Inventiva Sa · EURONEXT:IVA
Inventiva Sa — H1 2026 Earnings Presentation
26 slides from Inventiva Sa's earnings presentation, Sep 28, 2026
Slide 1: H1 2026 Financial Report
H1 2026 Financial Report September 28, 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as “believe,” “anticipate,” “expect,” “intend,” “plan,” “seek,” “estimate,” “may,” “will,” “could,”
Slide 3: Inventiva Participants
Inventiva Participants ANDREW OBENSHAIN JASON CAMPAGNA, MD, PhD AXEL-SVEN MALKOMES CHRIS BENECCHI Chief Executive Officer Chief Medical Officer & President of R&D Chief Financial Officer Chief Operating Officer 3
Slide 4: Agenda
Agenda 1. Corporate Overview 2. Lanifibranor Clinical Program Update 3. H1 2026 Highlights 4. Q&A 4
Slide 5: Why Lanifibranor? Why Now?
Why Lanifibranor? Why Now? 01 DIFFERENTIATION 02 ADVANCING TO VALIDATION 03 MARKET OPPORTUNITY Two Drivers of MASH Phase 3 Builds on Phase 2b MASH - A Validated Market Designed to act on intra- and Same doses, histological endpoints used Potential to be well positioned as a extra-hepatic drivers in
Slide 6: MASH: One Disease, Two Drivers
MASH: One Disease, Two Drivers EXTRA-HEPATIC DRIVERS INTRA-HEPATIC DRIVERS 01 02 Atherogenic Dyslipidemia Hepatic Steatosis Metabolic · ApoB Triglycerides Free Metabolic · Hepatocyte Fatty Acid Flux Insulin Resistance Inflammation Metabolic · Muscle And Systemic Inflammatory · Hepatic Macrophage Adi
Slide 7: Lanifibranor Showed Improvements Across Key MASH Endpoints in Phase 2b
Designed to Target Intra- and Extra-hepatic Drivers, Lanifibranor Showed Improvements Across Key MASH Endpoints in Phase 2b EXTRA-HEPATIC DRIVERS PAN-PPAR (Lanifibranor: Phase 2b – 6 Months) 01 Adipose Dysfunction Direct Adipocyte PPARγ Insulin Resistance Muscle and Systemic Atherogenic Dyslipidemia
Slide 8: A Growing Market with Remaining High Unmet Need
A Growing Market with Remaining High Unmet Need ~18M AMERICANS WITH MASH1 >$15B EXPECTED F2/F3 MASH MARKET BY 20353 ~1.9M Diagnosed MASH Population2 +20-25% GROWTH IN DIAGNOSED 910K & F2–F3 POOLS VS 2024 Diagnosed F2 / F3 MASH Population2 ~374K F2 / F3 & Under MASH market evolving toward broader dia
Slide 9: Lanifibranor's Potential Profile Across Key MASH Patient Segments
Lanifibranor’s Potential Profile Across Key MASH Patient Segments MASH is closely linked to cardiometabolic risk factors1 associated with disease progression Lanifibranor has the F STAGES potential to offer a differentiated treatment F2 F3 option for patients with MASH and advanced CARDIOMETABOLIC N
Slide 10: Three Priorities to Potentially Unlock a Meaningful Impact for Patients
Three Priorities to Potentially Unlock a Meaningful Impact for Patients 01 02 03 Q4 2026 H1 2027 2028 EXPECTED TOPLINE READOUT REGULATORY READINESS COMMERCIAL READINESS 1,009 Patients 72-week Last visit, last patient completed Potential NDA filing Potential launch Lanifibranor is an investigational
Slide 11: Rational Pan-PPAR Design Informed by Decades of Biology
Rational Pan-PPAR Design Informed by Decades of Biology PPARs enable coordinated modulation of the metabolic, inflammatory, and fibrotic pathways at the core of MASH Potential Novel Differentiated A new chemical entity (not a fibrate, not a TZD) with Chemical Entity Co-activator Fingerprint FDA brea
Slide 12: NATIVE Phase 2b: Composite Endpoint Across Moderate to Advanced Fibrosis and T2D
NATIVE Phase 2b: Composite Endpoint Across Moderate to Advanced Fibrosis and Patients with T2D 7% Resolution of MASH 14% effect size and improvement of fibrosis 21% Placebo 24% effect size All patients (N=247) Lanifibranor 800 mg Phase 3 primary endpoint 31% p=0.017 p<0.001 Lanifibranor 1,200 mg 7%
Slide 13: Phase 2b Safety and Tolerability Profile
Phase 2b Safety and Tolerability Profile Investigator-reported most-frequent adverse events1 Placebo 800 mg 1,200 mg (N = 81) (N = 83) (N = 83) AE PROFILE CONSISTENT WITH RECEPTOR BIOLOGY Diarrhea 1 (1%) 8 (10%) 10 (12%) Fatigue§ Nausea 8 (10%) 3 (4%) 3 (4%) 8 (10%) 11 (13%) 7 (8%) α No rhabdomyolysi
Slide 14: Phase 2b Safety Profile: Findings Consistent with PPAR Pharmacology
Phase 2b Safety Profile: Findings Consistent with PPAR Pharmacology EARLY LATER Fluid Retention Insulin Sensitization & Adipose Remodeling PPARγ / ENaC · plasma volume ↑ · reversible Adiponectin ↑ 01 02 03 UNDERSTOOD MODEST MANAGEABLE On-target, biphasic biology +2.4 to +2.7 kg at Week 24 Distal, EN
