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A joint-stock company (soci t anonyme) with a share capital of 1,391,512.74 euros
Registered office: 50, rue de Dijon, 21121 Daix, France
Dijon Trade and Companies Register 537 530 255
Unaudited interim condensed consolidated statement of financial position
(in thousands of euros)
| Non-current assets | Notes | Dec. 31, 2024 | June 30, 2025 | |||
| Intangible assets | 4.1 | 48 | 85 | |||
| Property, plant and equipment | 4.2 | 5,005 | 3,985 | |||
| Deferred tax assets | 4.3 | 217 | 192 | |||
| Investments accounted for using the equity method | 4.4 | 1,139 | 835 | |||
| Other non current assets | 4.5 | 1,047 | 1,047 | |||
| Total non current assets | 7,456 | 6,144 | ||||
| Current assets | ||||||
| Trade receivables and others | 4.6 | 531 | 10,764 | |||
| Tax receivables | 4.6 | 4,941 | 1,163 | |||
| Other current assets | 4.6 | 9,476 | 38,808 | |||
| Cash and cash equivalents | 4.7 | 96,564 | 122,076 | |||
| Total current assets | 111,511 | 172,811 | ||||
| Total assets | 118,967 | 178,955 | ||||
| Shareholders' equity | 4.8 | |||||
| Share capital | 957 | 1,392 | ||||
| Premiums related to share capital | 249,160 | 376,755 | ||||
| Reserves | ( 173,151 ) | ( 211,513 ) | ||||
| Translation reserve | 600 | 340 | ||||
| Net loss for the period | ( 184,212 ) | ( 175,882 ) | ||||
| Total Shareholders' equity | 4.8 | ( 106,647 ) | ( 8,909 ) | |||
| Long-term debt | 4.9 | 48,460 | 51,599 | |||
| Long-term debt - derivatives | 4.9 | 24,315 | 42,251 | |||
| Royalty certificates liabilities | 4.9 | 29,207 | 33,415 | |||
| Provisions for retirement benefit obligations | 4.11 | 1,762 | 891 | |||
| Long term contract liabilities | 107 | 126 | ||||
| Other non-current liabilities | 4.12 | 1,032 | 1,126 | |||
| Total non current liabilities | 104,883 | 129,406 | ||||
| Short term debt | 4.9 | 5,868 | 5,533 | |||
| Short-term debt - derivatives | 4.9 | 73,400 | - | |||
| Short-term provisions | 4.10 | - | 3,051 | |||
| Trade payables | 4.13 | 32,862 | 34,703 | |||
| Other current liabilities | 4.12 | 8,600 | 15,170 | |||
| Total current liabilities | 120,731 | 58,458 | ||||
| Total liabilities | 225,614 | 187,864 | ||||
| Total liabilities and shareholders' equity | 118,967 | 178,955 |
The accompanying notes form an integral part of these financial statements
Unaudited interim condensed consolidated statement of (income) loss
(in thousands of euros)
| Six months ended | ||||||
| Notes | June 30, 2024 | June 30, 2025 | ||||
| Revenues | 5.1 | 41 | 4,454 | |||
| Other income | 5.1 | 2,693 | 1,156 | |||
| Total revenues and other income | 5.1 | 2,734 | 5,610 | |||
| Research and development costs | 5.2 | ( 46,822 ) | ( 44,890 ) | |||
| Marketing - Business development expenses | 5.2 | ( 598 ) | ( 746 ) | |||
| General and administrative expenses | 5.2 | ( 7,701 ) | ( 14,713 ) | |||
| Other operating income (expenses) | 5.3 | 138 | ( 8,202 ) | |||
| Operating profit (loss) | ( 52,249 ) | ( 62,940 ) | ||||
| Financial income | 5.4 | 9,093 | 2,427 | |||
| Financial expenses | 5.4 | ( 5,586 ) | ( 115,651 ) | |||
| Financial income (loss) | 3,507 | ( 113,224 ) | ||||
| Share of net loss - Equity method | 5.5 | ( 168 ) | ( 220 ) | |||
| Income tax | 5.6 | ( 119 ) | 503 | |||
| Net loss for the period | ( 49,029 ) | ( 175,882 ) | ||||
| Basic/diluted loss per share (euros/share) | ( 0.94 ) | ( 1.62 ) | ||||
| Weighted average number of shares outstanding used to calculate basic/diluted loss per share | 5.7 | 51,982,093 | 108,839,636 |
