GlobeNewswire

Full-Year 2020: Cash position and revenues

Share
  • Cash position2 at €113.0m as of December 31, 2020 compared to €124.6 million at September 30, 2020 and €35.8 million at December 31, 2019
  • Revenues of €0.4m in 2020 compared to €7.0m in 2019
  • Successful €94.9m3 initial public offering (IPO) on the Nasdaq Global Market in the United States, extending the Company’s cash runway through Q4 2022


Daix (France), February 11, 2021 – Inventiva (Euronext Paris and Nasdaq: IVA), a clinical-stage biopharmaceutical company focused on the development of oral small molecule therapies for the treatment of non-alcoholic steatohepatitis (NASH), mucopolysaccharidoses (MPS) and other diseases with significant unmet medical need, today reported its cash position as of December 31, 2020 and its 2020 full-year revenues.


Cash Position

As of December 31, 2020, Inventiva’s cash position (excluding exchange rate effects) stood at €113.0 million compared to €124.6 million as of September 30, 2020, and €35.8 million as of December 31, 2019.

Net cash used in operating activities amounted to (€30.6) million in 2020, compared to (€28.4) million in 2019. This increase is mainly due to higher general and administrative and non-recurrent expenses incurred during the second half of the year linked to the Company’s IPO in the United States and listing on Nasdaq. These costs have been partly offset by the savings generated from the halt of the clinical development of lanifibranor in systemic sclerosis in 2019 and the Employment Safeguard Plan subsequently introduced mid-2019, as well as, to a lesser extent, the successful conclusion of the NATIVE Phase IIb clinical study in NASH in June 2020. Furthermore, the cash flow from operating activities was positively impacted by the receipt of €4.2 million in respect of the 2018 Research Tax Credit (CIR - Crédit Impôt Recherche) in January 2020, and the receipt of €4.2 million in total in respect of the 2019 Research Tax Credit in April and June 2020. In 2019, Inventiva recorded over the fourth quarter the payment of €3.6 million of the 2017 Research Tax Credit, the €3.5 million milestone payment from AbbVie following the enrollment of the first psoriasis patient in the clinical study underway with ABBV-157 and the payment of €2.6 million as part of the collaboration with Boehringer Ingelheim in November 2019.

Net cash from investing activities (excluding the variation in short-term deposits) in 2020 remained stable compared to 2019 and amounted to (€0.9) million.              

Netcash from financing activities in 2020 amounted to €111.7 million compared to €8.4 million in 2019, driven by: the issuance of €15.0 million (gross proceeds) of ordinary shares to certain existing investors in the Company in February 2020, the entry into a €10.0 million credit agreement, guaranteed by the French State, with a syndicate of French banks in May 2020, and the receipt of €94.9 million3 (gross proceeds) following the Company’s successful U.S. IPO in July 2020, extending Inventiva’s cash runway through the fourth quarter of 2022.

Revenues

The Company’s revenues in 2020 amounted to €0.4 million compared to €7.0 million in 2019. This variation is linked to the fact that the Company had recorded the payment of €3.5 million received as part of the collaboration with AbbVie in December 2019 and the payment of €2.6 million received as part of the collaboration with Boehringer Ingelheim in November 2019. Additionally, €2.1 million were written back over the period, in accordance with IFRS 15 "Revenue from Contracts with Customer", generating a positive impact on IFRS revenue in 2019.

***

Next key milestones expected

  • AbbVie’s completion of its ongoing Phase I clinical trial with ABBV-157 in psoriasis patients – expectedin the first quarter of 20214
  • Initiation of NATIVE3 (NASH lanifibranor Phase 3 trial) Phase III clinical trial evaluating lanifibranor in NASH – planned for the first half of 2021
  • Publication of Phase II clinical trial results evaluating lanifibranor in type 2 diabetes patients (T2DM) with Non-Alcoholic Fatty Liver Disease (NAFLD) conducted by Pr. Cusi – expected in 2021


