Free cash flow remains deeply negative at a $54.4M deficit in 2025Q4, reflecting a critical reliance on external capital to sustain operations.
| Cash from Operations | -100.98M | -85.93M | -81.61M | -44.93M | -47.63M | -30.59M | -28.4M | -34.21M | -17M | -14.86M | -13.98M | -14.79M | -16.01M |
| Operating CF Margin % | -2252.57% | -934.2% | -466.98% | -368.9% | -1135.65% | -8223.12% | -405.89% | -1069.97% | -260.73% | -157.33% | -286.85% | -450.44% | -522.4% |
| Operating CF Growth % | -17.52% | -5.29% | -81.66% | 5.67% | -55.7% | -7.7% | 16.96% | -101.19% | -14.41% | -6.27% | 5.44% | 7.63% | - |
| Net Income | -340.16M | -184.21M | -110.43M | -54.27M | -49.63M | -33.62M | -30.22M | -33.62M | -17.23M | -7.05M | -8.82M | -7.49M | -7.13M |
| Depreciation & Amortization | 3.22M | 5.2M | 2.6M | 1.7M | -1.29M | 1.89M | 1.58M | 2.32M | 1.42M | 1.65M | 1.3M | 1.23M | 1.38M |
| Stock-Based Compensation | 26.77M | 3.58M | 3.97M | 2.22M | 2.09M | 938K | 1.41M | 833K | 683.61K | 3.1M | 67.46K | 44.95K | 2.22K |
| Deferred Taxes | -2.3M | -4.8M | -4.74M | -5.26M | -3.27M | -7.65M | -4.3M | -4.72M | -7.87M | -9.81M | -9.81M | -8.2M | -6.76M |
| Other Non-Cash Items | 205.07M | 92.63M | 9.68M | 4.98M | 3.5M | 9.83M | 3.89M | 5K | 3.45M | -80.3K | 1.52M | -449.07K | -3.69M |
| Working Capital Changes | 6.42M | 1.68M | 17.31M | 5.71M | 979K | -1.97M | -769K | 974K | 2.55M | -2.68M | 1.76M | 76.93K | 186.56K |
| Change in Receivables | 816.45K | 2.81M | -5.84M | 3.84M | -5.32M | -459K | 1.78M | -3.09M | 1.82M | -2.86M | -169.27K | -36.23K | 935.1K |
| Change in Inventory | 0 | 417K | -44K | 19K | -72K | 68K | 22K | 30K | -1.25K | 8.56K | -3.42K | 51.35K | -528.37K |
| Change in Payables | 2.46M | 0 | 20M | 3.54M | 7.6M | 1.27M | -2.97M | 4.82M | 3.33M | 924.63K | 1.93M | 36.23K | -935.1K |
| Cash from Investing | -127.93M | 8.74M | -7.73M | 8.87M | -1.79M | -8.56M | -826K | -420K | 6.17M | 17.2M | 18.85M | 18.46M | 18.37M |
| Capital Expenditures | -237.25K | -333K | -540K | -561K | -534K | -292K | -136K | -549K | -428.03K | -227.94K | -968.99K | -1.29M | -1.92M |
| CapEx % of Revenue | 5.29% | 3.62% | 3.09% | 4.61% | 12.73% | 78.49% | 1.94% | 17.17% | 6.56% | 2.41% | 19.88% | 39.34% | 62.63% |
| Acquisitions | 0 | 0 | 0 | 41K | 89K | 0 | 3K | 0 | 6.19M | 17.43M | 20.23M | 19.9M | 20.02M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -1K | 75.72K | 131K | 1K | 90K | 0 | -690K | 23K | 631 | -10.25K | -29.75K | -140.99K | 264.09K |
| Cash from Financing | 232M | 145.59M | 29.08M | 37.27M | 25.45M | 111.67M | 8.38M | 32.27M | 45.01M | -70.86K | 591.84K | -60.49K | 240.49K |
| Debt Issued (Net) | -5.98M | 19.92M | -4.1M | 28.44M | -28K | 9.89M | -146K | -259K | -146K | -70.86K | 591.84K | -58.86K | 165.49K |
| Equity Issued (Net) | 237.74M | 57.34M | 28.08M | 8.83M | 25.48M | 101.78M | 8.65M | 32.53M | 45.16M | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 236.97K | 68.33M | 5.1M | -772.47K | -17.73K | 0 | -130K | 1K | 1K | 0 | 0 | -1.63K | 75K |
| Net Change in Cash | 14.17M | 69.65M | -59.82M | 183K | -19.13M | 69.85M | -20.85M | -2.36M | 34.18M | 2.27M | 5.46M | 3.62M | 2.6M |
| Free Cash Flow | -101.22M | -86.26M | -82.15M | -45.49M | -48.16M | -30.88M | -28.54M | -34.76M | -17.43M | -15.09M | -14.95M | -16.08M | -17.93M |
