* Revenues at EUR17.5 million for the full year of 2023 up 43.4% compared to
EUR12.2 million for 2022
* Cash and cash equivalents at EUR26.9 million, short-term deposits at EUR0.01
million(1), and long-term deposit at EUR9.0 million(2) as of December
31, 2023, compared to EUR86.7 million, EUR1.0 million, and EUR0.7 million
respectively, as of December 31, 2022
* In September 2023, Inventiva entered into an exclusive licensing agreement
with Hepalys to develop and commercialize lanifibranor in Japan and South
Korea
* In January 2024, Inventiva received the second tranche of EUR25 million under
the EIB loan agreement following its August 2023 financing of EUR35.7 million
in gross proceeds, the upfront payment of $10 million from Hepalys in
October 2023 and milestone payments from CTTQ of $5 million in 2023
* Estimated cash runway until the beginning of the third quarter of 2024(3)
* Positive results from the LEGEND Phase IIa study combining lanifibranor with
empagliflozin in patients with MASH/NASH and T2D announced in March 2024
* Last Patient First Visit of NATiV3 Phase III clinical trial with
lanifibranor targeted for first half 2024
Daix (France), Long Island City (New York, United States), March 27, 2024 -
Inventiva (Euronext Paris and Nasdaq: IVA) (the "Company"), a clinical-stage
biopharmaceutical company focused on the development of oral small molecule
therapies for the treatment of metabolic dysfunction-associated steatohepatitis
("MASH"), also known as non-alcoholic steatohepatitis ("NASH"), and other
diseases with significant unmet medical needs, today reported its full-year
results for 2023.
Frédéric Cren, Chairman, CEO and cofounder of Inventiva, stated: "Inventiva
achieved several clinical and financial milestones in 2023. On the clinical
front, we started the year by sharing positive topline results of the Phase II
clinical trial led by Prof. Cusi, evaluating lanifibranor in patients with type
2 diabetes and NAFLD.
We made further progress in our partnership with CTTQ to develop and
commercialize, if approved, lanifibranor in China and have seen the first
patients in China randomized in our ongoing pivotal NATiV3 Phase III clinical
trial.
We also expanded our partnerships in Asia by entering into an exclusive
agreement with Hepalys Pharma Inc. to develop and potentially commercialize
lanifibranor in Japan and South Korea in September 2023. This partnership
brought us a $10 million upfront payment which, in addition to the approximately
EUR36 million gross proceeds we raised in August 2023 and the drawing of the
second tranche of EUR25 million of the EUR50 million EIB loan in January 2024, we
have been using to support our lanifibranor development programs.
As we have advanced our pivotal NATiV3 Phase III clinical trial, we look into
the future with great optimism. Despite the previously disclosed
treatment-related Suspected Unexpected Serious Adverse Reaction (SUSAR) in a
patient enrolled in the trial reported in the first quarter of 2024, we have
already begun to resume screening and randomization in the U.S. sites operating
under central IRB. In addition, the recently announced positive results of our
LEGEND Phase IIa, Proof-of-Concept clinical trial, reinforce our confidence in
the potential of lanifibranor to address the multifaceted disease that is MASH.
We now look forward to the first visit of the last patient in the NATiV3 study,
which we expect for the first half of 2024."
Key financial results for the full year of 2023
As of December 31, 2023, the Company's cash and cash equivalents amounted to
EUR26.9 million, short-term deposits to EUR0.01 million, and long-term deposit to
EUR9.0 million, compared to EUR86.7 million, EUR1.0 million and EUR0.7 million as of
December 31, 2022, respectively.
