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Exhibit 99.1

INVENTIVA S.A.

A joint-stock company (société anonyme) with a share capital of 2,362,802.02 euros

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

Dijon Trade and Companies Register 537 530 255

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Definitions

In this first-half 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.

A glossary defining certain terms used in the Interim Financial Report can be found in the 2025 Company’s Annual Report on Form 20-F for the fiscal year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission on April 8, 2026.

Forward-looking information

This Interim Financial Report 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:

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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.

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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.

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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 (together, “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 research and development of oral small molecule therapies for the treatment of metabolic dysfunction-associated steatohepatitis (“MASH”).

Leveraging its expertise and experience in the domain of compounds targeting nuclear receptors, transcription factors and epigenetic modulation, Inventiva is currently evaluating its product candidate lanifibranor, a novel pan-PPAR agonist, in a pivotal Phase III clinical trial for the treatment of adult patients with MASH, a common and progressive liver disease (“NATiV3”). 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 NATiV3 in the second half of 2021. In March 2024, the Company announced positive results from its Phase IIa combination trial with lanifibranor and empagliflozin in patients with MASH and Type 2 Diabetes (“LEGEND”).

In April 2025, Inventiva announced the completion of patient enrollment in NATiV3 with the randomization of the last patient in the main cohort. The publication of the topline results of NATiV3 is targeted for the fourth quarter of 2026. If the results are positive and subject to regulatory approval, the Company targets the potential new drug application (“NDA”) submission for lanifibranor in the first half of 2027, with a view to potential commercialization in 2028.

1.2.Significant events in the first half of 2026

1.2.1.Governance

Appointments to Leadership Team in Preparation for Phase III lanifibranor Data Readout

On April 22, 2026, we announced the strengthening of our leadership team with the appointment of Axel-Sven Malkomes as Chief Financial Officer, Susan Coles as Chief Legal Officer, and Pamela Herbster as Chief People Officer. These recruitments are intended to support our organizational build-out ahead of the expected top-line data readout from NATiV3, and the potential subsequent regulatory filings and commercialization activities. In connection with these appointments, Jean Volatier, previously Chief Financial Officer, transitioned to the role of EVP Finance & Corporate Social Responsibility.

Appointment of three independent members to our Board of Directors

At the general meeting of June 30, 2026, our shareholders appointed Dr. Barbara Krebs-Pohl, Dr. Anne Prener and Ms. Camilla Soenderby as independent members of our Board of Directors, effective June 30, 2026. These appointments strengthen the Board with significant expertise in biotechnology, clinical development, commercialization and corporate governance, supporting our continued development of lanifibranor. Ms. Annick Schwebig resigned from the Board of Directors prior to the general meeting.

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1.2.2.Combined transaction

Comprehensive refinancing transaction announced on June 2, 2026

In June 2026, we announced and executed a comprehensive refinancing transaction to fund the continued development and potential commercialization of lanifibranor.

The transaction comprised three components:

the “Combined Transaction”.

Each of these components is described in further detail below.

The accounting treatment of the transactions is described in Note 4.9 – Debt, Derivatives and Royalty Certificates liabilities to the unaudited interim condensed consolidated financial statements as of June 30, 2026 included elsewhere in this report.

(i)Equity Offering

On June 2, 2026, we announced an offering of 27,272,727 ADSs, each representing one ordinary share, at a public offering price of $4.40 (€3.7781)¹ per ADS (the “Equity Offering”). The settlement occurred on June 5, 2026.

The Equity Offering generated aggregate gross proceeds of $120.0 million (€103.0 million)². After deducting underwriting discounts and commissions and offering expenses payable by us of $9.1 million (€7.8 million), the net proceeds from the Equity Offering amounted to $110.9 million (€95.3 million).

The Equity Offering resulted in an increase in share capital and share premium for the corresponding net proceeds amount as of June 30, 2026, with the transaction fees deducted from the premiums.

(ii)EIB Transactions

On June 1, 2026 (the “EIB Transactions Execution Date”), we entered into a master agreement with the EIB (the “EIB Master Agreement”) providing for:

As of December 31, 2025, both tranches of the EIB loan (“EIB Tranche A” and “EIB Tranche B”) qualified as financial liabilities, measured at amortized cost under IFRS 9 and the corresponding amounts recognized amounted to:

¹ The exchange rate on the pricing date (June 1, 2026) was 1.1646 dollar for one euro.

² The exchange rate on the settlement date (June 5, 2026) was 1.1640 dollar for one euro.

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As of EIB Transactions Execution Date, the corresponding amounts recognized were:

The accounting treatment of the repayment of the EIB loan is presented in Note 4.9 – Debt, Derivatives and Royalty Certificates liabilities to the unaudited interim condensed consolidated financial statements as of June 30, 2026 included elsewhere in this report.

