Full-Year 2020: Cash position and revenues
- 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.
Net cash 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 – expected in 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
InventivaFrédéric CrenChairman &
CEOinfo@inventivapharma.com+33 3 80 44 75 00 |
Brunswick GroupYannick Tetzlaff / Tristan Roquet
Montegon / Aude LepreuxMedia
relationsinventiva@brunswickgroup.com+33 1 53 96 83 83 |
Westwicke,
an ICR CompanyPatricia L. Bank Investor
relationspatti.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.
- PR - FY 2020 CA Cash - EN - 11022021 - VF
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