The decrease in cash and cash equivalents and short-term and long-term deposits
between December 31, 2023, and December 31, 2022 was mainly caused by the
increased use of cash in operating activities. This reflects the acceleration of
clinical development activities in 2023, mostly driven by costs associated with
the NATiV3 Phase III clinical trial of lanifibranor in MASH/NASH and, to a
lesser extent, with the LEGEND Phase IIa combination trial with lanifibranor and
empagliflozin in patients with MASH/NASH and type 2 diabetes ("T2D"). This
decrease is partially offset by:
i. the August 2023 financing of EUR35.7 million (gross amount) consisting of
two transactions:
a. a capital increase reserved to specified categories of investors
through the issuance of 9,618,638 newly-issued ordinary shares at a
subscription price of EUR3.18 per share and aggregate gross proceeds of
EUR30.6 million, and
b. the issuance of royalty certificates for an aggregate amount of EUR5.1
million,
ii. the receipt of the $10 million upfront payment from Hepalys Pharma, Inc.
("Hepalys") on October 18, 2023, under the exclusive licensing agreement
to develop and commercialize lanifibranor for the treatment of MASH/NASH
and potentially other metabolic diseases in Japan and South Korea, and
iii. the receipt of two short-term milestone payments, together amounting to a
total of $5 million(4) from Sino Biopharm, through its subsidiary Chia Tai
Tianqing Pharmaceutical Group Co., Ltd. ("CTTQ"), following (a) receipt of
the Investigational New Drug ("IND") by the Chinese National Medical
Products Administration (the "NMPA") and (b) the enrollment by CTTQ of the
first patient in China in the Company's ongoing pivotal NATiV3 Phase III
clinical trial.
The above cash, cash equivalents and deposits do not include the disbursement of
the second tranche of EUR25 million of the unsecured loan agreement executed with
the European Investment Bank ("EIB"), which was received on January 18, 2024.
Considering its current cost structure and forecasted expenditures, the Company
estimates that, including the second tranche of the EIB loan, its cash, cash
equivalents and deposits should allow the Company to fund its operations as
currently planned until the beginning of the third quarter of 2024(3).
Therefore, it indicates that a material uncertainty exists on the Company's
ability to continue as a going concern.
The Company is actively reviewing potential financing (including debt, equity
and equity-linked or other instruments) and strategic options with potential
counterparties and its financial advisors.
Net cash used in operating activities amounted to (EUR81.6) million for the full
year 2023, compared to (EUR44.9) million in 2022. R&D expenses for 2023 were up
82% compared to 2022. This increase was primarily due to the clinical
development activities planned for and executed in 2023, partially offset by the
upfront and milestone payments received from our partners, CTTQ and Hepalys (see
above).
Net cash used in investing activities for the full year 2023 amounted to (EUR7.7)
million, compared to EUR8.9 million generated in 2022. The change was mostly due
to the variations in deposits between both periods.
Net cash generated from financing activities for the full year 2023 amounted to
EUR29.1 million, compared to EUR37.3 million for 2022. The increase was due to the
financing of EUR35.7 million in gross proceeds in August 2023, consisting of a
reserved capital increase and the issuance of royalty certificates, partially
offset by repayments of debt for EUR2.5 million and lease liabilities for EUR1.6
million. The net cash generated from financing activities in 2022 was mainly
driven by the equity sold through the Company's At-The-Market Program for
approximately EUR9.4 million (gross proceeds) in June 2022, three loan agreements
with a syndicate of French banks for a total amount of EUR5.3 million entered into
in the first half of 2022, and the receipt of the first tranche of EUR25 million
of the unsecured loan agreement with the EIB.
In 2023, the Company recorded a positive exchange rate effect on cash and cash
equivalents of EUR0.4 million, compared to a negative effect of (EUR1.0) million in
2022, due to the evolution of EUR/USD exchange rate.
Revenues
The Company's revenues for 2023 amounted to EUR17.5 million, up by 43.4%, compared
to EUR12.2 million in 2022.