As of December 31, 2025, the EIB Tranche A Warrants and EIB Tranche B Warrants were classified as a derivative liability measured at fair value through profit or loss, for an aggregate carrying amount of €119.4 million, of which €74.0 million were related to the repurchased and cancelled Legacy EIB Warrants. As of June 30, 2026, the fair value of the repurchased and cancelled warrants amounted to €66.3 million for EIB Tranche A Warrants and to €13.7 million for EIB Tranche B Warrants (see Note 4.9 – Debt, Derivatives and Royalty Certificates liabilities to the unaudited interim condensed consolidated financial statements as of June 30, 2026 included elsewhere in this report).

The fair value variation recognized in financial income during the six-month period ended June 30, 2026 amounted to €68.5 million (see Note 5.4 – Financial income and expense to the unaudited interim condensed consolidated financial statements as of June 30, 2026 included elsewhere in this report). This gain primarily resulted from the EIB Master Agreement, resulting in the repurchase and cancellation of the Legacy EIB Warrants for the repurchase price of €50.0 million.

The accounting treatment of the repurchase of the Legacy EIB Warrants is presented in Note 4.9 – Debt, Derivatives and Royalty Certificates liabilities to the unaudited interim condensed consolidated financial statements as of June 30, 2026 included elsewhere in this report.

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The fair value variation recognized in financial expenses during the six-month period ended June 30, 2026 amounted to €40.7 million (see Note 5.4 – Financial income and expense to the unaudited interim condensed consolidated financial statements as of June 30, 2026 included elsewhere in this report).

As a result of the restructuring completed during the period, no derivative liability related to the Legacy EIB Warrants remained as of June 30, 2026 (see Note 4.9 – Debt, Derivatives and Royalty Certificates liabilities to the unaudited interim condensed consolidated financial statements as of June 30, 2026 included elsewhere in this report).

The restructuring of the Legacy EIB Warrants results in the accounting treatment presented in Note 4.9 – Debt, Derivatives and Royalty Certificates liabilities to the unaudited interim condensed consolidated financial statements as of June 30, 2026 included elsewhere in this report.

(iii)Debt Financing Transaction

On June 2, 2026, we entered into a subscription agreement with funds and accounts managed by BlackRock and Claret Capital Partners (the “Lenders”) providing for the issuance of new senior secured debt instruments for an aggregate committed principal amount of up to €130.0 million, plus an additional uncommitted tranche of up to €20.0 million subject to mutual consent following FDA approval of the NDA for lanifibranor (the “Subscription Agreement”) (together, the “Debt Financing Transaction”).

The Debt Financing Transaction comprises:

The Subscription Agreement includes certain restrictive covenants, subject to customary exceptions, including, among other things, restrictions on the incurrence of indebtedness, the grant of security interests and guarantees, dividends and other distributions, asset disposals, mergers and restructurings, acquisitions and joint ventures. The Subscription Agreement also includes financial covenants requiring us to maintain at least €30.0 million in specified secured accounts. The obligations under the debt financing are secured by first-ranking security over specified collateral, including certain intellectual property rights, bank accounts and receivables.

A portion of the proceeds were used to refinance the EIB loans (see Note 4.9 – Debt, Derivatives and Royalty Certificates liabilities to the unaudited interim condensed consolidated financial statements as of June 30, 2026 included elsewhere in this report) and the remainder is intended to fund our activities and research and development programs (see Note 3.4 – Going concern to the unaudited interim condensed consolidated financial statements as of June 30, 2026 included elsewhere in this report).

The closing of the first tranche consisting of senior secured bonds (the “Convertible Bonds”), convertible into new ordinary shares (“Lenders’ Tranche A”) and the second tranche consisting of senior secured amortized bonds (“Lenders’ Tranche B”) was conditional upon the full repayment of the EIB loans and the completion of an equity financing of at least €90.0 million, which was satisfied upon the closing of the Equity Offering on June 5, 2026.

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On June 12, 2026, we drew down the first two tranches of the Debt Financing Transaction for an aggregate principal amount of €75.0 million (net proceeds of €69.6 million):

Pursuant to the conversion price formula described above, the conversion price was set on June 12, 2026 at €5.2893 per ordinary share, corresponding to a conversion ratio of 0.18907 ordinary shares per Convertible Bond of €1 par value. The conversion ratio is subject to customary anti-dilution adjustments and may be adjusted pursuant to an equity-linked pricing reset mechanism.

The drawdown of the Lenders’ Tranches A and B results in the accounting treatment presented in Note 4.9 – Debt, Derivatives and Royalty Certificates liabilities to the unaudited interim condensed consolidated financial statements as of June 30, 2026, included elsewhere in this report.

