Inventiva FIRST LOOK: FY23 update shifts lani phase 3 LPFV to 1H24
Inventiva reported FY23 cash and revenues, with the main update being the pause of the phase 3 (NATiV3) trial of lanifibranor in MASH due to elevated liver enzymes in 1 patient. The DMC recommended the trial continue with protocol amendments, and Inventiva expects to resume recruitment in 4-6 weeks. As a result, the timeline for the last patient first visit (LPFV) shits to 1H24 (previously 1Q24), though we note the company remains funded until early 3Q24 – beyond the new LPFV timeline, albeit just about. We expect some pressure on the shares today, which could be a buying opportunity ahead of the LEGED trial readout which is still expected in 1Q24. For now, we reiterate our BUY rating and € 13 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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