Inventiva €20m in royalty certificates extend runway through September 2024
Inventiva announced the issuance of €20.1m in royalty certificates in return for a 3% royalty on lanifibranor sales in the US, EU and UK subscribed by Samsara BioCapital, and existing investors BVF Partners, NEA, Sofinnova, and Yiheng. This extends the company's runway through September 2024 (previously early 3Q24), providing Inventiva with breathing room over the summer to work towards completion of recruitment in the phase 3 (NATiV3) trial of lead asset lanifibranor in NASH/MASH (last patient first visit expected in 2H24), and to seek the additional financing (KBCSe >€150-200m) required to reach topline readout in the beginning of 2H26. We reiterate our Buy rating and €10 TP.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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