In addition, an uncommitted tranche (“Lenders’ Tranche C”) of up to €55.0 million, with annual fixed interest of 8.90%, supplemented by payment-in-kind interest of 2.10% capitalized annually, remains available for drawdown no later than February 15, 2027, subject to certain conditions precedent: (a) the prior and full issuance of Lenders’ Tranches A and B, (b) compliance with a maximum debt-to-market capitalization ratio of 10% based on a 30-day VWAP (which market capitalization includes the ordinary shares and the pre-funded warrants issued in the Structured Financing), (c) the achievement of the primary composite endpoint of the ongoing NATiV3 trial and (d) the confirmation of the exercise of the T3 Warrants issued by us on May 7, 2025 of at least €100 million (the “T3 Warrants Exercise”) or prior completion of an equity fundraising for at least €100 million. Finally, the Debt Financing Transaction comprises an optional additional tranche for a maximum amount of €20 million, subject to mutual consent, following FDA approval of the NDA for lanifibranor.

As of the date of authorization of these financial statements, the conditions (b), (c) and (d), for drawdown have not been met and therefore there is no financial effect.

In connection with the Subscription Agreement, on June 12, 2026, we issued warrants (bons de souscription d’actions) to the Lenders (the “Lenders’ Warrants”):

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The issuance of Lenders’ Warrants results in the accounting treatment presented in Note 4.9 – Debt, Derivatives and Royalty Certificates liabilities to the unaudited interim condensed consolidated financial statements as of June 30, 2026 included elsewhere in this report.

Each Lenders’ Warrant entitles the holder to subscribe to one of our ordinary shares. The exercise price was set at €4.1559 per ordinary share, corresponding to a 10% premium applied to the lowest of (i) the 30-day VWAP of the ordinary shares on Euronext Paris immediately prior to April 30, 2026 (€4.6681), (ii) the 30-day VWAP immediately prior to the initial closing of Lenders’ Tranches A and B, and (iii) the euro-equivalent offering price per ordinary share represented by each ADS sold in the Equity Offering (€3.7781). The exercise ratio is subject to customary anti-dilution adjustments and may also be adjusted pursuant to an equity-linked pricing reset mechanism in certain circumstances specified in the Subscription Agreement.

The Lenders’ Warrants will expire on the earlier of (i) the tenth anniversary of their issuance date and (ii) the closing of a tender offer under sections 14(d) and 14(e) of the U.S. Securities Exchange Act of 1934.

1.2.3.Recent events and prospects

In accordance with IAS 10 Events after the Reporting Period, we have assessed transactions and events occurring between June 30, 2026, and the date the interim condensed consolidated financial statements were authorized for issue by the Board of Directors on September 25, 2026.

Completion of the EIB warrant restructuring

On July 9, 2026, we completed the restructuring of warrants held by the EIB through the issuance of 15,677,573 New EIB Warrants and the surrender and cancellation of all Remaining EIB Warrants. See Note 4.9 – Debt, Derivatives and Royalty Certificates liabilities to the unaudited interim condensed consolidated financial statements as of June 30, 2026 included elsewhere in this report.

Appointment of Chris Benecchi as Chief Operating Officer

On August 31, 2026, we announced the appointment of Chris Benecchi as Chief Operating Officer. Mr. Benecchi brings over 30 years of biopharmaceutical industry experience, including leadership roles in commercial operations, launch readiness and corporate strategy. He will be responsible for leading our operational readiness as we approach the expected topline results from NATiV3 in the fourth quarter of 2026 and prepare for potential commercialization, subject to regulatory approvals. This appointment supports our strategy to strengthen our organizational, operational and commercial capabilities ahead of the anticipated next stages of development.

Completion of last patient last visit in the NATiV3 trial

On September 2, 2026, we announced that the last patient had completed the final 72-week visit in the NATiV3 clinical trial evaluating lanifibranor in patients with MASH. Following completion of the treatment period, we expect to report topline results in the fourth quarter of 2026.

1.3.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 2025 Universal Registration Document, and 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, 2025.

Except as updated below, the Company believes that there have been no material changes to such risk factors since the filing of those documents. The risk factors below update and supplement the corresponding risk factors contained in those documents and retain the same numbering used in the 2025 Universal Registration Document for ease of reference.

Our business, financial condition or results of operations could be materially adversely affected by any of these risks.

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2.1.5.1 Risks related to securing and finalizing financing and risks related to uncertain additional financing

The Company estimates that it has raised the funds necessary to finance its activity until the end of the second quarter of 2027, subject to changes in its business plan and operational needs. However, the Company will require additional funds, particularly if NATiV3 is successful, to prepare the marketing authorization application and to manufacture and commercialize lanifibranor, as applicable.