The accompanying notes form an integral part of these financial statements
Unaudited interim condensed consolidated statement of comprehensive (income) loss
(in thousands of euros)
| Six months ended | ||||
| June 30, 2024 | June 30, 2025 | |||
| Net loss for the period | ( 49,029 ) | ( 175,882 ) | ||
| Items that will be reclassified subsequently to profit or loss | ( 220 ) | ( 260 ) | ||
| Currency translation differences - equity method | ( 286 ) | ( 183 ) | ||
| Currency translation differences | 66 | ( 77 ) | ||
| Items that will not be reclassified subsequently to profit or loss | 74 | 93 | ||
| Remeasurement of defined benefit plans | 74 | 93 | ||
| Total other comprehensive loss | ( 146 ) | ( 167 ) | ||
| Total comprehensive loss | ( 49,175 ) | ( 176,049 ) |
The accompanying notes form an integral part of these financial statements
Unaudited interim condensed consolidated statement of changes in shareholders' equity
(in thousands of euros)
| Share capital | ||||||||||||||||
| Premiums | ||||||||||||||||
| Number of | related to | Net profit | Translation | Shareholders' | ||||||||||||
| Notes | shares | Amount | share capital | (loss) | Reserves | Reserves | equity | |||||||||
| At December 31, 2024 | 95,662,391 | 957 | 249,160 | ( 184,212 ) | 600 | ( 173,151 ) | ( 106,647 ) | |||||||||
| Net loss for the period | - | - | - | ( 175,882 ) | - | - | ( 175,882 ) | |||||||||
| Remeasurement of defined benefit plans | - | - | - | - | - | 93 | 93 | |||||||||
| Currency translation differences | - | - | - | - | ( 260 ) | - | ( 260 ) | |||||||||
| Total comprehensive loss | - | - | - | ( 175,882 ) | ( 260 ) | 93 | ( 176,049 ) | |||||||||
| Appropriation of 2024 net income (loss) | 4.8 | - | - | - | 184,212 | - | ( 184,212 ) | - | ||||||||
| Issue of ordinary shares (1) | 4.8 | 43,488,883 | 435 | 135,115 | - | - | - | 135,550 | ||||||||
| Transaction costs | 4.8 | - | - | ( 7,519 ) | - | - | - | ( 7,519 ) | ||||||||
| Issue of prefunded warrants (2) | 4.9 | - | - | - | - | - | 138,130 | 138,130 | ||||||||
| Share-based payment compensation expenses | 4.8 | - | - | - | - | - | 8,009 | 8,009 | ||||||||
| Treasury shares | 4.8 | - | - | - | - | - | 85 | 85 | ||||||||
| Other | - | - | - | - | - | ( 467 ) | ( 467 ) | |||||||||
| June 30, 2025 | 139,151,274 | 1,392 | 376,755 | ( 175,882 ) | 340 | ( 211,513 ) | ( 8,909 ) |
| Share capital | ||||||||||||||||
| Premiums | ||||||||||||||||
| Number of | related to | Net profit | Translation | Shareholders' | ||||||||||||
| Notes | shares | Amount | share capital | (loss) | Reserves | Reserves | equity | |||||||||
| At December 31, 2023 | 52,115,807 | 521 | 201,862 | ( 110,426 ) | 596 | ( 124,584 ) | ( 32,032 ) | |||||||||
| Net loss for the period | - | - | - | ( 49,029 ) | - | - | ( 49,029 ) | |||||||||
| Remeasurement of defined benefit plans | - | - | - | - | - | 74 | 74 | |||||||||
| Currency translation differences | - | - | - | - | ( 220 ) | - | ( 220 ) | |||||||||
| Total comprehensive income | - | - | - | ( 49,029 ) | ( 220 ) | 74 | ( 49,175 ) | |||||||||
| Appropriation of 2023 net income (loss) | 4.8 | - | - | - | 110,426 | - | ( 110,426 ) | - | ||||||||
| Share-based payment compensation expenses | 4.8 | - | - | - | - | - | 2,238 | 2,238 | ||||||||
| BSA share warrants subscription premium | 4.8 | 361,381 | 4 | ( 4 ) | - | - | ( 6 ) | ( 6 ) | ||||||||
| Treasury shares | 4.8 | - | - | - | - | - | ( 138 ) | ( 138 ) | ||||||||
| Other | - | - | - | - | - | 41 | 41 | |||||||||
