Inventiva Issues 15.7 Million New Warrants to the EIB and Completes Its Refinancing
On July 9, 2026, Inventiva completed the final step of its financial restructuring by issuing approximately 15.7 million new warrants to the European Investment Bank (EIB) and cancelling the unredeemed old warrants. This operation simplifies the capital structure and reduces the anti-dilutive contractual protection mechanisms.
A Two-Part Restructuring: Redemption and Replacement
The biotech company issued 15,677,573 new warrants (New EIB Warrants) to the EIB at a price of €0.01 per warrant. This issuance replaces the old Tranche B EIB Warrants (Legacy EIB Tranche B Warrants) that were not taken up during the transaction announced on June 2, 2026. Concurrently, the remaining 2,444,654 old warrants were cancelled after their irrevocable surrender by the EIB. Each new warrant entitles the holder to subscribe to one ordinary share at a price of €0.01. The company states that the exercise of all these new warrants would represent about 6.5% of the current share capital on a non-diluted basis. The new warrants are exercisable from August 30, 2026, until their expiration date on January 4, 2036.
Elimination of Anti-Dilutive Mechanisms and Capital Simplification
The new warrants no longer contain the anti-dilutive contractual protection mechanisms or the put option that were present in the old instruments. This removal simplifies the capital structure and reduces potential sources of future dilution. The operation is part of the broader refinancing announced in June 2026, which included the full repayment of EIB loans and the redemption of all Tranche A warrants as well as part of the Tranche B warrants. As of July 9, 2026, the shareholder composition of Inventiva sees the main shareholders maintaining their positions: Invus (6.8% undiluted), Sofinnova (6.4%), Andera Partners (6.7%), SAMSARA (6.2%), BVF Partners (4.6%), and Deeptrack (4.6%) are among the identified major holders.