Revenues for 2023 consist mainly of i) EUR4.6 million, recognized under the
license agreement with CTTQ mainly following the receipt of two regulatory
milestone payments from CTTQ in connection with IND approval from the NMPA to
initiate the clinical development in mainland China of lanifibranor in MASH/NASH
and the randomization of the first patient and ii) EUR12.7 million recognized
under the license agreement with Hepalys, consisting of the $10 million upfront
payment and non-cash consideration from the fair value of the option to acquire
shares of Hepalys.
Other income amounted to EUR5.7 million for the full year 2023, as compared to
EUR6.6 million for 2022 which represents a decrease of 14%. Other income mainly
consisted of French research tax credit (credit d'impôt recherche) for 2023 and
2022 in the amounts of EUR5.3 million and EUR5.2 million recorded in 2023 and 2022
respectively.
R&D expenses for the fiscal year ended December 31, 2023, amounted to (EUR110.0)
million compared to (EUR60.5) million in 2022. This 82% increase reflects the
planned acceleration in 2023 of the clinical development activities mostly
driven by costs associated with the NATiV3 Phase III clinical trial of
lanifibranor in MASH/NASH, and, to a lesser extent, with the LEGEND Phase IIa
combination trial with lanifibranor and empagliflozin in patients with MASH/NASH
and T2D.
Marketing and business development expenses was (EUR2.0) million for the fiscal
year ended December 31, 2023, compared to (EUR2.6) million in 2022. The decrease
is mainly due to less withholding tax related to entering into the license and
collaboration agreements with CTTQ in 2022 and, to a lesser extent, lower
consulting fees relating to the aforementioned agreements.
General and administrative expenses (G&A) amounted to (EUR13.8) million for the
fiscal year ended December 31, 2023, an increase of 7% compared to (EUR12.9)
million in 2022, mainly due to increased personnel costs linked to the non-cash
share-based payment expenses, and compliance fees to a lesser extent.
Net financial income was (EUR5.1) million for the fiscal year ended December
31, 2023, compared to EUR2.8 million in 2022. The net financial loss in 2023
compared to 2022 is mainly due to (i) (EUR4.6) million variation in loan interests
expenses, (ii) (EUR3.8) million of net variation due to greater foreign exchange
gains in 2022 compared to 2023 due to a less favorable EUR/USD exchange rate
context in 2023, partially offset by revenues generated by cash investment.
Share of net loss - Equity method was (EUR2.0) million for the fiscal year ended
December 31, 2023, due to the first equity method consolidation of Hepalys in
Inventiva financial statements.
Income tax amounted to (EUR0.6) million for the 2023 fiscal year, compared to EUR0
million for 2022. This represents a partial non-cash write-off of the U.S. R&D
tax credit deferred tax asset.
The Company's net loss for the full year 2023 was (EUR110.4), compared to
(EUR54.3) million for 2022.
The following table presents Inventiva's income statement, prepared in
accordance with IFRS, for the 2023 financial year, with comparatives for the
2022 financial year.
Year ended
(in thousands of euros) ------------------------------
Dec. 31, 2023 Dec. 31, 2022
------------------------------------------------ --------------- --------------
Revenues 17,477 12,179
------------------------------------------------ --------------- --------------
Other income 5,686 6,635
Research and development expenses (110,012) (60,469)
Marketing - business development expenses (1,980) (2,583)
General and administrative expenses (13,837) (12,912)
Other operating income (expenses) (44) 40
------------------------------------------------ --------------- --------------
Net operating loss (102,709) (57,110)
------------------------------------------------ --------------- --------------
Net financial income (5,095) 2,816
------------------------------------------------ --------------- --------------
Share of net loss - Equity method (2,015) -
Income tax (607) 20
------------------------------------------------ --------------- --------------
Net loss for the period (110,426) (54,274)
------------------------------------------------ --------------- --------------
Basic/diluted loss per share (euros/share) (2.43) (1.31)
-------------------------------------------------------------------------------
Weighted average number of outstanding shares
used for computing basic/diluted loss per
share 45,351,799 41,449,732
-------------------------------------------------------------------------------
Post-2023 events
On January 10, 2024, Inventiva announced the drawdown of the second tranche of
EUR25 million of the unsecured loan agreement executed with the European
Investment Bank on May 16, 2022. Following the drawdown, the Company issued
3,144,654 warrants to EIB.