| June 30, 2024 | 52,477,188 | 525 | 201,859 | ( 49,029 ) | 375 | ( 232,789 ) | ( 79,060 ) |
The accompanying notes form an integral part of these financial statements
Unaudited interim condensed consolidated statement of cash flows
(in thousands of euros)
| Notes | June 30, 2024 | June 30, 2025 | ||||
| Net loss for the period | ( 49,029 ) | ( 175,882 ) | ||||
| Elimination of non-cash or non-operating income and expenses | ||||||
| Depreciation, amortization and provisions | 1,878 | 4,109 | ||||
| Gross value of tangible and intangible assets sold | - | 14 | ||||
| Deferred and current taxes | 22 | ( 571 ) | ||||
| Tax credits | ( 2,657 ) | ( 1,125 ) | ||||
| Cost of debt | 5,180 | 9,598 | ||||
| Share based compensation expense | 2,238 | 8,009 | ||||
| Share of net profit of associates and joint ventures accounted for using the equity method | 8 | 220 | ||||
| Exchange (gains) / losses | ( 73 ) | 908 | ||||
| Fair value variation through profit and loss | ( 8,506 ) | 102,640 | ||||
| Cash flows used in operations before tax, interest and changes in working capital | ( 50,939 ) | ( 52,080 ) | ||||
| Decrease / (increase) in operating and other receivables | 4,075 | ( 14,491 ) | ||||
| Increase / (decrease) in operating and other payables | ( 2,409 ) | 8,438 | ||||
| Decrease / (increase) in inventories | 24 | - | ||||
| Tax credit received | 5,333 | 4,915 | ||||
| Other (1) | ( 4,426 ) | ( 507 ) | ||||
| Tax, interest and changes in operating working capital | 2,597 | ( 1,645 ) | ||||
| Net cash used in operating activities | ( 48,342 ) | ( 53,725 ) | ||||
| Cash flows provided by (used in) investing activities | ||||||
| Purchases of property, plant and equipment and intangible assets | ( 255 ) | ( 57 ) | ||||
| Disposals of property, plant and equipment and intangible assets | 90 | - | ||||
| Decrease / (Increase) in short-term deposit accounts | 4.6 | 70 | ( 24,742 ) | |||
| Increase / (Decrease) in other non-current financial assets | 4.5 | 9,008 | - | |||
| Net cash flows provided by (used in) investing activities | 8,912 | ( 24,799 ) | ||||
| Cash flows provided by financing activities | ||||||
| Capital increase | 4.8 | 6 | 57,370 | |||
| Transaction costs related to capital increase | 4.8 | - | ( 7,519 ) | |||
| Issue of prefunded warrants | 4.9 | - | 58,206 | |||
| Subscription of borrowings | 4.9 | 24,911 | - | |||
| Repayment of debt | 4.9 | ( 1,177 ) | ( 1,791 ) | |||
| Repayment of lease liabilities | 4.9 | ( 1,173 ) | ( 1,317 ) | |||
| Interests paid | - | ( 168 ) | ||||
| Net cash flows provided by financing activities | 22,568 | 104,780 | ||||
| Net increase (decrease) in cash and cash equivalents | ( 16,863 ) | 26,257 | ||||
| Cash and cash equivalents at beginning of period | 4.7 | 26,918 | 96,564 | |||
| Exchange gains / (losses) | 92 | ( 744 ) | ||||
| Net cash and cash equivalents at the end of period | 10,147 | 122,076 |
The accompanying notes form an integral part of these financial statements
Notes to the unaudited interim condensed consolidated financial statements
| Note 1. Company information | 8 | |
| 1.1 | Company information | 8 |
| 1.2 | Significant events in the first half of 2025 | 8 |
| Note 2. Basis of preparation and statement of compliance | 10 | |
| 2.1 | Statement of compliance | 10 |
| 2.2 | Scope and method of consolidation | 11 |
| 2.3 | Foreign currency translation | 12 |
| Note 3. Accounting principles | 12 | |
| 3.1 | Use of estimates and judgment | 12 |
| 3.2 | Fair value measurement | 13 |
| 3.3 | Specific disclosure requirements for unaudited interim financial statements | 13 |
