Inventiva S.A. (Ticker: IVA) – a French biotech focused on NASH (non-alcoholic steatohepatitis) – recently held a pivotal shareholder vote that secured overwhelmingly positive results ([1]). Investors approved virtually all proposals, reaffirming confidence in management’s plans and allowing the company to continue operations unabated ([2]). This “game-changing” vote effectively greenlights Inventiva’s strategy to fund and advance its lead drug lanifibranor through a critical Phase 3 trial in NASH. Below we dive into Inventiva’s dividend policy, financial leverage, valuation, and the key risks and questions ahead – all grounded in official filings and credible sources.
Dividend Policy & History
Inventiva has no dividend history, which is typical for a clinical-stage biotech. The company has never paid dividends and retains any capital to fund R&D and operations ([3]). With persistent net losses and no approved products yet, management has made no indication of initiating dividends in the foreseeable future. Consequently, dividend yield is 0%, and shareholders’ returns hinge entirely on stock price appreciation if lanifibranor succeeds, rather than income. This no-dividend stance is prudent given Inventiva’s need to conserve cash for drug development rather than distribute it.
Leverage, Debt Maturities & Coverage
Inventiva’s capital structure includes several financing instruments rather than traditional long-term bonds. Key components of its debt and financing profile are:
- European Investment Bank (EIB) Loan: Inventiva has drawn the full €50 million available under a 2022 credit facility with the EIB ([4]) ([4]). The second €25 million tranche was pulled in January 2024 at a 7% annual interest rate (payable at loan maturity) with a 3-year term ([4]). Maturity: early 2027, timed after the planned Phase 3 trial readout. The loan is unsecured but not without strings – Inventiva issued EIB warrants (3.14 million shares at €3.95 each) as part of this financing ([4]) ([4]). These warrants only become exercisable after December 2026 or upon certain events (change of control, default, etc.) ([4]). In essence, the EIB loan is a pricey but crucial lifeline: interest accrues (no interest paid currently) and full repayment is expected once Phase 3 results are out ([4]) ([4]). Coverage: Since Inventiva has no earnings, interest coverage is coming from cash reserves. The 7% interest is actually being capitalized (added to the loan balance), reflecting how debt service relies on future success rather than ongoing income.
- State-Guaranteed & Bank Loans (PGE/PPR): In 2020–2022, Inventiva obtained ~€10 million in French state-guaranteed loans (“PGE”) and Relance recovery loans ([5]) ([5]). These carry standard terms and have been extended to mature in 2026 after initial short tenors ([5]). The company made ~€1.8 million in PGE principal repayments in H1 2025 ([5]), and continues to amortize this debt. The outstanding balance of these loans appears modest now (a few million euros) and is being gradually repaid from cash on hand. Their interest cost is relatively low, and given Inventiva’s negative EBITDA, debt coverage for these loans comes from the cash buffer rather than any operating cash flow.
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- Royalty-Based Financing: To further finance its pipeline, Inventiva leveraged non-dilutive (but high-cost) funding through “royalty certificates.” In August 2023 it raised €5.1 million, and in July 2024 another €20.1 million, by selling rights to a portion of future lanifibranor revenues ([5]) ([5]). These royalty certificates carry steep effective interest rates (~30%+ IRR) reflecting the risk – the liability is recorded at amortized cost of €9.2 M (for 2023 notes) and €24.2 M (2024 notes) as of mid-2025 ([5]) ([5]). Repayment: If lanifibranor succeeds, certificate holders receive royalties or predefined payouts (hence the growing carrying value). If the drug fails, Inventiva may not need to pay back much (the investors bear that risk). This structure gives Inventiva cash now in exchange for a claim on future sales. It bolstered funding without immediate dilution, but it effectively mortgages some future revenue, which could weigh on long-term profitability if the drug becomes a blockbuster.
Total Debt Load: Combining the EIB loan (€50 M), royalty obligations (recorded ~€33 M mid-2025), and remaining PGE/PPR loans (<€10 M), Inventiva’s debt is roughly ~€90 million nominal. However, the company’s net debt is actually negative at present – meaning cash outweighs debt. Inventiva had €122.1 M in cash & equivalents at June 30, 2025 ([5]) plus ~€24.6 M in short-term deposits, totaling about €146 M liquidity ([5]). This was boosted by a major equity financing in May 2025 (see below). After funding ongoing R&D burn, management estimated the cash runway extends into 2026 – enough to reach the critical NATiV3 Phase 3 trial data readout in mid-2026 ([6]). In fact, the second tranche equity raise (T2) in 2025 was explicitly sized to carry the company through the interim Phase 3 results milestone ([7]) ([7]). Thus, debt coverage in the near term is achieved by ample cash reserves. The recent shareholder vote was game-changing in that it approved the necessary authorizations for financing – effectively ensuring the company can issue equity or other instruments as needed, rather than face a cash crunch ([2]).
