Inventiva FIRST LOOK: 1Q24 results reiterate NATiV3 last patient first visit by 1H24
Inventiva reported 1Q24 results with cash and cash equivalents of € 11m (YE23: € 26.9m), and deposits of € 19.1m (YE23: € 9m), which provides the company with a cash runway until the beginning of 3Q24. We are encouraged to see the timeline for the last patient first visit (LPFV) in the phase 3 (NATiV3) trial reiterated to 1H24, as it would provide timeline certainty by pinning the topline readout to 1H26. Inventiva's cash runway (early 3Q24) is sufficient to fund the company beyond the upcoming LPFV milestone, albeit just about, and the company is exploring its financing options beyond that timeline. Taking into account the positive developments in the NASH/MASH space including the first approval in March 2024, combined with the solid dataset generated by lanifibranor to date, we believe Inventiva remains undervalued relative to its peers. We reiterate our BUY rating and € 10 TPInventiva 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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