Operating expenses

12 Months Ended

Dec. 31, 2025

Note 20. Operating expenses


		Year ended December 31, 2025
				Marketing —
		Research and		business		General and
		development		development		administrative
(in thousands of euros)		expenses		expenses		expenses		Total
Studies		(65,786)		—		—		(65,786)
Personnel costs		(14,505)		(121)		(35,215)		(49,842)
Fees		(432)		0		(6,179)		(6,611)
Depreciation, amortization and provisions		(2,658)		—		(253)		(2,911)
Support costs (including taxes)⁽¹⁾		0		(895)		(750)		(1,645)
Insurances		—		—		(1,549)		(1,549)
IT systems		(936)		(19)		(110)		(1,065)
Patents		(795)		—		—		(795)
Energy and liquids		(611)		—		—		(611)
Maintenance		(403)		—		—		(403)
Disposables		(235)		—		—		(235)
Other⁽²⁾		(684)		(3,927)		(3,839)		(8,450)
Total operating expenses		(87,043)		(4,963)		(47,895)		(139,901)


		Year ended December 31, 2024
		Research and		Marketing —		General and
		development		Business		administrative
(in thousands of euros)		expenses		development		expenses		Total
Studies		(68,599)		—		—		(68,599)
Personnel costs		(13,305)		(269)		(5,771)		(19,345)
Fees		(315)		(2)		(4,845)		(5,162)
Depreciation, amortization and provisions		(2,893)		—		(694)		(3,588)
Support costs (including taxes)		0		(998)		(795)		(1,793)
IT systems		(786)		(11)		(61)		(858)
Patents		(1,048)		—		—		(1,048)
Energy and liquids		(846)		—		—		(846)
Maintenance		(1,025)		—		—		(1,025)
Disposables		(1,529)		—		—		(1,529)
Other		(535)		(675)		(3,672)		(4,882)
Total operating expenses		(90,880)		(1,953)		(15,839)		(108,673)


		Year ended December 31, 2023
				Marketing —
		Research and		business		General and
		development		development		administrative
(in thousands of euros)		expenses		expenses		expenses		Total
Studies		(88,162)		—		—		(88,162)
Personnel costs		(13,568)		(224)		(4,743)		(18,535)
Fees		(135)		(215)		(4,084)		(4,434)
Depreciation, amortization and provisions		(2,317)		—		(209)		(2,527)
Support costs (including taxes)⁽¹⁾		0		(473)		(767)		(1,240)
IT systems		(845)		(16)		(90)		(951)
Patents		(551)		—		—		(551)
Energy and liquids		(900)		—		—		(900)
Maintenance		(1,017)		—		—		(1,017)
Disposables		(1,799)		—		—		(1,799)
Other		(719)		(1,051)		(3,944)		(5,714)
Total operating expenses		(110,012)		(1,980)		(13,837)		(125,829)

(1)

The Chinese government withheld an amount corresponding to 10% of the payment made by CTTQ to the Company, i.e., €0.5 million in 2023, €1.0 million in 2024 and €1.0 million in 2025. Companies subject to withholding tax in China are allowed to treat the amount paid as a tax credit in France, given that a tax treaty exists between the two countries. The credit may only be applied to the current financial year. As the Company is in a loss-making position, the amount of the withholding tax is recognized as a tax expense (non‑deductible).

(2)	Other expenses primarily consist of costs related to the commercial development of lanifibranor. Please note these expenses are different to the “Other operating expenses” presented in Note 21 – Other operating income and expenses.

20.1	Personnel costs and headcount

For the year ended December 31, 2025


		Year ended December 31, 2025
				Marketing —
		Research and		business		General and
		development		development		administrative
(in thousands of euros)		expenses		expenses		expenses		Total
Wages, salaries and similar costs		(7,757)		(75)		(4,611)		(12,443)
Payroll taxes		(3,475)		(10)		(9,233)		(12,718)
Provisions for retirement benefit obligations		680		—		120		799
Share-based compensation expense⁽¹⁾		(3,953)		(37)		(21,491)		(25,481)
Total personnel costs		(14,505)		(121)		(35,215)		(49,842)

⁽¹⁾	Share - based compensation expense is mainly composed of the new Free shares plans (AGA) and Stock Options plans granted during 2025 (see Note 12 - Shareholders’ equity).

The Company has 77 employees as of December 31, 2025, of which 60 are employed by Inventiva S.A. and 17 are employed by Inventiva Inc. Following the Strategic Pipeline Prioritization Plan, €7.3 million is expended or recorded in short-term provision (See Note 21 – Other operating income and expenses) mainly related to termination benefits and significant share-based compensations expenses generated over the fiscal year 2025.

For the year ended December 31, 2024


		Year ended December 31, 2024
				Marketing —
		Research and		business		General and
		development		development		administrative
(in thousands of euros)		expenses		expenses		expenses		Total
Wages, salaries and similar costs		(8,493)		(212)		(3,376)		(12,081)
Payroll taxes		(2,343)		(16)		(1,132)		(3,491)
Provisions for retirement benefit obligations		(124)		—		(69)		(193)
Share‑based compensation expense		(2,345)		(41)		(1,194)		(3,580)
Total personnel costs		(13,305)		(269)		(5,771)		(19,345)

For the year ended December 31, 2023


	Year ended December 31, 2023
			Marketing —
	Research and		business		General and
	development		development		administrative
(in thousands of euros)	expenses		expenses		expenses		Total
Wages, salaries and similar costs	(8,376)		(181)		(2,450)		(11,007)
Payroll taxes	(2,394)		(19)		(963)		(3,376)
Provisions for retirement benefit obligations	(124)		—		(58)		(183)
Share‑based compensation expense	(2,673)		(25)		(1,272)		(3,969)
Total personnel costs	(13,568)		(224)		(4,743)		(18,535)

As of December 31, 2024, 110 people were employed by Inventiva S.A. and 9 people by Inventiva Inc, for a total of 119 people, compared to 123 people as of December 31, 2023.