On March 7, 2024, Inventiva announced the resumption of the screening in the
Phase III NATiV3 clinical trial evaluating lanifibranor in MASH/NASH after its
voluntary pause following a Suspected Unexpected Serious Adverse Reaction
("SUSAR") reported in a patient enrolled in the study in the first quarter of
2024. Inventiva anticipates the last patient first visit for the NATiV3 clinical
trial in the first half of 2024.
On March 18, 2024, Inventiva announced positive results of its interim analysis
of the LEGEND Phase IIa, Proof-of-Concept clinical trial, evaluating
lanifibranor in combination with empagliflozin in patients with MASH/NASH and
T2D. LEGEND achieved its primary efficacy endpoint by significantly lowering
HbA1c level in both the lanifibranor arm and in the lanifibranor with
empagliflozin arm compared to placebo. Statistical significance was also
achieved on several markers of liver injury, markers of glucose and lipid
metabolism, as well as hepatic steatosis. Given that the primary endpoint of
LEGEND was met, and statistically significant results were achieved on several
key additional markers, the Company has decided to stop the recruitment as per
protocol.
Main areas of progress in the R&D portfolio
Lanifibranor in MASH/NASH
* Implementation of the design updates to the NATiV3 Phase III clinical trial
evaluating lanifibranor in MASH/NASH announced in January 2023, to reduce
the duration of the trial to 120 weeks instead of up to 7 years, reduce the
number of biopsies from three to two, and include a 48-week active treatment
extension study - January 2023.
* Decision of CTTQ to initiate the clinical development in mainland China of
lanifibranor in MASH/NASH after having received an IND approval from the
China's National Medical Products Administration ("NMPA"), triggering a
milestone payment of $2 million from CTTQ to Inventiva - May 2023.
* Inventiva and Hepalys entered into an exclusive licensing agreement to
develop and commercialize lanifibranor for the treatment of MASH/NASH in
Japan and South Korea. Inventiva is eligible to receive up to $231 million
in clinical, regulatory and commercial milestone payments if certain
clinical, regulatory and commercial conditions are met - September 2023.
* Receipt of the Breakthrough Therapy Designation for lanifibranor in
MASH/NASH by NMPA to accelerate the development and review of drugs for
serious or life-threatening conditions. Lanifibranor is believed to be the
first drug candidate to receive such designation from both the FDA and the
NMPA for the treatment of MASH/NASH - December 2023.
* Randomization of the first patient in China in the NATiV3 clinical trial,
triggering a milestone payment of $3 million from CTTQ to Inventiva -
December 2023.
* Amendment of the NATiV3 Phase III clinical trial in response to the Data
Monitoring Committee's recommendation, following a SUSAR reported in the
first quarter of 2024 - February, March 2024
* Publication of the positive results of the Phase IIa, Proof-of-Concept
clinical trial, LEGEND, evaluating lanifibranor in combination with
empagliflozin (SGLT2 inhibitor) - March 2024
Investigator-initiated Phase II clinical trial with lanifibranor in patients
with MAFLD/NAFLD and T2D
* Positive topline results of the Phase II clinical trial conducted by Dr.
Kenneth Cusi from the University of Florida, evaluating lanifibranor
800mg/daily in patients with Metabolic-associated Fatty Liver Disease
("MAFLD")/Non-Alcoholic Fatty Liver Disease ("NAFLD") and T2D. The study
confirmed the favorable safety profile and tolerability of lanifibranor and
met multiple secondary metabolic endpoints - June 2023.
