SCHEDULE: Deep Track Capital Discloses 3.76% Stake in Inventiva S.A.

Deep Track Capital, LP, along with its affiliates, has reported beneficial ownership of 7,800,465 ordinary shares, representing 3.76% of Inventiva S.A.'s outstanding shares as of March 31, 2026.

Summary

• Deep Track Capital, LP, Deep Track Biotechnology Master Fund, Ltd., and David Kroin have jointly filed a Schedule 13G, indicating their beneficial ownership of Inventiva S.A. ordinary shares.
• As of March 31, 2026, the reporting persons collectively beneficially own 7,800,465 ordinary shares, which constitutes 3.76% of the total outstanding shares.
• This holding includes 6,578,012 ordinary shares, 1,222,453 American Depository Shares (ADS), and 9,999,999 warrants.
• The warrants are exercisable at €1.50 per share, contingent upon a T3 Triggering Event, which is defined as the release of topline data from the NATiV3 trial meeting key primary or secondary endpoints by June 15, 2027.
• The exercise of these warrants must occur no later than July 30, 2027.
• The CUSIP number 46124U107 is assigned to the ADSs, which are traded on the Nasdaq Global Market under the symbol 'IVA', with each ADS representing one ordinary share.
• The reporting persons have shared voting and dispositive power over the beneficially owned shares.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this filing as neutral to slightly positive, reflecting a significant passive investment with potential upside contingent on clinical trial success, but without immediate indications of company performance or strategic shifts.

Positives

• Deep Track Capital and its affiliates have taken a significant stake in Inventiva S.A., potentially signaling confidence in the company's future prospects.
• The inclusion of warrants suggests a belief in the company's ability to achieve key milestones, particularly related to the NATiV3 trial, which could lead to increased ownership.
• The reporting persons have shared voting and dispositive power, indicating a coordinated approach to their investment.

Negatives

• The reporting persons' ownership is capped at 4.99% of outstanding ordinary shares due to the warrant terms, limiting immediate control or influence.
• The exercise of warrants is contingent on specific trial results and a defined timeline, introducing uncertainty.
• The filing does not provide details on the specific reasons for acquiring this stake beyond the standard certification that it is not for the purpose of changing control.

Risks

• The T3 Triggering Event, crucial for warrant exercise, is dependent on the successful outcome of the NATiV3 trial, which carries inherent clinical trial risks.
• Failure to meet the key primary or secondary endpoints of the NATiV3 trial by June 15, 2027, would render the warrants unexercisable.
• The exercise of warrants is subject to a maximum ownership percentage of 4.99%, limiting the potential upside if the company's share price increases significantly beyond that threshold.
• The exercise deadline for warrants is July 30, 2027, creating a time-bound opportunity for the reporting persons.

Future Outlook

The future outlook for the reporting persons is tied to the success of Inventiva S.A.'s NATiV3 trial. If the trial meets its endpoints by June 15, 2027, the reporting persons can exercise their warrants by July 30, 2027, potentially increasing their stake in the company, up to a 4.99% ownership limit.

Management Comments

• Deep Track Capital, LP, Deep Track Biotechnology Master Fund, Ltd., and David Kroin certify that the securities were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer.
• They also certify that the securities were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

Industry Context

StockSavvy.ai notes that this Schedule 13G filing by Deep Track Capital and its affiliates indicates a significant passive investment in Inventiva S.A., a biopharmaceutical company focused on NASH and other diseases. The inclusion of warrants tied to clinical trial success is a common strategy in the biotech sector, reflecting the high-risk, high-reward nature of drug development.

Stakeholder Impact

• Shareholders: The filing indicates a significant investor with potential to increase their stake, which could influence market perception and trading activity.
• Management: The passive nature of the filing suggests no immediate intent to influence control, but future warrant exercise could alter the ownership landscape.
• Creditors: No direct impact is indicated by this filing.

Next Steps

• Inventiva S.A. to release topline data for the NATiV3 trial by June 15, 2027.
• Reporting persons to potentially exercise warrants by July 30, 2027, if the T3 Triggering Event occurs.
• Reporting persons to file amendments to Schedule 13G if their beneficial ownership changes significantly.

Key Dates

Recommendation

The filing represents a passive investment with potential upside tied to clinical trial success. While the stake is significant and warrants offer future upside, the current information does not provide enough detail on Inventiva's operational performance or the probability of trial success to warrant a strong buy or sell recommendation. A 'hold' allows investors to monitor the progress of the NATiV3 trial and the company's overall development.

Keywords

Inventiva S.A., Schedule 13G, Deep Track Capital, Deep Track Biotechnology Master Fund, David Kroin, Ordinary Shares, ADS, Warrants, NATiV3 trial, Beneficial Ownership, SEC Filing