Clinical Trial Success Dependency: Inventiva's financial and operational success is highly dependent on the positive outcomes of its ongoing and future clinical trials, especially for lanifibranor in NASH. Failure to meet primary or secondary endpoints, or the emergence of unexpected safety concerns, would severely impact the company's prospects and stock value.

Regulatory Approval Uncertainty: The process for obtaining marketing approval for new pharmaceutical products from regulatory agencies like the FDA or EMA is lengthy, expensive, and highly uncertain. There is no guarantee that Inventiva's drug candidates, even if successful in clinical trials, will receive the necessary regulatory approvals.

Intense Market Competition: The therapeutic areas Inventiva targets, particularly NASH, are highly competitive, with numerous pharmaceutical and biotechnology companies developing competing treatments. Inventiva faces risks from competitors bringing similar or superior products to market more quickly or at a lower cost.