Revenue volatility remains acute, with the company reporting a sharp 99.6% year-over-year decline in 2025Q4 alongside a negative 40.6% gross margin.
| Sales/Revenue | 4.48M | 9.2M | 17.48M | 12.18M | 4.19M | 372K | 7M | 3.2M | 6.52M | 9.45M | 4.87M | 3.28M | 3.06M |
| Revenue Growth % | -51.26% | -47.37% | 43.5% | 190.39% | 1027.42% | -94.68% | 118.89% | -50.97% | -30.96% | 93.77% | 48.49% | 7.13% | - |
| Cost of Goods Sold | 2.8M | 3.88M | -23K | 995K | 1.02M | 846K | 0 | 967K | 1.24M | 1.49M | 1.4M | 1.52M | 1.68M |
| COGS % of Revenue | 62.37% | 42.2% | -0.13% | 8.17% | 24.25% | 227.42% | - | 30.25% | 18.95% | 15.73% | 28.82% | 46.41% | 54.89% |
| Gross Profit | 1.51M | 9.2M | 17.5M | 17.06M | 4.19M | 4.42M | 7M | 2.23M | 5.28M | 7.96M | 3.47M | 1.76M | 1.38M |
| Gross Margin % | 33.68% | 100% | 100.13% | 140.05% | 100% | 1187.37% | 100% | 69.75% | 81.05% | 84.27% | 71.18% | 53.59% | 45.11% |
| Gross Profit Growth % | -83.58% | -47.44% | 2.6% | 306.7% | -5.05% | -36.88% | 213.81% | -57.8% | -33.6% | 129.4% | 97.22% | 27.26% | - |
| Operating Expenses | 137.37M | 106.76M | 120.19M | 74.17M | 56.31M | 34.13M | 36.21M | 36.41M | 26.99M | 21.49M | 19.75M | 16.75M | 15.53M |
| OpEx % of Revenue | 3064.15% | 1160.64% | 687.68% | 608.97% | 1342.61% | 9176.08% | 517.48% | 1139.04% | 413.86% | 227.56% | 405.14% | 510.22% | 506.81% |
| Selling, General & Admin | 53.89M | 17.1M | 15.61M | 15.49M | 11.52M | 9.06M | 4.51M | 4.52M | 4.12M | 3.3M | 3.22M | 2.9M | 3.04M |
| SG&A % of Revenue | 1202.14% | 185.9% | 89.3% | 127.23% | 274.68% | 2436.02% | 64.5% | 141.41% | 63.25% | 34.9% | 66.13% | 88.31% | 99.04% |
| Research & Development | 83.61M | 90.88M | 110.01M | 60.47M | 48.45M | 23.72M | 33.79M | 31.64M | 26.73M | 22.14M | 19.64M | 16.28M | 13.75M |
| R&D % of Revenue | 1864.99% | 988.04% | 629.47% | 496.5% | 1155.27% | 6375.54% | 482.87% | 989.58% | 409.96% | 234.44% | 402.89% | 496.01% | 448.59% |
| Other Operating Expenses | -133.65K | -1.22M | -5.43M | -1.8M | -3.66M | 1.36M | -2.09M | 257K | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -130.95M | -97.56M | -102.71M | -57.11M | -52.11M | -29.72M | -30.31M | -33.25M | -20.92M | -13.02M | -15.51M | -13.47M | -12.47M |
| Operating Margin % | -2920.96% | -1060.64% | -587.68% | -468.92% | -1242.58% | -7988.71% | -433.15% | -1040.13% | -320.76% | -137.83% | -318.17% | -410.22% | -406.81% |
| Operating Income Growth % | -34.22% | 5.02% | -79.84% | -9.59% | -75.36% | 1.96% | 8.84% | -58.98% | -60.66% | 16.06% | -15.17% | -8.02% | - |
| EBITDA | -128.15M | -92.36M | -100.11M | -56.24M | -51.26M | -28.87M | -28.86M | -32.3M | -19.68M | -11.53M | -14.21M | -12.24M | -11.08M |
| EBITDA Margin % | -2858.59% | -1004.13% | -572.81% | -461.78% | -1222.13% | -7760.48% | -412.35% | -1010.45% | -301.8% | -122.1% | -291.48% | -372.81% | -361.71% |
| EBITDA Growth % | -38.75% | 7.74% | -78% | -9.72% | -77.55% | -0.05% | 10.67% | -64.15% | -70.64% | 18.83% | -16.09% | -10.41% | - |
| D&A (Non-Cash Add-back) | 2.8M | 5.2M | 2.6M | 870K | 858K | 849K | 1.46M | 949K | 1.24M | 1.49M | 1.3M | 1.23M | 1.38M |
| EBIT | -130.95M | -171.72M | -104.64M | -57.16M | -53.62M | -32.62M | -30.21M | -33.01M | -22.89M | -12.06M | -14.88M | -13.51M | -11.72M |
| Net Interest Income | -29.47M | -11.07M | -4.23M | -317K | -81K | 160K | 138K | -101.46K | 271K | 488.66K | 484.42K | 766.4K | 744.12K |
| Interest Income | 2.83M | 1.14M | 945K | 390K | 57K | 226K | 157K | 141.57K | 276.62K | 230.18K | 227.63K | 273.84K | 42.65K |
| Interest Expense | 32.3M | 12.18M | 5.18M | 707K | 138K | 66K | 3K | 243.03K | 5.32K | 7.55K | 6.06K | 2.94K | 630 |
| Other Income/Expense | -211.38M | -86.34M | -7.11M | 2.82M | 2.84M | -3.9M | 95K | -111K | 278K | 460.23K | 486.14K | 745.1K | 748.35K |
| Pretax Income | -342.33M | -183.9M | -109.82M | -54.29M | -49.27M | -33.62M | -30.22M | -33.36M | -20.64M | -12.56M | -15.02M | -12.72M | -11.72M |
| Pretax Margin % | -7636.1% | -1999.36% | -628.36% | -445.8% | -1174.82% | -9037.1% | -431.79% | -1043.57% | -316.49% | -132.96% | -308.2% | -387.52% | -382.39% |
| Income Tax | 22K | 313K | 607K | -20K | 364K | 0 | 0 | 253K | -3.41M | -5.51M | -6.2M | -5.23M | -4.58M |
| Effective Tax Rate % | -0.01% | -0.17% | -0.55% | 0.04% | -0.74% | 0% | 0% | -0.76% | 16.52% | 43.9% | 41.27% | 41.1% | 39.11% |
| Net Income | -340.16M | -184.21M | -110.43M | -54.27M | -49.64M | -33.62M | -30.22M | -33.62M | -17.23M | -7.05M | -8.82M | -7.49M | -7.13M |