Upcoming investor conference participation

  • Credit Suisse Virtual 2021 London Global Healthcare Conference, March 2-4, 2021
  • H.C. Wainwright Virtual Global Life Sciences Conference, March 9-10, 2021
  • 33rd Virtual Roth Conference, March 15-17, 2021
  • 7th Annual Truist Securities 2021 Life Sciences Summit, May 4-5, 2021
  • Jefferies Virtual Healthcare Conference, June 1-3, 2021

Upcoming scientific conference participation

  • International Liver Congress™ 2021, June 23-26, 2021

Next financial results publication

  • Full-year 2020 financial results: Thursday, March 4, 2021 (after U.S. market close)


About Inventiva

Inventiva is a clinical-stage biopharmaceutical company focused on the development of oral small molecule therapies for the treatment of NASH, MPS 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 two clinical candidates, as well as a deep pipeline of earlier stage programs.

Lanifibranor, its lead product candidate, is being developed for the treatment of patients with NASH, a common and progressive chronic liver disease for which there are currently no approved therapies. Inventiva recently announced positive topline data from its Phase IIb clinical trial evaluating lanifibranor for the treatment of patients with NASH and obtained Breakthrough Therapy and Fast Track designation for lanifibranor in the treatment of NASH.
Inventiva is also developing odiparcil, a second clinical stage asset, for the treatment of patients with subtypes of MPS, a group of rare genetic disorders. Inventiva announced positive topline data from its Phase IIa clinical trial evaluating odiparcil for the treatment of adult MPS VI patients at the end of 2019 and received FDA Fast Track designation in MPS VI for odiparcil in October 2020.

In parallel, Inventiva is in the process of selecting an oncology development candidate for its Hippo signalling pathway program. Furthermore, the Company has established a strategic collaboration with AbbVie in the area of autoimmune diseases. AbbVie has started the clinical development of ABBV‑157, a drug candidate for the treatment of moderate to severe psoriasis resulting from its collaboration with Inventiva. This collaboration enables Inventiva to receive milestone payments upon the achievement of pre-clinical, clinical, regulatory and commercial milestones, in addition to royalties on any approved products resulting from the collaboration.

The Company has a scientific team of approximately 70 people with deep expertise in the fields of biology, medicinal and computational chemistry, pharmacokinetics and pharmacology, as well as in clinical development. It also owns an extensive library of approximately 240,000 pharmacologically relevant molecules, approximately 60% of which are proprietary, as well as a wholly‑owned research and development facility.

Inventiva is a public company listed on compartment C of the regulated market of Euronext Paris (ticker: IVA - ISIN: FR0013233012) and on the Nasdaq Global Market in the United States (ticker: IVA). www.inventivapharma.com


Contacts

Inventiva
Frédéric Cren
Chairman & CEO
info@inventivapharma.com
+33 3 80 44 75 00
Brunswick Group
Yannick Tetzlaff /
Tristan Roquet Montegon /
Aude Lepreux
Media relations
inventiva@brunswickgroup.com
+33 1 53 96 83 83
Westwicke, an ICR Company
Patricia L. Bank

