SCHEDULE 13G: Perceptive Advisors Discloses 5.8% Stake in Inventiva S.A. Through Schedule 13G Filing

Perceptive Advisors LLC, along with Joseph Edelman and Perceptive Life Sciences Master Fund, Ltd., has disclosed a 5.8% beneficial ownership stake in Inventiva S.A., totaling 5,555,555 ordinary shares.

Summary

• Perceptive Advisors LLC, Joseph Edelman, and Perceptive Life Sciences Master Fund, Ltd. (collectively, the "Reporting Persons") have filed a Schedule 13G indicating beneficial ownership in Inventiva S.A.
• The Reporting Persons collectively beneficially own 5,555,555 ordinary shares of Inventiva S.A.
• This ownership represents 5.8% of Inventiva S.A.'s outstanding ordinary shares, based on 95,662,391 shares outstanding as of December 31, 2024.
• Perceptive Life Sciences Master Fund, Ltd. holds 5,555,555 ordinary shares and 1,851,851 pre-funded warrants.
• The pre-funded warrants are currently not exercisable if, after giving effect to such exercise, the Reporting Persons' beneficial ownership would exceed 4.99% of the outstanding Ordinary Shares.
• Perceptive Advisors LLC serves as the investment manager to the Master Fund, and Joseph Edelman is the managing member of Perceptive Advisors.
• The filing indicates a passive investment purpose, stating the securities were not acquired or held for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 5

Explanation: The document is a factual disclosure of beneficial ownership and does not contain information that inherently suggests a positive or negative sentiment regarding the issuer's performance or prospects. It is a neutral regulatory filing.

Positives

• Disclosure of a significant stake by an institutional investor like Perceptive Advisors may signal confidence in Inventiva S.A.'s long-term prospects.
• The investment includes pre-funded warrants, indicating potential for increased future ownership if beneficial ownership limits allow.

Negatives

• The inability to exercise pre-funded warrants due to a 4.99% beneficial ownership cap limits the immediate realization of potential upside from these instruments for the Reporting Persons.

Risks

• The beneficial ownership limitation on pre-funded warrants means the Reporting Persons cannot fully realize the potential from these warrants if their ownership would exceed 4.99% upon exercise, potentially limiting their flexibility.

Future Outlook

This Schedule 13G filing is a disclosure of current beneficial ownership and does not contain forward-looking statements or guidance regarding Inventiva S.A.'s future performance or strategic outlook.

Management Comments

• The filing includes certifications from Joseph Edelman, Managing Member of Perceptive Advisors LLC and Perceptive Life Sciences Master Fund, Ltd., stating that the securities were not acquired or held for the purpose of changing or influencing the control of the issuer.

Industry Context

This filing indicates a significant passive investment by a specialized life sciences fund in Inventiva S.A., a company operating in the biotechnology or pharmaceutical sector. Such investments are common for funds seeking exposure to specific therapeutic areas or innovative drug development pipelines.

Comparison to Industry Standards

• This document is a standard beneficial ownership disclosure (Schedule 13G) and does not contain information suitable for direct comparison to industry-specific financial or operational benchmarks, projects, or results of comparable companies. It solely reports an investment stake.

Stakeholder Impact

• Shareholders: Provides transparency regarding a significant institutional investor's stake, which can influence market perception and potentially liquidity.
• Company Management: Awareness of a large passive shareholder, though the filing explicitly states no intent to influence control.

Next Steps

• The document does not outline any specific future actions, events, or milestones for Inventiva S.A. or the Reporting Persons beyond the ongoing passive investment.

Key Dates

Keywords

Inventiva S.A., Perceptive Advisors, Joseph Edelman, Perceptive Life Sciences Master Fund, Schedule 13G, beneficial ownership, ordinary shares, pre-funded warrants, SEC filing, institutional investment, biotechnology, pharmaceuticals