Inventiva FIRST LOOK: Uneventful FY23 results, NATiV3 LPFV still by 1H24
Inventiva reported FY23 results with a cash position of € 26.9m (YE22: € 86.7m), which together with the 2nd EIB tranche of € 25m announced in January 2024, provides the company with a cash runway until the beginning of 3Q24. This is sufficient to fund Inventiva beyond the NATiV3 last patient first visit (albeit just about), expected by 1H24 – we view this as an important milestone as it would provide timeline certainty by pinning the topline readout to 1H26. We point to the improved sentiment around MASH (positive readouts and approval of the first treatment in the space), and believe Inventiva remains undervalued relative to its peers, and with last patient first visit approaching, we view it as an attractive investment case. We reiterate our BUY rating and € 10 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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