Exhibit 99.1

Inventiva Announces the Implementation of a New ATM Program

Daix (France), New York City (New York, United States), October 14, 2025 – Inventiva (Euronext Paris and Nasdaq : IVA) (“Inventiva” or the “Company”), a clinical-stage biopharmaceutical company focused on the development of oral therapies for the treatment of metabolic dysfunction-associated steatohepatitis (“MASH”) has filed today a shelf registration statement on Form F-3 (the “Registration Statement”) with the Securities and Exchange Commission (“SEC”). The Registration Statement includes a base prospectus and a sales agreement prospectus for a new At-The-Market (“ATM”) program, and allows the Company to issue and sell, from time to time, "at-the-market", including to unsolicited investors who have expressed an interest, ordinary shares in the form of American Depositary Shares (“ADS”). Each ADS represents one ordinary share of Inventiva, for aggregate gross sales proceeds of up to $100 million (subject to a regulatory limit of 30% dilution over a rolling period of 12 months and within the limits of investors' requests expressed in the context of the program), pursuant to the terms of a new sales agreement entered into with Piper Sandler & Co. (“Piper Sandler”), acting as sales agent.

The Company currently intends to use the net proceeds, if any, of sales of ADSs issued under the program to finance the research and development of lanifibranor, working capital requirements and general corporate purposes.

ADSs offered in the ATM and the underlying ordinary shares would be issued through a capital increase without shareholders’ preferential subscription rights for an aggregate offering amount of up to $100 million, it being specified that the maximum number of underlying ordinary shares to be admitted to trading on the regulated market of Euronext Paris shall represent, over a rolling period of 12 months, less than 30% of the ordinary shares already admitted to trading on said market without a French listing prospectus or an exemption document as defined in Regulation (EU) 2017/1129 (the “Prospectus Regulation”). The new ordinary shares to be sold in the form of ADSs would be issued in one or more offerings at the market price of each offering of the ADSs at the time of pricing of the relevant capital increase.

Purchases of ADSs under the ATM Program are reserved to the categories of investors defined in the 27th resolution adopted by the annual general meeting of shareholders held on May 22, 2025 (or any or any substitute resolutions thereto adopted at a subsequent shareholders’ meeting), comprising (i) natural or legal persons (including companies) trusts or investment funds, or other investment vehicles, in any form, established under French or foreign law, which regularly invest in the pharmaceutical, biotechnological or medical technology sectors; and/or (ii) companies, institutions or entities, in any form, French or foreign, exercising a significant part of its activities in the pharmaceutical, cosmetic or chemical sectors, or in medical devices and/or technologies, or conducting research in such sectors.

Piper Sandler, as sales agent, will use commercially reasonable efforts to arrange, on the Company’s behalf, for the sale of all ADSs requested to be sold by the Company, in accordance with its normal sales and trading practices. Sales prices may vary based on market prices and other factors. Only eligible investors (as described in greater detail above) may purchase ADSs under the ATM program. In any case, the corresponding sales price of the new ordinary shares underlying the ADSs will not be less than (i) the volume-weighted average price of the Company’s shares on the regulated market of Euronext in Paris over the last trading session preceding the pricing or (ii) the volume-weighted average price of the Company’s shares on the regulated market of Euronext in Paris calculated over a period of three to seven consecutive trading days, chosen among the last 30 trading days preceding the pricing date, in each case subject to a maximum discount of 15%.

On an illustrative basis, assuming the issuance of the full amount of 21,691,973 ADSs at an assumed offering price of $4.61 (or €3.981), the last reported sale price of the ADSs on the Nasdaq Global Market (“Nasdaq”) on October 13, 2025, for the maximum gross proceeds of $100 million (or €86.4 million1) under the ATM program, a holder of 1.0% of the outstanding Company's share capital as of September 30, 2025 would hold 0.87% of the outstanding Company's share capital after completion of the transaction (calculated on the basis of the number of outstanding shares as of September 30, 2025).

During the term of the ATM program, the Company will include in the publication of its quarterly results information about its use of the program during the preceding quarter and will also provide an update following each capital increase on a dedicated location on its corporate website in order to inform investors of the principal terms and outcomes of each issuance that may be completed under the ATM program from time to time.

The new ordinary shares underlying the ADS will be admitted to trading on the regulated market of Euronext in Paris and the issued ADSs will trade on Nasdaq.

The Registration Statement, including a base prospectus relating to Inventiva’s securities and a sales agreement prospectus relating to the ATM program, was filed with the SEC, but has not yet become effective. The securities referred to in the registration statement may not be sold, nor may offers to buy them be accepted, prior to the time the registration statement becomes effective. Before purchasing ADSs in the offering, prospective investors should read the Registration Statement, together with the documents incorporated by reference therein. Prospective investors may obtain these documents free of charge by visiting EDGAR on the SEC’s website at www.sec.gov. Alternatively, a copy of the Registration Statement may be obtained from Piper Sandler & Co., Attention: Prospectus Department, 350 North 5th Street, Suite 1000, Minneapolis, Minnesota 55401 or by email at prospectus@psc.com. No prospectus will be subject to the approval (approbation) of the Autorité des Marchés Financiers (“AMF”) pursuant to the Prospectus Regulation, nor will any exemption document be sent to the AMF since the contemplated share capital increase (for the issuance of the ordinary shares underlying the ADS) would be offered to qualified investors only (as defined in Article 2(e) of the Prospectus Regulation) and falls under the exemption provided for in Article 1(5)(a) of the Prospectus Regulation, which states that the obligation to publish a prospectus shall not apply to admission to trading on a regulated market of securities fungible with securities already admitted to trading on the same regulated market, provided that they represent, over a period of 12 months, less than 30% of the number of securities already admitted to trading on the same regulated market.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. In particular, no public offering of the ADSs will be made in Europe.

About Inventiva

Inventiva is a clinical-stage biopharmaceutical company focused on the research and development of oral small molecule therapies for the treatment of patients with MASH. The Company is currently evaluating lanifibranor, a novel pan-PPAR agonist, in the NATiV3 pivotal Phase 3 clinical trial for the treatment of adult patients with MASH, a common and progressive chronic liver disease.

Inventiva is a public company listed on compartment B of the regulated market of Euronext Paris (ticker: IVA, ISIN: FR0013233012) and on the Nasdaq Global Market in the United States (ticker: IVA). www.inventivapharma.com

1 Based on a USD-EUR conversion rate of 1.1569

Contacts

Special Note Regarding Forward-Looking Statements

This press release contains forward-looking statements, including statements regarding Inventiva’s proposed securities offering and its intended use of proceeds. These forward-looking statements are not promises or guarantees and involve substantial risks and uncertainties. Please refer to the Registration Statement, including the base prospectus and the sales agreement prospectus relating to the ATM program, the Universal Registration Document for the year ended December 31, 2024 filed with the Autorité des Marchés Financiers on April 15, 2025, and the Annual Report on Form 20-F for the year ended December 31, 2024, filed with the SEC on April 15, 2025 for other risks and uncertainties affecting Inventiva, including those described under the caption “Risk Factors” and in future filings with the SEC. Other risks and uncertainties of which Inventiva is not currently aware may also affect its forward-looking statements and may cause actual results and the timing of events to differ materially from those anticipated.

All information in this press release is as of the date of the release. Except as required by law, Inventiva has no intention and is under no obligation to update or review the forward-looking statements referred to above. Consequently, Inventiva accepts no liability for any consequences arising from the use of any of the above statements.

Exhibit 99.2

INVENTIVA S.A.