The T3 Warrants of the structured financing announced by the Company on October 14, 2024, in the amount of €116 million, will potentially be available if any key primary endpoint or key secondary endpoint of the NATiV3 study is met no later than June 15, 2027. Furthermore, as part of the combined transaction announced on June 2, 2026, the Company could also benefit from the drawdown of Tranche C for an amount of up to €55 million, subject to compliance with the conditions set forth in the applicable financing documentation. However, there is no guarantee that Tranche C under the Debt Financing Transaction will actually be available or drawn down, nor that the Tranche 3 warrants will be exercised, in whole or in part, nor that the USD ten (10) million payment (gross proceeds) owed on publication of Positive Topline Data under the CTTQ License Agreement³, will become due. Consequently, a significant portion of the financial resources that could extend the Company’s cash flow horizon depends on uncertain future events, some of which depend in particular on the results of the NATiV3 study. Completion of these various assumptions could therefore enable the Company to finance its business through the beginning of the first quarter of 2028.

The T3 Warrants funding would occur at the earliest after the publication of Positive Topline Data and remains optional at the discretion of the T3 Warrants holders (who have a period of forty-five (45) calendar days to exercise the T3 Warrants as from the publication by the Company of the baseline data announcing that any key primary endpoint or key secondary endpoint of the NATiV3 study is met).

If no other financing is secured by the time the T3 Warrants are potentially available, the Company may, even if all conditions precedent are satisfied, face additional funding requirement from the end of the second quarter of 2027 until such T3 Warrants are potentially exercised, should the holders elect not to exercise them immediately. To meet its financing needs, the Company could therefore rely on a combination of equity or equity-linked offerings, debt financing, strategic partnerships, licensing agreements, or other transactions.

However, taking on additional debt could result in higher financial expenses and could also require the Company to comply with certain additional covenants, such as restrictions on the Company’s ability to incur additional debt or to carry out certain transactions.

Similarly, the execution of additional financing agreements could be accompanied by covenants limiting the Company’s ability to acquire or grant intellectual property rights, particularly if it is required to provide additional collateral and accept other operational restrictions that could have a negative impact on the Company’s ability to continue its business operations.

It should be noted that additional financing, particularly in the form of equity instruments, could result in significant dilution. Furthermore, financing in the form of debt would weaken the Company’s financial condition. The need for, and pursuit of, additional financing could also divert the Company’s management from its day-to-day business, which could adversely affect the future development and commercialization, if any, of its drug candidate.

As part of the refinancing executed in June 2026, the Company prepaid the entire amount of the financing previously arranged with the EIB. Consequently, the refinancing risk associated with the repayment maturities scheduled for December 2026 and January 2027 under the previous EIB financing no longer exists in this form. Nevertheless, the Company remains subject to the obligations arising from its currently outstanding financing arrangements under the Debt Financing Transaction. Its ability to meet these obligations depends, in particular, on its future liquidity levels, the success of the NATiV3 study, and its ability to access additional financing on acceptable terms, in a timely manner or at all.

³ Refer to the accounting principles and CTTQ License Agreement and amendment described in the Notes 3.12 – Revenue and Note 19.1 – Revenues to the annual consolidated financial statements for the year ended on December 31, 2025

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If the Company is unable to secure such additional financing and/or refinancing on acceptable terms or in a timely manner - particularly given the generally unfavorable environment for financing companies in the biotechnology sector - its business, organization, results, and development could be adversely affected; it could be, in particular, forced to delay or suspend its activities, the development or commercialization of any approved product, or be unable to expand its operations or capitalize on its business opportunities as intended. The Company may also have to reimplement a plan to reduce and manage its fixed costs or enter into new collaboration agreements that could be less favorable to it than those it might have obtained under different circumstances, which could adversely affect its growth prospects or business operations, as discussed in the risk factor related to liquidity in paragraph 2.1.5.3 below.

2.1.5.2 Risks related to the commitments and conditions attached to the financing agreement with BlackRock and Claret

On June 2, 2026, the Company entered into a structured financing arrangement with funds and accounts managed by BlackRock and Claret Capital providing for a total gross financing amount of up to €130 million in the form of committed tranches, to which an additional uncommitted tranche of €20 million may be added, subject to the parties’ agreement. This financing included, in particular, (i) an issuance of €35 million in convertible bonds (Tranche A) and (ii) an issuance of €40 million in amortizable bonds (Tranche B), both of which have been drawn in June 2026, as well as (iii) an additional tranche of amortizable bonds of up to €55 million (Tranche C), the availability of which remains subject to the satisfaction of specific conditions.

