Inventiva 1H22: Improved cash position and delays in clinical trial readout
Yesterday, Inventiva announced its 1H22 results and a deal with Sinopharm. The financial results were mostly announced in previous communications and had no major surprises, the company has a cash position of € 76.4 m at the end of the semester can draw on a variety of dilutive and non-dilutive funding mechanisms. Importantly, the deal with Sinopharm can bring an additional $ 17 m to the table ($12 m today, $5 m if near term clinical endpoints are met) and allows to draw on the first part of a € 25 m EIB facility. However, the 1H results also revealed delays in ongoing clinical trials of Lanifibranor. That being stated, we believe in the long term potential of Lanifibranor and Cedirogant and thus, re-iterate our Buy rating and €20 PT.Cash position of Inventiva was strengthened through mixed financing activities
The current cash position is positively impacted by the Sinopharm deal
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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