Inventiva Releases Q1 2024 Financials and Corporate Update

Inventiva, a clinical-stage biopharmaceutical company, recently disclosed its financial updates for the first quarter of 2024, along with key corporate developments. The company, which specializes in developing oral small molecule therapies to treat metabolic dysfunction-associated steatohepatitis (MASH), also known as non-alcoholic steatohepatitis (NASH), and other diseases with unmet medical needs, provided an overview of its financial standing and recent progress in its clinical trials.

Financial Overview:

As of March 31, 2024, Inventiva's cash and cash equivalents were reported at €11.0 million, short-term deposits at €0.1 million, and long-term deposits at €19.1 million. This represents a significant change from the end of 2023, where these figures stood at €26.9 million, €0.01 million, and €9.0 million, respectively. 

The company's net cash used in operating activities increased to (€29.4) million in the first quarter of 2024 from (€20.4) million in the first quarter of 2023. This rise is attributed mainly to elevated research and development expenditures, reflecting the ongoing clinical activities for the NATiV3 Phase III clinical trial of lanifibranor in MASH/NASH and the completion of the LEGEND Phase IIa combination trial with lanifibranor and empagliflozin in patients with MASH/NASH and type 2 diabetes (T2D).

Net cash used in investing activities for the first quarter of 2024 amounted to (€10.3) million, up from (€8.4) million in the same period last year. This increase corresponds to changes in deposits between the periods. Conversely, net cash generated from financing activities saw a positive spike to €23.7 million, compared to a negative (€1.2) million in the first quarter of 2023. This improvement was largely due to the second tranche of €25 million received in January 2024 under an unsecured loan agreement with the European Investment Bank (EIB), which also involved issuing 3,144,654 warrants to the EIB.

Additionally, the company accounted for a positive foreign exchange effect of €0.1 million on cash and cash equivalents, compared to a negative impact of (€0.5) million in the corresponding period of 2023, due to the fluctuation in the EUR/USD exchange rate.

Given its current cost structure and projected expenses, Inventiva estimates that its financial resources should support its operations until early in the third quarter of 2024. Nevertheless, there is a material uncertainty about the company's ability to continue as a going concern, and it is actively exploring potential financing and strategic options.

Corporate Developments and R&D Progress:

On March 28, 2024, Inventiva announced the appointment of Andre Turenne, President and CEO of Matchpoint Therapeutics, to its Board of Directors. This nomination will be presented for ratification at the next general shareholder meeting.

On May 13, 2024, the company published additional data from its NATIVE Phase II clinical trial, showing that lanifibranor improved cardiometabolic health markers in MASH/NASH patients, irrespective of their diabetes and obesity status or weight changes during treatment.

On May 16, 2024, the Data Monitoring Committee (DMC) recommended that the NATiV3 Phase III clinical trial proceed without any modifications to the current protocol. This decision was based on a pre-planned review of interim safety data from over 900 patients. Currently, 280 sites across 15 countries have resumed patient screening and randomization for the NATiV3 trial. The first visit of the last patient in this trial is anticipated in the first half of 2024.

Future Milestones and Conference Participation:

The company plans to target the first half of 2024 for the last patient’s first visit in the NATiV3 Phase III clinical trial. Inventiva is also slated to participate in several upcoming investor conferences, including the Portzamparc mid and small caps conference in June, the Stifel European Healthcare Summit in June, and the H.C. Wainwright Annual Global Investment Conference in September. Additionally, they will attend the EASL International Liver CongressTM in Milan, Italy, in June.

The next financial results publication for Inventiva, covering the first half of 2024, is scheduled for July 31, 2024.

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