ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 01/19/2026

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 19/01/2026

TKH GROUP NV : Brand merger in 2D Vision announced as 1 step in efficiency program

Inventiva FIRST LOOK: preliminary FY25 results hold no surprises

Inventiva reported preliminary FY25 results which hold no surprises, and confirmed its cash-runway guidance, which following the € 149m capital raise announced in November 2025, extends the company's runway to middle of 1Q27. This provides funding beyond the expected topline results from the phase 3 (NATiV3) trial of lanifibranor in MASH which are expected in 2H26. We reiterate our Buy rating and € 7 TP.

Morning Notes : AGFB BB, DSFIR NA, IVA FP, MDXH BB

: AGFB BB, DSFIR NA, IVA FP, MDXH BB

mdxhealth ExoDx boosts 2026 growth expectations

Following mdxhealth preliminary 2025 full-year sales and 2026 sales guidance in the $ 137-140m range, we update our model and raise 2026 revenue estimates to $ 139.9m, driven by ExoDx and synergy potential with the GPS test. The ExoDx acquisition should ensure the company's high growth profile, and the increased scale should allow for further operational leverage. That said, we note that the company will likely require additional funding to cover cash outflow obligations. Given the high growth outlook and operational leverage potential, we reiterate our BUY and raise our TP to $ 6 from $ 4.2.