Inventiva FIRST LOOK: FY24 results confirm NATiV3 enrolment completion by 1H25
Inventiva reported FY24 results with a cash position of € 96.6m (YE23: €36m), providing a runway until mid 3Q25. The update comes in line with our expectations, and the progress made in recruitment for the phase 3 (NATiV3) trial of lanifibranor in MASH means the company continues to expect completion of enrolment in 1H25. This would secure the timeline for the topline readout, expected in 2H26. With the additional funding from the second tranche of the financing announced in October 2024 expected to be triggered in 2Q25, which will extend the company's runway until the end of 3Q26, we note that Inventiva will be funded to reach its pivotal phase 3 data readout. With competitive phase 2 results, lifting of the funding overhang, as well as a clear path towards phase 3 data, 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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