Inventiva FIRST LOOK: $ 10m milestone from CTTQ
Inventiva has received a $ 10m milestone payment from Chia Tai-Tianqing Pharma (CTTQ), under their 2022 licensing deal to develop and commercialize lanifibranor for MASH in Greater China. This payment follows the successful settlement of Inventiva's second financing tranche and aligns with expectations shared in their 1Q25 update. Together with the €68m cash position at 1Q25 and € ~109m net proceeds from the second tranche, Inventiva is expected to be funded through 3Q26. The Phase 3 NATiV3 trial is fully recruited, with topline results expected in 2H26. With the funding overhang lifted, we maintain 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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