The financing documentation sets forth a series of representations, warranties, covenants, and restrictions that govern the Company’s business operations. These commitments include, in particular restrictions on additional debt, the granting of security interests (notably certain intellectual property rights related to lanifibranor in certain jurisdictions, as well as security interests granted over bank accounts), certain restructuring, merger, or asset disposal transactions, as well as the maintenance of security interests granted to lenders and compliance with other obligations set forth in the financing documentation.

The financing documentation also includes financial covenants requiring the Company to maintain at least €30.0 million of cash and cash equivalents in specified secured accounts and, commencing September 30, 2026, to hold in bank accounts located in Luxembourg an amount equal to the lesser of (i) €75.0 million, as reduced by any repayments or prepayments of principal made under the financing documentation, and (ii) two-thirds of the Company’s total consolidated cash and cash equivalents at the relevant time.

The financing documentation contains customary events of default. In addition, failure to achieve the primary composite endpoint in NATiV3, or the occurrence of any adverse regulatory outcomes, would constitute an event of default, subject to specified cure mechanics.

Furthermore, Tranches A and B may be subject to mandatory prepayment if the aggregate principal amount thereof exceeds 10% of post NATiV 3 results market capitalization.

In addition, access to a significant portion of the financing remains contingent upon the achievement of certain clinical and financial milestones. In particular, Tranche C, representing up to €55 million in additional financing, is available only subject to, among other conditions, (i) compliance with a debt-to-market-capitalization ratio of 10%, (ii) the publication of positive results from the Phase III NATiV3 clinical trial, and (iii) the exercise, for at least €100 million of the T3 Warrants or prior completion of an equity fundraising for at least €100 million.

Failure to comply with the covenants set forth in the financing documentation, failure to satisfy the conditions for drawing future tranches, or the occurrence of an unresolved default or termination event could lead the lenders to suspend the availability of undrawn tranches, demand early repayment of all or part of the amounts due, enforce the security interests they hold, or exercise other remedies provided for in the financing documentation. The Company might then be forced to seek alternative sources of financing, which may not be available or may only be accessible on less favorable terms.

The occurrence of any of these events could have a material adverse effect on the Company’s cash flow, financial condition, operations, the clinical development of its programs, its prospects, and, ultimately, its ability to continue as a going concern.

2.1.5.3 Liquidity Risk: the Company estimates that it can finance its operations until the end of the second quarter of 2027

As of June 30, 2026, the Company’s cash and cash equivalents totaled €166.1 million, and its short-term deposits totaled €67.8 million.

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As of the date of this document, taking into account the net proceeds from the financing transaction announced on June 2, 2026 (excluding the conditional Tranche C), the Company estimates that its cash, cash equivalents, and short-term deposits will enable it to finance its operations, in accordance with its current plan, through the end of the second quarter of 2027⁴.

The Company considers that its current cash, cash equivalents, and short-term deposits remain insufficient to cover all of its currently projected operating needs over the next 12 months.

These events and conditions indicate that there is significant uncertainty regarding the Company’s ability to continue as a going concern and, consequently, it may not be able to realize its assets and settle its liabilities in the normal course of business.

Assuming that the T3 Warrants issued as part of the structured financing announced by the Company on October 14, 2024, are exercised in full for gross proceeds of up to €116.0 million, and assuming full completion of Tranche C of the financing transaction announced on June 2, 2026, representing potential gross proceeds of up to €55.0 million, the Company believes it will be able to finance its operations, in accordance with its current plan, until the beginning of the first quarter of 2028.

These estimates, which are based on the Company’s current business plan, take into account the net proceeds from the financing transaction announced on June 2, 2026, as well as the availability of T3 Warrants, and exclude any potential milestone payments to be made or received by the Company, as well as any additional expenses related to the candidate product or resulting from the licensing or acquisition of additional candidate products or technologies, or from any associated development the Company may pursue. It is possible that the Company has based these estimates on incorrect assumptions or that it may modify its business plan in the future and ultimately use its resources more quickly than anticipated. These estimates could be revised downward in the event of an increase in expenses related to development programs that exceeds the Company’s estimates, or if the Company’s development program progresses more rapidly than anticipated. Furthermore, there is no guarantee that Tranche C of the financing transaction announced on June 2, 2026, representing an amount of up to €55.0 million, will be drawn down by the Company, nor that the T3 Warrants, will be exercised, nor to what extent they will be exercised, if at all.

The Company will need to raise additional funds to achieve its long-term objectives for the development and potential commercialization of lanifibranor, in accordance with its current plan, through other potential public offerings or private placements, ADS sales under its ATM program, or potential strategic transactions such as commercial development partnerships, and/or licensing agreements.

The Company cannot guarantee that it will be able to obtain the necessary financing or complete the proposed transactions, nor that it will be able to do so on terms deemed acceptable, or even that it will succeed at all, which could have a material adverse effect on its prospects, business, and financial condition. Although recently completed financing transactions have improved the Company’s financial position, the Company’s future access to additional capital will remain subject, in particular, to market conditions and investor interest.

