Inventiva Preliminary FY24 to focus resources, phase 3 enrolment by 1H25
Inventiva reported FY24 revenue and cash results and provided a business update that included the decision to terminate pre-clinical research activities, which will enable the company to focus its resources on its lead program, lanifibranor in MASH. The company continues to guide for completion of enrolment in the phase 3 (NATiV3) trial of lanfibranor in MASH in 1H25, which means topline data is expected in 2H26, positioning NATiV3 as the next phase 3 readout in the MASH landscape. Following the release of the second financing tranche of €116m expected in 2Q25, extending the company's cash runway to the end of 3Q26, we note that Inventiva will be fully funded into this key event. We 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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