Inventiva : Corporate presentation November 2023

Developing innovative therapies in

NASH

Corporate Presentation

November 2023

DISCLAIMER

This presentation contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this presentation are forward-looking statements. These statements include, but are not limited to, forecasts and estimates with respect to Inventiva's cash resources, including expectations and assumptions in connection with Inventiva's estimated cash runway, including expected receipt of payments and satisfaction of conditions to disbursement of the second tranche of the EIB loan and the timing thereof, pre-clinical programs and clinical trials, including design, duration, timing, recruitment costs, screening and enrolment for those trials, including the ongoing NATiV3 Phase III clinical trial with lanifibranor in NASH and LEGEND Phase IIa clinial trial, clinical trial data releases and publications, the information, insights and impacts that may be gathered from clinical trials, the potential therapeutic benefits of Inventiva's product candidates, including lanifibranor, expectations with respect to clinical development and commercialization by CTTQ and Hepalys Pharma, Inc., including with respect to potential clinical trials and regulatory approvals, expectations with respect to the benefits of the agreement with CTTQ and Hepalys Pharma, Inc., including potential acceleration lanifibranor commercialization in the event required regulatory approvals are obtained, potential regulatory submissions and approvals, achievement of milestones, potential milestone payments and potential royalties under the agreements, the rights and obligations under agreements with Hepalys Pharma Inc., including Inventiva's right to purchase shares in the company and right of first refusal, and Inventiva's pipeline and preclinical and clinical development plans, future activities, expectations, plans, growth, potential revenues and prospects of Inventiva, the potential receipt of the second tranche under the EIB loan and any potential transaction or receipt of additional funds, future access to the two year short term deposit, and the sufficiency of Inventiva's cash resources and estimated cash runway. Certain of these statements, forecasts and estimates can be recognized by the use of words such as, without limitation, "believes", "anticipates", "expects", "intends", "plans", "seeks", "estimates", "may", "will", "would", "could", "might", "should", "designed", "hopefully", "target", "potential', and "continue" and similar expressions. Such statements are not historical facts but rather are statements of future expectations and other forward-looking statements that are based on management's beliefs. These statements reflect such views and assumptions prevailing as of the date of the statements and involve known and unknown risks and uncertainties that could cause future results, performance or future events to differ materially from those expressed or implied in such statements. Actual events are difficult to predict and may depend upon factors that are beyond Inventiva's control. There can be no guarantees with respect to pipeline product candidates that the clinical trial results will be available on their anticipated timeline, that future clinical trials will be initiated as anticipated, that product candidates will receive the necessary regulatory approvals, or that any of the anticipated milestones by Inventiva or its partners will be reached on their expected timeline, or at all. Actual results may turn out to be materially different from the anticipated future results, performance or achievements expressed or implied by such statements, forecasts and estimates, due to a number of factors, including that Inventiva is a clinical-stage company with no approved products and no historical product revenues, Inventiva has incurred significant losses since inception, Inventiva has a limited operating history and has never generated any revenue from product sales, Inventiva will require additional capital to finance its operations, in the absence of which, Inventiva may be required to significantly curtail, delay or discontinue one or more of its research or development programs or be unable to expand its operations or otherwise capitalize on its business opportunities and may be unable to continue as a going concern, Inventiva's future success is dependent on the successful clinical development, regulatory approval and subsequent commercialization of current and any future product candidates, preclinical studies or earlier clinical trials are not necessarily predictive of future results and the results of Inventiva's clinical trials may not support Inventiva's product candidate claims, Inventiva's expectations with respect to the changes to the clinical development plan for lanifibranor for the treatment of NASH may not be realized and may not support the approval of a New Drug Application, Inventiva and its partners may encounter substantial delays in their clinical trials or fail to demonstrate safety and efficacy to the satisfaction of applicable regulatory authorities, the ability of Inventiva and its partners to recruit and retain patients in clinical studies, enrolment and retention of patients in clinical trials is an expensive and time-consuming process and could be made more difficult or rendered impossible by multiple factors outside Inventiva's and its partners' control, Inventiva's product candidates may cause adverse drug reactions or have other properties that could delay or prevent their regulatory approval, or limit their commercial potential, Inventiva faces substantial competition and Inventiva's and its partners' business, and preclinical studies and clinical development programs and timelines, its financial condition and results of operations could be materially and adversely affected by geopolitical events, such as the conflict between Russia and Ukraine and the Gaza and Israel related sanctions and related impacts and potential impacts on the initiation, enrolment and completion of Inventiva's and its partners' clinical trials on anticipated timelines, health epidemics, and macroeconomic conditions, including global inflation, interest rates, uncertain financial markets and disruptions in banking systems. Given these risks and uncertainties, no representations are made as to the accuracy or fairness of such forward-looking statements, forecasts and estimates. Furthermore, forward-looking statements, forecasts and estimates only speak as of the date of this press release. Readers are cautioned not to place undue reliance on any of these forward-looking statements.

