Capital Restructuring Derisks Balance Sheet; Topline NATIV3 On Track For 4Q26

Research evidence excerpt

Capital Restructuring Derisks Balance Sheet; Topline NATIV3 On Track For 4Q26

TD Cowen Inventiva Pharma

Global Research June 8, 2026

AT A GLANCE

Our Investment Thesis Forthcoming Catalysts

Inventiva is a development stage biopharma developing oral small molecule therapies for 4Q26: Topline Ph3 NATIV3 Data

diseases with significant unmet needs. IVA's main pipeline asset is lanifibranor, an oral pan-

2027: Lani NDA Filing w/ FDA

PPAR agonist in the double-blind randomized Ph3 pivotal NATiV3 trial in F2/F3 MASH, with

topline data in 2H26 and accelerated NDA filing guided in 2027. Lani' activates all three PPAR

isoforms, suggesting multi-targeted benefit in MASH. We strongly believe the ongoing Ph3

NATiV3 trial has a high PoS, given robust stat sig Ph2 efficacy in MASH resolution and fibrosis

improvement as well as excellent tolerability and safety.

Base Case Assumptions Upside Scenario Downside Scenario

■ Lanifibranor shows meaningful stat ■ Lanifibranor shows exceptional Ph3 ■ Lanifibranor shows weak Ph3 efficacy

sig Ph3 efficacy on MASH resolution or efficacy on both MASH resolution on either MASH resolution or fibrosis

fibrosis improvement comparable to and fibrosis improvement with unique improvement.

Rezdiffra with unique improvement in improvement in diabetic parameters.

diabetic parameters.

Price Performance Company Description

Inventiva Pharma is developing a pipeline of oral small molecule therapies for patients suffering

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from diseases with significant unmet medical needs. The lead program is lanifibranor, a pan-

PPAR agonist, in MASH. The company is developing lanifibranor as monotherapy in non-

6 cirrhotic MASH first (F2/F3) and is exploring expansion into MASH cirrhosis (F4), and possible

combination approaches for MASH.