Recent Equity Financing and Capital Structure
It’s important to note Inventiva’s capital structure shifted significantly in 2024–2025 due to large equity-based financings, which were enabled by shareholder approvals. In late 2024, the company arranged a structured equity financing of up to €348 M (in tranches) with a consortium of specialist biotech investors ([7]) ([7]). In May 2025, upon completion of Phase 3 enrollment, Inventiva closed the €116 M second tranche (“T2”) of this deal ([7]). This deal was complex, involving new ordinary shares plus warrants in multiple series:
- T2 Equity: Issued ~42.49 million new shares at €1.35 each (raising €57.4 M gross) with attached T3 warrants (one per share) ([5]). Each T3 warrant gives the right to buy an additional share at €1.50 in the future ([5]). If all those T3 warrants are exercised (likely contingent on positive trial results), it would raise another €57.4 M ([5]).
- Prefunded Warrants: Issued ~43.44 million prefunded T2 warrants at €1.34 each (raising another €58.2 M) ([5]). These are essentially prepaid shares – investors paid almost the full price upfront, with just a trivial exercise price remaining (to avoid exceeding certain ownership limits). Each T2 warrant came with another T3 warrant attached ([5]). If all prefunded T2 warrants are exercised into shares, and all their T3 warrants as well, it could bring in an additional €58.6 M ([5]).
In total, the T2 financing immediately netted about €108.5 M cash ([7]) ([7]), and sets up a potential third tranche (“T3”) of roughly €116 M more (via those T3 warrants) if lanifibranor’s Phase 3 data are positive by mid-2027 ([5]). Crucially, the exercise of the T3 warrants is conditioned on positive Phase 3 NATiV3 topline results by June 15, 2027 ([5]). This means future funding is success-dependent: success would refill Inventiva’s coffers for the next steps (possibly commercialization), whereas failure would leave the company without that influx (and likely unable to support its debt and operations).
As a result of these issuances, share count has ballooned – severely diluting prior shareholders. For perspective, at end of 2021 Inventiva had ~38.7 M shares outstanding; by November 2025 it has about 191 M shares outstanding ([1]). The second tranche alone more than doubled the outstanding shares in 2025. This dilution was a necessary trade-off to ensure the company’s survival and progression of lanifibranor. The recent shareholder vote explicitly approved such large capital increases and warrant issuances, indicating investors’ willingness to accept dilution in exchange for the shot at lanifibranor’s success ([1]) ([2]). Notably, shareholders also rejected a proposed employee share plan (per board recommendation) at the latest meeting ([1]), perhaps reflecting concern about additional dilution not directly tied to the drug program’s financing.
From a leverage perspective, after the May 2025 cash infusion Inventiva is in a net cash position (more cash than debt). This reduces near-term bankruptcy risk – in fact, at a mid-2024 meeting shareholders voted against an early dissolution of the company, opting to continue operations despite losses ([2]). That decision, alongside the big financing, was truly game-changing, allowing Inventiva to press onward with its Phase 3 trial. The company now effectively has the financial runway to reach the next major inflection point (data readout). If that data is positive, further equity from warrant exercises should flow in, and if negative, the company will likely need to radically reassess strategy (or wind down).
Valuation and Comparable Metrics
Valuing Inventiva is challenging, as traditional metrics like earnings or cash flow are currently negative. For example, the company lost €175.9 M in the first half of 2025 alone ([5]) due in part to financing-related accounting impacts and heavy R&D spend. Consequently, P/E is not meaningful (there are no profits), and P/FFO or AFFO metrics don’t apply (those are used for REITs, not drug developers). Price-to-book is also of limited use given the book value is skewed by accumulated losses and complex instruments. Instead, investors value IVA stock based on pipeline prospects – essentially a risk-adjusted estimate of lanifibranor’s future potential in the NASH market.
