Q1 2020 Financial Information
- Cash and cash equivalents at €46.9m as at March 31, 2020
- Q1 revenues at €0.1 million
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.
Cash Position
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.
Revenues
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.
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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
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. Inventiva is currently evaluating lanifibranor in a Phase IIb clinical trial for the treatment of this disease for which there are currently no approved therapies.
Inventiva is also developing odiparcil, a second clinical stage asset, for the treatment of patients with MPS, a group of rare genetic disorders. A Phase Ib/II clinical trial in children with MPS VI is currently under preparation following the release of positive results of the Phase IIa clinical trial in adult MPS VI patients at the end of 2019.
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 (Euronext: IVA – ISIN: FR0013233012).
Contacts
Inventiva
Frédéric Cren
Chairman & CEO
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Brunswick Group
Yannick Tetzlaff / Tristan Roquet Montegon /
Aude Lepreux
Media relations
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Westwicke, an ICR Company
Patricia L. Bank
Investor relations
+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. 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 Universal Reference Document filed with the Autorité des Marchés Financiers on February 7, 2020 under n° D.20-0038 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
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