A joint-stock company (société anonyme) with a share capital of 1,391,512.74 euros

Registered office: 50, rue de Dijon, 21121 Daix, France

Dijon Trade and Companies Register 537 530 255

Table of contents

DEFINITIONS

In this half-yearly report (the “Interim Financial Report”), and unless otherwise specified, the terms Inventiva or the Company are taken to mean the company Inventiva S.A. with its registered office at 50, rue de Dijon, 21121 Daix, France, and which is listed with the Dijon Trade and Companies Register under number 537 530 255 and its subsidiary, 100% owned, Inventiva Inc. with its registered office at 10-34 44th Dr, Long Island City, 11101 New York, USA, created in January 2021.

Certain terms used in this Interim Financial Report are defined in the Company’s annual report on Form 20-F for the year ended December 31, 2024, for the year ended December 31, 2024 filed with the Securities and Exchange Commission on April 15, 2025 (the “Annual Report”).

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are based on our management’s beliefs and assumptions and on information currently available to our management. All statements other than present and historical facts and conditions contained in this document, including statements regarding our future results of operations and financial positions, business strategy, plans and our objectives for future operations, are forward-looking statements. When used in this document, the words “anticipate,” “seek,” “believe,” “can,” “continue,” “could,” “estimate,” “expect,” “goal,” “intend,” “is designed to,” “may,” “might,” “plan,” “will,” “would,” “potential,” “predict,” “objective,” “should,” “target,” “hopefully,” “may,” or the negative of these and similar expressions identify forward-looking statements. Forward-looking statements include, but are not limited to, statements about:

We encourage you to read and carefully consider all of the risk factors disclosed in “Item 3.D—Risk Factors” of our Annual Report, for a more complete understanding of the risks and uncertainties material to our business, including important factors that may cause our actual results to differ materially from those expressed or implied by our forward-looking statements.

As a result of these factors, we cannot assure you that the forward-looking statements in this document will prove to be accurate. Furthermore, if our forward-looking statements prove to be inaccurate, the inaccuracy may be material. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by us or any other person that we will achieve our objectives and plans in any specified time frame or at all.

These forward-looking statements represent our plans, objectives, estimates, expectations and intentions only as of the date of this filing. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

You should read this document and the documents that we reference herein completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements.

Market and competitive position

This Interim Financial Report also contains information about the Company’s activities and the markets on which it operates. This information comes from studies or surveys carried out internally or externally. Other information contained in this Interim Financial Report is available to the general public. The Company considers that all of this information is reliable, but it has not been verified by an independent expert. The Company cannot guarantee that a third party using different methods to gather, analyze or calculate market data would obtain the same results.

Rounding of figures

Certain figures (including data expressed in thousands or millions of euros or dollars) and the percentages presented in this Interim Financial Report have been rounded up or down. Accordingly, totals given may vary slightly from those obtained by adding the exact (unrounded) values of those same figures.

Abbreviations

Certain figures are given in thousands or millions of euros and are indicated as € thousand or € million respectively in this Interim Financial Report.

1. Interim Financial Report

1.1. General overview of activities

Inventiva S.A. is a public limited company registered and domiciled in France. Its head office is located at 50 rue de Dijon, 21121 Daix. The consolidated financial statements of the company Inventiva include Inventiva S.A. and its subsidiary Inventiva Inc., created in January 2021 (the group is designated as ‘Inventiva’ or the ‘Company’).

Inventiva’s ordinary shares have been listed on compartment B of Euronext Paris regulated market since February 2017 and Inventiva’s American Depositary Shares (‘ADSs’), each representing one ordinary share, have been listed on the Nasdaq Global Market since July 2020.

Inventiva is a clinical-stage biopharmaceutical company focused on the development of oral small molecule therapies for the treatment of metabolic dysfunction-associated steatohepatitis (‘MASH’), formerly known as non-alcoholic steatohepatitis (‘NASH’) and other diseases with significant unmet medical need.

Leveraging its expertise and experience in the domain of compounds targeting nuclear receptors, transcription factors and epigenetic modulation, Inventiva is currently advancing its product candidate lanifibranor for the treatment of MASH, a chronic and progressive liver disease. In 2020, the Company announced positive topline data from its Phase IIb clinical trial evaluating lanifibranor for the treatment of patients with MASH and announced that the U.S. Food and Drug Administration (‘FDA’) had granted the Company the status of Breakthrough Therapy and Fast Track designation for the development of lanifibranor for the treatment of MASH. The Company initiated the pivotal Phase III trial of lanifibranor in MASH (‘NATiV3’) in the second half of 2021.

On April 1, 2025, Inventiva announced the completion of patient enrollment in its NATiV3 trial with the randomization of the last patient in the main cohort. The publication of the topline results of the part 1 of the NATiV3 trial is targeted for the second half of 2026.

1.2. Significant events in the first half of 2025

Key developments of the Company’s clinical and preclinical programs during the first half of 2025 are summarized below:

1.2.1.      Activities and product portfolio

The Phase 3 NATiV3 clinical trial of lanifibranor in patients with MASH and advanced fibrosis

In January 2025, we completed screening of patients in the ongoing NATiV3 trial. In February 2025, following the review of the safety data of more than 1,200 patients randomized in NATiV3 by the Data Monitoring Committee (‘DMC’), we received a positive recommendation from the sixth scheduled meeting of DMC to continue the NATiV3 clinical trial without modification to the protocol. On April 1, 2025, we announced the completion of patient enrollment in its NATiV3 trial with the randomization of the last patient in the trial.

Initiation of the clinical development program of lanifibranor in Japan with the dosing of the first participant in Phase 1 trial

The Company and Hepalys Pharma, Inc. (‘Hepalys’) initiated the clinical development of lanifibranor in Japan by dosing the first participant in a Phase 1 trial. This study, involving 32 participants over 14 days, aims to assess the safety, tolerability, pharmacokinetics, and pharmacodynamics of lanifibranor. Pursuant to the exclusive licensing agreement (the ‘Hepalys License Agreement’) to develop and commercialize lanifibranor in Japan and South Korea entered into in September 2023 by us and Hepalys, Hepalys is responsible for all clinical activities in Japan and South Korea.

Milestone payment from Chia Tai Tianqing Pharmaceutical Group, Co., LTD (“CTTQ”)

In September 2022, we had entered into a licensing and collaboration agreement with CTTQ (as amended on October 11, 2024, the ‘CTTQ License Agreement’) to develop and commercialize lanifibranor for the treatment of MASH and potentially other metabolic diseases in Mainland China, Hong Kong Special Administrative Region, Macau Special Administrative Region and Taiwan (See Note 19.1 – Revenues to the annual consolidated financial statements for the year ended on December 31, 2024).

Following the T2 Transaction on May 7, 2025, we became eligible to receive a $10 million milestone payment from CTTQ under the CTTQ License Agreement. The revenues recorded by the Company in the first half of 2025 (€4.4 million) consist mainly of the $10 million (€8.9 million1) gross milestone payment invoiced to CTTQ, net of the $5 million (€4.4 million) credit notes recognized under the CTTQ License Agreement following the closing of the T2 Transaction in May 2025. The $10 million milestone payment was received on July 7, 2025. (See Note 5.1 – Revenues and other income, Note 4.6 – Trade receivables, tax receivables and other current assets, Note 4.12 – Other current and non-current liabilities).

1.2.2.      Other events

Strategic pipeline prioritization plan in February 2025 (the “Strategic Pipeline Prioritization Plan”)

In February 2025, we informed the representatives of the Worker’s Council of our plan to focus exclusively on the development of lanifibranor. The plan includes stopping all preclinical research activities except those required to support the lanifibranor program, together with strengthening the development team to prepare for potential filings for marketing approval and subsequent commercialization of lanifibranor for patients with MASH. The plan presented included reducing our workforce (as of February 2025) by approximately 50%. The plan was mostly implemented during the second quarter of 2025 and continues to be implemented in the second half of 2025. The impacts on financial statements are detailed in the Note 4.10 – Provisions and Note 5.3. – Other operating income and expenses.

