Inventiva Sa · EURONEXT:IVA
Inventiva Sa — Investor Day (October 2025)
54 slides from Inventiva Sa's investor day presentation, Oct 8, 2025
Slide 1: The Comprehensive Impact of Lanifibranor: Addressing the Full MASH Spectrum
The Comprehensive Impact of Lanifibranor: Addressing the Full MASH Spectrum Through Intra- and Extrahepatic Mechanisms of Action October 8, 2025 Property of Inventiva │
Slide 2: Forward Looking Statement
Forward Looking Statement This presentation contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, included in this presentation are forward-looking statements. Certain of
Slide 3: Investor & Analyst Day - Agenda
Investor & Analyst Day - Agenda ► A Year in Review Mark Pruzanski, MD ► Leading the Next Chapter of Growth Andrew Obenshain ► Reimagining PPAR Modulation: The Power of Lanifibranor’s pan-PPAR Mechanism of Action Prof. William Alazawi ► A Foundational Asset for MASH- The Case for Lanifibranor Prof. A
Slide 4: A Year in Review
A Year in Review Mark Pruzanski, MD Chairman of Inventiva Property of Inventiva │ 4
Slide 5: Inventiva has made significant progress in the past year
Inventiva has made significant progress in the past year We remain on track for NATiV3 topline results in H2 2026 October 2025 Arrival of Andrew Obenshain as CEO • Broad industry experience • Extensive commercial focus • Inflection point for Summer 2025 Inventiva’s continued Strengthened the growth
Slide 6: Leading the Next Chapter of Growth
Leading the Next Chapter of Growth Andrew Obenshain CEO of Inventiva Property of Inventiva │ 6
Slide 7: MASH is a chronic, progressive liver disease with ~1.9M diagnosed patients in the US
MASH is a chronic, progressive liver disease with ~1.9M diagnosed patients in the US 2024 MASH population estimate (US only) Total MASH Population1 2025 analysis finds diagnosed MASH 15M population is greater than ~1.5M 2025 analysis 2M shows significantly Diagnosed more than ~315K MASH MASH patient
Slide 8: Despite new treatment options, US HCPs feel unmet need in MASH remains significant
Despite the emergence of new treatment options, US HCPs feel that unmet need in MASH remains significant1 Current Treatment Options Primary Market Research - 100 US HCPs: Without a prompt 85% of specialists in the US described the greatest unmet needs Manufacturer as lack of effective, liver directe
Slide 9: We believe lanifibranor is uniquely positioned to deliver on physician and patient needs
We believe lanifibranor is uniquely positioned to deliver on physician and patient needs A promising novel, once-daily, small molecule, designed to treat MASH by directly targeting intrahepatic fibrosis progression and extrahepatic manifestations, delivering anti-inflammatory & metabolic benefits Di
Slide 10: With a differentiated asset and topline data expected in 2026, Inventiva aims to re-define MASH treatment
With a truly differentiated asset and topline data expected in 2026, Inventiva aims to re-define MASH treatment with lanifibranor 2026 2027 2028 H2 2026 2028 Topline results Targeted launch GOALS Amplify uniqueness of pan Demonstrate Capitalize on market lanifibranor’s value as PPAR agonism and lani
Slide 11: Reimagining PPAR Modulation: The Power of Lanifibranor's pan-PPAR Mechanism of Action
Reimagining PPAR Modulation: The Power of Lanifibranor’s pan-PPAR Mechanism of Action Professor William Alazawi Professor of Hepatology, Queen Mary University London