Please refer to the Universal Registration Document for the year ended December 31, 2022 filed with the Autorité des Marchés Financiers on March 30, 2023, the Annual Report on Form 20-F for the year ended December 31, 2022 filed with the Securities and Exchange Commission on March 30, 2023 and the Company's half-year report for the period ended June 30, 2023 for other risks and uncertainties affecting Inventiva, including those described from time to time under the caption "Risk Factors". Other risks and uncertainties of which Inventiva is not currently aware may also affect its forward-looking statements and may cause actual results and the timing of events to differ materially from those anticipated.

All information in this presentation is as of the date of the release. Except as required by law, Inventiva has no intention and is under no obligation to update or review the forward-looking statements referred to above. Consequently, Inventiva accepts no liability for any consequences arising from the use of any of the above statement.

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Key take-aways

A Phase III asset in NASH

Lanifibranor: only pan-PPAR agonist in

clinical development for NASH

Positive Phase IIb results with statistically significant efficacy on histological NASH resolution andone stage fibrosis reduction

Mechanism of action addressing all key features of NASH

Breakthrough Therapy Designation granted by

FDA

Pivotal Phase III initiated in Q3 2021 with topline results expected H2 2025

Lanifibranor/empagliflozin phase 2 trial ongoing with results expected in Q1 2024

Licensing and commercialization agreements in Greater China,Japan and South Korea

A Phase III ready program in

MPS(1)

Odiparcil: a GAG reduction therapy to potentially treat several forms of MPS

Reduces GAG accumulation in multiple organs in MPS VI models. Well-tolerated in MPS VI patients and in 1000s of patients previously tested(2)

Functional improvements to mobility and respiratory function and clinical efficacy signals in both ERT treated patients and ERT-naïve MPS VI patients

MPS VI Orphan Drug Designation granted in the U.S. and in the EU. Rare Pediatric Disease Designation in MPS VI granted in the U.S.

Guidance on path to regulatory submission from FDA with a single Phase II/III trial

Inventiva continues to review potential options to further develop odiparcil which may include pursuing a partnership

R&D Capabilities and Cash

Position

R&D capabilities including wholly- owned 'pharma scale' discovery facilities with a discovery engine focused on nuclear receptors, transcription factors and epigenetic targets

Clinical Ops team in place in Europe and the United States

Strong U.S. and European shareholder base and experienced senior management team

Cash position allowing a runway until the beginning of Q3 2024 including the conditional(3) €25m second tranche of the bullet loan facility secured with the European Investment Bank (4)

1. MPS: mucopolysaccharidosis ; (2) Trials conducted by GSK prior to Inventiva's founding (3) The second tranche is subject to conditions that are not satisfied as of the date of this presentation; (4) In accordance with the terms of the financing agreement entered into with the Company on 16 May 2022 (see the Company's press release of July 4, 2022 detailing the conditions precedent to the granting of EIB Financing) and subject to other sources of financing expected by the end of 2023.