Investor relations
patti.bank@westwicke.com
+1 415 513-1284


Important Notice

This press release contains forward-looking statements, forecasts and estimates with respect to Inventiva’s clinical trials, clinical trial data releases, clinical development plans and anticipated future activities of Inventiva. Certain of these statements, forecasts and estimates can be recognized by the use of words such as, without limitation, “believes”, “anticipates”, “expects”, “intends”, “plans”, “seeks”, “estimates”, “may”, “will” and “continue” and similar expressions. Such statements are not historical facts but rather are statements of future expectations and other forward-looking statements that are based on management's beliefs. These statements reflect such views and assumptions prevailing as of the date of the statements and involve known and unknown risks and uncertainties that could cause future results, performance or future events to differ materially from those expressed or implied in such statements. Actual events are difficult to predict and may depend upon factors that are beyond Inventiva's control. There can be no guarantees with respect to pipeline product candidates that the clinical trial results will be available on their anticipated timeline, that future clinical trials will be initiated as anticipated, or that candidates will receive the necessary regulatory approvals. Actual results may turn out to be materially different from the anticipated future results, performance or achievements expressed or implied by such statements, forecasts and estimates, due to a number of factors, including that Inventiva has incurred significant losses since inception, Inventiva has a limited operating history and has never generated any revenue from product sales, Inventiva will require additional capital to finance its operations, Inventiva's future success is dependent on the successful clinical development, regulatory approval and subsequent commercialization of current and any future product candidates, preclinical studies or earlier clinical trials are not necessarily predictive of future results and the results of Inventiva's clinical trials may not support Inventiva's product candidate claims, Inventiva may encounter substantial delays in its clinical trials or Inventiva may fail to demonstrate safety and efficacy to the satisfaction of applicable regulatory authorities, enrollment and retention of patients in clinical trials is an expensive and time-consuming process and could be made more difficult or rendered impossible by multiple factors outside Inventiva's control, Inventiva's product candidates may cause undesirable side effects or have other properties that could delay or prevent their regulatory approval, or limit their commercial potential, Inventiva faces substantial competition and Inventiva’s business, preclinical studies and clinical development programs and timelines, its financial condition and results of operations could be materially and adversely affected by the current COVID-19 pandemic. Given these risks and uncertainties, no representations are made as to the accuracy or fairness of such forward-looking statements, forecasts and estimates. Furthermore, forward-looking statements, forecasts and estimates only speak as of the date of this press release.Readers are cautioned not to place undue reliance on any of these forward-looking statements.

Please refer to the Universal Registration Document filed with the Autorité des Marchés Financiers on June 19, 2020 under n° D.20-0551 and its amendment filed on July 10, 2020 under n° D. 20-0551-A01 as well as the half-year financial report on June 30, 2020 for additional information in relation to such factors, risks and uncertainties.

Except as required by law, Inventiva has no intention and is under no obligation to update or review the forward-looking statements referred to above. Consequently, Inventiva accepts no liability for any consequences arising from the use of any of the above statements.




1 Non-audited financial information.

2 The cash position includes cash and cash equivalents as well as short-term deposits which are included in the category “other current assets” in the IFRS statement of financial position as of December 31, 2020. In fiscal year 2020, the increase in short-term deposits is included in the category “net cash flows from investing activities” in the IFRS cash flow statement.

3 Based on an exchange rate of $1.1342 per euro, the exchange rate published by the European Central Bank on July 9, 2020.

4 Source: clinicaltrials.gov.


Attachment


About GlobeNewswire

GlobeNewswire
GlobeNewswire
One Liberty Plaza - 165 Broadway
NY 10006 New York

https://globenewswire.com

GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Subscribe to releases from GlobeNewswire

Subscribe to all the latest releases from GlobeNewswire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from GlobeNewswire

SEK CREDIT OPERATION ANNOUNCEMENT1.3.2021 10:30:00 CETPress release

Bid date, 2021-03-01Auction date2021-03-01Settlement date2021-03-01Maturity Date2021-05-31Term13 weeksInterest rateThe Riksbank´s applicable repo rateBid times11.00-11.30 (CET/CEST) on the Bid dateConfirmation of bids to e-maileol@riksbank.seOffered volumeUnlimitedThe lowest accepted bid volume50 million SEKMaximum number of bids1Allocation Time11.45 (CET/CEST) on the Bid date Stockholm, 2021-03-01 Bid date, 2021-03-01Auction date2021-03-01Settlement date2021-03-01Maturity Date2021-08-30Term26 weeksInterest rateThe Riksbank´s applicable repo rateBid times11.00-11.30 (CET/CEST) on the Bid dateConfirmation of bids to e-maileol@riksbank.seOffered volumeUnlimitedThe lowest accepted bid volume50 million SEKMaximum number of bids1Allocation Time11.45 (CET/CEST) on the Bid date Stockholm, 2021-03-01 This is a translation of the Swedish version published on www.riksbank.se. In the case of any inconsistency between the English translation and the Swedish language version, the Swedish language v

IBFD launches Talking Points, a fresh perspective on the latest tax developments1.3.2021 10:00:00 CETPress release