At the current share price around $4.00 (≈€3.75), Inventiva’s market capitalization is roughly $0.8 Billion ([8]). The enterprise value (EV) is somewhat lower after subtracting net cash (≈$0.1 B), but still on the order of $700+ M. This valuation reflects substantial optimism that lanifibranor can become an approved therapy, albeit at a discount to peers that are further along. By comparison, Madrigal Pharmaceuticals, a U.S. biotech whose NASH drug resmetirom is first-to-market, has attained a multi-billion dollar valuation. Madrigal’s drug (brand name Reszdiffra) received FDA approval in 2024 and a positive EU recommendation in mid-2025 ([9]) – a breakthrough as there were previously no approved NASH treatments ([9]). Madrigal’s success underscores the market size and demand: NASH (also called MASH) is a prevalent disease with high unmet need, making efficacious drugs extremely valuable. Inventiva’s CEO has noted that their aim is to make lanifibranor the “second oral drug” approved for NASH/MASH, after resmetirom ([7]). If lanifibranor succeeds in Phase 3, one could argue Inventiva’s ~$800 M market cap might have significant upside – potentially moving closer to the multi-$billion valuations of Madrigal or other competitors. On the other hand, the current valuation also prices in considerable risk: any hint of trial failure or delays could send the stock down sharply, as often seen with single-product biotechs.
In terms of relative valuation, investors may also consider lanifibranor’s differentiation. Unlike resmetirom (a thyroid receptor agonist), lanifibranor is a pan-PPAR agonist with a unique mechanism affecting metabolic and fibrotic pathways. There are also injectable NASH therapies in development (e.g. Akero’s and Viking’s candidates targeting fibrosis metabolism, GLP-1 analogues being tested in NASH, etc.). These differences make direct “comps” tricky. However, overall the NASH market is potentially enormous (millions of patients), likely supporting multiple drugs. Even a second-to-market drug could generate substantial revenue if it shows complementary benefits. Thus, Inventiva’s valuation rests on clinical data outcomes and how lanifibranor might stack up in efficacy, safety, and convenience relative to other emerging treatments.
Risks and Red Flags
While the shareholder vote paved the way for Inventiva’s next chapter, significant risks and red flags remain for investors:
- Clinical Trial Risk: The NATiV3 Phase 3 trial of lanifibranor is a make-or-break event for Inventiva. Failure to meet endpoints (NASH resolution or fibrosis improvement) would be devastating. Many NASH drugs have failed in Phase 3 despite promising Phase 2 results – for instance, another PPAR agonist (Genfit’s elafibranor) failed a Phase 3 in 2020. Inventiva’s Phase 2 (NATIVE trial) was positive and lanifibranor even has FDA Breakthrough Therapy designation ([5]), but there is no guarantee these results will be replicated in the larger Phase 3. Until topline data (expected H2 2026) ([6]), efficacy and safety remain an open question. Any unforeseen safety issues or efficacy shortfall would likely cause the stock to collapse, given lanifibranor is the company’s only active clinical program. Notably, an independent Data Monitoring Committee has given periodic green lights to continue the trial (most recently in Feb 2025) ([5]), and no serious adverse signal has emerged publicly – but full data are needed.
- Regulatory and Approval Risk: Even if Phase 3 results are positive, regulatory approval isn’t automatic. The FDA and EMA will scrutinize the benefit-risk profile. As a novel pan-PPAR agonist, lanifibranor could face questions about side effects (PPAR-gamma agonists like pioglitazone cause weight gain and edema, for example). Encouragingly, Inventiva reported that in a blinded analysis of 780 patients, lanifibranor’s weight gain effect appears to plateau by 24–36 weeks – unlike pioglitazone which keeps causing weight gain ([6]). If this holds true, it could alleviate one major safety concern. Nonetheless, regulators will need to be convinced the drug’s benefits outweigh risks in a chronic disease. The timeline to approval is also a factor – even with positive data in 2026, an FDA approval and market launch might not occur until ~2027–2028. That leaves a long runway where things can change (e.g. competitive landscape) and Inventiva must sustain its finances.
