IVA - Updating model to reflect structured financing deal

研报英文原文证据摘录

IVA - Updating model to reflect structured financing deal

Truist Securities

Company Description

Inventiva S.A. (IVA) is a clinical-stage biopharmaceutical company, which focuses on the development of oral small molecule therapies

for the treatment of non-alcoholic steatohepatitis, or NASH, and other diseases with significant unmet medical need. It owns an in-house

drug-discovery platform that develops internal oncology and fibrosis discovery pipeline with approaches centered on transcription factors,

epigenetics targets, and nuclear receptors. The company was founded by Pierre Broqua and Frédéric Cren on October 27, 2011 and is

headquartered in Daix, France.

Investment Thesis

Inventiva is a late-stage clinical biotech company with a lead asset, lanifibranor, that we think is poised to take share in the lucrative market

for MASH, a severe liver disorder. Lanifibranor is a pan-PPAR agonist that was designed to harness the known liver-targeting effects of the

PPAR mechanism while mitigating side effects seen with earlier PPAR assets. We are bullish on lanifibranor's near-term Ph3 trial readout

given robust Ph2 data and a longer trial treatment duration in the Phase 3, which has been associated with improved outcomes across

the MASH class. We believe historical cash concerns have contributed to a depressed IVA share price that represents an attractive entry

point for investors looking to get into the stock ahead of the Ph3 readout in 2H2026. Longer-term, we believe that lanifibranor will be used

in a portion of MASH patients supporting our projected $2.3B WW peak adjusted revenue opportunity. We rate IVA shares Buy.

Valuation and Risks

Valuation - Our $13 price target is derived by a probability adjusted DCF.