Report
Jacob Mekhael

Inventiva FY25 results narrow lani phase 3 MASH readout timing to 4Q26

Inventiva's FY25 results come with narrowed timeline guidance for the topline results from the phase 3 (NATiV3) trial of lanifibranor in MASH which is expected in 4Q26 (previously 2H26). We believe this readout is de-risked by strong phase 2b data, and with oral dosing and clean safety (limited GI side effects), lanifibranor is well positioned to capture a meaningful share of the MASH commercial opportunity. Inventiva confirmed its cash runway guidance to middle of 1Q27, beyond the key milestone of data readout, and its cash runway may be extended to middle of 3Q27 if Tranche 3 (€ 116m) from the Structured Financing is exercised. € 7 TP and Buy maintained.
Underlying
Inventiva SA

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.

Provider
KBC Securities
KBC Securities

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Analysts
Jacob Mekhael

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