Inventiva: 2018 third quarter financial update

                                               
Inventiva: 2018 third quarter financial update^[1]

• Cash and cash equivalents[1]  at €68.1 million as of September 30, 2018
   
• Revenues[1] for the first nine months of 2018 in line with projections at €2.3 million

Daix (France), November 13, 2018 - Inventiva S.A. ("Inventiva" or the "Company"), a biopharmaceutical company developing innovative therapies in nonalcoholic steatohepatitis (NASH), systemic sclerosis (SSc) and mucopolysaccharidosis (MPS), today reported its cash position as of September 30, 2018 and its revenues for the first nine months of 2018.

As of September 30, 2018, Inventiva's cash and cash equivalents[1] stood at €68.1 million, compared to €75.9 million as of June 30, 2018, and €59.1 million as of December 31, 2017. Inventiva benefited from the €32.5 million (net amount) that were raised through a capital increase by way of private placement in April 2018. The decrease compared to June 30, 2018 reflects the ongoing advancement of the Company's clinical trials and pre-clinical studies.

For the first nine months of 2018, net cash used in operating activities[1] amounted to €22.1 million compared to €11.0 million for the same period in 2017. This increase is mainly due to increasing operational efforts dedicated to the clinical development of ongoing programs, as well as, to a lesser extent, the decline in revenues linked in particular to the non-recurring milestone payment of 2,5 million euros received from Boehringer Ingelheim in 2017. Net cash used in investing activities[1] for the period was € (0.4) million compared to net cash used in investing activities[1] of €6.1 million for the same period in 2017.  The Company received the last payment from Abbott in April 2017. Finally, the net cash from financing activities[1] for the period amounted to €32.3 million compared to €44.9 million for the same period in 2017. In the first nine months of 2018, the Company received the proceeds of the private placement conducted in April 2018 and, in the first nine months of 2017, the Company completed its initial public offering on the regulated market of Euronext Paris in February.

The Company's revenues[1] for the first nine months of 2018 amounted to €2.3 million compared to €6.0 million for the same period in 2017. This decrease is in line with expectations and partly due to the receipt of a milestone payment of €2.5 million from Boehringer Ingelheim in the 2017 period and to reduced activity under the Company's collaboration with AbbVie in the 2018 period, resulting in lower reimbursements for the Company, as the program subject to the AbbVie collaboration has progressed with the decision to enter into Phase I with the drug candidate ABBV-157.

Next investor conferences 

• Stifel Healthcare Conference, New York, November 12-14, 2018
• 9^th Jefferies Healthcare Conference, London, November 14-15, 2018
• Actionaria retail shareholder fair, Paris, November 22-23, 2018
• 2019 J.P. Morgan Healthcare Conference, San Francisco, January 7-10, 2019

Next financial results publication

• February 13, 2019 (after market closing): Publication of revenues and cash position as of December 31, 2018

         
About Inventiva: http://www.inventivapharma.com

Inventiva is a biopharmaceutical company specialized in the development of product candidates interacting with nuclear receptors, transcription factors and epigenetic modulators. Inventiva's research engine has the potential to open up novel therapies against fibrotic diseases, cancers and orphan diseases with substantial unmet medical needs.

Lanifibranor, its lead product, is an anti-fibrotic treatment acting on the alpha, gamma and delta PPARs (peroxisome proliferator-activated receptors), which play key roles in controlling the fibrotic process. Its anti-fibrotic action targets two initial indications with substantial unmet medical need: NASH, a severe and increasingly prevalent liver disease already affecting over 30 million people in the United States, and systemic sclerosis, a disease with a very high mortality rate and for which there is no approved treatment to date.

Inventiva is also developing a second clinical program with odiparcil for the treatment of patients with mucopolysaccaridosis type VI (or Maroteaux-Lamy syndrome), a rare and severe gene disease affecting children. Odiparcil has also the potential to address other MPS types, characterized by the accumulation of chondroitin or dermatan sulfate (MPS I or Hurler/Sheie syndrome, MPS II or Hunter syndrome, MPS IVa or Morquio syndrome and MPS VII or Sly syndrome). Inventiva is also developing a portfolio of early research projects in the field of oncology.

Inventiva benefits from partnerships with world-leading research entities, such as the Institut Curie in the field of oncology. Two strategic partnerships have also been established with world-class major pharmaceutical companies, AbbVie and Boehringer Ingelheim, in the fields of autoimmune diseases (specifically in psoriasis) and fibrosis, respectively. These partnerships provide milestone payments to Inventiva upon the achievement of pre-clinical, clinical, regulatory and commercial milestones, in addition to royalties any approved products resulting from the partnerships.

Inventiva employs over 100 employees and owns R&D facilities near Dijon, acquired from the international pharmaceutical group Abbott. The Company owns, a proprietary chemical library of over 240,000 molecules as well as integrated biology, chemistry, ADME and pharmacology platforms.

Contacts 

Important Notice

This press release contains forward-looking statements, forecasts and estimates with respect to the clinical development plans, business and regulatory strategy, and anticipated future performance of Inventiva and of the market in which it operates. 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 candidates will receive the necessary regulatory approvals or that they will prove to be commercially successful. Therefore, 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. Given these 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 "Document de référence" filed with the Autorité des Marchés Financiers on April 13, 2018 under
n° R.18-013 for additional information in relation to such factors, risks and uncertainties.

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.