France-based Inventiva (Euronext Paris and Nasdaq: IVA) announced a multi-part refinancing ahead of an anticipated Phase III readout for its lead MASH asset, lanifibranor. At the same time, the firm carried out an ADS equity offering, set up a new secured debt facility, and arranged a warrant repurchase agreement with its existing lender to reduce structural dilution risk. The combined transaction raises up to USD 120 million in equity gross proceeds alongside a secured debt facility of up to EUR 130 million (approximately USD 151 million) in committed tranches, plus an uncommitted EUR 20 million (approximately USD 23 million) tranche, replacing the company's existing European Investment Bank loan ahead of maturity and extending the debt profile to 2030.
The equity offering consists of 27.3 million ADSs priced at USD 4.40 each, generating approximately USD 111 million in net proceeds. Existing shareholders Andera Partners and Samsara participated in the financing. Leerink Partners and Stifel acted as joint bookrunners.
Inventiva also secured a new debt facility led by BlackRock and Claret Capital Partners. The facility provides an initial EUR 75 million drawdown and could increase to as much as EUR 150 million if certain conditions are met, including a successful Phase III outcome for lanifibranor. The debt carries interest rates of roughly 9%-12% and matures in 2030.
Separately, Inventiva agreed to pay EUR 50 million to repurchase most of the warrants held by the EIB, reducing potential future shareholder dilution. The company will also repay its outstanding EIB loan balance of approximately EUR 63 million and replace the remaining warrants with new warrants that do not contain anti-dilution protections, subject to shareholder approval. Assuming all components close as planned, the company projects a cash runway extending to early Q1 2028.
Company overview and pipeline
Inventiva is a clinical-stage biopharmaceutical company developing oral small molecule therapies for metabolic liver disease. Its sole clinical asset, lanifibranor, is a pan-PPAR agonist evaluated in the NATiV3 pivotal Phase III trial for adult patients with metabolic dysfunction-associated steatohepatitis. The company targets a top-line Phase 3 readout in Q4 2026, followed by a regulatory filing anticipated in H1 2027. Lanifibranor is also licensed to CTTQ, a Sino Biopharm subsidiary, for development and commercialization across Greater China under an agreement that generated a USD 10 million milestone payment in July 2025. Inventiva has no other disclosed pipeline assets beyond lanifibranor. The Inventiva capital structure optimization positions the company with sufficient capital to reach the NATiV3 readout and, contingent on a positive outcome, to advance toward regulatory submission without near-term funding pressure.
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