- Funding & Solvency Risk: Inventiva’s business is not yet self-sustaining – it relies on external financing. The company will burn tens of millions per year through 2026 to complete trials. If the trial fails or is delayed, Inventiva could face a cash crunch. The structure of its financing adds pressure: the EIB loan and royalty certificates come due or accumulate interest regardless of outcome (the EIB loan is repayable in early 2027 ([4]) ([4])). In a failure scenario, not only would new equity likely dry up, but EIB could potentially exercise its rights (e.g. a put option to redeem warrants for cash under certain defaults) ([4]). In short, trial failure might render Inventiva insolvent, given the debt on the books. Even short of failure, the company might need interim funding if timelines slip. Management has been adept at securing financing so far, but terms have been increasingly dilutive/expensive. This raises the risk of further shareholder dilution or onerous debt if additional capital is needed (e.g. to finish a confirmatory study or to commercialize the drug).
- Shareholder Dilution & Equity Overhang: Massive dilution is a pertinent red flag. As detailed above, the share count has exploded via new issuance at relatively low prices. Early investors have seen their ownership percentages shrink. The existence of tens of millions of warrants (T2 and T3) also creates an overhang – if the stock rises substantially, these will convert into shares (adding up to ~120.8 M additional shares if all T2 and T3 warrants get exercised) ([5]). While that would bring in cash, it also caps upside per share. New investors from the 2024–25 financings (a consortium of biotech funds) got in at €1.34–€1.50 pricing ([5]) ([5]), which is well below the current market price (~€3.75). Many of these are specialist long-term investors, but if the stock jumps further, some could take profits, exerting selling pressure. Additionally, corporate governance episodes reflect the financial strain: in mid-2024, shareholders had to vote against dissolving the company (because losses had eaten into capital) ([2]). That such a vote was necessary is a stark reminder of how precarious the financial situation was – essentially a red flag that the company came close to not meeting French legal balance sheet requirements. Fortunately, the successful financing and vote allowed continuation, but this highlights how fragile the balance sheet had been.
- Competitive Landscape: The NASH field is highly competitive and evolving fast. Madrigal’s resmetirom has already gained approval, becoming the first-to-market therapy ([9]). Other contenders (e.g. Intercept’s OCA had an FDA setback but could re-file; Novo Nordisk is testing GLP-1 drugs like semaglutide in NASH; multiple other biotechs have candidates in Phase 2/3) are on the horizon. By the time lanifibranor might launch (~2027), the standard of care could include one or more approved drugs. Inventiva’s candidate will need to differentiate – perhaps by offering pan-PPAR benefits on both fibrosis and metabolic parameters. One positive is Inventiva anticipated combination use: ~13% of patients in Phase 3 were on GLP-1 therapy and 9% on SGLT2 drugs at baseline ([6]), so they are gathering data on lanifibranor plus other agents. Regardless, competition creates risk: market share may be harder to capture, or pricing pressure could be significant, which would reduce the ultimate payoff even if lanifibranor succeeds medically. A larger pharma could also eclipse Inventiva with marketing muscle. Investors must consider that lanifibranor might end up a niche therapy or second-line, rather than a dominant blockbuster, depending on how the competition shakes out.
- Execution & Commercialization Risk: Inventiva’s expertise is in R&D it has no experience commercializing a drug. If lanifibranor is approved, the company will face a choice: partner with/buyout by a big pharmaceutical company, or build its own commercial infrastructure. Each route has risks. Partnering too early could mean giving up a large revenue share (though it’d bring needed cash). Going alone would require substantial capital outlay for a sales force, medical affairs, etc., especially to tackle the broad NASH market (which involves endocrinologists, hepatologists, etc., across many countries). Management has already trimmed other programs and staff to focus on lanifibranor ([5]) ([5]), indicating a lean approach. But scaling up for commercialization is a new challenge. There’s also manufacturing and supply chain to manage (lanifibranor is a small-molecule pill, which is easier than biologics, but still needs quality and capacity in place). Any missteps in execution – regulatory filing delays, manufacturing glitches, inability to effectively market – could hamper the drug’s launch. Moreover, Inventiva’s financial agreements (royalty certificates) mean that even if the drug sells well, a chunk of revenues will be siphoned off to those certificate holders as return on their investment ([5]). That reduces net cash flow available to Inventiva for reinvestment or profit.
