Summary

• Inventiva is now essentially a lanifibranor bet. Their prospects hinge on the upcoming Phase 3 NATiV3 readout, which we should get by Q4 2026.
• In my view, lanifibranor seems relatively differentiated after its Phase 2b results. Management is narrowing its focus solely on this MASH asset.
• IVA’s balance sheet has sufficient financing to reach that readout. But please bear in mind that it’s a binary outcome.
• I believe that, if lanifibranor succeeds, the upside could be considerable. Conversely, if they fail, their runway would be tighter with a failed asset.
• On balance, IVA is the quintessential high-risk, high-reward biotech stock. But, given its promising trial data, the setup is compelling.

Inventiva S.A. (IVA) is a late-stage clinical biopharmaceutical company developing oral small-molecule therapies. Concretely, they’re targeting metabolic dysfunction-associated steatohepatitis, or MASH, formerly known as NASH. Their lead candidate is lanifibranor, which is a MASH and advanced fibrosis treatment. This candidate

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