Inventiva Raises €115.6 Million Through Second Tranche of Structured Financing
Inventiva announced on Tuesday the issuance of the second tranche of its structured financing, amounting to a gross total of €115.6 million (€108.5 million net). This fundraising follows the completion of the recruitment for its Phase 3 NATiV3 clinical study evaluating Lanifibranor in patients with MASH.
Financing Linked to the Completion of NATiV3 Trial Recruitment
The second tranche of structured financing became effective after all prerequisite conditions were met. The board confirmed that there was no recommendation for clinical suspension by the independent data monitoring group, the completion of patient randomization in the main cohort of NATiV3 before April 30, 2025, and a dropout rate of less than 30% at the end of recruitment.
Investors remain the same as those in the first tranche: New Enterprise Associates, BVF Partners LP, and Samsara BioCapital as lead investors, joined by Andera Partners, Eventide Asset Management, Great Point Partners, LLC, Invus, Perceptive Advisors, Schonfeld Strategic Advisors, and Sofinnova Crossover I SLP.
Funding Operations Until the End of 2026
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The net proceeds from this second tranche (€108.5 million) will be primarily used to continue the development of Lanifibranor in the treatment of MASH, including the continuation of the NATiV3 trial. In addition to the funds raised and an expected milestone payment of €8.8 million from CTTQ, Inventiva estimates it has sufficient working capital to fund its operations until the end of the third quarter of 2026.
To achieve its long-term objectives in the development and potential commercialization of Lanifibranor, the company will need to raise additional funds through new public offerings, private placements, or strategic options such as development partnerships or merger and acquisition activities.
Position de trésorerie au 30/09/2025 de 97,6 millions d’euros (plus 24,7 millions d’euros en dépôts à court terme) ; revenus de 4,5 millions d'euros sur les neuf premiers mois de 2025 principalement liés à CTTQ ; flux opérationnels consommés de - 76,3 millions d’euros et flux d'investissement de - 25 millions d’euros ; flux de financement positifs de 103,4 millions d’euros incluant le produit net de la deuxième tranche du financement structuré. Offre publique en novembre 2025 d’ADS apportant un produit net d’environ 139,3 millions d’euros et estimation d’un horizon de trésorerie jusqu’à fin T1 2027 (pouvant aller jusqu’à mi-T3 2027 si exercice intégral de la Tranche 3 pouvant apporter 116,0 millions d'euros).
Risks mentioned
Besoin de capitaux supplémentaires pour financer les opérations
Risque que la Société utilise ses ressources plus rapidement que prévu
Incertitudes et risques liés aux essais cliniques et aux autorisations réglementaires
Dépendance au succès du lanifibranor et des résultats de l'essai NATiV3
Opportunities identified
Produit net de l’offre publique en novembre 2025 d’environ 139,3 millions d’euros renforçant la trésorerie
Exercice potentiel de la Tranche 3 pouvant apporter jusqu’à 116,0 millions d'euros supplémentaires
Paiement d'étape et avoirs liés à l’accord avec CTTQ (10 M$ et 5 M$)
Résultats principaux de l’essai NATiV3 attendus au second semestre 2026
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