2.1.5.4 Dilution Risk: The issuance of new shares and/or the allocation of new financial instruments conferring rights to the Company’s capital will result in dilution—potentially significant—for the Company’s shareholders

The Company may need to raise capital through the issuance of new shares or financial instruments conferring rights to the Company’s capital to finance all or part of its corresponding needs. This would result in potential further dilution for shareholders.

⁴ Short-term deposits are classified under “other current assets” in the consolidated statement of financial position in accordance with IFRS.

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Furthermore, as part of its policy to incentivize its executives, directors, and employees and to attract and retain qualified personnel, as well as under its financing agreement with the EIB, the Company has issued and allocated stock subscription warrants (“BSA”), founder’s share subscription warrants (“BSPCE”), and bonus shares (“AGA”)⁵, which could result in potentially significant additional dilution for the Company’s current and future shareholders.

Furthermore, as part of the agreements entered into with the EIB on June 1^st, 2026, intended, among other things, to fully refinance the loan granted by the EIB and to streamline the Company’s capital structure, the Company issued 15,677,573 new warrants to the EIB on July 9, 2026 in exchange for the Company’s cancellation of all warrants previously issued to the EIB. Each new warrant entitles the holder to subscribe for one ordinary share of the Company. These new warrants, subject to a 90-day lock-up period ending on August 30, 2026, are exercisable until January 4, 2036.

The exercise of all or part of these new warrants is likely to result in further dilution for existing shareholders. Full exercise of these new warrants would result in the issuance of 15,677,573 new shares, representing approximately 6.64% of the number of shares currently outstanding.

As of August 31, 2026, the exercise of all dilutive instruments granted but not yet exercised, held by executives, directors, and employees, representing 29,816,382 shares, would result in a dilution of approximately 11.8% based on a share capital of €2,362,802.02.

Furthermore, the exercise of (i) all dilutive instruments held by executives, directors, and employees, (ii) the new warrants issued to the EIB, (iii) the pre-financed warrants issued in October 2024, December 2024, and May 2025 (for a total of 61,747,112 pre-financed warrants outstanding as of the date hereof, which, if exercised, would represent an issuance of 61,747,112 additional shares), would result in a dilution of 31.6% based on the Company’s current share capital (€2,362,802.02 euros) (to which the aforementioned instruments conferring rights to the capital would be added and excluding shares resulting from the exercise of the T3 Warrants⁶). The Company also implemented a new At-the-Market (ATM) program in October 2025, which allows it to issue and sell common stock in the form of American Depositary Shares (ADS) to unsolicited investors who have expressed interest, for a total gross amount of up to $100 million. If the Company issues ADSs under its ATM program, this could dilute shareholders, reduce the price of ordinary shares or ADSs, or hinder the Company’s ability to raise capital in the future.

Any share issuances that may result from the exercise of these dilutive instruments could be made at significant discounts in accordance with the terms set forth in the resolutions passed at the general meetings that approved the terms and conditions for the granting of the dilutive instruments.

In the event that the funds raised by the Company prove insufficient to enable it to successfully implement its development plan, the Company may, in the future, issue or allocate shares or new financial instruments conferring rights to the Company’s capital, excluding, however, any issuance of warrants free of charge, or on subscription terms unrelated to the market value of the warrants, to the benefit of the directors in accordance with applicable legal provisions and as disclosed by the AMF in a press release dated June 5, 2018⁷. This would result in additional, potentially significant, dilution for the Company’s shareholders.

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⁵ Presented in Section 6.2.5 – Summary of Dilutive Instruments Held by Executives, Directors, and Employees in the Company’s 2025 Universal Registration Document

⁶ As of the date of this document, the T3 Warrants would represent, if fully exercised (subject to completion of specific conditions), 77,333,319 additional ordinary shares

⁷ Allocation of Stock Options to Directors: The AMF Draws Issuers’ Attention, June 5, 2018

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1.4.Earnings analysis for the six months ended June 30, 2026

1.4.1.Revenue and other income

For the six months ended June 30, 2026, and June 30, 2025

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We recorded minimal revenues during the first six months of 2026, compared to €4.5 million revenues during the first six months of 2025. The revenues recognized in the first half of 2025 were mainly attributable to the CTTQ License Agreement.

Other income increased by €0.1 million, or 11%, compared to the six months ended June 30, 2025. This increase was primarily driven by a €0.4 million increase in other income mainly related to a €0.2 million rise due to ADS management fees retrocession, partially offset by a €0.3 million decrease in the French research tax credit (Crédit d’Impôt Recherche, “CIR”), resulting from a lower proportion of eligible research and development expenses.