| 3.4 | Going concern | 14 |
| Note 4. Notes to the interim condensed consolidated statement of financial position | 15 | |
| 4.1 | Intangible assets | 15 |
| 4.2 | Property, plant and equipment | 15 |
| 4.3 | Deferred tax asset | 15 |
| 4.4 | Investments accounted for using the equity method | 15 |
| 4.5 | Other non-current assets | 16 |
| 4.6 | Trade receivables, tax receivables and other current assets | 17 |
| 4.7 | Cash and cash equivalents balance from the statement of cash flows | 18 |
| 4.8 | Shareholders' equity | 18 |
| 4.9 | Financial debt | 21 |
| 4.10 | Provisions | 29 |
| 4.11 | Provisions for retirement benefit obligations | 29 |
| 4.12 | Other current and non-current liabilities | 30 |
| 4.13 | Trade payables and short-term contract liabilities | 30 |
| 4.14 | Financial assets and liabilities | 31 |
| Note 5. Notes to the interim condensed consolidated statement of (income) loss | 32 | |
| 5.1 | Revenues and other income | 32 |
| 5.2 | Operating expenses | 33 |
| 5.3 | Other operating income and expenses | 35 |
| 5.4 | Financial income and expenses | 35 |
| 5.5 | Share of net profit - Equity method | 36 |
| 5.6 | Income tax | 36 |
| 5.7 | Basic and diluted loss per share | 37 |
| Note 6. Other financial information | 37 | |
| 6.1 | Commitments related to operational activities | 37 |
| 6.2 | Related-party transactions | 38 |
| 6.3 | Financial risk management | 39 |
| 6.4 | Events after the reporting date | 39 |
INTERIM FINANCIAL REPORT FOR THE SIX MONTHS ENDED JUNE 30, 2025 ||
Note 1. Company information
Inventiva S.A. is a public limited company registered and domiciled in France. Its head office is located at 50 rue de Dijon, 21121 Daix. The consolidated nancial statements of the company Inventiva include Inventiva S.A. and its subsidiary Inventiva Inc., created in January 2021 (the group is designated as Inventiva' or the Company').
Inventiva's ordinary shares have been listed on compartment B of Euronext Paris regulated market since February 2017 and Inventiva's American Depositary Shares ( ADSs'), each representing one ordinary share, have been listed on the Nasdaq Global Market since July 2020.
Inventiva is a clinical-stage biopharmaceutical company focused on the development of oral small molecule therapies for the treatment of metabolic dysfunction-associated steatohepatitis ( MASH'), formerly known as non-alcoholic steatohepatitis ( NASH') and other diseases with significant unmet medical need.
Leveraging its expertise and experience in the domain of compounds targeting nuclear receptors, transcription factors and epigenetic modulation, Inventiva is currently advancing its product candidate lanifibranor for the treatment of MASH, a chronic and progressive liver disease. In 2020, the Company announced positive topline data from its Phase IIb clinical trial evaluating lanifibranor for the treatment of patients with MASH and announced that the U.S. Food and Drug Administration ( FDA') had granted the Company the status of Breakthrough Therapy and Fast Track designation for the development of lanifibranor for the treatment of MASH. The Company initiated the pivotal Phase III trial of lanifibranor in MASH ( NATiV3') in the second half of 2021.
On April 1, 2025, Inventiva announced the completion of patient enrollment in its NATiV3 trial with the randomization of the last patient in the main cohort. The publication of the topline results of the part 1 of the NATiV3 trial is targeted for the second half of 2026.
