IVA (IVA) Stock Analysis
Verdict: AVOID
Severe cash burn ($105M/yr) and dilution offset Lanifibranor potential — cash runway depletion dominates the near-term risk.
Investment score: 24/100
Inventiva faces existential financial stress characterized by negative balance sheet equity (-$28.52M in 2025), a persistent annual cash burn (-$105.13M FCF in 2025), and a cash reserve of $99.31M that provides less than 12 months of operational runway. Rapid dilution has expanded shares outstanding from 41.45M in 2022 to 186.80M in 2025.