SCHEDULE: Deep Track Capital Discloses 6.07% Stake in Inventiva S.A.

Deep Track Capital and affiliates have reported a 6.07% beneficial ownership stake in Inventiva S.A., including ordinary shares, ADSs, and warrants.

Summary

• Deep Track Capital, LP, Deep Track Biotechnology Master Fund, Ltd., and David Kroin collectively reported beneficial ownership of 11,668,983 ordinary shares of Inventiva S.A.
• This represents 6.07% of Inventiva S.A.'s ordinary shares outstanding, calculated based on 192,329,222 shares as of December 31, 2025.
• The ownership includes 8,504,604 Ordinary Shares, 3,164,379 American Depository Shares (ADS), and 9,999,999 Warrants.
• The warrants are exercisable at 1.50 EUR per share, contingent on a 'T3 Triggering Event' related to positive topline data from the NATiV3 clinical trial by June 15, 2027.
• The exercise of warrants is also subject to a beneficial ownership cap of 4.99% of outstanding ordinary shares for the reporting persons.
• The reporting persons certified that the securities were not acquired for the purpose of changing or influencing control of Inventiva S.A.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a moderately positive development, as a specialized biotech fund has taken a significant stake, indicating confidence in Inventiva's clinical pipeline, particularly the NATiV3 program, albeit with inherent clinical trial risks tied to warrant exercise.

Positives

• A significant institutional investor, Deep Track Capital, has taken a substantial stake in Inventiva S.A., potentially signaling confidence in the company's future prospects, particularly its NATiV3 clinical program.
• The inclusion of warrants tied to positive clinical trial data suggests a strategic investment with a long-term view and alignment with key R&D milestones.

Risks

• The exercise of 9,999,999 warrants is contingent on a 'T3 Triggering Event,' specifically the release of positive topline data from the NATiV3 clinical trial by June 15, 2027, which introduces clinical trial risk.
• Failure to meet the T3 Triggering Event criteria by the specified date would prevent the exercise of these warrants, impacting the potential upside for the reporting persons.
• The warrants are also subject to a beneficial ownership cap of 4.99% of outstanding ordinary shares, which could limit the immediate full exercise of all warrants even if the T3 Triggering Event occurs.

Future Outlook

The future outlook for the investment is tied to the success of Inventiva S.A.'s NATiV3 clinical trial. The warrants held by Deep Track Capital are exercisable only if Inventiva S.A. releases positive topline data for a key primary or secondary endpoint of the NATiV3 trial by June 15, 2027. This indicates a forward-looking bet on the clinical development of Inventiva's drug candidates.

Industry Context

StockSavvy.ai notes that significant institutional investments, especially from specialized funds like Deep Track Capital (a biotechnology-focused investor), often signal a vote of confidence in a company's pipeline and strategic direction within the highly competitive biotechnology sector. The focus on NASH (Non-alcoholic steatohepatitis) through the NATiV3 trial highlights Inventiva's position in a therapeutic area with high unmet medical need and significant market potential, attracting targeted investment.

Comparison to Industry Standards

• StockSavvy.ai observes that a 6.07% stake by a specialized biotech fund like Deep Track Capital is a notable position, indicating a conviction in Inventiva S.A.'s potential. For comparison, similar biotech-focused funds often take significant, but non-controlling, stakes in companies with promising late-stage clinical assets, such as those seen with investments in companies like Madrigal Pharmaceuticals (resmetirom for NASH) or Akero Therapeutics (efruxifermin for NASH), where successful clinical readouts can lead to substantial valuation increases.
• The structure of the investment, including warrants tied to specific clinical milestones (T3 Triggering Event for NATiV3), is a common strategy in biotech financing, aligning investor returns directly with R&D success, similar to how venture capital or strategic partners structure deals in early to mid-stage drug development.

Stakeholder Impact

• Shareholders: The disclosure of a significant institutional investor's stake could be viewed positively, potentially increasing investor confidence and liquidity. The future exercise of warrants could lead to dilution if not already accounted for in market expectations.
• Company (Inventiva S.A.): The investment signals external validation of its clinical programs, potentially aiding in future financing or partnerships.

Next Steps

• Inventiva S.A. is expected to continue its NATiV3 clinical trial, with topline data release anticipated no later than June 15, 2027, which is a key milestone for the warrants.
• The reporting persons may exercise their warrants if the T3 Triggering Event occurs, subject to the beneficial ownership cap, no later than July 30, 2027.

Key Dates

Recommendation

While the significant stake by a specialized biotech fund is a positive signal, the investment's full potential, particularly the warrant exercise, is contingent on the success of the NATiV3 clinical trial, which carries inherent risks. Investors should hold and monitor the progress of the NATiV3 trial and its data readouts before making further investment decisions.

Keywords

Inventiva S.A., Deep Track Capital, Schedule 13G, Beneficial Ownership, Biotechnology, Pharmaceuticals, NASH, NATiV3, Clinical Trial, Warrants, Institutional Investment, IVA