Other milestones
* Positive conclusion of the Phase I Renal Impairment study required for
regulatory submission, demonstrating that lanifibranor pharmacokinetics is
not affected in patients with renal impairment - May 2023.
* Launch of a joint initiative with Echosens, a high technology company
providing a comprehensive range of diagnostic solutions for liver health, to
raise awareness about MASH/NASH and increase access to screening for
patients at risk of developing MASH/NASH - June 2023
Next key milestone expected
* Last Patient First Visit of the NATiV3 Phase III clinical trial evaluating
lanifibranor in MASH/NASH - targeted for the first half of 2024
Upcoming investor conference participation
* Investor Access Event - Paris, April 4-5
* Accelerating Bio-Innovation - Cambridge, April 15-17
* Forum MIDCAPS Gilbert Dupont - Paris, May 16
* Mid & Small caps conference Portzamparc BNP Parisbas - Paris, June 11-12
* Stifel European Healthcare Summit -Lyon, June 25-27
* KBC Securities life sciences conference - Brussels, September 26
Upcoming scientific conference participation
* 4(th) Annual Conference Liver Connect - Scottsdale, April 4-6
* EASL Congress 2024 - Milan, June 5-8
Additional information
* The consolidated financial statements of Inventiva and the statutory
accounts of
Inventiva SA at December 31, 2023 were approved by the Board of Directors on
March 25, 2024.
* The Company's statutory auditors have conducted an audit of these financial
statements, and their report will be issued shortly.
Conference call
A conference call in English will be held tomorrow, Thursday, March 28, 2024 at
8:00 am (New York time)/1:00 pm (Paris time) to discuss 2023 financial results
and business updates.
The conference call and the slides of the presentation will be webcast live at:
https://edge.media-server.com/mmc/p/eh78kegs and also available on Inventiva's
website in the "Investors - Financial results
(https://inventivapharma.com/investors/financial-results-presentations/)"
section.
In order to receive the conference access information necessary to join the
conference call, it is required to register in advance using the following link:
https://register.vevent.com/register/BIca56dabf4edf46ecaaca0e735626f044.
Participants will need to use the conference access information provided in the
e-mail received at the point of registering (dial-in number and access code).
A replay of the conference call and the presentation will be available after the
event at: http://inventivapharma.com/investors/financial-results-presentations/.
Next financial results publication expected
* Revenues and cash, cash equivalents and deposits for the first quarter of
2024: Tuesday, May 21, 2024 (after U.S. market close)
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/NASH, and other diseases with significant unmet medical need. The
Company benefits from a strong expertise and experience in the domain of
compounds targeting nuclear receptors, transcription factors and epigenetic
modulation. Inventiva is currently advancing one clinical candidate, has a
pipeline of two preclinical programs and continues to explore other development
opportunities to add to its pipeline.
Inventiva's lead product candidate, lanifibranor, is currently in a pivotal
Phase III clinical trial, NATiV3, for the treatment of adult patients with
MASH/NASH, a common and progressive chronic liver disease for which there are
currently no approved therapies.
Inventiva's pipeline also includes odiparcil, a drug candidate for the treatment
of adult MPS VI patients. As part of Inventiva's decision to focus clinical
efforts on the development of lanifibranor, it suspended its clinical efforts
relating to odiparcil and is reviewing available options with respect to its
potential further development. Inventiva is also in the process of selecting a
candidate for its Hippo signaling pathway program.
The Company has a scientific team of approximately 90 people with deep expertise
in the fields of biology, medicinal and computational chemistry,
pharmacokinetics and pharmacology, and clinical development. It owns an
extensive library of approximately 240,000 pharmacologically relevant molecules,
approximately 60% of which are proprietary, as well as a wholly-owned research
and development facility.