Strategic pipeline prioritization plan in February 2025 (the "Strategic Pipeline Prioritization Plan")
In February 2025, the Company informed the representatives of its Worker's Council of its plan to focus exclusively on the development of lanifibranor. The plan includes stopping all preclinical research activities except those required to support the lanifibranor program, together with strengthening the development team to prepare for potential filings for marketing approval and subsequent commercialization of lanifibranor for patients with MASH. The plan presented included reducing the Company's workforce (as of February 2025) by approximately 50%. The plan was mostly implemented during the second quarter of 2025 and continues to be implemented in the second half of 2025. The impacts on financial statements are detailed in the Note 4.10. - Provisions and 5.3. - Other operating income and expenses.
The Phase 3 NATiV3 clinical trial of lanifibranor in patients with MASH and advanced fibrosis
In January 2025, the Company completed screening of patients in the ongoing NATiV3 trial. In February 2025, following the review of the safety data of more than 1,200 patients randomized in NATiV3 by the Data Monitoring Committee ('DMC'), Inventiva received a positive recommendation from the sixth scheduled meeting of DMC to continue the NATiV3 clinical trial without modification to the protocol. On April 1, 2025, the Company announced the completion of patient enrollment in its NATiV3 Phase 3 trial with the randomization of the last patient in the trial.
Initiation of the clinical development program of lanifibranor in Japan with the dosing of the first participant in Phase 1 trial.
The Company and Hepalys Pharma, Inc. ('Hepalys') initiated the clinical development of lanifibranor in Japan by dosing the first participant in a Phase 1 trial. This study, involving 32 participants over 14 days, aims to assess the safety, tolerability, pharmacokinetics, and pharmacodynamics of lanifibranor. Pursuant to the exclusive licensing agreement (the Hepalys License Agreement') to develop and commercialize lanifibranor in Japan and South Korea entered into in September 2023 by the Company and Hepalys, Hepalys is responsible for all clinical activities in Japan and South Korea.
INTERIM FINANCIAL REPORT FOR THE SIX MONTHS ENDED JUNE 30, 2025 ||
Closing of the 116 million second tranche of the structured financing of up to 348 million
On May 5, 2025, the Company announced that it had secured the second tranche (the T2 Transaction') of the structured equity financing of up to 348 million announced on October 14, 2024 (the Structured Financing') for gross proceeds of 115.6 million (net 108.0 million), following the satisfaction of the applicable conditions precedent thereto (the T2 Conditions Precedent'). The settlement-delivery of the T2 Transaction occurred on May 7, 2025.
The Company intends to use the net proceeds of the T2 Transaction mainly to finance lanifibranor's development in MASH and notably the continuation of its NATiV3 Phase III clinical trial. The T2 Transaction involved:
The T3 BSAs mature on July 30, 2027. The exercise of the T3 BSAs (the third tranche of the Structured Financing) is subject to the release of positive topline results from the Phase III NATiV3 trial by June 15, 2027 (the "T3 Triggering Event"). If all the T2 BSAs and T3 BSAs are exercised, up to 120.8 million additional shares may be issued by the Company.
At the transaction date, the fair value of the T2 New Shares and T2 BSAs call options increased to 78.2 million and 79.9 million, respectively.
At the issuance date, the number of T2 New Shares or T2 BSAs was fixed, and the instruments meet the "fixed-for-fixed" rule under IAS 32. The fair value of the derivative instruments, at the transaction date, is then de-recognized through equity (See Note 3.4 - Derivatives to the annual consolidated financial statements for the year ended on December 31, 2024).
Resignation of Lucy Lu as director
Effective May 21, 2025, Ms. Lu resigned as a member of the Board of Directors of the Company. Ms. Lu's decision to resign was not the result of any disagreement between Ms. Lu and the Company's management, or any other member of the Board of Directors on any matter relating to the Company's operations, policies, or practices.