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Management team with extensive global experience across all stages of drug development and commercialization

Frédéric Cren, MA/MBA, CEO and Co- Founder

• Wide expertise within the areas of R&D, marketing, strategy and commercial operations
• Held senior positions at Abbott, Fournier, Solvay Pharma and The Boston Consulting Group
• Former member of both Fournier and Solvay Pharma Executive Committees

Pierre Broqua, Ph.D., CSO and Co-Founder

• Successfully managed numerous research programs leading to the discovery, development and commercialization of innovative compounds, including lanifibranor and Degarelix/ Firmagon®
• Held several senior research positions at Fournier, Solvay Pharma and Abbott

Jean Volatier, MA, CFO

• Former Head of controlling at URGO & Financial Director International Operations of Fournier
• Held various positions as CFO
• Started his career with PwC in Paris and Philadelphia

Alice Roudot-Ketelers, PharmD, COO

• Previously in charge of all drug development programs and cross-functional teams in Chemistry, CMC, non-clinical and clinical development up to Phase III at one of the major biotech companies in the NASH field

Michael Cooreman, MD, CMO

• Gastroenterologist-hepatologist
• Held global roles in several companies including Takeda Pharmaceuticals, Merck, Mitsubishi Tanabe, ImmusanT and Novartis
• U.S. based

David Nikodem, Ph.D., VP U.S. Operations

• Former buyside portfolio manager and analyst for +15 years in public equities and VC
• U.S. based

Pascaline Clerc, Ph.D., EVP Strategy and Corporate Affairs

• Held global roles in academia, non-profit organization, government and biotech companies
• U.S. based

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Oral small molecule-focused discovery engine targeting nuclear receptors, transcription factors and epigenetic modulation

Library of ~240,000 compounds of which

60% proprietary

Wholly-owned 129,000 square foot pharma-like

Expertise: nuclear receptors, transcription factors, epigenetic targets

R&D facilities

Highly experienced R&D team of ~80 people

Clinical and Medical team based in Europe and in the US

Power of discovery engine underpins deep pipeline of clinical and discovery stage assets

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Deep pipeline

Candidate /	Indication	Discovery	IND	Phase I	Phase II Phase III	Next
Program*	Enabling	Milestone
								 Last Patient
Lanifibranor	NASH	pan-PPAR						First Visit
					targeted for end
								of H2 2023
Odiparcil	MPS VI(1)	GAG clearance
Yap-Tead	Non-small cell lung							 Candidate
cancer and							Selection
	mesothelioma
TGF-β	Idiopathic							 Lead
pulmonary fibrosis							Generation(2)
	(IPF)

1. All MPS-related research and development activities were suspended in 2020. Lead generation means identifying molecules in anticipation of selecting candidates. All options for potential further development of odiparcil for the treatment of MPS are continued to be evaluated; (2) Lead generation means identifying molecules in anticipation of selecting candidates

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Key financials and shareholder base

Key financials	Shareholder base
	Free Float	Founders
	25.2%	18.4%

ISIN code	FR0013233012 / US46124U1079
Market	Euronext Paris / Nasdaq GM
Shares outstanding	51,752,807 (after the financing operation of
August 31, 2023 settled September 5, 2023)
Market cap	Euronext Paris: €182m
(November 1, 2023)	Nasdaq Global Market: $159m
	€40.5m (vs €87.8m as of December
Cash position	31, 2022)(1)
(as of June 30, 2023)	Current expected cash runway until the
	beginning of Q3 2024(2)
Revenues	€1.9m compared to €0.1m in H1 2022
(1H2023)
R&D expenditures	€54.1m compared to €29.9m in H1
(1H2023)	2022

Employees & Others		BVF
2.3%		16.2%
Yiheng
7.4%
Sofinnova	NEA
9.8% Qatar Holding LLC	10.8%
	9.9%
Analyst coverage
Jefferies	L. Codrington / M. J. Yee
Guggenheim	S. Fernandez
Stifel	A. Samimy
HC Wainwright	E. Arce
KBC	J. Mekhael
Société Générale	D. Le Louët
Bryan Garnier	A. Cogut
Portzamparc	M. Kaabouni
Canaccord Genuity	Edward Nash
Gilbert Dupont	Pierre Alexandre Desir