Closing of the €116 million second tranche of the structured financing of up to €348 million

On May 5, 2025, we announced that we had secured the second tranche (the ‘T2 Transaction’) of the structured equity financing of up to €348 million announced on October 14, 2024 (the ‘Structured Financing’) for gross proceeds of €115.6 million (net €108.0 million), following the satisfaction of the applicable conditions precedent thereto (the ‘T2 Conditions Precedent’). The settlement-delivery of the T2 Transaction occurred on May 7, 2025.

1 The exchange rate on the invoice date was 1.125 dollar for one euro.

We intend to use the net proceeds of the T2 Transaction mainly to finance lanifibranor’s development in MASH and notably the continuation of its NATiV3 Phase III clinical trial. The T2 Transaction involved:

The T3 BSAs mature on July 30, 2027. The exercise of the T3 BSAs (the third tranche of the Structured Financing) is subject to the release of positive topline results from the Phase III NATiV3 trial by June 15, 2027 (the “T3 Triggering Event”). If all the T2 BSAs and T3 BSAs are exercised, up to 120.8 million additional shares may be issued by us.

At the transaction date the fair value of the T2 New Shares and T2 BSAs call options increased to €78.2 million and €79.9 million, respectively.

At the issuance date, the number of T2 New Shares or T2 BSAs was fixed, and the instruments meet the “fixed-for-fixed” rule under IAS 32. The fair value of the derivative instruments, at the transaction date, is then de-recognized through equity (See Note 3.4 – Derivatives to the annual consolidated financial statements for the year ended on December 31, 2024).

Resignation of Lucy Lu as director

Effective May 21, 2025, Ms. Lu resigned as a member of the Board of Directors of the Company. Ms. Lu’s decision to resign was not the result of any disagreement between Ms. Lu and the Company’s management, or any other member of the Board of Directors on any matter relating to the Company’s operations, policies, or practices.

Nomination of Renée Aguiar-Lucander to the company’s Board of Directors with effect as of May 22nd, 2025

During the Company’s shareholders’ General Meeting, the shareholders appointed Renée Aguiar-Lucander as a Director of the Company. Renée, currently CEO of Hansa Biopharma AB, brings extensive experience in biotech leadership, including her successful tenure at Calliditas Therapeutics AB, where she led the company to FDA approval and a major acquisition. Her expertise is expected to be valuable as we advance the clinical development and potential launch of its MASH treatment, lanifibranor.

Departure of the Deputy Chief Executive Officer with effect as of June 30, 2025

The Board of Directors acknowledged the decision of Mr. Pierre Broqua to step down from his position as Deputy Chief Executive Officer and Chief Scientific Officer, and to transitioning to a consulting role as Scientific Advisor, with effect as of June 30, 2025. In July 2025, Jason Campagna, MD, PhD, joined the Company as President of R&D and Chief Medical Officer, succeeding Pierre Broqua, PhD, and Michael Cooreman, MD, who departed as Chief Medical Officer.

1.3. Recent events and prospects

Nomination of Martine Zimmermann as Executive Vice President of Regulatory Affairs and Quality Assurance with effect as of August 18th, 2025

The company has appointed Martine Zimmermann, PharmD, to its executive leadership team as Executive Vice President of Regulatory Affairs and Quality Assurance. Prior to taking on this position, Martine Zimmermann resigned as a member of the Board of Directors of the Company effective August 17, 2025. With extensive experience in global regulatory strategy for liver diseases, including successful approvals of PPAR-based therapies, she joins the company at a critical time as the company prepares for potential regulatory submissions for lanifibranor, its lead candidate for MASH. Her background includes senior roles at Ipsen and Alexion Pharma, and she brings deep expertise across the U.S., Europe, and Japan.

1.4. Risk factors

The Company’s business faces significant risks. You should carefully consider all of the information set forth in this document and in the Company’s other filings with the United States Securities and Exchange Commission, or the SEC, including the risk factors which the Company faces and which are faced by the Company’s industry described in Part I, “Item 3.D—Risk Factors” of the Company’s Annual Report on Form 20-F for the fiscal year ended December 31, 2024, in addition to the following risk factors. Our business, financial condition or results of operations could be materially adversely affected by any of these risks.

1.5. Earnings analysis for the six months ended June 30, 2025

1.5.1.      Revenue and other income

For the six months ended June 30, 2025, and June 30, 2024

We recorded €4.5 million revenues during the first half of 2025, compared to minimal income during the first half of 2024. This revenue is related to the September 2022 license agreement with CTTQ, as amended, or the CTTQ License Agreement (see Note 1.2 – Significant events in the first half of 2025 of the unaudited interim condensed consolidated financial statements as of June 30, 2025).

Other income decreased by €1.5 million, or 57%, compared to the six months ended June 30, 2024. This decrease is primarily the result of a reduction in the French research tax credit (‘CIR’), which amounted to €1.1 million as of June 30, 2025, following a decline in research and development expenses compared to the first half of 2024 (see Note 5.2 – Operating expenses in the first half of 2025 of the unaudited interim condensed consolidated financial statements as of June 30, 2025).

1.5.2.      Operating expenses

For the six months ended June 30, 2025, and June 30, 2024

The increase in operating expenses of €5.2 million, or 9% compared to the six months ended June 30, 2024, is mainly driven by an increase of general and administrative expenses described in the paragraph 1.5.2.3. General and administrative expenses, and is partially offset by a decrease in research and development (‘R&D’) expenses as a result of the partial implementation of the Strategic Pipeline Prioritization Plan during the first half of 2025. The plan was mostly implemented during the second quarter of 2025 and continues to be implemented in the second half of 2025.

1.5.2.1 Research and development expenses

Research and development expenses for the six months ended June 30, 2025, break down as follows:

For the six months ended June 30, 2025, and June 30, 2024

The €1.9 million (4%) decrease in research and development expenses as compared to the six months ended June 30, 2024, was driven by a €0.8 million (11%) decrease in personnel costs related to research and development expenses due to the partial implementation of the Strategic Pipeline Prioritization Plan, which focuses on our single product candidate lanifibranor. It is also due to a €0.6 million decrease in disposables and a €0.3 million decrease in maintenance, due to the interruption in preclinical activities following the start of implementation of the Strategic Pipeline Prioritization Plan.

The main expenses incurred in connection with our research and development activities in the six months ended June 30, 2025, are related to our single product candidate lanifibranor as described below:

Costs relating to lanifibranor in the six months ended June 30, 2025, can be broken down into two main categories:

Costs linked to our clinical trial activities included the following developments over the six months ended June 30, 2025:

NATiV3 Phase III trial in MASH

We are conducting a large, international Phase 3 clinical trial, NATiV3, evaluating lanifibranor over a 72-week treatment period. In the first half of 2025, we completed enrollment for our NATiV3 Phase III clinical trial, with the exception of enrollment of an extension cohort in China to meet the required patient ratio set by Chinese authorities. We also continue to treat patients enrolled in our trial. Other significant study expenses include the rental of Fibroscan equipment, costs related to packaging and distribution campaigns for treatment units, expenses for biopsy slide readings, PK analyses, and fees for members of the Data Monitoring Committee (‘DMC’) and Clinical Events Committee (‘CEC’). During the six months ended June 30, 2025, we also recorded the expenses related to patient retention initiatives in the study. We initiated a collaboration with HistoIndex with the objective of supporting the evaluation of histological parameters in NATiV3, by quantifying the components of NASH (inflammation, ballooning, steatosis, and fibrosis) as continuous variables, which may enhance the accuracy and reliability of the study results during statistical analysis.

