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Inventiva (NASDAQ:IVA) stock rose 10% in after-hours trading Friday after the French biotech company said it was working towards securing a royalty-based financing deal that would extend its cash runway through the summer.
The company said in a statement that it had cash and equivalents of EUR 9.6M as of the end of May, along with short-term deposits of EUR 0.1M and long-term deposits of EUR 10M. It estimated that it had sufficient resources to fund operations as planned through the end of July.
Inventiva said that even if it secures the royalty-based financing, it will still need to raise additional funds and is actively evaluating various financial and strategic options.
The company also issued an update on its NATiV3 study for its drug lanifibranor in the treatment of liver condition NASH/MASH. Inventiva said it has determined it needs to recruit an additional 165 patients for the study, with the company now targeting the first visit of the last patient for the latter half of 2024. Topline results from the trial are expected at the beginning of the second half of 2026.
Inventiva added that a blinded analysis of all randomized patients in the study suggested weight gain plateaus and stabilization between weeks 24 and 36.