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
(http://www.inventivapharma.com/)
Contacts
Brunswick Group
Tristan Roquet Westwicke, an ICR
Inventiva Montegon / Company
Aude Lepreux / Patricia L. Bank
Pascaline Clerc Julia Cailleteau Investor relations
EVP, Strategy and Media relations patti.bank@westwicke
Corporate Affairs inventiva@brunswickgr .com
media@inventivapharma.c oup.com (mailto:patti.bank@w
om (mailto:inventiva@bru estwicke.com)
(mailto:media@inventiva nswickgroup.com)
pharma.com) +1
+1 202 499 8937 +33 1 53 96 83 83 415 513-1284
Important Notice
This press release contains "forward-looking statements" within the meaning of
the safe harbor provisions of the Private Securities Litigation Reform Act of
1995. All statements, other than statements of historical facts, included in
this press release are forward-looking statements.
These statements include, but are not limited to, forecasts and estimates with
respect to Inventiva's cash resources and potential financing or strategic
options and potential counterparties, forecasts and estimates with respect to
Inventiva's pre-clinical programs and clinical trials, including design,
duration, timing, recruitment costs, screening and enrollment for those trials,
including the ongoing NATiV3 Phase III clinical trial with lanifibranor in
MASH/NASH, and the results and timing thereof and regulatory matters with
respect thereto, clinical trial data releases and publications, the information,
insights and impacts that may be gathered from clinical trials, the potential
therapeutic benefits of Inventiva's product candidates, including lanifibranor
alone and in combination with empagliflozin in patients with MASH/NASH and T2D,
the potential of lanifibranor to address patient needs, the estimated market
size and patient population, potential regulatory submissions, approvals and
commercialization, Inventiva's pipeline and preclinical and clinical development
plans, the expected benefit of having received Breakthrough Therapy Designation
from the FDA and NMPA, including its impact on the development and review
timeline of Inventiva's product candidates, the potential development of and
regulatory pathway for odiparcil, future activities, expectations, plans, growth
and prospects of Inventiva and its partners, the expected benefit of Inventiva's
partnerships and Inventiva's ability to achieve milestones and receive potential
milestones under its partnership agreements. Certain of these statements,
forecasts and estimates can be recognized by the use of words such as, without
limitation, "believes", "anticipates", "expects", "intends", "plans", "seeks",
"estimates", "may", "will", "would", "could", "might", "should", "designed",
"hopefully", "target", "potential", "opportunity", "possible", "aim", and
"continue" and similar expressions. Such statements are not historical facts but
rather are statements of future expectations and other forward-looking
statements that are based on management's beliefs. These statements reflect such
views and assumptions prevailing as of the date of the statements and involve
known and unknown risks and uncertainties that could cause future results,
performance, or future events to differ materially from those expressed or
implied in such statements. Actual events are difficult to predict and may
depend upon factors that are beyond Inventiva's control. There can be no
guarantees with respect to pipeline product candidates that the clinical trial
results will be available on their anticipated timeline, that future clinical
trials will be initiated as anticipated, that product candidates will receive
the necessary regulatory approvals, or that any of the anticipated milestones by
Inventiva or its partners will be reached on their expected timeline, or at all.
