Inventiva Tranched equity raise lifts financing overhang
Yesterday, Inventiva announced an impressive € 348m equity financing round in a multi-tranche approach to finance its ongoing Phase 3 NATiV3 trial with lead asset lanifibranor in MASH. The first tranche of € 94m extends the prior cash runway from mid-October 2024 to the end of 2Q25. Furthermore, a second tranche of € 116m shares could extend runway beyond the expected NATiV3 readout in 2H26 and support a study initiation in compensated cirrhosis. The final tranche of € 116m could be used to fund the company's regulatory filing and pre-commercial launch preparations. For our valuation, we take into account the € 86.6m net new cash on the back of the T1 new shares, which translates into a new TP of € 7 (from € 10) while we reiterate our Buy rating and applaud the lift on the company's prior financing overhang.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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