Report
Jacob Mekhael

Inventiva Preliminary 1H25 cash and revenues, confirms cash runway to end 3Q26

Inventiva reported uneventful preliminary 1H25 cash and revenues with revenues of € 4.5m, and a cash position of € 122.1m and € 24.6m in short term deposits (YE24: € 96.6m), and confirmed its cash runway to the end of 3Q26. This funding should take the company to completion of the ongoing 72-week phase 3 (NATiV3) trial of lanifibranor (pan-PPAR agonist) in MASH (F2/F3), which completed recruitment in April 2025. With the funding overhang lifted, a fully recruited phase 3 trial in MASH, as well as competitive phase 2 data, we continue to see Inventiva as significantly undervalued. As such, we reiterate our € 7 TP and Buy rating, and look forward to the company's investor day on 8 October.
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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