Core Viewpoint - Inventiva has successfully completed the enrollment of the Phase 3 NATiV3 study for lanifibranor in MASH and has initiated the second tranche of its structured financing, raising €115.6 million in gross proceeds to support the drug's development [1][2][4]. Financing Details - The second tranche of structured financing amounts to €115.6 million gross (net proceeds of €108.5 million) [1][4]. - The financing was led by existing investors from the first tranche, including New Enterprise Associates, BVF Partners LP, and Samsara BioCapital [3]. Use of Proceeds - The net proceeds from the T2 Transaction will primarily be used to finance the development of lanifibranor in MASH, particularly the continuation of the NATiV3 Phase 3 clinical trial [4]. Financial Position - As of December 31, 2024, the company's cash and cash equivalents were €96.6 million, which was projected to cover operational needs until mid-Q3 2025 [5]. - Following the T2 Transaction, the company estimates sufficient net working capital to meet obligations for the next 12 months, extending financing capabilities until the end of Q3 2026 [6]. Future Funding Needs - The company will require additional funding to achieve long-term objectives for lanifibranor's development and potential commercialization through public offerings, private placements, or strategic partnerships [7]. Transaction Characteristics - The T2 Transaction involves the issuance of 42,488,883 new shares at a subscription price of €1.35 per share, with attached warrants [9][12]. - The Board confirmed that all conditions for the issuance of the second tranche have been satisfied, including the completion of enrollment in the NATiV3 study [10][11]. Shareholder Impact - The issuance of new shares and warrants will dilute existing shareholders, with significant changes in ownership percentages expected post-transaction [23][25][29].
Inventiva secures the €116 million second tranche of its structured financing of up to €348 million