LEGEND Phase IIa trial of lanifibranor in combination with empagliflozin in patients with MASH and Type 2 Diabetes

The LEGEND Phase IIa trial met its primary efficacy endpoints, and several secondary and exploratory endpoints, including with respect to combining lanifibranor with empagliflozin to manage the weight gain observed in some patients treated with lanifibranor alone. We therefore decided to stop the recruitment in the LEGEND trial as defined per protocol in 2024. During the six months ended June 30, 2025, we continued to generate the final analysis of the results and the drafting of the study report. Other expenses during the period include storage fees for treatment units.

Phase I studies

Expenses relate to the drafting of the clinical study report and archiving activities for the Hepatic Impairment study and storage of treatment units.

Phase II studies

The last patient exited the Phase II NATIVE clinical trial in March 2020, which is now closed. The Phase II study evaluating lanifibranor in patients with T2D, and Metabolic dysfunction Associated Liver Disease (‘MASLD’), led by Professor Cusi concluded in 2023. Expenses related to these studies recorded in the six months ended June 30, 2025, result from the reversal of provisions and exchange rate variations on existing provisions recorded in USD.

1.5.2.2 Marketing and business development expenses

Marketing and business development expenses break down as follows:

For the six months ended June 30, 2025, and June 30, 2024

Marketing and business development expenses for the first half of 2025 increased by €0.1 million, compared to the first half of 2024 mainly due to the increase by €0.2 million of other expenses related to publication fees and partially offset by a decrease of €0.1 million in personnel costs.

1.5.2.3 General and administrative expenses

General and administrative expenses are mainly composed of administrative staff costs, support costs (mainly consisting of security costs, taxes and various rentals), non-scientific IT costs and consulting fees.

General and administrative expenses break down as follows:

For the six months ended June 30, 2025, and June 30, 2024

General and administrative expenses for the first six months of 2025 increased by €7.0 million compared to the six months of 2024, mainly due to the increase of personnel costs of €5.7 million, of which €4.7 million are related to share-based compensation expenses.

1.5.3.      Other operating income and expenses

Other operating income and expenses break down as follows:

For the six months ended June 30, 2025, and June 30, 2024

For the first six months of 2025, other operating income amounted to €0.4 million, related to the use of the inventory provision for €0.4 million.

For the first six months of 2025, other operating expenses amounted to €8.6 million, due to restructuring expenses related to the partial implementation of the Strategic Pipeline Prioritization Plan, which comprise:

(See Note 1.2 Significant events in the first half of 2025 and Note 5.3 Other operating income and expenses of the unaudited interim condensed consolidated financial statements as of June 30, 2025).

1.5.4.      Financial income and expenses

Financial income and expenses break down as follows:

For the six months ended June 30, 2025, and June 30, 2024

For the first six months of 2025, the net financial loss amounted to €113.2 million, a decrease of €116.7 million compared to a net financial income of €3.5 million for the first six months of 2024. This net financial loss is mainly due to:

1.5.5.      Income tax

In accordance with IAS 34, the income tax recognized in the financial statements for each interim period is adjusted based on a best estimate calculated by applying the expected weighted average tax rate for the entire year.

Current taxes

As the imputation of tax benefits on tax losses of Inventiva S.A., at short or mid-term, were considered unlikely due to the growth phase of the Company and regarding the nil projected tax rate as of June 30, 2025, no current taxes were recorded as of June 30, 2025, for Inventiva S.A.

Deferred taxes

Inventiva S.A. has recorded tax losses for the first six months of 2025. As recovery of these losses in future periods is considered unlikely due to the uncertainty inherent to our activity, no deferred tax assets were recognized on this basis for the six months ended June 30, 2025.

1.5.6.      Net loss for the period

We recorded a net loss of €175.9 million in the first six months of 2025 versus a net loss of €49.0 million in the first six months of 2024, which was an increase in net loss of €126.9 million between both periods.

1.6. Analysis of financial situation

1.6.1.      Current assets

Current assets increased by €61.3 million (55%) compared to December 31, 2024. This was mainly attributable to the €25.5 million (26%) increase in cash and cash equivalents related to our financing activities (See section 2 Cash flow and equity of this document) and the €29.3 million increase in other current assets.

As of June 30, 2025, trade receivables increased by €10.2 million mainly due to a $10 million (approximately €8.5 million2) milestone payment invoiced to CTTQ under the CTTQ License Agreement, following the closing of the T2 Transaction.

As of June 30, 2025, tax receivables are mainly composed of CIR receivable in the amount of €1.1 million corresponding to the 2025 CIR as of June 2025.

2 The exchange rate on the closing date was 1.172 dollar for one euro.

The €29.3 million increases in other current assets are mainly due to the short-term deposit accounts subscribed during the period with Crédit Agricole for €10.0 million and $3.3 million (€2.8 million), and with Société Générale for €10.0 million and $2.0 million (€1.7 million).

Non-current assets consist of:

Non-current assets decreased by €1.3 million (18%) compared to December 31, 2024. This was mainly attributable to amortization and impairment of right-of-use for €1.0 million for the first six months of 2025.

Shareholders’ equity increased by €97.7 million, or 92%, compared to December 31, 2024. This change is mainly due to the closing of the T2 Transaction in the period ended June 30, 2025 (€266.1 million of which €108.0 million was received in net proceeds and €158.1 million of fair value of the call options relating to T2 New Shares and T2 BSAs was derecognized through equity) and the net loss of the period (€175.9 million).

Changes in shareholders’ equity during the first six months of 2025 are described in further detail in Note 4.8 - Shareholders’ equity of the unaudited interim condensed consolidated financial statements as of June 30, 2025, and in section 2 Cash flow and equity of this document.

As of June 30, 2025, non-current liabilities increased by €24.5 million (23%) compared to December 31, 2024, mainly due to the €17.9 million fair value increase of derivatives instruments related to warrants issued to EIB in connection with the disbursement of Tranche A and Tranche B, because of the variation of our share price and hypothesis of anti-dilutive ratio.

The increase is also due to the €3.1 million increase of long-term debt and the €4.2 million increase in liabilities related to the royalty certificates.

Current liabilities decreased by €62.3 million (52%) for the six months ended June 30, 2025, compared to December 31, 2024. This change is mainly due to the €73.4 million decrease of derivatives instruments, following the issuance of T2 New Shares and T2 BSAs, which increased by €84.7 million over the period (See 1.5.4 – Financial income and expenses) and were derecognized through equity for €158.1 million (See 1.6.3 – Shareholders’ equity).

This decrease is partially offset by an increase of €6.6 million in other current liabilities which is mainly related to three credit notes to be issued by Inventiva in favor of CTTQ for €4.3 million.

This section discusses our shareholders’ equity, cash position for the six months ended June 30, 2025, and the fiscal year ended December 31, 2024, and our sources of funding for the six months ended June 30, 2025, and the six months ended June 30, 2024.

Since our inception, we have financed the Company’s growth through successive capital increases, debt, collaboration and license agreements and reimbursements of CIR receivables. We continue to pursue our research and development activities for lanifibranor.

As of June 30, 2025, cash and cash equivalents amounted to €122.1 million compared to €96.6 million as of December 31, 2024, with an increase of €25.5 million (26%), of which a decrease of €11.7 million (45%) in cash, and an increase of €37.2 million (53%) in cash equivalents related to the Société Générale term deposit for €16.2 million and to the Crédit Agricole for €21.0 million.

Cash held by us is generally invested in short-term deposit accounts that are readily convertible into known amounts of cash.

Cash is used to finance our activities, in particular our research and development costs.

There are no restrictions on the use of our cash and cash equivalents resources.

As of June 30, 2025, our share capital was set at 1,391,512.74 euros divided into 139,151,274 shares with a nominal value of 0.01 euros each, compared to a share capital of €956,623.91 euros divided into 95,662,391 shares with a nominal value of 0.01 euros each, as of December 31, 2024.

The 434,888.83 euros share capital increase in the first half of 2025 is due to (i) the issuance of 42,488,883 T2 New Shares in connection with the T2 Transaction and (ii) the issuance of 1,000,000 new shares following the exercise by an investor of pre-funded warrants that had been issued by us in the first tranche of the Structured Financing.