1.4.2.Operating expenses

For the six months ended June 30, 2026, and June 30, 2025

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The increase in operating expenses of €10.7 million, or 18%, compared to the six months ended June 30, 2025, is driven by an increase in general and administrative expenses described in paragraph 1.4.2.3 General and administrative expenses, an increase in research and development expenses described in paragraph 1.4.2.1 Research and development expenses, and an increase in marketing and business development expenses described in paragraph 1.4.2.2 Marketing - Business development expenses.

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1.4.2.1Research and development expenses

Research and development expenses for the six months ended June 30, 2026 and June 30, 2025, break down as follows:

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The €1.3 million increase in research and development expenses, or 3%, compared to the six months ended June 30, 2025, was primarily driven by a €3.6 million rise in personnel costs, of which €2.3 million were related to share-based compensation plans (see Note 4.8 Shareholders’ equity to the unaudited interim condensed consolidated financial statements as of June 30, 2026 included elsewhere in this report), reflecting the strengthening of our research and development organization to support the advancement of the lanifibranor development program.

This increase was partially offset by lower depreciation, amortization and provisions expenses and lower study costs. Our research and development activities during the period remained focused on our single product candidate, lanifibranor, including the ongoing NATiV3 trial, and the finalization of Phase I and Phase II studies.

Costs relating to lanifibranor in the six months ended June 30, 2026, 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, 2026:

NATiV3 Phase III trial in MASH

We continued to conduct our NATiV3 trial, with patients remaining on treatment during the period. Activities mainly included regulatory submissions following protocol amendment No. 8, data cleaning and reconciliation work, and the completion of enrollment of the extension cohort in China in February 2026. Other study expenses included Fibroscan equipment rental, biopsy slide readings, PK analyses, CEC and DMC fees, histology-related collaboration and patient retention initiatives.

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LEGEND Phase IIa trial

The LEGEND trial remained in its finalization stage during the period, with activities mainly related to Trial Master File preparation.

Phase I studies

Phase I expenses mainly related to the BioEquivalence/Food Effect study, including healthy volunteer follow-up, CRO supervision. The period also included reversals of provisions relating to completed studies.

Phase II studies

Expenses relating to our closed Phase II studies mainly reflected reversals of provisions and foreign exchange variations on remaining provisions.

Development activities

With respect to other development activities, costs mainly related to pharmaceutical development and manufacturing activities in preparation for potential commercialization, including API and drug product manufacturing, packaging and distribution activities for NATiV3, CMC consulting support, non-clinical development activities, biomarker and pharmacokinetic analyses, preclinical studies, regulatory submissions and interactions in the United States and Europe, as well as external expert support across clinical, regulatory, quality assurance, pharmacovigilance and development functions. Medical affairs activities also increased during the period.

1.4.2.2Marketing and business development expenses

Marketing and business development expenses break down as follows:

For the six months ended June 30, 2026, and June 30, 2025

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Marketing and business development expenses for the first six months of 2026 increased by €1.8 million, compared to the first six months of 2025, mainly due to the increase of €0.9 million of personnel costs of which €0.5 million is related to share-based compensation plans (see Note 4.8 Shareholders’ equity to the unaudited interim condensed consolidated financial statements as of June 30, 2026 included elsewhere in this report) and the remaining €0.4 million to employer contributions; and an increase of €1.0 million in other expenses primarily related to the commercial development of lanifibranor.

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1.4.2.3General 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, 2026, and June 30, 2025

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General and administrative expenses for the first six months of 2026 increased by €7.5 million compared to the first six months of 2025, mainly due to a €4.7 million increase in personnel costs of which €2.3 million is notably related to share-based compensation expenses (see Note 4.8 – Shareholders’ equity to the unaudited interim condensed consolidated financial statements as of June 30, 2026 included elsewhere in this report) and the remaining €1.6 million to employer contributions; as well as an increase of €2.0 million in consulting fees and an increase of €0.7 million in other expenses associated with the commercial development of lanifibranor.

1.4.3.Other operating income and expenses

Other operating income and expenses break down as follows:

For the six months ended June 30, 2026, and June 30, 2025

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For the first six months of 2026, other operating expenses amounted to €0.6 million, which mainly comprises:

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(See Note 5.3 – Other operating income and expenses to the unaudited interim condensed consolidated financial statements as of June 30, 2026 included elsewhere in this report).

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

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1.4.4.Financial income and expenses

Financial income and expenses break down as follows:

For the six months ended June 30, 2026, and June 30, 2025

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The net financial gain for the first six months of 2026 was €0.9 million, compared to a net loss of €113.2 million in the same period of 2025. This decrease is primarily attributable to the variation in fair value of the financial instruments.

