Inventiva FIRST LOOK: 2nd tranche of € 116m extends runway until end 3Q26
Inventiva announced that the Board of Directors called the 2nd tranche of its previously announced € 348m structured financing for gross proceeds of € 115.6m (net proceeds of € 108.5m), which comes in line expectations following the completion of recruitment in the phase 3 (NATiV3) trial of lanifibranor (pan-PPAR agonist) in MASH. We expect the 72 week treatment period to be completed in August 2026, and note that Inventiva is now funded until the end of 3Q26. We plan a model update to incorporate the additional shares and cash. With the funding overhang lifted, a fully recruited phase 3 trial in MASH, as well as competitive phase 2 data, we continue to see Inventiva as significantly undervalued and reiterate our € 7 TP and Buy rating.Inventiva is a clinical stage biotechnology research company delivering therapies in the areas of oncology, fibrosis and rare diseases. The most advanced clinical programs (IVA337 for systemic sclerosis in Non-Alcoholic Steato-Hepatitis and IVA336 for Maroteaux-Lamy syndrome-MPS VI) have demonstrated efficacy in relevant in vivo and in vitro models as well as safety in phase I and phase II clinical trials. Using its in-house drug discovery platform, which covers target validation, screening, chemistry, ADME and pharmacology, Co. is developing an internal oncology and fibrosis discovery pipeline with approaches centered on transcription factors, epigenetics targets and nuclear receptors.
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