Slide 12: Patients with MASH and fibrosis are at risk of adverse liver outcomes
Patients with MASH and fibrosis are at risk of adverse liver outcomes Healthy liver MASL MASH MASH + Cirrhosis Fibrosis Fibrosis: F0 – F1 – F2 – F3 – F4 12
Slide 13: MASLD is highly prevalent in people with type 2 diabetes and obesity
MASLD is highly prevalent in people with type 2 diabetes and obesity Diabetes Obesity United States Europe East Asia 51.8% (31.3 to 71.6) 68.0% (62.1 to 73.0) 52.0% (45.4 to 58.6) 73.8% 71.4% 56.9% South Asia 57.9% (52.9 to 62.7) 75.3% 47.6% Latin America Africa West Asia 56.8% (34.1 to 77.0) 30.4%
Slide 14: Liver-related outcomes increase with each additional metabolic syndrome trait
Liver-related outcomes increase with each additional metabolic syndrome (MetS) trait MetS traits: Traits (Number of events/patients) major adverse liver outcomes (%) • Hypertension • Low HDL T2D + 5 MetS (71/3,831) Cumulative incidence of • Hypertriglyceridemia • Obesity • Albuminuria T2D + 4 MetS (
Slide 15: Insulin resistance drives fat accumulation, injury and fibrosis
Insulin resistance drives fat accumulation, injury and fibrosis 15% Diet Fats from lipolysis 25% 60% De Novo Lipogenesis Donnelly et al 2005 15
Slide 16: PPARs are master regulators of the spectrum of MASH disease biology
PPARs are master regulators of the spectrum of MASH disease biology Predominant PPAR type action PPAR Liver WAT BAT Pancreatic CV system Muscle Small Colon Kidney β-cell intestine Liver parenchymal Kupffer Stellate Endothelial cell cell cell cell • Glucose • Control of • FAO metabolism • Anti- barri
Slide 17: Entering a new era of PPARs and efficacy in MASH
Entering a new era of PPARs and efficacy in MASH 1990s 2010s 2020s 2024 PPARs discovery Pioglitazone No benefit of other PPAR-agonists Lanifibranor: & early metabolic proves concept PPAR agonists in approved in liver the first pan-PPAR disease trials in MASH MASH disease ( PBC) for MASH & fibrosis R
Slide 18: Lanifibranor is a differentiated pan-PPAR agonist with balanced activity on three isoforms
Lanifibranor is a differentiated pan-PPAR agonist with moderate and well-balanced activity on the three PPAR isoforms Differentiated oral small molecule… Moderate and balanced pan-PPAR agonist activity • Small molecule • Differentiated structure – not a Compound PPARa PPARd PPARg EC50 (nM) EC50 (nM)
Slide 19: PanPPAR agonist lanifibranor improves insulin resistance and hepatic steatosis in T2D and MASLD
Barb D. et al, PanPPAR agonist lanifibranor improves insulin resistance and hepatic steatosis in patients with T2D and MASLD, J Hepatol 2025 19
Slide 20: Lanifibranor improves cardiometabolic health in patients with MASH
0 mean absolute change +/- 95%CI mean absolute change +/- 95%CI 0.1 Fasting LDL-C (mmol/L) Fasting APO-B (mg/dL) -5 0.0 -10 -0.1 Article https://doi.org/10.1038/s41467-024-47919-9 ** ** The pan-PPAR agonist lanifibranor improves -0.2 Article -15 cardiometabolic health in patients with Fasting glucose
Slide 21: Lanifibranor associated with improved systemic markers of inflammation
-0.2 -15 me me Baseline Week 4 Week 14 Week 24 B Lanifibranor associated with improved E F 0.5 0.2 mean absolute change +/- 95%CI mean absolute change +/- 95%CI systemic markers of inflammation 0.0 0.0 Fasting glucose (mmol/L) HbA1c (%) -0.5 -0.2 ** ** ** ** ** ** -1.0 -0.4 -1.5 -0.6 Ferritin Baseli