- Insider and Management Turnover: As a note, there have been some management changes. In mid-2025, Dr. Pierre Broqua (co-founder, CSO & Deputy CEO) left the company ([5]). While Inventiva smoothly hired a new Chief Medical Officer (Dr. Jason Campagna) and a new R&D President, losing a co-founder can be a red flag – it’s important to monitor if any key scientific knowledge or leadership continuity was affected. On the other hand, Inventiva recently added industry veterans to its Board: for example, Renée Aguiar-Lucander (CEO of Hansa Biopharma, ex-Calliditas Therapeutics) was appointed to the board in 2025 ([5]). This brings valuable late-stage and commercialization experience (she led Calliditas through an FDA approval), potentially bolstering Inventiva’s strategic capabilities. Overall, investors should watch for stability in the team as the company transitions from pure research to a potential commercialization phase. Any significant departures or changes in strategic direction would be warning signs.
In sum, Inventiva carries the high risks typical of a single-product biotech: binary clinical outcomes, continual need for funding, and competitive/regulatory uncertainties. The recent shareholder vote, while extremely positive, does not eliminate these risks – it merely gave the company the tools (authorized shares, confidence, etc.) to tackle them. Investors should be mindful of these red flags when assessing IVA.
Valuation Upside vs. Open Questions
With the critical Phase 3 data expected by mid-2026 ([6]), several open questions remain that will determine Inventiva’s fate and value:
- **Will lanifibranor succeed in Phase 3? This is the overarching question. The trial’s co-primary endpoints (likely NASH resolution without worsening of fibrosis, and improvement in fibrosis without worsening of NASH) must hit statistical significance. Subgroup effects (e.g. in patients with diabetes) and safety/tolerability will also be closely watched. A positive outcome could be game-changing for patients and for Inventiva’s shareholders – validating years of research. A negative or inconclusive result** would likely force Inventiva to halt lanifibranor and reevaluate its entire business (the company has largely put other projects on hold ([4])). Even a partially positive result (hitting one endpoint but not the other) would raise questions about approvability. Until data arrives, this binary event looms large.
- What is the regulatory path and timeline? If the data are positive, does Inventiva pursue accelerated approval? Madrigal’s drug was approved based on a surrogate histological endpoint, with a requirement to confirm clinical benefit later. Inventiva may aim for the same. The timing of an FDA filing (e.g. late 2026 or 2027) and whether the FDA grants priority review will influence when the drug could hit the market. Also, will a single Phase 3 suffice or will authorities ask for additional studies? How the FDA and EMA view lanifibranor relative to existing treatments could affect requirements. These regulatory nuances will dictate how soon revenues might start – a key for valuation.
- Can Inventiva secure a partnership or buyout? Given the scale of a global NASH launch, many expect that if lanifibranor shows strong Phase 3 results, Inventiva could partner with a big pharma or even become an acquisition target. An open question is whether management will strike a deal (and on what terms). Inventiva already has regional partners for Asia – e.g. a licensing deal with Sino Biopharm’s subsidiary (CTTQ) for China ([5]) ([5]), and with Hepalys for Japan ([5]) – which provided some upfront cash and will yield milestones. But for the U.S. and Europe, Inventiva retains rights. A deep-pocketed partner could bankroll marketing and expand reach, but Inventiva might wait for Phase 3 results to maximize deal value. Investors will be watching for partnership talks or rumors as data approaches. The outcome could significantly alter Inventiva’s risk/reward profile (a buyout at a premium versus going it alone).
- How will the competitive environment evolve? By 2026–2027, will Madrigal’s resmetirom have firmly entrenched itself as a first-line NASH therapy? Will other drugs (e.g. combination regimens, GLP-1-based treatments) be on the market or in late stages? The answer will shape lanifibranor’s commercial strategy. If lanifibranor has unique advantages (say, better fibrosis reversal or suitability in advanced cirrhosis where others don’t work), it could find a strong niche. But if competitor therapies greatly improve in efficacy or safety, lanifibranor might face a tougher road. An open question is also pricing and reimbursement: NASH is often managed by multiple specialists and payers will be cost-sensitive, especially if patients might be on combination therapies. How Inventiva (or its partner) prices lanifibranor relative to competitors, and whether payers impose restrictions, will affect market uptake. These factors are hard to predict now and constitute an ongoing question mark.
