Inventiva is a French clinical-stage biopharmaceutical company with a single drug candidate: lanifibranor, an oral once-daily pill for metabolic dysfunction-associated steatohepatitis (MASH), a progressive chronic liver disease involving fat accumulation, inflammation, and liver fibrosis. Lanifibranor works by simultaneously activating all three PPAR receptor isoforms (alpha, delta, and gamma), producing anti-fibrotic, anti-inflammatory, and metabolic effects. Inventiva argues this "pan-PPAR" approach is broader and more potent than single or dual PPAR agonists. The target patient population is adults with MASH and moderate-to-advanced fibrosis (stages F2/F3), a large share of whom also have type 2 diabetes. Inventiva has no approved products and no commercial revenue. The company is entirely focused on its ongoing Phase 3 trial, NATiV3, with topline data expected in Q4 2026. If positive, Inventiva plans to file an NDA with the FDA in the first half of 2027, with potential commercialization in 2028. Inventiva intends to commercialize lanifibranor itself in the U.S. and Europe, while commercialization rights for China are licensed to CTTQ (a subsidiary of Sino Biopharmaceutical) and rights for Japan and South Korea are licensed to Hepalys. Both partners fund their own local development. Inventiva is funded through equity raises and structured warrant financing, with roughly €231M in cash as of year-end 2025.