| Net Margin % | -7587.8% | -2002.74% | -631.84% | -445.64% | -1183.5% | -9037.37% | -431.85% | -1051.49% | -264.22% | -74.59% | -181% | -228.26% | -232.82% |
| Net Income Growth % | -84.66% | -66.82% | -103.46% | -9.34% | -47.64% | -11.24% | 10.1% | -95.11% | -144.56% | 20.15% | -17.74% | -5.03% | - |
| Net Income (Continuing) | -354.13M | -184.21M | -110.43M | -54.27M | -49.63M | -33.62M | -30.22M | -33.62M | -19.08M | -7.05M | -8.82M | -7.49M | -7.13M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.82 | -3.54 | -2.43 | -1.31 | -1.27 | -0.99 | -1.28 | -1.64 | -1.11 | -0.45 | -0.88 | -0.75 | -0.71 |
| EPS Growth % | 48.59% | -45.68% | -85.5% | -3.15% | -28.28% | 22.66% | 21.95% | -47.75% | -146.67% | 48.86% | -17.33% | -5.63% | - |
| EPS (Basic) | -1.82 | -3.54 | -2.43 | -1.31 | -1.27 | -0.99 | -1.28 | -1.64 | -1.11 | -0.45 | -0.88 | -0.75 | -0.71 |
| Diluted Shares Outstanding | 186.8M | 51.98M | 45.35M | 41.45M | 39.17M | 33.87M | 23.52M | 20.54M | 15.52M | 15.74M | 10.03M | 10.03M | 10.03M |
| Basic Shares Outstanding | 186.8M | 51.98M | 45.35M | 41.45M | 39.17M | 33.87M | 23.52M | 20.54M | 15.52M | 15.68M | 10.03M | 10.03M | 10.03M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - |
Clinical trial funding dependency
As reported in financial statements, Inventiva's revenue profile remains highly volatile and project-dependent, with the most recent quarterly figures showing a sharp 99.6% decline to $28.8K, underscoring the lack of a recurring commercial revenue stream and the company's reliance on sporadic milestone payments from strategic partners.
The extreme variability in top-line performance suggests that revenue is not a reliable indicator of operational health but rather a function of accounting recognition for specific collaboration milestones. Investors should interpret these figures as evidence of a pre-commercial entity that lacks the organic growth durability required to sustain its current R&D expenditure levels.
Based on reported figures, the company's cost structure is dominated by persistent R&D spending, which reached $43.0M in 2025Q4, significantly outpacing revenue and contributing to a massive operating loss that highlights the heavy financial burden of maintaining the NATiV3 Phase III clinical trial program.
The concentration of expenses in clinical trial management suggests that management has limited flexibility to reduce costs without jeopardizing the primary value-driving asset. This high fixed-cost base implies that any delay in clinical milestones will disproportionately impact the company's liquidity position and necessitate further dilutive financing.
According to recent SEC filings, Inventiva's gross margin has experienced extreme fluctuations, swinging from a negative 40.6% in 2025Q4 to over 100% in prior periods, which indicates that these metrics are accounting artifacts of collaboration services rather than true indicators of underlying product pricing power.
The lack of consistent gross margin stability suggests that the company is not yet operating as a commercial entity with predictable unit economics. Analysts should view these margin swings as a reflection of the accounting treatment of R&D reimbursements rather than a signal of competitive advantage or operational efficiency.
As indicated by the 2025Q4 net loss of $176.9M, the company's current burn rate appears unsustainable, raising significant concerns regarding the adequacy of existing capital reserves to reach critical clinical readouts without substantial further dilution of existing shareholder equity in the near term.
The widening gap between operating expenses and revenue suggests that the company is increasingly reliant on external capital markets to fund its operations. This trajectory warrants further investigation into the timing of potential partnership payments versus the depletion of cash, as the current financial profile leaves little room for operational error.
Quick answers to the most common questions about buying IVA stock.
For fiscal year 2025, Inventiva S.A. (IVA) reported total revenue of $4.5M. This represents a 46.3% increase compared to $3.1M in 2013.
Inventiva S.A. (IVA) reported a net loss of $340.2M for the fiscal year ending 2025.
Inventiva S.A. (IVA) reported an operating income of $-130.9M, resulting in an operating profit margin of -2921.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Inventiva S.A. (IVA) generated $1.5M in gross profit for the year, representing a gross profit margin of 33.7%. This demonstrates the company's core pricing power and production efficiency.