- What is Inventiva’s post-NASH strategy? Currently, the company is all-in on NASH/MASH. It has shelved other programs (like odiparcil for a rare disease) to conserve resources ([4]). If lanifibranor succeeds, Inventiva will have to decide whether to expand its pipeline (perhaps lanifibranor in other indications like combination with GLP-1 for metabolic syndrome, or resurrecting other compounds) or remain focused. If lanifibranor fails, does Inventiva pivot to another asset or therapeutic area (and is there anything viable in its library to pivot to)? The company does own a large chemical library and was exploring preclinical oncology targets (the Hippo pathway) ([4]), but those are far behind. So, Inventiva’s long-term plan beyond this one drug is an open question. Clarity on pipeline reinvestment, business development (in-licensing other compounds), or continued focus will emerge after the Phase 3 data. Investors may want to see a strategy that ensures the company isn’t a one-trick pony in perpetuity.
- Will the capital structure hinder or help shareholders if success comes? Inventiva’s unconventional financing means that on success, a large number of warrants will convert to shares, and royalty obligations will kick in. An open question is how much net benefit flows to common shareholders in a success scenario. For example, the ~€116 M from T3 warrants will fund operations but also dilutes stock. Royalty certificate holders will siphon off a percentage of sales (the fair value of just the 2024 royalty notes was estimated at €84.8 M if things go well) ([5]). Additionally, the EIB warrants (exercise price €3.95) could end up in the money. Collectively, there could be well over 100 million new shares issued post-success, meaning the per-share earnings might be lower than some expect. Conversely, if success is big enough, the pie grows enormously, potentially dwarfing these slices. How management handles this (perhaps buying back some royalty rights or refinancing debt with less dilutive options) is an open question that will influence ultimate shareholder value.
In conclusion, the recent shareholder vote results were a critical validation and enabler for Inventiva – shareholders signaled trust in the company’s direction and unlocked the means to reach the next milestone ([1]). The next big catalyst is clear: lanifibranor’s Phase 3 outcome will likely make or break the investment thesis. Until then, Inventiva’s stock will trade on anticipation, comparative NASH news, and its financial staying power. Investors should not miss the significance of the vote results – they were “game-changing” in that they averted a potential crisis, allowed key funding measures, and kept Inventiva in the game for a shot at a transformative drug. Yet, investing in IVA now requires balancing that optimism against the substantial risks outlined. The story from here will hinge on execution and data. With cash in the bank, a supportive shareholder base, and all eyes on 2026, Inventiva is entering the most consequential innings of its game plan. It’s a high-risk, high-reward play in the evolving NASH therapeutics arena – truly a case where the vote of confidence has given Inventiva a fighting chance to prove itself.
Sources:
1. Inventiva – Results of the Votes of the Combined Shareholders’ General Meeting of Nov 27, 2025 (GlobeNewswire press release) ([1]) ([1]). 2. ZoneBourse/AMF – Rapport Financier 2024 & Assemblée Générale Mixte June 20, 2024 (French) ([2]) ([2]). 3. Inventiva – Drawdown of €25 M EIB Loan Tranche, Jan 10, 2024 ([4]) ([4]). 4. Inventiva – Structured Financing €116 M Tranche 2 Announcement, May 5, 2025 ([7]) ([7]); SEC 6-K Filing (Interim Financials June 30, 2025) ([5]) ([5]). 5. Inventiva – Interim Financial Report H1 2025 (SEC Exhibit 99.1) ([5]) ([5]). 6. Inventiva – H1 2025 Results Press Release (GlobeNewswire via Boursorama) ([5]) ([5]). 7. Reuters – EU Regulator Backs Madrigal’s NASH Drug (Resmetirom), June 20 2025 ([9]) ([9]). 8. Inventiva – NATiV3 Trial & Financial Update, July 5 2024 ([6]) ([6]). 9. Investing.com – Inventiva (IVA) Dividend History (no dividends paid) ([3]). 10. CompaniesMarketCap.com – Inventiva Market Cap and Share Price ([8]).
Sources
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- https://za.investing.com/equities/inventiva-sa-nas-dividends
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- https://sec.gov/Archives/edgar/data/1756594/000110465925094101/iva-20250630xex99d1.htm
- https://live.euronext.com/en/products/equities/company-news/2024-07-05-inventiva-provides-update-its-nativ3-clinical-program
- https://live.euronext.com/en/products/equities/company-news/2025-05-05-inventiva-secures-eu116-million-second-tranche-its
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- https://reuters.com/business/healthcare-pharmaceuticals/eu-medicines-regulator-grants-conditional-authorisation-madrigals-liver-disease-2025-06-20/
For informational purposes only; not investment advice.