Slide 15: NATiV3 Design Anchored in NATIVE Outcomes
NATiV3 CLINICAL TRIAL NATiV3 Design Anchored in NATIVE Outcomes Primary Endpoint Dose, population, and endpoints aligned with NATIVE Composite end point of patients having both MASH resolution and 1 stage of fibrosis improvement MAIN COHORT End Of 72-WEEK OF TREATMENT Treatment Biopsy Key Secondary
Slide 16: NATiV3 Population Consistent With NATIVE
NATiV3 Population Consistent With NATIVE Higher diabetes prevalence and more advanced fibrosis NATiV3 (N=1,009) NATIVE (N=247) DEMOGRAPHICS & METABOLIC PROFILE LIVER DISEASE PROFILE CO-MEDICATIONS 75% 67% 59% 58% 65% 41% 42% 41% 33% 35% 97 93 50 51 40 37 10% (± 23.6) (± 18.8) 3% Female Male Weight (
Slide 17: Lanifibranor is Designed to Target Core Pathophysiology Underlying MASH and cACLD
Lanifibranor is Designed to Target Core Aiming to Confirm Potential Pathophysiology Underlying MASH and cACLD Clinical Benefit In Compensated Potential for an oral to address highest unmet medical need Advanced Chronic Liver Disease Due To MASH PPAR-α/δ normalize mitochondrial function PPARγ inactiv
Slide 18: Highlights of First Half of 2026 Financial Results
Highlights of First Half of 2026 Financial Results Six Months Ended (in thousands of euros) June 30, 2026 June 30, 2025 Revenues 20 4,454 Other income 1,286 1,156 Research and development expenses (46,238) (44,890) Marketing – business development expenses (2,589) (746) General and administrative ex
Slide 19: Potential Value-Creating Milestones, Starting Q4 2026
Potential Value-Creating Milestones, Starting Q4 2026 Q4 2026 H1 2027 2027 2028 NATiV3 Topline Planned U.S. Planned Outcome Potential U.S. Launch Phase 3 results in F2/F3 MASH Regulatory Filing Study Initiation Commercial launch into the E.U. submission to follow cACLD outcomes trial initiation F2/F
Slide 20: An Oral Investigational Medicine Designed to Target Both Drivers of MASH
An Oral Investigational Medicine Designed to Target Both Drivers of MASH POTENTIAL DIFFERENTIATED ORAL THERAPY FOR MASH Designed to address the broad spectrum of disease. EXTRA-HEPATIC DRIVERS INTRA-HEPATIC One Disease. DRIVERS Two Disease Drivers. One Oral Medicine. Q4 2026 >$15B 2028 The Pivotal R
Slide 21: inventivapharma.com
inventivapharma.com
Slide 22: Phase 2b NATIVE Trial Design and Results
Phase 2b NATIVE Trial Design Main Inclusion Criteria Patients with biopsy-proven MASH Once-daily oral dosing; two doses, 800 mg and 1,200 mg confirmed to have Steatosis-Activity- Fibrosis (SAF) scores of 1-3 for steatosis, NATIVE RESULTS 3-4 for activity, and <4 for fibrosis Placebo (N=81) Lani 800
Slide 23: Phase 2b Histologic Improvements Accompanied by Broad Biomarker Evidence
Phase 2b Histologic Improvements Accompanied by Broad Biomarker Evidence Across Metabolic, Inflammatory and Fibrotic Pathways OBSERVED INTRA-HEPATIC IMPROVEMENTS OBSERVED EXTRA-HEPATIC IMPROVEMENTS HEALTHY Glucose Metabolism Markers Cardiovascular Risk Markers Improved insulin sensitivity and Improv
Slide 24: Preclinical Data for Lanifibranor Showed Potential to Impact Portal Pressure
Preclinical Data for Lanifibranor Showed Potential to Impact Portal Pressure PORTAL PRESSURE INTRAHEPATIC RESISTANCE FIBROSIS ASCITES (RATS AFFECTED) −14.5% p=0.003 −29% p=0.02 −32% p=0.02 −76% p=0.02 13.1 0.75 18 67 11.2 mmHg·min/mL 0.53 12.3 mmHg % Area % 16 Vehicle Lanifibranor Vehicle Lanifibran
Slide 25: Lanifibranor Improved Vascular Remodeling on Phase 2b Biopsies
Lanifibranor Improved Vascular Remodeling on Phase 2b Biopsies CAPILLARIZATION IS A DISEASE MARKER1 LANIFIBRANOR IMPROVES PERIPORTAL CD342 periportal CD34 score (%) Patients with improved CD34⁺ vessels / µm²·10⁵ 9.8 • CD34 higher in MASH 23.2% • Significant vs no-MASH (p<0.05) 18.5% improvement in 6
Slide 26: Selected Financial Highlights as of July 9, 2026
Selected Financial Highlights as of July 9, 2026 SHARE CAPITAL1 ROYALTY CERTIFICATES ~236M ~433.6M Two Sets Commence upon potential product sales Ordinary shares Estimated fully diluted outstanding shares after topline data CERTIFICATE 1: 2% capped at ~ €92M, (non-diluted) (assumes full exercise 15-