Q1 2020 Financial Information
May 14, 2020
Daix (France), May 14, 2020 – Inventiva (Euronext: IVA), a clinical-stage biopharmaceutical company developing 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 and revenues for the first quarter of 2020.
As at March 31, 2020, Inventiva’s cash and cash equivalents stood at €46.9 million, compared to €35.8 million as at December 31, 2019.
Inventiva’s cash and cash equivalents amounted to €11.1 million at March 31, 2020, including a negative impact of €3.6 million from operating activities (vs. – €8.6 million in the first quarter of 2019). R&D expenses for the first quarter, mainly driven by the development of lanifibranor in NASH and odiparcil in MPS VI, were down 41% compared to the first quarter of 2019. This reduction mainly reflects the termination of lanifibranor’s clinical development for the treatment of the systemic sclerosis (SSc) in February 2019, as well as savings related to the redundancy plan (Plan de Sauvegarde de l’Emploi) implemented following the end of the program. Net cash from operating activities in the first quarter of 2020 was also positively impacted by the receipt of the 2018 research tax credit in the amount of €4.2 million payment in January 2020. In addition, the Company received a €3.5 million prepayment of the 2019 research tax credit in April 2020.
Net cash from financing activities amounted to €14.6 million in the first three months of 2020, driven by the issuance of €15 million (gross proceeds) of ordinary shares in February 2020 to the Company’s main investors. This financing is expected to extend the Company’s cash runway until the end of the second quarter of 2021.
The Company’s revenues for the first quarter of 2020 amounted to €0.1 million against €1.0 million in the first quarter of 2019.
Next key milestones expected
▪ Publication of the results of the Phase IIb NATIVE (NAsh Trial to Validate IVA337 Efficacy) clinical study evaluating lanifibranor in the treatment of NASH – expected in June 2020
▪ Completion of AbbVie’s ongoing clinical study with ABBV-157 in psoriasis patients – expected in the fourth quarter of 2020
Next investor conferences
▪ Jefferies Virtual Healthcare Conference, June 2-4, 2020
▪ Spring Virtual Mid Cap Event, June 23-24, 2020
▪ H.C. Wainwright 22nd Annual Healthcare Conference, New York, September 13-15, 2020
▪ KBC Securities Life Sciences Conference, New York, September 22-23, 2020
▪ HealthTech Innovation Days, Paris, October 5-6, 2020
Next scientific conferences
▪ The Digital International Liver Congress 2020, August 27-29, 2020
Next financial events
▪ Thursday, May 28, 2020, 2:00 pm (CEST): Annual General Meeting
▪ Thursday, July 30, 2020 (after market close): S1 2020 Revenues and cash position
Lanifibranor, its lead product, is an anti-fibrotic treatment acting on the three 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 (IVA 336) 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 on the 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.
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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.