Slide 22: The metabolic disease treatment landscape is changing
The metabolic disease treatment landscape is changing GLP1/incretin and SGLT2-i use more widespread Updated guidance Patients with MASH will MASH drug selection will Evidence base is across recommend earlier be on medication at be on this background metabolic spectrum use in T2D diagnosis ?dose / ad
Slide 23: Potential synergy between pan-PPAR and GLP-1 reduces metabolic burden and fibrogenic drive
Potential synergy between pan-PPAR and GLP-1 reduces metabolic burden and fibrogenic drive Improvement in HbA1c, insulin sensitization and lipid profile Weight loss-independent PPAR benefit with weight-dependent mechanism of GLP-1s Improved dyslipidaemia (PPAR) and lower triglyceridaemia: CVD benefi
Slide 24: Lanifibranor is a liver-directed drug candidate with multiple targets relevant to MASH
Lanifibranor is a liver-directed drug candidate with multiple targets highly relevant to MASH Improves insulin Normalises lipid and sensitivity adiponectin levels Lanifibranor PPAR α, y and δ Reverses established fibrosis Inhibits steatosis Blocks inflammation 24
Slide 25: A Foundational Asset for MASH - The Case for Lanifibranor
A Foundational Asset for MASH- The Case for Lanifibranor Professor Arun Sanyal Director at the Stravitz-Sanyal Institute for Liver Disease and Metabolic Health School of Medicine Internal Medicine Virginia Commonwealth University Co-Principal Investigator NATiV3 Study Property of Inventiva │ 25
Slide 26: The Phase 2b NATIVE trial – fibrosis improvement observed at 6 months
The Phase 2b NATIVE trial – fibrosis improvement observed at 6 months Evaluated 800 and 1200mg, oral, once-daily, 247 patients 24-week treatment + 4-week follow-up Double blind, randomized, placebo-controlled Screening ITT: 247 Randomized Patients End of treatment Liver biopsy Liver biopsy Placebo l
Slide 27: Resolution of MASH and fibrosis improvement ≥ 1 stage
Resolution of MASH and fibrosis improvement ≥ least 1 stage Compares favorably to other oral and injectable compounds ORAL INJECTABLE PPARs THR-β FGF-21 GLP1-RA and GLP1-RA dual agonists Lanifibranor Resmetirom** Efruxifermin Pegozafermin Semaglutide** Survodutide Tirzepatide Phase 2 Phase 3 Phase 2
Slide 28: Fibrosis improvement ≥ 1 stage with no worsening of MASH
Fibrosis improvement ≥ 1 stage with no worsening of MASH Compares favorably to other oral and injectable compounds ORAL INJECTABLE PPARs THR-β FGF-21 GLP1-RA and GLP1-RA dual agonists Lanifibranor Resmetirom** Efruxifermin Pegozafermin Semaglutide** Survodutide Tirzepatide Phase 2 Phase 3 Phase 2b P
Slide 29: MASH resolution with no worsening of fibrosis
MASH resolution with no worsening of fibrosis Compares favorably to other oral and injectable compounds ORAL INJECTABLE PPARs THR-β FGF-21 GLP1-RA and GLP1-RA dual agonists Lanifibranor Resmetirom** Efruxifermin Pegozafermin Semaglutide** Survodutide Tirzepatide Phase 2 Phase 3 Phase 2b Phase 2b Pha
Slide 30: Patients with T2D have higher cumulative incidence of fibrosis progression
Patients with T2D have a higher cumulative incidence of fibrosis progression making it relevant for a drug to address the metabolic drivers of disease u Cumulative incidence of fibrosis progression in nonalcoholic fatty liver disease, among participants with T2D versus participants without T2D Absol
Slide 31: Effect size is increased in F2/F3 patients as well as patients with T2D
