Inventiva FIRST LOOK: Completes NATiV3 enrolment, topline results pinned to 2H26
Inventiva announced the completion of patient enrolment in its phase 3 (NATiV3) trial of lanifibranor (pan-PPAR agonist) in MASH. This is a key milestone, particularly in the context of the difficulties associated with MASH trial recruitment. As a result, the timeline for the topline readout is now pinned to 2H26 taking into account the 72 weeks treatment period. Subject to the second tranche of ~€ 116m from the financing announced in October 2024, which is expected to be triggered in 2Q25, Inventiva will be funded until 3Q26, sufficient to complete its phase 3 trial in MASH. With competitive phase 2 results, lifting of the funding overhang, as well as a clear path towards phase 3 data now that recruitment is completed, we believe the stock is under-appreciated, 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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