited financial results for the full fiscal year 2025 on March 30, 2026, after the U.S. market close [9]. Company Overview - Inventiva is a clinical-stage biopharmaceutical company focused on developing oral therapies for MASH, currently evaluating lanifibranor in a pivotal Phase 3 clinical trial [10].

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.

Core Insights - Inventiva, a clinical-stage biopharmaceutical company, focuses on developing oral therapies for metabolic dysfunction-associated steatohepatitis (MASH) [1][2] - CEO Andrew Obenshain will participate in a fireside chat at the Guggenheim Emerging Outlook: Biotech Summit 2026 on February 11-12, 2026, in New York City [1][2] Company Overview - Inventiva is engaged in the research and development of oral small molecule therapies targeting MASH and other diseases with significant unmet medical needs [2] - The company is currently evaluating lanifibranor, a novel pan-PPAR agonist, in the NATiV3 pivotal Phase 3 clinical trial for adult patients with MASH [2] Stock Information - Inventiva is publicly listed on Euronext Paris (ticker: IVA) and the Nasdaq Global Market in the United States (ticker: IVA) [3]

Company Overview - Inventiva has undergone a significant transformation in the last 18 months, indicating a strategic shift or development within the organization [4] - The company is currently conducting a fully enrolled Phase III trial for its lead asset, lanifibranor, which is positioned as a potential best-in-class oral therapy for MASH [4] Clinical Development - The Phase III trial design is based on a successful Phase IIb trial involving over 200 patients, which was published in the New England Journal of Medicine with positive results [4] - The readout for the Phase III trial is anticipated in the second half of this year, suggesting a critical upcoming milestone for the company [4] Financial Position - The company has received a substantial amount of funding, which may support its ongoing clinical trials and operational activities [5]

Lanifibranor's Potential - Lanifibranor is presented as a potential best-in-disease oral therapy for MASH (Metabolic dysfunction-Associated SteatoHepatitis), targeting progressive fibrosis in F2/F3 MASH patients[1,5] - The company anticipates regulatory filings in 2027 and a potential commercial launch in 2028, pending approval[8] - Phase 2b trial data showed a 24% effect size on the dual endpoint of fibrosis improvement and MASH resolution in just 24 weeks[70] - The Phase 3 NATiV3 clinical trial is fully recruited with 1,009 patients in the main cohort and 410 in the exploratory cohort[56] - Topline data from the Phase 3 trial is expected in the second half of 2026[8,64] MASH Market and Medical Understanding - The MASH market is expected to exceed $15 billion by 2035[15] - Approximately 19 million were diagnosed with MASH in the U S in 2025, representing ~10% of the patients with MASH[13] - Approximately 910,000 patients have clinically actionable F2/F3 disease, with about 374,000 (~40%) under treated care[14] Financial Position - The company raised $172 million from investors in November 2025[8] - The company's cash runway extends until the middle of Q3 2027, assuming full exercise of the 3rd tranche[8,67]

Group 1 - UBS report indicates that China Biologic Products (01177) management requires more time to finalize guidance on the development of its out-licensing (BD) business for this year [1] - Expected data releases this year include Phase I clinical data for TQB3702 in blood cancer, Phase II clinical data for TQA3334, and Phase III clinical data for lanifibranor targeting metabolic-associated fatty liver disease [1] - The firm maintains a "Buy" rating on the company with a target price of HKD 12.2 [1] Group 2 - Management expresses optimism regarding the inclusion prospects of VIIa in the 2025 National Medical Insurance Drug List negotiations, as only three companies were selected [1] - Penpulimab has successfully entered the medical insurance directory for the first time; anlotinib has been approved for expansion to first-line treatment of soft tissue sarcoma without any price reduction, while Yilishu benefits from an expanded reimbursement scope [1]