For the first six months of 2026, financial expenses mainly include:

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For the first six months of 2026, financial income mainly includes:

1.4.5.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, at short or mid-term, were considered unlikely due to our growth phase and regarding the nil projected tax rate as of December 31, 2025, no current taxes were recorded as of June 30, 2026, for Inventiva.

Deferred taxes

Inventiva has recorded tax losses for the first six months of 2026. 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, 2026.

1.4.6.Net loss for the period

We recorded a net loss of €69.5 million in the first six months of 2026 compared to a net loss of €175.9 million in the first six months of 2025, which was a decrease in net loss of €106.4 million between both periods.

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1.5.Analysis of financial situation

1.5.1.Current assets

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Current assets increased by €1.5 million (1%) compared to December 31, 2025. This was mainly attributable to the €66.8 million (67%) increase in cash and cash equivalents related to our investing and financing activities (See section 2 Cash flow and equity), and the €67.8 million decrease in other current assets is mainly related to the closing of short-term deposits at Société Générale for $71.8 million (€63.1 million) and Crédit Agricole for $56.5 million (€49.6 million), partially offset by the opening of a new short-term deposit account at Société Générale for $39.5 million (€34.7 million) and a new short-term deposit account at Crédit Agricole for $16.4 million (€14.4 million).

As of June 30, 2026, tax receivables are mainly composed of CIR receivable in the amount of €2.3 million corresponding to the 2025 CIR, as well as a €0.8 million provision related to the 2026 CIR.

1.5.2.Non-current assets

Non-current assets consist of:

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Non-current assets increased by €0.2 million (4%) compared to December 31, 2025 mainly due to a €0.7 million increase in other non-current assets related to non-current term deposits, reflecting an advance payment under Tranche B of the Financing Agreement that is recoverable upon final repayment. This increase was partially offset by a €0.6 million decrease in property, plant and equipment, primarily attributable to asset disposals following the discontinuation of certain research activities.

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1.5.3.Shareholders’ equity

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Shareholders’ equity increased by €87.5 million compared to December 31, 2025, primarily reflecting the capital increases completed during the period, including the Equity Offering, partially offset by the net loss of the period (€69.5 million).

Changes in shareholders’ equity during the first six months of 2026 are described in further detail in Note 4.8 - Shareholders’ equity to the unaudited interim condensed consolidated financial statements as of June 30, 2026 included elsewhere in this report, and in Section 2 Cash flow and equity of this document.

1.5.4.Non-current liabilities

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As of June 30, 2026, non-current liabilities decreased by €73.0 million (36%) compared to December 31, 2025, mainly due to the €106.3 million decrease in derivative financial liabilities following the EIB Transactions. This decrease was partially offset by a €25.8 million increase in long-term debt, mainly related to the full prepayment of the EIB debt and the recognition of new long-term debt under the Debt Financing Transaction with BlackRock and Claret Capital Partners, as well as by a €7.4 million increase in royalty certificates liabilities.

1.5.5.Current liabilities

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Current liabilities decreased by €12.8 million (17%) for the six months ended June 30, 2026, compared to December 31, 2025. This change is mainly driven by a €19.0 million decrease in short-term debt, mainly related to the settlement of the pre-funded warrants issued under the Structured Financing. This decrease is partially offset by an increase of €8.5 million in trade payables.

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2.Cash flow and equity

This section discusses our shareholders’ equity, cash position for the six months ended June 30, 2026, and the fiscal year ended December 31, 2025, and our sources of funding for the six months ended June 30, 2026, and the six months ended June 30, 2025.

2.1.Cash and cash equivalents

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Since our inception, we have financed our 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, 2026, cash and cash equivalents amounted to €166.1 million compared to €99.3 million as of December 31, 2025, reflecting an increase of €66.8 million (67%). (see Section 2.2 – Cash flow analysis).

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 and operating activities related to our lanifibranor development program.

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

2.1.1.Equity financing

As of June 30, 2026, our share capital was set at €2,362,802.02 divided into 236,280,202 shares with a nominal value of €0.01 each, compared to a share capital of €1,932,369.78 divided into 193,236,978 shares with a nominal value of €0.01 each, as of December 31, 2025.

The 430,432 euros share capital increase in the first six months of 2026 is attributable to the exercise of Warrants, including 2,059,386 shares issued following the exercise of T1 Warrants, 11,111,111 shares issued following the exercise of T2 Warrants, two separate issuances of 1,300,000 shares each following the exercise of T1 Warrants on February 11 and April 23, 2026, as well as 27,272,727 shares issued in connection with the Equity Offering.

(See Note 4.8 - Shareholders’ equity to the unaudited interim condensed consolidated financial statements as of June 30, 2026 included elsewhere in this report).

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2.1.2.Financing from bank loans and market securities