AMSTERDAM, March 01, 2021 (GLOBE NEWSWIRE) -- We are excited to announce the launch of Talking Points today, a brand new service that will provide IBFD users with market-leading commentary and analysis on the latest and hottest developments in international taxation. Talking Points will showcase thought leadership from around the world on key developments, news items and other important international tax topics. IBFD users will benefit from valuable insights, reasoning, opinions and viewpoints putting tax developments in perspective from some of the most prominent leaders in international taxation. Maarten Goudsmit, Publishing Director, IBFD, says, “We are excited to launch this new format. Talking Points will provide the tax community with timely, insightful commentary and analysis of the impact of the latest hot topics on daily practice, from leading industry experts.” To celebrate this launch, we will make the first article on Crossing the Digital Services Tax Divide – But Is It Wor

The Bonduelle Group specifies its mission and enshrines it in its articles of association: We inspire the transition toward a plant-based diet to contribute to people's well-being and planet health1.3.2021 10:00:00 CETPress release

Pressrelease Villeneuve d’Ascq, March 1, 2021 The Bonduelle Group specifies its mission and enshrines it in its articles of association. “We inspire the transition toward a plant-based diet to contribute to people's well-being and planet health”. At the presentation of its first half-year financial results for the 2020-2021 fiscal year on February 26, the Bonduelle Group presented its mission. Submitted to the shareholders' vote at the last Shareholders' Meeting, it was very widely approved (99.91%) and is now enshrined in the company's articles of association. It is intended to guide the group's future strategic choices and reinforces Bonduelle's long-term vision. It reaffirms the company's determination to play an active role in the socio-economic and environmental challenges of today and tomorrow. Towards a more resilient model that creates positive impacts Committed to the B Corp certification process and a founding member of the B Movement Builders, Bonduelle reaffirms its commitm

Net asset value as per February 28, 20211.3.2021 10:00:00 CETPress release

On February 28, 2021, net asset value was SEK 299 per share. The closing price on February 26, 2021, was SEK 300.00 for the Class A shares and SEK 278.90 for the Class C shares. Stockholm, March 1, 2021 AB INDUSTRIVÄRDEN (publ) For further information, please contact: Sverker Sivall, Head of Corporate Communication and Sustainability, tel. +46-8-666 64 00 Submitted for publication on March 1, 2021 at 10:00 a.m. Attachment Substansvarde_210301_eng

Agillic wins international gaming platform provider Multilot as a new client: Personalisation is the name of the game1.3.2021 09:00:00 CETPress release

Press release, Copenhagen, 1 March 2021 Agillic, a leading Danish omnichannel marketing software company, will help Multilot, a multinational SaaS gaming platform provider, build long-lasting customer relationships through automated and personalised communication across the customer lifecycle. Multilot offers a fully compliant turn-key gaming platform as a service (SaaS). They operate games, bingo, lotteries, raffles and games of chance on behalf of humanitarian organisations, associations, media houses and corporate partners. Multilot can manage the entire value chain, including assistance in applying for national gaming licenses, game development, assurance of compliance to laws and regulations, customer support, accounting and reporting to the authorities. Further, the company caretakes the direct communication with end-users. And it is for this purpose Multilot has chosen Agillic. Says Petter Danbolt CEO, Multilot: “Gaming is entertainment and fun, hopes and dreams. When we provide

GOGL – Private placement: issue of New Shares1.3.2021 08:34:35 CETPress release

1 March 2021, Hamilton, Bermuda Reference is made to the stock exchange release by Golden Ocean Group Limited (NASDAQ and OSE: GOGL) (“Golden Ocean” or the "Company”) on 17 February 2021 regarding completion of the private placement of new shares in the Company (the "Private Placement"). The new shares have been legally and validly issued and fully paid, and the Company's issued share capital has been increased to USD 9,924.012.20, divided into 198,480,244 issued shares, each with a nominal value of USD 0.05. The new shares are registered under a separate ISIN pending approval of a listing prospectus by the Financial Supervisory Authority of Norway, and will not be listed or tradable on the Oslo Stock Exchange until the listing prospectus is approved. For further queries, please contact: Ulrik Andersen: Chief Executive Officer, Golden Ocean Management AS +47 22 01 73 53 Peder Simonsen: Chief Financial Officer, Golden Ocean Management AS +47 22 01 73 45