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
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.