Group 1 - UBS reports that China Biologic Products (01177) management indicates that more time is needed to determine the guidance for the external authorization (BD) business development this year [1] - The expected data results to be announced this year include Phase I clinical data for TQB3702 in blood cancer, Phase II clinical data for TQA3334, and Phase III clinical data for lanifibranor targeting metabolic-associated fatty liver disease [1] - UBS maintains a "Buy" rating for the company with a target price of HKD 12.2 [1] Group 2 - Regarding the 2025 National Medical Insurance Drug List negotiation results, management is optimistic about the inclusion prospects for VIIa, as only three companies were selected [1] - Penpulimab has successfully entered the medical insurance directory for the first time; Anlotinib has been approved for expansion to first-line treatment of soft tissue sarcoma without any price reduction, while Yilishu benefits from an expanded reimbursement scope [1]

Core Viewpoint - China Biologic Products (01177) has seen a stock increase of over 4%, currently trading at 7.09 HKD with a transaction volume of 431 million HKD, as reported by UBS [1] Group 1: Business Development - The management of China Biologic Products indicated that more time is needed to finalize the guidance for its out-licensing (BD) business for this year [1] - Key data results expected this year include Phase I clinical data for TQB3702 in blood cancer, Phase II clinical data for TQA3334, and Phase III clinical data for lanifibranor targeting metabolic-associated fatty liver disease [1] Group 2: Market Outlook - The management is optimistic about the inclusion prospects of VIIa in the 2025 National Medical Insurance Drug List negotiations, as only three companies are selected for inclusion [1] - Penpulimab has successfully entered the medical insurance list for the first time, while anlotinib has been approved for expansion to first-line treatment of soft tissue sarcoma without any price reduction [1] - Yilishu benefits from an expanded reimbursement scope [1] Group 3: Product Information - The VIIa product is the recombinant human coagulation factor VIIa N01 (brand name: Anqixin) developed by China Biologic Products' subsidiary, which received NMPA approval for market entry on July 3, 2025 [1] - This product is the first domestically produced recombinant human coagulation factor VIIa biological product, breaking the long-standing monopoly of imported products, improving drug accessibility for hemophilia patients, and reducing treatment costs [1]

Core Viewpoint - China Biologic Products (01177) has seen a stock increase of over 4%, currently trading at 7.09 HKD with a transaction volume of 431 million HKD. UBS reports that the management requires more time to finalize the guidance for the business development of external authorization (BD) this year [1] Group 1: Clinical Data and Product Development - The company is expected to announce clinical data results this year, including Phase I clinical data for TQB3702 in blood cancer, Phase II clinical data for TQA3334, and Phase III clinical data for lanifibranor targeting metabolic-associated fatty liver disease [1] - Management is optimistic about the inclusion prospects of VIIa in the 2025 National Medical Insurance Drug List negotiations, as only three companies have been selected for inclusion [1] Group 2: Recent Approvals and Market Impact - Penpulimab has successfully entered the medical insurance catalog for the first time, while anlotinib has been approved for expansion to first-line treatment of soft tissue sarcoma without any price reduction [1] - Yilishu benefits from an expanded reimbursement scope, enhancing its market accessibility [1] Group 3: Product Significance - The VIIa product, developed by the company's subsidiary, is the first domestically produced recombinant human coagulation factor VIIa (brand name: Anqixin), which received NMPA approval on July 3, 2025 [1] - This product breaks the long-standing monopoly of imported products, improving medication accessibility for hemophilia patients and reducing treatment costs [1]

Core Insights - Inventiva, a clinical-stage biopharmaceutical company, focuses on developing oral therapies for metabolic dysfunction-associated steatohepatitis (MASH) [1][2] Group 1: Corporate Overview - CEO Andrew Obenshain will present a corporate overview and engage in investor meetings at the 44th Annual J.P. Morgan Healthcare Conference from January 12-15, 2026 [1] - The presentation is scheduled for January 15, 2026, from 9:00 am to 9:40 am (PST) at The Westin St. Francis Hotel, San Francisco, California [2] Group 2: Product Development - Inventiva is evaluating lanifibranor, a novel pan-PPAR agonist, in the NATiV3 pivotal Phase 3 clinical trial for treating adult patients with MASH [2]