SCHEDULE: NEA Entities Drop Below 5% Stake in Inventiva S.A.

New Enterprise Associates and affiliated entities have reduced their beneficial ownership in Inventiva S.A. to below 5% due to an increase in the issuer's outstanding shares.

Summary

• New Enterprise Associates (NEA) entities and individuals have filed an Amendment No. 4 to their Schedule 13D for Inventiva S.A.
• The Reporting Persons collectively ceased to beneficially own 5% or more of Inventiva S.A.'s Ordinary Shares as of November 17, 2025.
• Their aggregate beneficial ownership is now 9,372,390 Ordinary Shares, representing 4.9% of the class.
• This change in percentage ownership is attributed to an increase in the number of Inventiva S.A.'s Ordinary Shares outstanding, not due to sales by the Reporting Persons.
• The calculation is based on 186,801,792 Ordinary Shares outstanding as of December 31, 2025, as reported by Inventiva S.A. in a Form 6-K filed on March 30, 2026, plus exercisable shares.
• The Reporting Persons acquired their shares for investment purposes and may adjust their holdings in the future based on market conditions and evaluation of Inventiva S.A.
• No present plans exist for extraordinary corporate transactions, changes in management or board, material changes in capitalization or dividend policy, or other significant alterations to Inventiva S.A.'s business or corporate structure by the Reporting Persons.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral, administrative filing. The reduction in percentage ownership is passive due to dilution, not active selling, which mitigates negative sentiment, but it also doesn't present new positive developments.

Positives

• The Reporting Persons' initial acquisition of shares was for investment purposes, indicating a prior belief in Inventiva S.A.'s prospects.
• The Reporting Persons have no present plans to initiate extraordinary corporate transactions, changes in management, or material changes to Inventiva S.A.'s business or corporate structure.

Negatives

• The reduction in percentage ownership by a significant institutional investor group, even if passive, could be perceived negatively by some investors as a decrease in conviction, although the filing attributes it to dilution.

Risks

• The Reporting Persons may dispose of or acquire additional shares of Inventiva S.A. depending on market conditions, their evaluation of the business, and other factors, which could impact share price volatility.

Future Outlook

The Reporting Persons may dispose of or acquire additional shares of Inventiva S.A. depending on market conditions, their ongoing evaluation of the company's business and prospects, and other factors. They currently have no plans for extraordinary corporate transactions or material changes to Inventiva S.A.'s structure or policies.

Industry Context

StockSavvy.ai notes that a passive reduction in a significant investor's stake, even if due to dilution rather than active selling, can sometimes lead to questions about the investor's long-term conviction or the company's capital allocation strategy, particularly if the dilution stems from a large share issuance.

Stakeholder Impact

• Shareholders: Existing shareholders experienced dilution due to the increase in outstanding shares, which led to the Reporting Persons' percentage ownership decreasing. The market may interpret the passive reduction in a significant investor's stake differently than an active sale.

Next Steps

• The Reporting Persons may dispose of or acquire additional shares of Inventiva S.A. in the future.

Key Dates

Recommendation

This filing is primarily an administrative update indicating a passive reduction in a significant investor's stake due to dilution, not active selling. It does not provide new fundamental information about Inventiva S.A.'s operational performance or strategic direction that would warrant a change in investment thesis. Therefore, a "hold" recommendation is appropriate, pending further operational or financial updates from Inventiva S.A.

Keywords

Inventiva S.A., New Enterprise Associates, NEA, Schedule 13D, Beneficial Ownership, Shareholding, Dilution, Investment, SEC Filing