INTERIM FINANCIAL REPORT FOR THE SIX MONTHS ENDED JUNE 30, 2025 ||
Nomination of Ren e Aguiar-Lucander to the company's Board of Directors with effect as of May 22nd, 2025
During the Company's shareholders' General Meeting, the shareholders appointed Ren e Aguiar-Lucander as a Director of the Company. Ren e, currently CEO of Hansa Biopharma, brings extensive experience in biotech leadership, including her successful tenure at Calliditas Therapeutics, where she led the company to FDA approval and a major acquisition. Her expertise is expected to be valuable as the Company advance the clinical development and potential launch of its MASH treatment, lanifibranor.
Departure of the Deputy Chief Executive Officer with effect as of June 30, 2025
The Board of Directors acknowledged the decision of Mr. Pierre Broqua to step down from his position as Deputy Chief Executive Officer and Chief Scientific Officer, with effect as of June 30, 2025. In July 2025, Jason Campagna, MD, PhD, joined the Company as President of R&D and Chief Medical Officer, succeeding Pierre Broqua, PhD, and Michael Cooreman, MD, who departed as Chief Medical Officer.
Milestone payment from Chia Tai Tianqing Pharmaceutical Group, Co., LTD ("CTTQ")
In September 2022, the Company had entered into a licensing and collaboration agreement with CTTQ (as amended on October 11, 2024, the CTTQ License Agreement') to develop and commercialize lanifibranor for the treatment of MASH and potentially other metabolic diseases in Mainland China, Hong Kong Special Administrative Region, Macau Special Administrative Region and Taiwan (See Note 19.1 - Revenues to the annual consolidated financial statements for the year ended on December 31, 2024).
Following the T2 Transaction on May 7, 2025, the Company became eligible to receive a $10 million milestone payment from CTTQ under the CTTQ License Agreement. The revenues recorded by the Company in the first half of 2025 ( 4.4 million) consist mainly of the $10 million ( 8.9 million1) gross milestone payment invoiced to CTTQ, net of the $5 million ( 4.4 million) credit notes recognized under the CTTQ License Agreement following the closing of the T2 Transaction in May 2025. The $10 million milestone payment was received on July 7, 2025. (See Note 5.1 - Revenues and other income, Note 4.6 - Trade receivables, tax receivables and other current assets, Note 4.12 - Other current and non-current liabilities).
Note 2. Basis of preparation and statement of compliance
2.1Statement of compliance
These unaudited interim condensed consolidated financial statements were prepared in compliance with International Accounting Standards (IAS 34 - Interim Financial Reporting), which provides for the presentation of selected explanatory notes. The accompanying notes do not contain all the disclosures required for annual financial statements and should therefore be read in conjunction with the Company's financial statements prepared in accordance with IFRS Accounting Standards, referred to as IFRS, as of and for the year ended December 31, 2024.
These unaudited interim condensed consolidated financial statements as of June 30, 2025, were approved by the Board of Directors of the Company on September 26, 2025.
IFRS Accounting Standards basis adopted
The accounting policies applied by the Company in the preparation of the unaudited interim condensed consolidated financial statements for the six-month period ended June 30, 2025, are identical to those used in the annual financial statements prepared in accordance with IFRS Accounting Standards as of and for the year ended December 31, 2024, with the exception of specific provisions for the preparation of unaudited interim condensed consolidated financial statements.
1 The exchange rate at the invoice date was 1.172 dollar for one euro
INTERIM FINANCIAL REPORT FOR THE SIX MONTHS ENDED JUNE 30, 2025 ||
Standards, amendments to existing standards and interpretations published by the IASB whose application has been mandatory since January 1, 2025
The application of standards, amendments to existing standards and interpretations whose application has been mandatory since January 1, 2025, in the European Union primarily concern:
Those amendments had no material impact on the Company's unaudited interim condensed consolidated financial statements for the six-month period ended June 30, 2025.
Standards, amendments to existing standards and interpretations published by the IASB whose application is not yet mandatory
The new standards, interpretations and amendments to existing standards that have been published but are not yet applicable are:
The Company is currently assessing the applicability and impact of these new standards, interpretations and amendments.
2.2Scope and method of consolidation
In accordance with IFRS 10 Consolidated Financial Statements, an entity (subsidiary) is consolidated when it is controlled by the company (the parent).
