Loading...
01/10 17:30
Loading...
Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
The earnings call highlights several concerning factors: a significant decline in revenue and net financial loss, competitive pressures in MASH treatment, and potential supply chain challenges. While cash position improved, the lack of shareholder return programs and increased net loss are negative. The Q&A reveals operational uncertainties and unclear management responses, further dampening sentiment. Despite some positive cash flow from financing, the overall financial health and competitive landscape raise concerns, leading to a negative outlook.
Cash Position €96.6 million at the end of 2024, up from €36 million at the end of December 2023, a net positive variance of approximately €61 million due to raising approximately $184 million in gross proceeds from various financing operations.
Revenue €9.2 million in 2024, down from €17.5 million in 2023, a decrease attributed to the milestone revenue from CTTQ Sino Biopharm.
Other Income €5.5 million in 2024, stable compared to €5.7 million in 2023, primarily from R&D French tax credits.
R&D Expenses €19.9 million in 2024, down 17% from €110 million in 2023, due to delays faced in 2024.
Marketing and Business Development Expenses €2 million in 2024, stable compared to 2023, expected to increase as NDA filing and commercialization preparations begin.
G&A Expenses €15.8 million in 2024, up from €13.8 million in 2023, a 14% increase due to complex transactions and reinforcement of IP position.
Net Financial Loss €86 million in 2024, compared to €5 million in 2023, due to a non-cash item of €33.4 million related to fair value treatment and €12.2 million of non-cash interest.
Net Loss €184.2 million in 2024, compared to €110.4 million in 2023, reflecting the increased financial losses.
Lanifibranor Clinical Development: Significant strides in clinical development with completion of recruitment in Phase 3 NATiV3 expected in H1 2025, targeting topline results in H2 2026.
LEGEND Trial Results: Positive results from LEGEND trial showing significant reduction in HBA1C and improved insulin sensitivity with lanifibranor alone and in combination with empagliflozin.
Combination Therapy: Combination of lanifibranor with empagliflozin mitigates weight gain, showing potential for treating patients with advanced fibrosis and diabetes.
Market Expansion in Japan: Partner Hepalys has launched clinical development of lanifibranor in Japan with a Phase 1 study.
Licensing Agreements: Licensing agreements in Japan, South Korea, and China position lanifibranor as a leading oral drug for MASH in these regions.
Workforce Reduction: Decision to focus resources on lanifibranor leads to a reduction of approximately 50% of workforce.
Cash Position: Cash position improved to $96.6 million at the end of 2024, up from $36 million at the end of 2023.
Strategic Focus: Following a strategic review, the company will focus all resources on the development of lanifibranor, halting all unrelated pre-clinical activities.
Board of Directors Strengthening: Appointment of three new board members to enhance governance and strategic direction.
Workforce Reduction: The company announced a strategic decision to focus all resources on the development of lanifibranor, leading to a reduction of approximately 50% of its workforce. This decision poses risks related to employee morale, potential loss of expertise, and operational disruptions during the transition.
Regulatory Risks: The company is preparing for regulatory submissions and commercialization of lanifibranor, which involves inherent risks associated with meeting regulatory requirements and potential delays in approval processes.
Financial Losses: Inventiva reported a significant net loss of $184.2 million for the year, compared to $110.4 million in 2023. This raises concerns about the company's financial sustainability and ability to fund ongoing operations and development.
Market Competition: As the only Phase 3 candidate currently recruiting for MASH treatment, the company faces competitive pressures from other potential treatments and market entrants, which could impact its market position and revenue potential.
Supply Chain Challenges: The company may encounter supply chain challenges related to the production and distribution of lanifibranor, especially as it scales up for commercialization.
Economic Factors: The overall economic environment may impact funding opportunities and investor confidence, which could affect the company's ability to raise capital for future projects.
Clinical Development of Lanifibranor: Significant strides made in the clinical development of lanifibranor, with completion of recruitment in Phase 3 NATiV3 targeted for H1 2025 and topline results expected in H2 2026.
Focus on Lanifibranor: Decision to focus all resources on the development of lanifibranor, leading to a reduction of approximately 50% of the workforce.
Strengthening Team: Reinforcing the development team to ensure preparedness for regulatory filings and commercialization of lanifibranor.
International Expansion: Partner Hepalys has launched clinical development of lanifibranor in Japan, with a Phase 1 study initiated.
Board of Directors Enhancement: Appointment of three new board members to strengthen governance and strategic direction.
Cash Runway Guidance: Confirmed cash runway until September 2025 without the second tranche of financing, extending to September 2026 with it.
Revenue Expectations: 2024 revenues recorded at $9.2 million, down from $17.5 million in 2023, primarily from milestone payments.
R&D Expenses: R&D expenses decreased to $19.9 million in 2024 from $110 million in 2023, with an expected increase as patient recruitment resumes.
Net Loss: Net loss for 2024 established at $184.2 million, compared to $110.4 million in 2023.
Future Financing: Anticipation of announcing completion of randomization and release of the second tranche of $127 million from financing in 2025.
Shareholder Return Plan: In 2024, Inventiva S.A. raised approximately $184 million in gross proceeds through various financing operations, including a significant financing structure transaction of up to $348 million. This included a second tranche of $25 million drawn in January 2024 from the European Investment Bank.
Share Repurchase Program: None
Dividend Program: None
The earnings call highlights several concerning factors: a significant decline in revenue and net financial loss, competitive pressures in MASH treatment, and potential supply chain challenges. While cash position improved, the lack of shareholder return programs and increased net loss are negative. The Q&A reveals operational uncertainties and unclear management responses, further dampening sentiment. Despite some positive cash flow from financing, the overall financial health and competitive landscape raise concerns, leading to a negative outlook.
All transcripts are sourced directly from the official live webcast or the company’s official investor relations website. We use the exact words spoken during the call with no paraphrasing of the core discussion.
Full verbatim transcripts are typically published within 4–12 hours after the call ends. Same-day availability is guaranteed for all S&P 500 and most mid-cap companies.
No material content is ever changed or summarized in the “Full Transcript” section. We only correct obvious spoken typos (e.g., “um”, “ah”, repeated 10 times”, or clear misspoken ticker symbols) and add speaker names/titles for readability. Every substantive sentence remains 100% as spoken.
When audio quality is poor or multiple speakers talk over each other, we mark the section instead of guessing. This ensures complete accuracy rather than introducing potential errors.
They are generated by a specialized financial-language model trained exclusively on 15+ years of earnings transcripts. The model extracts financial figures, guidance, and tone with 97%+ accuracy and is regularly validated against human analysts. The full raw transcript always remains available for verification.