(See Note 4.8 - Shareholders’ equity of the unaudited interim condensed consolidated financial statements as of June 30, 2025).

We did not enter into new loan agreements during the first six months of 2025.

Our loans and debt maturity profile as of June 30, 2025, is as follows:

(1) Including accrued interests payable on loans.

Due to our status as a European small and medium-sized enterprise, or SME, we receive payment for research tax credits granted in the previous period. Consequently, cash proceeds from research tax credits in a given period correspond to the amount of credits calculated on eligible expenditure for the previous period.

Research tax credits during the six months ended June 30, 2025 and June 30, 2024 were as follows:

The €1.1 million CIR income for the first six months of 2025 is due to the R&D Tax Research Credit of Inventiva S.A. Cash flow impact of research tax credit amounted to €4.9 million for the first six months of 2025.

The following table sets forth our cash flows for the first six months of 2025 and 2024:

In the first six months of 2025 and 2024, our main financing needs related to our operating activities, including our working capital requirements.

Net cash used in operating activities in the first six months of 2025 and 2024 amounted to €53.7 million and €48.3 million, respectively. The increase in net cash used in operating activities is mainly due to working capital evolution (€7.7 million) and the net cash impact of the partial implementation of the Company’s Strategic Pipeline Prioritization Plan (€4.2 million) in the first half of 2025.

In the first six months of 2025, net cash used in investing activities decreased by €33.7 million compared to the first six months of 2024. For the first six months of 2025, net cash used in investing activities included a €24.6 million outflow related to investments in current term accounts.

In the first six months of 2025, net cash provided by financing activities increased by €82.4 million compared to the first six months of 2024, primarily due to the receipt of the second tranche of the Structured Financing (see Note 1.2 - Significant events in the first half of 2025 of the unaudited interim condensed consolidated financial statements as of June 30, 2025).

The breakdown of these variations is available in the sections below.

Net cash used in operating activities amounted to €53.7 million and €48.3 million for the first six months of 2025 and 2024, respectively, representing an increase in cash requirements of €5.4 million, or 11%. The increase in net cash used in operating activities is mainly due to working capital evolution and the net cash impact of the partial implementation of the Company’s Strategic Pipeline Prioritization Plan in the first half of 2025.

Cash flow used in investing activities over the periods presented was as follows:

During the first six months of 2025, net cash flows from investing activities are composed of short-term deposit subscription for €24.6 million, described in further detail in note 4.6 - Trade receivables, tax receivables and other current assets of the unaudited interim condensed consolidated financial statements as of June 30, 2025.

For the first six months of 2024, net cash provided by investing activities was mainly due to the closure of a €9.0 million two-year deposit forward contract.

Cash flow used in financing activities over the periods presented was as follows:

During the first six months of 2025, net cash provided by financing activities amounted to €104.8 million, primarily due to the receipt of proceeds from the second tranche of the Structured Financing in May 2025 representing aggregate gross proceeds of €115.6 million (net proceeds of €108.0 million).

For the first six months of 2024, net cash from financing activities amounted to €22.6 million. This amount was mainly related to our drawdown of Tranche B, amounting to €25 million, under the Finance Contract.

Changes in shareholders’ equity during the first six months of 2025 are described in further detail in note 4.8 - Shareholders’ equity of the unaudited interim condensed consolidated financial statements as of June 30, 2025.

From inception, we have financed our growth through successive capital increases, debt including royalty certificates, collaboration and license agreements and payment of French Research tax credit (Credit d’Impôt Recherche, ‘CIR’) receivables. We continue to pursue our research and development activities for lanifibranor.

We have incurred operating losses and negative cash flows from operations since inception due to the innovative nature of the product candidates we are developing and the product candidate we continue to develop, which necessitates a research and development phase spanning several years. We do not expect to generate revenue from product sales in the near future. With the biopharmaceutical industry's product development phases requiring increasing investments, our financing needs will continue to grow as clinical trials of lanifibranor progress.

As of June 30, 2025, we had €122.1 million of cash and cash equivalents, consisting of cash and short-term deposit accounts that are liquid and easily convertible within 3 months without penalty or risk of change in value (refer to Note 4.7 – Cash and Cash equivalents) and 24.6 million of short-term deposits convertible in a period exceeding 3 months (refer to Note 4.6 – Trade receivables, tax receivables and other current assets).

Following June 30, 2025, we received on July 7, 2025, a milestone payment of $10 million (€8.5 million3) from CTTQ following the closing of the T2 Transaction (refer to Note 1.2 – Significant events in the first half of 2025).

As of the date of authorization for issuance of these unaudited interim condensed financial statements, given our current cost structure and our projected expenditure commitments, we estimate that we would be able to finance our activities until the end of the third quarter of 2026. This estimate is based on our current business plan, including the partially implemented Strategic Pipeline Prioritization Plan, but excludes any potential future milestone payments payable to or by us, any potential further proceeds from the Structured Financing, and any additional expenditures related to any other product candidates or resulting from any potential in licensing or acquisition of additional product candidates or technologies, or any associated development the Company may pursue. We may have based this estimate on assumptions that are incorrect or may amend its business plan in the future, and we may end up using our resources sooner than anticipated. We will need to raise additional funds to support our activities and research programs and development, as currently planned, through:

We cannot guarantee that we will be able to obtain the necessary financing or execute any transaction, through any of the aforementioned measures or by other means, to meet our needs or to obtain funds on acceptable terms and conditions, on a timely basis, or at all. If we are unable to obtain funding in a timely manner, we may be required to significantly curtail, delay or discontinue one or more of our research or development programs or the commercialization of any approved product or be unable to expand our operations or otherwise capitalize on our business opportunities, as desired, which would impair our prospects and operations.

The unaudited interim condensed consolidated financial statements as of and for the period ended June 30, 2025, have been prepared on a going concern basis assuming that we will continue to operate for the foreseeable future. As such, they do not include any adjustments related to the amount or classification of assets and liabilities that may be required if we were not able to continue as a going concern.

3 The exchange rate on the payment date was 1,173 dollar for one euro. 

Unaudited interim condensed consolidated statement of financial position

(in thousands of euros)

The accompanying notes form an integral part of these financial statements

Unaudited interim condensed consolidated statement of (income) loss

(in thousands of euros)

The accompanying notes form an integral part of these financial statements

Unaudited interim condensed consolidated statement of comprehensive (income) loss

(in thousands of euros)

The accompanying notes form an integral part of these financial statements

Unaudited interim condensed consolidated statement of changes in shareholders’ equity

(in thousands of euros)

(1) Corresponding mainly to the share capital increase consisting of the issuance of 42,488,883 new ordinary shares (see Note 4.8 Shareholders’ equity) (2) Corresponding to the issuance of 43,437,036 pre-funded warrants (see Note 4.9 – Financial Debt – Short term Derivatives)  

The accompanying notes form an integral part of these financial statements

Unaudited interim condensed consolidated statement of cash flows

(in thousands of euros)

(1) Including a €0.5 million variation of prepaid expenses as of June 30, 2025

The accompanying notes form an integral part of these financial statements

Notes to the unaudited interim condensed consolidated financial statements

Table of contents

Note 1. Company information

Inventiva S.A. is a public limited company registered and domiciled in France. Its head office is located at 50 rue de Dijon, 21121 Daix. The consolidated financial statements of the company Inventiva include Inventiva S.A. and its subsidiary Inventiva Inc., created in January 2021 (the group is designated as ‘Inventiva’ or the ‘Company’).

Inventiva’s ordinary shares have been listed on compartment B of Euronext Paris regulated market since February 2017 and Inventiva’s American Depositary Shares (‘ADSs’), each representing one ordinary share, have been listed on the Nasdaq Global Market since July 2020.