Subsidiaries are all entities over which the Company has control. The Company controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and could affect those returns through its power to direct the activities of the entity. Subsidiaries are consolidated from the date on which control is transferred to the Company. They are deconsolidated from the date the control ceases.
All intercompany transactions, balances, and unrealized gains on transactions between group companies are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries are consistent with the policies adopted by the parent.
INTERIM FINANCIAL REPORT FOR THE SIX MONTHS ENDED JUNE 30, 2025 ||
As of June 30, 2025, the scope of consolidation consists of two entities, the parent, Inventiva S.A. and its 100% owned subsidiary, Inventiva Inc., for which no non-controlling interest is recognized.
| Percent of | ||||||
| Date of | Ownership | |||||
| incorporation | Interest | Accounting Method | ||||
| INVENTIVA Inc. | 01/05/2021 | 100 | % | Fully Consolidated |
The Company owns 15% of the ownership and voting rights of Hepalys, which is incorporated and has its principal place of business in Japan. In accordance with IAS 28 Investments in Associates and Joint Ventures, Hepalys is an associate of the Company and is accounted for using the equity method (see Note 4.4. - Investments accounted for using the equity method).
2.3Foreign currency translation
The Company's consolidated financial statements are presented in euros, which is also the functional currency of the parent company, Inventiva S.A. The functional currency of Inventiva Inc. is the U.S. dollar. All amounts presented in these notes to the consolidated financial statements are denominated in euros unless otherwise stated.
The results and financial position of foreign operations that have a functional currency different from the presentation currency are translated into euros, the presentation currency, as follows:
| Exchange rate (USD per EUR) | June 30, 2024 | Dec. 31, 2024 | June 30, 2025 | |||
| Average exchange rate for the period | 1.0813 | 1.0824 | 1.0927 | |||
| Exchange rate at the end of period | 1.0705 | 1.0389 | 1.1720 |
Note 3. Accounting principles
The preparation of financial statements requires management to make judgments and estimates and apply assumptions that can affect the carrying amounts of assets, liabilities, income and expenses, as well as the information presented in the accompanying notes. Actual reported values may differ from the accounting estimates made.
INTERIM FINANCIAL REPORT FOR THE SIX MONTHS ENDED JUNE 30, 2025 ||
There have been no significant changes in the material judgments and main estimates used by management when applying the Company's accounting policies in the preparation of these unaudited interim condensed consolidated financial statements from those described in the annual financial statements prepared in accordance with IFRS Accounting Standards for the year ended December 31, 2024.
The conflict in Ukraine and the conflict in the Middle East have not led to any material changes in the estimates or judgements made by management in the preparation of the Company's consolidated financial statements.
3.2Fair value measurement
In the table below, financial instruments are measured at fair value according to a hierarchy comprising three levels of valuation inputs:
The table below presents the financial liabilities of the Company measured at fair value on June 30, 2025:
| At June 30, 2025 (in thousands of euros) | Level 1 | Level 2 | Level 3 | |||
| Financial liabilities at fair value through profit or loss | ||||||
| Long-term financial debt - derivatives | - | - | 42,251 | |||
| Short-term financial debt - derivatives | - | - | - | |||
| Total liabilities | - | - | 42,251 |
The table below presents the financial liabilities of the Company measured at fair value at December 31, 2024:
| At December 31, 2024 (in thousands of euros) | Level 1 | Level 2 | Level 3 | |||
| Financial liabilities at fair value through profit or loss | ||||||
| Long-term financial debt - derivatives | - | - | 24,315 | |||
| Short-term financial debt - derivatives | - | - | 73,400 | |||
| Total liabilities | - | - | 97,715 |
3.3Specific disclosure requirements for unaudited interim financial statements
Seasonality of operations
The Company's operations are not subject to material seasonal fluctuations.
Income tax is recognized in the financial statements for each interim period. The amount corresponds to a best estimate calculated by applying the expected weighted average tax rate for the entire year.
The income tax amount recorded as due for an interim period may have to be adjusted in the subsequent interim period of the same year if the estimated annual average tax rate changes.
INTERIM FINANCIAL REPORT FOR THE SIX MONTHS ENDED JUNE 30, 2025 ||