| FCF Margin % | -2257.86% | -937.82% | -470.07% | -373.5% | -1148.38% | -8301.61% | -407.83% | -1087.14% | -267.3% | -159.74% | -306.73% | -489.79% | -585.04% |
| FCF Growth % | -17.34% | -5% | -80.6% | 5.55% | -55.96% | -8.21% | 17.88% | -99.4% | -15.52% | -0.91% | 7.01% | 10.31% | - |
| FCF per Share | -0.54 | -1.66 | -1.81 | -1.10 | -1.23 | -0.91 | -1.21 | -1.69 | -1.12 | -0.96 | -1.49 | -1.60 | -1.79 |
| FCF Conversion (FCF/Net Income) | 0.30x | 0.47x | 0.74x | 0.83x | 0.96x | 0.91x | 0.94x | 1.02x | 0.99x | 2.11x | 1.58x | 1.97x | 2.24x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial funding dependency
According to the provided financial data, the OCF/NI ratio has plummeted to 0.31 in 2025Q4, suggesting that the company's reported net losses are not fully capturing the actual cash outflows required to sustain the current clinical development trajectory and operational overhead.
The significant divergence between net income and operating cash flow indicates that non-cash items and accruals are masking the true intensity of the cash burn. Investors should monitor this gap, as it suggests that the company's accounting losses may actually understate the liquidity pressure facing the organization.
As reported in quarterly filings, Inventiva's free cash flow has remained consistently negative, reaching a deficit of $54.4M in 2025Q4, which highlights the company's total dependence on external financing to fund its ongoing Phase III NATiV3 clinical trial program.
The FCF margin of -1891.6% in the most recent quarter underscores the lack of a self-sustaining business model at this stage of development. This trajectory implies that the company will likely remain a cash-consuming entity until a major commercial milestone or partnership event occurs.
Based on the provided cash flow statements, capital expenditures remain negligible at $192.2K in 2025Q4, representing only 6.7% of revenue, which confirms that the company's primary cash drain is operational R&D rather than investment in physical manufacturing or infrastructure assets.
The low capital intensity is typical for a clinical-stage biotech, yet it emphasizes that the company's financial risk is entirely tied to the success of its R&D pipeline. Any future increase in capital intensity would likely signal a shift toward commercialization, which would necessitate a significant change in the current funding strategy.
Data from recent periods shows erratic working capital changes, including an $8.2M inflow in 2025Q4, which suggests that the company's cash position is highly sensitive to the timing of milestone-related payments and the management of accounts payable associated with clinical trial vendors.
These fluctuations in working capital appear to be a byproduct of the company's project-based revenue model rather than operational efficiency. Investors should be cautious, as these inflows may provide only temporary relief from the underlying structural cash burn.
Quick answers to the most common questions about buying IVA stock.
Inventiva S.A. (IVA) generated $-101.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Inventiva S.A. (IVA) reported negative free cash flow of $101.2M in 2025, indicating capital requirements exceeded cash from operations.
Inventiva S.A. (IVA) spent $0.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.