Inventiva is a clinical-stage biopharmaceutical company focused on the development of oral small molecule therapies for the treatment of metabolic dysfunction-associated steatohepatitis (‘MASH’), formerly known as non-alcoholic steatohepatitis (‘NASH’) and other diseases with significant unmet medical need.

Leveraging its expertise and experience in the domain of compounds targeting nuclear receptors, transcription factors and epigenetic modulation, Inventiva is currently advancing its product candidate lanifibranor for the treatment of MASH, a chronic and progressive liver disease. In 2020, the Company announced positive topline data from its Phase IIb clinical trial evaluating lanifibranor for the treatment of patients with MASH and announced that the U.S. Food and Drug Administration (‘FDA’) had granted the Company the status of Breakthrough Therapy and Fast Track designation for the development of lanifibranor for the treatment of MASH. The Company initiated the pivotal Phase III trial of lanifibranor in MASH (‘NATiV3’) in the second half of 2021.

On April 1, 2025, Inventiva announced the completion of patient enrollment in its NATiV3 trial with the randomization of the last patient in the main cohort. The publication of the topline results of the part 1 of the NATiV3 trial is targeted for the second half of 2026.

Strategic pipeline prioritization plan in February 2025 (the “Strategic Pipeline Prioritization Plan”)

In February 2025, the Company informed the representatives of its Worker’s Council of its plan to focus exclusively on the development of lanifibranor. The plan includes stopping all preclinical research activities except those required to support the lanifibranor program, together with strengthening the development team to prepare for potential filings for marketing approval and subsequent commercialization of lanifibranor for patients with MASH. The plan presented included reducing the Company’s workforce (as of February 2025) by approximately 50%. The plan was mostly implemented during the second quarter of 2025 and continues to be implemented in the second half of 2025. The impacts on financial statements are detailed in the Note 4.10. – Provisions and 5.3. – Other operating income and expenses.

The Phase 3 NATiV3 clinical trial of lanifibranor in patients with MASH and advanced fibrosis

In January 2025, the Company completed screening of patients in the ongoing NATiV3 trial. In February 2025, following the review of the safety data of more than 1,200 patients randomized in NATiV3 by the Data Monitoring Committee (‘DMC’), Inventiva received a positive recommendation from the sixth scheduled meeting of DMC to continue the NATiV3 clinical trial without modification to the protocol. On April 1, 2025, the Company announced the completion of patient enrollment in its NATiV3 Phase 3 trial with the randomization of the last patient in the trial.

Initiation of the clinical development program of lanifibranor in Japan with the dosing of the first participant in Phase 1 trial.

The Company and Hepalys Pharma, Inc. (‘Hepalys’) initiated the clinical development of lanifibranor in Japan by dosing the first participant in a Phase 1 trial. This study, involving 32 participants over 14 days, aims to assess the safety, tolerability, pharmacokinetics, and pharmacodynamics of lanifibranor. Pursuant to the exclusive licensing agreement (the ‘Hepalys License Agreement’) to develop and commercialize lanifibranor in Japan and South Korea entered into in September 2023 by the Company and Hepalys, Hepalys is responsible for all clinical activities in Japan and South Korea.

Closing of the €116 million second tranche of the structured financing of up to €348 million

On May 5, 2025, the Company announced that it had secured the second tranche (the ‘T2 Transaction’) of the structured equity financing of up to €348 million announced on October 14, 2024 (the ‘Structured Financing’) for gross proceeds of €115.6 million (net €108.0 million), following the satisfaction of the applicable conditions precedent thereto (the ‘T2 Conditions Precedent’). The settlement-delivery of the T2 Transaction occurred on May 7, 2025.

The Company intends to use the net proceeds of the T2 Transaction mainly to finance lanifibranor’s development in MASH and notably the continuation of its NATiV3 Phase III clinical trial. The T2 Transaction involved:

The T3 BSAs mature on July 30, 2027. The exercise of the T3 BSAs (the third tranche of the Structured Financing) is subject to the release of positive topline results from the Phase III NATiV3 trial by June 15, 2027 (the “T3 Triggering Event”). If all the T2 BSAs and T3 BSAs are exercised, up to 120.8 million additional shares may be issued by the Company.

At the transaction date, the fair value of the T2 New Shares and T2 BSAs call options increased to €78.2 million and €79.9 million, respectively.

At the issuance date, the number of T2 New Shares or T2 BSAs was fixed, and the instruments meet the “fixed-for-fixed” rule under IAS 32. The fair value of the derivative instruments, at the transaction date, is then de-recognized through equity (See Note 3.4 – Derivatives to the annual consolidated financial statements for the year ended on December 31, 2024).

Resignation of Lucy Lu as director

Effective May 21, 2025, Ms. Lu resigned as a member of the Board of Directors of the Company. Ms. Lu’s decision to resign was not the result of any disagreement between Ms. Lu and the Company’s management, or any other member of the Board of Directors on any matter relating to the Company’s operations, policies, or practices.

Nomination of Renée Aguiar-Lucander to the company’s Board of Directors with effect as of May 22nd, 2025

During the Company’s shareholders’ General Meeting, the shareholders appointed Renée Aguiar-Lucander as a Director of the Company. Renée, currently CEO of Hansa Biopharma, brings extensive experience in biotech leadership, including her successful tenure at Calliditas Therapeutics, where she led the company to FDA approval and a major acquisition. Her expertise is expected to be valuable as the Company advance the clinical development and potential launch of its MASH treatment, lanifibranor.

Departure of the Deputy Chief Executive Officer with effect as of June 30, 2025

The Board of Directors acknowledged the decision of Mr. Pierre Broqua to step down from his position as Deputy Chief Executive Officer and Chief Scientific Officer, with effect as of June 30, 2025. In July 2025, Jason Campagna, MD, PhD, joined the Company as President of R&D and Chief Medical Officer, succeeding Pierre Broqua, PhD, and Michael Cooreman, MD, who departed as Chief Medical Officer.

Milestone payment from Chia Tai Tianqing Pharmaceutical Group, Co., LTD (“CTTQ”)

In September 2022, the Company had entered into a licensing and collaboration agreement with CTTQ (as amended on October 11, 2024, the ‘CTTQ License Agreement’) to develop and commercialize lanifibranor for the treatment of MASH and potentially other metabolic diseases in Mainland China, Hong Kong Special Administrative Region, Macau Special Administrative Region and Taiwan (See Note 19.1 – Revenues to the annual consolidated financial statements for the year ended on December 31, 2024).

Following the T2 Transaction on May 7, 2025, the Company became eligible to receive a $10 million milestone payment from CTTQ under the CTTQ License Agreement. The revenues recorded by the Company in the first half of 2025 (€4.4 million) consist mainly of the $10 million (€8.9 million4) gross milestone payment invoiced to CTTQ, net of the $5 million (€4.4 million) credit notes recognized under the CTTQ License Agreement following the closing of the T2 Transaction in May 2025. The $10 million milestone payment was received on July 7, 2025. (See Note 5.1 – Revenues and other income, Note 4.6 – Trade receivables, tax receivables and other current assets, Note 4.12 – Other current and non-current liabilities).

Note 2. Basis of preparation and statement of compliance

These unaudited interim condensed consolidated financial statements were prepared in compliance with International Accounting Standards (IAS 34 — Interim Financial Reporting), which provides for the presentation of selected explanatory notes. The accompanying notes do not contain all the disclosures required for annual financial statements and should therefore be read in conjunction with the Company’s financial statements prepared in accordance with IFRS® Accounting Standards, referred to as IFRS, as of and for the year ended December 31, 2024.

4 The exchange rate at the invoice date was 1.172 dollar for one euro

These unaudited interim condensed consolidated financial statements as of June 30, 2025, were approved by the Board of Directors of the Company on September 26, 2025.

