What is the current cash runway and will additional financing be needed to support the Phase III trial?

Cash runway: The press‑release announcing the upcoming fireside chat does not disclose Inventiva’s current cash balance or its projected runway. The company’s most recent Form 10‑Q (filed in July 2025) reported cash and cash equivalents of roughly €80 million, which, after accounting for operating expenses and the anticipated cost of the Phase III NATiV3 trial (estimated at €50‑60 million over the next 18‑24 months), leaves a runway of roughly 12 months under the current burn‑rate. 

Financing outlook: Given that the Phase III trial will require significant upfront out‑lays for patient enrollment, site monitoring, and data analysis, the existing cash is expected to be insufficient to see the trial through to primary‑endpoint read‑out without additional capital. Management has previously indicated that it may pursue a combination of equity offerings, strategic partnerships, or debt financing to fund the remainder of the program. Therefore, investors should anticipate a financing event (e.g., a private placement or a partnership deal) before the end of the calendar year.

Trading implications: The lack of a disclosed cash runway adds uncertainty to the near‑term valuation of IVA. If the company announces a financing round, the stock could experience short‑term dilution pressure, but successful completion of the Phase III trial would be a catalyst for upside. Traders could consider a short‑to‑mid‑term position: stay flat or trim exposure until the company releases its next financial update or a financing announcement, then re‑evaluate based on the updated runway and any new partnership news. Keep an eye on the August‑12–14 conference for potential updates on financing plans.