Resolution of MASH and improvement of fibrosis: effect size is increased in F2/F3 patients as well as patients with T2D Lanifibranor Placebo 800 mg 1200 mg Resolution of MASH and 3X more 4.4X more improvement of fibrosis(1) responders on 31% responders on (N=247) 7% 21% 800mg vs placebo 1200mg vs pl
Slide 32: Improvement seen across key intra and extra hepatic features of MASH
Improvement seen across key intra and extra hepatic features of MASH Statistically Statistically significant change significant decrease in lipid profile in liver enzymes Improvements in Liver biomarkers HDL cholesterol show rapid and and TGs without a sustained change in LDL improvement cholesterol
Slide 33: Lanifibranor decreases key serum biomarkers consistent with histologic endpoints
Lanifibranor observed to induce a decrease in key serum biomarkers consistent with histologic endpoints u Data from Phase 2b NATIVE clinical trial evaluating lanifibranor (800 mg/day and 1200 mg/day) in patients with MASH for 24 weeks Lanifibranor Median relative change (%) Placebo p-value (2 doses
Slide 34: Phase 2b NATIVE study: favorable safety profile
Phase 2b NATIVE study: lanifibranor has a favorable safety profile Placebo 800 mg 1200 mg N (%) patients reporting Adverse Event (AE) (N = 81) (N = 83) (N = 83) u Any TEAE 50 (61.7%) 59 (71.1%) 62 (74.7%) Drug-related TEAE 19 (23.5%) 25 (30.1%) 23 (27.7%) u Any TEAE leading to drug withdrawal 3 (3.7
Slide 35: Phase 2b NATIVE study: most frequently reported AEs
Phase 2b NATIVE study: most frequently reported AEs % patients reporting the most frequent AEs Placebo 800 mg 1200 mg (>5% of patients in at least 1 lanifibranor arm) (N=81) (N=83) (N=83) Diarrhea 1 (1.2%) 8 (9.6%) 10 (12.0%) Fatiguea 8 (9.9%) 3 (3.6%) 11 (13.3%) Nausea 3 (3.7%) 8 (9.6%) 7 (8.4%) We
Slide 36: Weight gain comes with improvements in metabolic, cardiometabolic, and liver markers
Weight gain comes with improvements in metabolic, cardiometabolic, and liver markers Insulin Resistance – Metabolic Fasting HOMA-IR Triglycerides APO-B APO-C3 Mean absolute change at Week 24 from baseline Mean absolute change at Week 24 from baseline Mean absolute change at week 24 from baseline Mea
Slide 37: NATiV3 fully recruited: trial design mirrors the successful Phase 2b study
NATiV3 fully recruited: trial design mirrors the successful Phase 2b study Main cohort 72 weeks of treatment N=1009 Primary end point: lanifibranor: 1200 mg once daily Composite end point of patients having both MASH Noncirrhotic MASH Active treatment extension trial resolution and 1 stage of fibros
Slide 38: Baseline characteristics of NATiV3 are aligned with Phase 2b NATIVE: demographics
Baseline characteristics of NATiV3 are aligned with those of Phase 2b NATIVE Demographics & Metabolic Profile NATiV3 NATIVE N=1009 N=247 59% 58% 75% 65% 41% 42% 97.10 93.30 (± 23.6) (± 18.8) Female Male Weight (kg) mean ± SD BMI class: obese (≥30) median: NATiV3 = 95kg | NATIVE = 92kg 5.1 55% 4.6 9.
Slide 39: Baseline characteristics of NATiV3 are aligned with Phase 2b NATIVE: liver disease
Baseline characteristics of NATiV3 are aligned with those of Phase 2b NATIVE Liver Disease Profile NATiV3 NATIVE N=1009 N=247 67.0% 329 327 41.3% 33.0% 34.8% 10.1 8.9 (± 23.6) (± 18.8) F2 F3 LSM median (kPa) CAP median (dB/m) mean ±SD: NATiV3 = 11.1 ± 4.9 | mean ±SD: NATiV3 = 324 ± 48 | NATIVE = 10.