IFRS® Accounting Standards basis adopted

The accounting policies applied by the Company in the preparation of the unaudited interim condensed consolidated financial statements for the six-month period ended June 30, 2025, are identical to those used in the annual financial statements prepared in accordance with IFRS® Accounting Standards as of and for the year ended December 31, 2024, with the exception of specific provisions for the preparation of unaudited interim condensed consolidated financial statements.

Standards, amendments to existing standards and interpretations published by the IASB whose application has been mandatory since January 1, 2025

The application of standards, amendments to existing standards and interpretations whose application has been mandatory since January 1, 2025, in the European Union primarily concern:

Those amendments had no material impact on the Company’s unaudited interim condensed consolidated financial statements for the six-month period ended June 30, 2025.

Standards, amendments to existing standards and interpretations published by the IASB whose application is not yet mandatory

The new standards, interpretations and amendments to existing standards that have been published but are not yet applicable are:

The Company is currently assessing the applicability and impact of these new standards, interpretations and amendments.

2.2 Scope and method of consolidation

In accordance with IFRS 10 Consolidated Financial Statements, an entity (subsidiary) is consolidated when it is controlled by the company (the parent).

Subsidiaries are all entities over which the Company has control. The Company controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and could affect those returns through its power to direct the activities of the entity. Subsidiaries are consolidated from the date on which control is transferred to the Company. They are deconsolidated from the date the control ceases.

All intercompany transactions, balances, and unrealized gains on transactions between group companies are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries are consistent with the policies adopted by the parent.

As of June 30, 2025, the scope of consolidation consists of two entities, the parent, Inventiva S.A. and its 100% owned subsidiary, Inventiva Inc., for which no non-controlling interest is recognized.

The Company owns 15% of the ownership and voting rights of Hepalys, which is incorporated and has its principal place of business in Japan. In accordance with IAS 28 Investments in Associates and Joint Ventures, Hepalys is an associate of the Company and is accounted for using the equity method (see Note 4.4. – Investments accounted for using the equity method).

2.3 Foreign currency translation

The Company’s consolidated financial statements are presented in euros, which is also the functional currency of the parent company, Inventiva S.A. The functional currency of Inventiva Inc. is the U.S. dollar. All amounts presented in these notes to the consolidated financial statements are denominated in euros unless otherwise stated.

The results and financial position of foreign operations that have a functional currency different from the presentation currency are translated into euros, the presentation currency, as follows:

Note 3. Accounting principles

3.1            Use of estimates and judgment

The preparation of financial statements requires management to make judgments and estimates and apply assumptions that can affect the carrying amounts of assets, liabilities, income and expenses, as well as the information presented in the accompanying notes. Actual reported values may differ from the accounting estimates made.

There have been no significant changes in the material judgments and main estimates used by management when applying the Company’s accounting policies in the preparation of these unaudited interim condensed consolidated financial statements from those described in the annual financial statements prepared in accordance with IFRS Accounting Standards for the year ended December 31, 2024.

The conflict in Ukraine and the conflict in the Middle East have not led to any material changes in the estimates or judgements made by management in the preparation of the Company’s consolidated financial statements.

3.2            Fair value measurement

In the table below, financial instruments are measured at fair value according to a hierarchy comprising three levels of valuation inputs:

The table below presents the financial liabilities of the Company measured at fair value on June 30, 2025:

The table below presents the financial liabilities of the Company measured at fair value at December 31, 2024:

3.3            Specific disclosure requirements for unaudited interim financial statements

Seasonality of operations

The Company’s operations are not subject to material seasonal fluctuations.

Income tax

Income tax is recognized in the financial statements for each interim period. The amount corresponds to a best estimate calculated by applying the expected weighted average tax rate for the entire year.

The income tax amount recorded as due for an interim period may have to be adjusted in the subsequent interim period of the same year if the estimated annual average tax rate changes.

3.4            Going concern

From inception, the Company has financed its growth through successive capital increases, debt including royalty certificates, collaboration and license agreements and payment of French Research tax credit (Credit d’Impôt Recherche, ‘CIR’) receivables. The Company continues to pursue its research and development activities for lanifibranor.

The Company has incurred operating losses and negative cash flows from operations since inception due to the innovative nature of the product candidates it was developing and the product candidate it continues to develop, which necessitates a research and development phase spanning several years. The Company does not expect to generate revenue from product sales in the near future. With the biopharmaceutical industry's product development phases requiring increasing investments, the Company's financing needs will continue to grow as clinical trials of lanifibranor progress.

As of June 30, 2025, the Company had €122.1 million of cash and cash equivalents, consisting of cash and short-term deposit accounts that are liquid and easily convertible within 3 months without penalty or risk of change in value (refer to Note 4.7 – Cash and Cash equivalents) and 24.6 million of short-term deposits convertible in a period exceeding 3 months (refer to Note 4.6 – Trade receivables, tax receivables and other current assets).

Following June 30, 2025, the Company received on July 7, 2025, a milestone payment of $10 million (€8.5 million5) from CTTQ following the closing of the T2 Transaction (refer to Note 1.2 – Significant events in the first half of 2025).

5 The exchange rate at the payment date was 1.173 dollar for one euro

As of the date of authorization for issuance of these unaudited interim condensed financial statements, given its current cost structure and its projected expenditure commitments, the Company estimates that it would be able to finance its activities until the end of the third quarter of 2026. This estimate is based on the Company’s current business plan, including the partially implemented Strategic Pipeline Prioritization Plan, but excludes any potential future milestone payments payable to or by the Company, any potential further proceeds from the Structured Financing, and any additional expenditures related to any other product candidates or resulting from any potential in licensing or acquisition of additional product candidates or technologies, or any associated development the Company may pursue. The Company may have based this estimate on assumptions that are incorrect or may amend its business plan in the future, and the Company may end up using its resources sooner than anticipated. The Company will need to raise additional funds to support its activities and research programs and development, as currently planned, through:

The Company cannot guarantee that it will be able to obtain the necessary financing or execute any transaction, through any of the aforementioned measures or by other means, to meet its needs or to obtain funds on acceptable terms and conditions, on a timely basis, or at all. If the Company is unable to obtain funding in a timely manner, it may be required to significantly curtail, delay or discontinue one or more of its research or development programs or the commercialization of any approved product or be unable to expand its operations or otherwise capitalize on its business opportunities, as desired, which would impair the Company’s prospects and operations.

The unaudited interim condensed consolidated financial statements as of and for the period ended June 30, 2025, have been prepared on a going concern basis assuming that the Company will continue to operate for the foreseeable future. As such, they do not include any adjustments related to the amount or classification of assets and liabilities that may be required if the Company were not able to continue as a going concern.

Note 4. Notes to the interim condensed consolidated statement of financial position

4.1 Intangible assets

4.2 Property, plant and equipment

As of June 30, 2025, depreciation and impairment increased by €1.6 million mainly due to (i) the depreciation of €1.0 million of the right of use and (ii) an impairment of €0.3 million of the right of use related to Fibroscans.

4.3 Deferred tax asset

Inventiva S.A. and Inventiva Inc. are taxed as two separate entities and cannot apply the tax consolidation. For each entity, the deferred tax assets and deferred tax liabilities is offset in the consolidated financial statements. Deferred tax assets are recognized only when an entity has sufficient evidence that it will have a sufficient taxable benefit available to use the unused tax losses in the foreseeable future.

As recovery of these losses in future periods is considered unlikely due to the uncertainty inherent to the Inventiva S.A.’s activity, deferred tax assets were recognized on this basis on June 30, 2025 only for Inventiva Inc.

4.4 Investments accounted for using the equity method

On September 26, 2023, the Company exercised an option to buy 30% (1,500,000 ordinary shares) of Hepalys at an aggregate exercise price of ¥300 (equal to €1.90). Following the receipt of the exercise notice, Hepalys’s Board of Directors authorized the transfer of the 1,500,000 ordinary shares from Catalys to the Company on October 11, 2023.

