Inventiva prices $150M american depositary share offering at $3.85

Inventiva (Euronext Paris and NASDAQ: IVA) announced the pricing of its public offering of 38,961,038 American Depositary Shares at $3.85 per ADS, raising approximately $150 million. The clinical-stage biopharmaceutical company expects to receive net proceeds of approximately $140.1 million after deducting underwriting fees and expenses.

Settlement and delivery of the offering is expected on November 17, 2025. The company has granted underwriters a 30-day option to purchase up to 5,844,155 additional ADSs, representing 15% of the shares sold. If exercised in full, estimated net proceeds would increase to approximately $161.2 million.

Samsara BioCapital L.P., which holds approximately 5.7% of the company's share capital, subscribed to 5,194,805 ADSs for approximately $20 million. Following the offering, Samsara will hold approximately 7.3% of the share capital on a non-diluted basis.

Inventiva plans to use approximately 80% of the proceeds to fund its NATiV3 Phase 3 clinical trial and preparation for an outcome trial, along with commercialization activities. The remaining 20% will support working capital and general corporate purposes.

As of September 30, 2025, the company had cash and cash equivalents of €97.61 million and short-term deposits of €24.71 million. Based on current cost structure, the company estimates its existing cash would fund operations until the end of the third quarter of 2026. With the offering proceeds, Inventiva expects to finance operations until early 2027, or until mid-third quarter 2027 if certain warrants are exercised.

Leerink Partners and Piper Sandler are acting as underwriters for the offering. The offering price represents a 0.89% discount to the volume-weighted average price on Euronext Paris for the last trading session before pricing.

Inventiva focuses on developing oral therapies for metabolic dysfunction-associated steatohepatitis (MASH) and is currently evaluating lanifibranor in a pivotal Phase 3 trial.

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