1. Cash position also includes: i. short-term deposits recorded in the category "other current assets" in the IFRS consolidated statement of financial position, and are considered by the Company as liquid and easily available, ii. the long term deposit has a two year term accessible prior to the expiration of the term with a notice period of 31 days and is considered as liquid by the Company. The cash position doesn't include the approximately €35.7 million raised from the capital increase and issuance of royalty certificates.
2. The cash runway is subject to the disbursement of the EIB second tranche of the €25 million loan (the "EIB Financing") in accordance with the terms of the financing agreement entered into with the Company on 16 May 2022 and subject to other sources of financing expected by the end of 2023. This estimate is based on Inventiva's current business plan and excludes any potential milestones payable to or by Inventiva and any additional expenditures related to the potential continued development of the odiparcil program or resulting from the potential in licensing or acquisition of additional product candidates or technologies, or any associated development Inventiva may pursue, Inventiva may have based this estimate on assumptions that are incorrect and Inventiva may end up using its resources sooner than anticipated. and including the expected upfront payment from Hepalys Pharma of $10 million, and short term milestone from CTTQ that would be triggered by the 1st patient enrolled in Great China.

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Lanifibranor in Nonalcoholic Steatohepatitis (NASH)

Lanifibranor: a pan-PPAR agonist in phase III development in NASH

LANIFIBRANOR

Moderate and balanced pan-PPAR agonist activity

PPARα

PPARβ/δ PPARγ

LANIFIBRANOR

• Small molecule that activates all three PPAR isoforms in humans
• Differentiated chemical structure: not a fibrate or a TZD
• Once daily oral administration
• Positive Phase IIb trial topline results in NASH
• FAST Track (including in NASH patients with compensated cirrhosis) and Breakthrough Therapy designations granted by FDA
• IP :
• • Composition of matter patent: LOE(1) August 2026
  • Method of use patent: LOE(1) June 2035
  • 5-yearextension can be added to composition or method of use patent

Favorable tolerability profile

• Phase I trials with more than 200 healthy volunteers and Phase IIa trial with 47 TD2M patients
• Approximately 250 patients treated for 24 or 48 weeks in Inventiva's completed Phase IIb clinical trials
• Thorough QT/QTc study demonstrates no impact of the drug on QT intervals
• FDA confirmation that the non-clinical toxicology package is complete and acceptable for NDA filing

(1) LOE: Loss of exclusivity

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Lanifibranor: licensing and commercialization agreement in Greater China

Licensing agreement in Greater China

• Agreement with CTTQ an affiliate of Sino Biopharm one of the largest Chinese pharmaceutical groups listed in Hong Kong Exchange (HSI composite) with a market cap of c.US$10bn(1) and c.US$4bn of revenue(2) and ranked top 40th pharma globally(3)
• $12 million upfront payment and $5 million expected in the short-term
• Up to $290 million of clinical, regulatory and commercial milestone payments
• Tiered royalties from high single-digit to mid-teen double digits on net sales made during the first three years of commercialization and from low to mid-teen double digits starting from year four.
• CTTQ will bear all costs associated with the trials conducted in Greater China
• CTTQ to randomize patients into the NATiV3 Phase III clinical trial in mainland China

Licensing agreement in Japan / South Korea

• Licensing agreement with Hepalys Pharma, Inc. backed by Catalys Pacific, Mitsubishi UFJ Capital, DBJ Capital, and MEDIPAL Innovation Fund
• $10M upfront payment
• Up to $231M of clinical, regulatory and commercial milestone payments
• Tiered royalties from mid double digits to low twenties on net sales
• Inventiva owns 30% stake of Hepalys Pharma, Inc. an has an option to acquire all outstanding shares at a pre-agreed multiple of post-money valuation
• Right of first refusal in the event Hepalys receives an offer to sell the license or rights related to lanifibranor.
• Hepalys will bear all costs associated with the trials conducted in Japan and South Korea
• Development includes PK/PD Phase I studies and following phase I and NATiV3 results an independent pivotal Phase III study in Japan and South Korea

1. Information about Sino Biopharm, its business, operations and finances are based on third-party information and disclosures. Inventiva makes no representations regarding the accuracy of such information presented herein; (2) Market data as of Sept 2022 ; (3) Converted from RMB to USD

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