The Company did not participate in Hepalys’ capital increases in 2023 and 2024, which resulted in a dilution of the Company’s ownership down to 15%. (See Note 6 – Investments accounted for using the equity method to the annual consolidated financial statements for the year ended on December 31, 2024)

As of June 30, 2025, the Company holds 15% of Hepalys' shares.

The Company analyzed its ownership of Hepalys and concluded that, as of June 30, 2025, it has a significant influence but not control or joint control of Hepalys, as concluded as of December 31, 2024.

The investment in Hepalys is accounted for using the equity method of accounting as of June 30, 2025.

The tables below provide the summarized statement of financial position of Hepalys. The disclosed information reflects the amounts presented in the financial statements of Hepalys and not the Company's share of those amounts. They have been amended to reflect adjustments made by the Company when using the equity method, in this case fair value adjustments. The tables below also provide the reconciliation between the Hepalys statement of financial position and the carrying amount in the Company’s statement of financial position.

(1)Refer to Note 5.5 – Share of net profit - equity method

4.5 Other non-current assets

As of June 30, 2025, and December 31, 2024, non-current advances to suppliers amounted to €1.0 million, corresponding to the advance paid under the contract research organization (‘CRO’) contract with Pharmaceutical Research Associates Groupe B.V (‘PRA’) (see Note 6.1 – Commitments related to operational activities).

4.6 Trade receivables, tax receivables and other current assets

Trade receivables and others

Trade receivables and others break down as follows (by maturity of issuance date):

The average payment period is 30 days.

As of June 30, 2025, trade receivables and others increased by €10.2 million, mainly due to the $10 million (€8.5 million6) milestone payment invoiced to CTTQ under the CTTQ License Agreement, following the closing of the T2 Transaction (see Note 1.2 – Significant events in the first half of 2025).

Tax receivables and Other current assets

6 The exchange rate at the closing date was 1.125 dollar for one euro 

As of June 30, 2025, tax receivables are mainly composed of the CIR in the amount of €0.6 million corresponding to the 2025 CIR as of June 2025.

As of June 30, 2025, other current assets increased by €29.0 million, primarily due to the short-term deposit accounts subscribed to during the second quarter of the period with Crédit Agricole for €10.0 million and $3.3 million (€2.8 million), and with Société Générale for €10.0 million and $2.0 million (€1.7 million).

Prepaid expenses amounted to €2.9 million in the first half of 2025 and are mainly composed of trial costs related to the NATiV3 Phase III global trial.

Current accrued income increased by €2.9 million, mainly due to the re-invoicing of the costs of the NATiV3 Phase III global trial.

4.7 Cash and cash equivalents balance from the statement of cash flows

4.8 Shareholders’ equity

In accordance with the decision of the Annual General Meeting of shareholders, the net loss of €184.2 million for the financial year ending December 31, 2024, has been appropriated to reserves. No appropriation to statutory or other reserves has been made.

Share capital

As of June 30, 2025, the share capital was set at 1,391,512.74 divided into 139,151,274 fully authorized, subscribed and paid-up shares with a nominal value of €0.01.

Share capital variation in the first half of 2025 is set forth in the table below:

(In euros, except number of shares)

The increase of the first half of 2025 on the share capital and premiums related to:

Liquidity agreement

On January 19, 2018, the Company entered into a liquidity agreement with Kepler Cheuvreux, replacing the previous liquidity agreement with Oddo BHF. This agreement with Kepler Cheuvreux, as amended in 2019, automatically renews for 12-month periods unless terminated by either party. Under the terms of the agreement, the investment services provider (‘ISP’) is authorized to buy and sell the Company’s treasury shares without interference from the Company to ensure the liquidity of the shares on the Euronext market.

The liquidity agreement with Kepler Cheuvreux was extended for a new period of 18 months from May 22, 2025.

On June 30, 2025, treasury shares acquired by the Company through its ISP, as well as the gains or losses resulting from share purchase, sale, issue and cancellation transactions during the first six months of 2025, were accounted for as a deduction from equity. Consequently, these transactions had no impact on the Company’s results.

BSA and BSPCE plans

BSA and BSPCE plan characteristics

As of June 30, 2025, one BSPCE plan and 8 BSA plans are outstanding (see below).

The BSPCE and BSA plans are described in the note 12.3 “Share warrants plans” of the annual consolidated financial statements for the year ended on December 31, 2024.

No new share warrants plan has been attributed in the first half of 2025.

Movements in BSPCE share warrants and BSA share warrants (in number of shares issuable upon exercise)

At June 30, 2025, a total of 430,000 BSPCEs (representing, if exercised, 430,000 shares) and 346,333 BSAs (representing, if exercised, 346,333 shares) were outstanding, corresponding to a total of 776,333 shares if exercised, the maximum number of shares to be issued when all related conditions are met.

Free Shares (AGA) plans

AGA plans

As of December 31, 2024, one AGA plan was outstanding: AGA 2023-1.

On December 13, 2024, the Board of Directors decided to grant :

The final terms and conditions of the plans have been shared with the beneficiaries in the course of January 2025. The related share-payment expenses were therefore deferred to the year starting January 1, 2025.

As of June 30, 2025, AGA plans are outstanding: AGA 2023-1, AGA 2024-1, AGA 2024-2, AGA 2024-3, and AGA 2024-4.

Movements in AGA (in number of shares issuable upon exercise)

On June 30, 2025, a total of 2,993,567 AGA were outstanding. During the first six months of 2025, 821,433 AGA were forfeited, mainly due to Mr. Pierre Broqua’s resignation as Deputy Chief Executive Officer with effect as of June 30, 2025 (see Note 1.2 – Significant events in the first half of 2025).

The AGA plan is described in the Note 12.4 – Bonus share award plans to the annual consolidated financial statements for the year ended on December 31, 2024, with exception to the amendment of the AGA 2024-2 plan awarded to Pierre Broqua, Deputy Chief Executive Officer of the Company, decided by the Board of Directors on June 25, 2025. This amendment included removing presence and performance conditions while maintaining the original vesting and lock-up schedule. Share-based compensation expense with respect to this amended AGA plan amounted €0.6 million for the six month of 2025.

For the first six months of 2025, share-based compensation expense with respect to AGA and BSA totaled €2.2 million, which is unchanged from the corresponding period in 2024. These expenses are recognized in personnel costs (see Note 5.2 – Operating expenses). An additional €1.3 million share-based compensation expense with respect to AGA was recorded in Other operating income and expenses, following the removal of the presence and performance conditions agreed as part of the Strategic Pipeline Prioritization Plan (see Note 1.2 – Significant events in the first half of 2025 and Note 5.3 – Other operating income and expenses).

Stock Options (SO)

On December 20, 2024, the Board of Directors decided to grant 12,898,116 stock options to Mark Pruzanski, Chairman of the Board of Directors of the Company, through the new plan "SO 2024-1".

On December 20, 2024, the Board of Directors decided to grant 301,000 stock options to non-French employees through the new plan "SO 2024-2".

The final terms and conditions of the plans have been shared with the beneficiaries in the course of January 2025, the related share-payment expenses were therefore deferred to the year starting January 1, 2025.

As of June 30, 2025, two stock options plan were outstanding: SO 2024-1 and SO 2024-2.

On June 30, 2025, a total of 13,199,116 Stock options were outstanding.

The stock option unit value is estimated at €1.10 for both SO-2024-1 and SO-2024-2. The implied stock options fair values are estimated at €14.2 million for SO-2024-1 and €0.3 million for SO-2024-2.

For the first six months of 2025, share-based compensation expense with respect to stock options totaled €4.5 million.

4.9 Financial debt