Future results may turn out to be materially different from the anticipated
future results, performance or achievements expressed or implied by such
statements, forecasts and estimates due to a number of factors, including that
Inventiva cannot provide assurance on the impacts of the SUSAR on enrollment or
the ultimate impact on the results or timing of the NATiV3 trial or regulatory
matters with respect thereto, that Inventiva is a clinical-stage company with no
approved products and no historical product revenues, Inventiva has incurred
significant losses since inception, Inventiva has a limited operating history
and has never generated any revenue from product sales, Inventiva will require
additional capital to finance its operations, in the absence of which, Inventiva
may be required to significantly curtail, delay or discontinue one or more of
its research or development programs or be unable to expand its operations or
otherwise capitalize on its business opportunities and may be unable to continue
as a going concern, Inventiva's ability to obtain financing and to enter into
potential transactions, Inventiva's future success is dependent on the
successful clinical development, regulatory approval and subsequent
commercialization of current and any future product candidates, preclinical
studies or earlier clinical trials are not necessarily predictive of future
results and the results of Inventiva's and its partners' clinical trials may not
support Inventiva's and its partners' product candidate claims, Inventiva's
expectations with respect to its clinical trials may prove to be wrong and
regulatory authorities may require holds and/or amendments to Inventiva's
clinical trials, Inventiva's expectations with respect to the clinical
development plan for lanifibranor for the treatment of MASH/NASH may not be
realized and may not support the approval of a New Drug Application, Inventiva
and its partners may encounter substantial delays beyond expectations in their
clinical trials or fail to demonstrate safety and efficacy to the satisfaction
of applicable regulatory authorities, the ability of Inventiva and its partners
to recruit and retain patients in clinical studies, enrollment and retention of
patients in clinical trials is an expensive and time-consuming process and could
be made more difficult or rendered impossible by multiple factors outside
Inventiva's and its partners' control, Inventiva's product candidates may cause
adverse drug reactions or have other properties that could delay or prevent
their regulatory approval, or limit their commercial potential, Inventiva faces
substantial competition and Inventiva's and its partners' business, and
preclinical studies and clinical development programs and timelines, its
financial condition and results of operations could be materially and adversely
affected by geopolitical events, such as the conflict between Russia and Ukraine
and related sanctions, impacts and potential impacts on the initiation,
enrollment and completion of Inventiva's and its partners' clinical trials on
anticipated timelines and the state of war between Israel and Hamas and the
related risk of a larger conflict, health epidemics, and macroeconomic
conditions,including global inflation, rising interest rates, uncertain
financial markets and disruptions in banking systems. Given these risks and
uncertainties, no representations are made as to the accuracy or fairness of
such forward-looking statements, forecasts, and estimates. Furthermore, forward-
looking statements, forecasts and estimates only speak as of the date of this
press release. Readers are cautioned not to place undue reliance on any of these
forward-looking statements.
Please refer to the Universal Registration Document for the year ended December
31, 2022 filed with the Autorité des Marchés Financiers on March 30, 2023 as
amended on August 31, 2023, the Annual Report on Form 20-F for the year ended
December 31, 2022 filed with the Securities and Exchange Commission (the "SEC")
on March 30, 2023, and the Half-Year Report for the six months ended June
30, 2023 on Form 6-K filed with the SEC on October 3, 2023, for other risks and
uncertainties affecting Inventiva, including those described under the caption
"Risk Factors", and in our future filings with the SEC, including our Annual
Report on Form 20-F for the year ended December 31, 2023 to be filed 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.
--------------------------------------------------------------------------------
(1) Short-term deposits are included in the category "other current assets" in
the IFRS consolidated statement of financial position as of December 31, 2023,
and are considered by the Company as liquid and easily available.
(2) The long-term deposit has a two-year term accessible prior to the expiration
of the term with a notice period of 31 days and is considered as liquid by the
Company.
(3) This estimate is based on the Company's current business plan and excludes
any potential milestones payable to or by the Company and any additional
expenditures related to the potential continued development of the odiparcil
program or resulting from the 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 and the Company may end up using its resources sooner than
anticipated.
(4) The Company invoiced EUR1.9 million on May 22, 2023 (corresponds to the
milestone payment of EUR1.8 million euros, and an additional invoicing of EUR0.1
million) and received on July 19, 2023, EUR1.7 million after deduction of
withholding tax for EUR0.2 million. The exchange rate on the invoice date was
1.082 dollar for one euro. The Company invoiced EUR2.9 million on December
12, 2023 (corresponds to the milestone payment of EUR2.8 million euros, and an
additional invoicing of EUR0.1 million) and received on December 29, 2023, EUR2.6
million after deduction of withholding tax for EUR0.3 million. The exchange rate
on the invoice date was 1.080 dollar for one euro.
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