Slide 40: Baseline characteristics of NATiV3 are aligned with Phase 2b NATIVE: co-medications
Baseline characteristics of NATiV3 are aligned with those of Phase 2b NATIVE Co-medications NATiV3 NATIVE N=1009 N=247 SGLT2i GLP-1 RA (± 23.6) (± 18.8) 97.2% 90.0% 86.0% 10.0% 14.0% 2.8% 0.0% 0.0% Yes No Yes No Property of Inventiva │ 40
Slide 41: Conclusion
Conclusion Baseline characteristics consistent with Phase 2b (NATIVE): NATiV3 population is broadly comparable, reinforcing 1 confidence in the robustness of study design. Greater representation of patients with T2D (55% vs 42% in Phase 2b): Enhances the relevance of NATiV3 for real- 2 world MASH po
Slide 42: Real World Management of MASLD
Real World Management of MASLD Nezam H. Afdhal M.D, DSc Charlotte and Irving Rabb Professor of Medicine Harvard Medical School, Chief of Gastroenterology Hepatology and Nutrition Beth Israel Deaconess Medical Center, Boston Property of Inventiva │
Slide 43: Lifestyle Recommendations for Treating MASLD/MASH
Lifestyle Recommendations for Treating MASLD/MASH Caloric intake Weight loss Exercise No heavy alcohol reduction consumption ≥30% or ~750-1,000 kcal/day improved of 3% to 5% can improve steatosis, alone may reduce steatosis, but effect on Insufficient data to guide insulin resistance and hepatic ste
Slide 44: Weight Loss for MASLD & Fibrosis Progression
Weight Loss for MASLD & Fibrosis Progression Analysis of data from 4 randomized studies Fibrosis regression (45% of pts) Weight loss ≥ 10% MASH resolution (64% to 90% of pts)* Weight loss ≥ 7% Ballooning/inflammation (41% to 100% of pts)* Weight loss ≥ 5% Steatosis (35% to 100% of pts)* Weight loss
Slide 45: If lifestyle changes don't cut it… what about Bariatric surgery?
If lifestyle changes don’t cut it… what about Bariatric surgery? Clinical Gastroenterology and Hepatology Vol. 17, No. 6 Property of Inventiva │ 45
Slide 46: How do GLPs stack up to Resmetirom?
How do GLPs stack up to Resmetirom? Incretins Resmetirom MASH Resolution 29%1 16-20%2 Placebo Adjusted Fibrosis Improvement 14%1 10-12%2 Placebo Adjusted T2D / Weight loss +++ - Benefits Cardiometabolic +++ + benefits Titration, tolerability Ease of Use concerns, +++ high discontinuation rate 1. San
Slide 47: MASH Diagnosis, Retention and Monitoring in the Real World is Resource-Intensive for Incretins
MASH Diagnosis, Retention and Monitoring in the Real World is Resource-Intensive for Incretins Access to Medication Pre-authorization: by dedicated Pharm D, 340B resource allocation (resource intensive) Follow up: Dedicated Nurse Practitioner Team for Incretin titration, side effect management, tele
Slide 48: Conclusions
Conclusions MASH treatment does not follow guidelines for Incretins since T2D and Obesity expand 1 utilization outside of MASH alone In a real-world chart review, diagnostics for staging not rigid – only 30% have a fibroscan, 2 serological tests or biopsy 3 Resources needed for incretins administrat
Slide 49: Opportunities in MASLD for Approved and Upcoming Therapies
Opportunities in MASLD for Approved and Upcoming Therapies F0 F1 F2 F3 F4 Approved: (03/24) Potential for F4 presence – dependent on F4c data Approved: (08/25) Patients likely on GLP-1 for other comorbidities, but will require liver- targeted therapy with more potent fibrosis benefit Potential for U
Slide 50: Panel Discussion
Panel Discussion Jason Campagna President R&D and CMO of Inventiva Property of Inventiva │ 50
Slide 51: Panel Discussion
Panel Discussion HENRY E. CHANG ARUN SANYAL, MD NEZAM AFDHAL, MD WILLIAM ALAZAWI, MD Executive Director of the Fatty Director at the Stravitz-Sanyal Chief of the division of Professor of Hepatology and Liver Foundation Institute for Liver Disease and Gastroenterology, Hepatology and Director of Rese
Slide 52: Conclusion
Conclusion Andrew Obenshain CEO of Inventiva Property of Inventiva │ 52
Slide 53: Take away messages
Take away messages 1 Treatments have been approved but unmet medical need persists for liver-directed therapies. Lanifibranor: Oral liver-targeted drug candidate addressing both intra-hepatic (liver) and extra-hepatic 2 (metabolic/cardiovascular) components of MASH within 6 months. 3 Phase 3 NATiV3
Slide 54: Thank You
Thank You Property of Inventiva │