Deep Track fund discloses 6.07% Inventiva (NASDAQ: IVA) stake with warrants

Rhea-AI Filing Summary

Deep Track Capital, its master fund, and David Kroin have filed a Schedule 13G reporting a significant passive stake in Inventiva S.A. They report beneficial ownership of 11,668,983 ordinary shares and related instruments, representing 6.07% of the class as of January 30, 2026, based on 192,329,222 shares outstanding as of December 31, 2025.

The position includes 8,504,604 ordinary shares, 3,164,379 American Depository Shares and 9,999,999 warrants with a 1.50 EUR exercise price. The warrants are exercisable only if a “T3 Triggering Event” occurs, tied to NATiV3 trial topline results meeting key endpoints by June 15, 2027, and must be exercised no later than July 30, 2027. A 4.99% beneficial ownership cap limits how much can be held through warrant exercise.

The filers certify the securities are not held to change or influence control of Inventiva S.A. and characterize themselves as passive investors under Schedule 13G.

Insights

Equity ownership and governance analyst

Deep Track discloses a passive 6.07% Inventiva stake with trial-linked warrants.

Deep Track Capital, its Cayman master fund, and David Kroin collectively report beneficial ownership of 11,668,983 Inventiva S.A. ordinary shares and related instruments, equal to 6.07% of shares outstanding, using a base of 192,329,222 shares as of December 31, 2025.

The holding combines 8,504,604 ordinary shares, 3,164,379 ADS and 9,999,999 warrants exercisable at 1.50 EUR. Warrant exercise depends on a NATiV3 “T3 Triggering Event,” requiring key NASH and fibrosis endpoints to be met by June 15, 2027, with exercise allowed only until July 30, 2027.

A 4.99% beneficial ownership limitation constrains how much of Inventiva’s equity the filers can hold via warrant exercise at any time. The Schedule 13G certification states the position is not intended to change or influence control, indicating a passive but sizable shareholder presence whose future warrant exercise will depend on disclosed clinical trial outcomes.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Inventiva S.A.

(Name of Issuer)

Ordinary shares, nominal value 0.01 EUR per share

(Title of Class of Securities)

46124U107

(CUSIP Number)

01/23/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 46124U107

1

Names of Reporting Persons

Deep Track Capital, LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 11,668,983.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 11,668,983.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

11,668,983.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.07 %

12

Type of Reporting Person (See Instructions)

IA, OO

SCHEDULE 13G

CUSIP No. 46124U107

1

Names of Reporting Persons

Deep Track Biotechnology Master Fund, Ltd.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 11,668,983.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 11,668,983.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

11,668,983.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.07 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. 46124U107

1

Names of Reporting Persons

David Kroin

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 11,668,983.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 11,668,983.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

11,668,983.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.07 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Inventiva S.A.
(b)	Address of issuer's principal executive offices: 50 Rue De Dijon, Daix, France, 21121
Item 2.
(a)	Name of person filing: (i) Deep Track Capital, LP (ii) Deep Track Biotechnology Master Fund, Ltd. (iii) David Kroin
(b)	Address or principal business office or, if none, residence: (i) 200 Greenwich Ave, 3rd Floor, Greenwich, CT 06830 (ii) c/o Walkers Corporate Limited, 190 Elgin Ave, George Town, KY1-9001, Cayman Islands (iii) c/o Deep Track Capital, LP, 200 Greenwich Ave, 3rd Floor, Greenwich, CT 06830
(c)	Citizenship: (i) Delaware (ii) Cayman Islands (iii) United States
(d)	Title of class of securities: Ordinary shares, nominal value 0.01 EUR per share
(e)	CUSIP No.: 46124U107
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 11,668,983
(b)	Percent of class: 6.07%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 11,668,983
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 11,668,983
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. Deep Track Capital, LP is the relevant entity for which David Kroin may be considered a control person.
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and 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.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Deep Track Capital, LP

Signature:	/s/ David Kroin
Name/Title:	David Kroin, Managing Member of the General Partner of the Investment Adviser
Date:	01/30/2026

Deep Track Biotechnology Master Fund, Ltd.

Signature:	/s/ David Kroin
Name/Title:	David Kroin, Director
Date:	01/30/2026

David Kroin

Signature:	/s/ David Kroin
Name/Title:	David Kroin
Date:	01/30/2026

Exhibit Information

Item 4: Information with respect to the Reporting Persons' ownership of the Ordinary Shares as of January 30, 2026, is incorporated by reference to items (5) - (9) and (11) of the cover page of the respective Reporting Person. The amount beneficially owned by each Reporting Person is determined using 192,329,222 shares outstanding as of December 31, 2025, as disclosed by Inventiva S.A. on its website in accordance with article 223-16 of the general regulations of the AMF (French Financial Markets Authority). The beneficially owned shares include 8,504,604 Ordinary Shares, 3,164,379 American Depository Shares ("ADS"), and 9,999,999 Warrants exercisable at an exercise price of 1.50 EUR, subject to the occurrence of a T3 Triggering Event, and subject to the Reporting Persons' beneficial ownership of 4.99% (the "Maximum Percentage") of the outstanding Ordinary Shares. The T3 Triggering event is subject to the release by the Company of topline data announcing that any key primary endpoint or key secondary endpoint of NATiV3 (resolution of NASH without worsening fibrosis and improvement of liver fibrosis without worsening NASH), with any dosage regimen tested in the trial, have been met no later than June 15, 2027. The exercise of the Warrants must take place no later than July 30, 2027. There is no CUSIP number assigned to the Ordinary Shares. The CUSIP Number 46124U107 has been assigned to the ADS of the Issuer, which are quoted on the Nasdaq Global Market under the symbol "IVA". Each ADS represents 1 Ordinary Share. JOINT FILING STATEMENT PURSUANT TO RULE 13d-1(k) The undersigned acknowledge and agree that the foregoing statement on SCHEDULE 13G, is filed on behalf of each of the undersigned and that all subsequent amendments to this statement on SCHEDULE 13G, shall be filed on behalf of each of the undersigned without the necessity of filing additional joint acquisition statements. The undersigned acknowledge that each shall be responsible for the timely filing of such amendments, and for the completeness and accuracy of the information concerning him or it contained therein, but shall not be responsible for the completeness and accuracy of the information concerning the others, except to the extent that he or it knows or has reason to believe that such information is inaccurate. Dated: January 30, 2026 Deep Track Capital, LP By: /s/ David Kroin David Kroin, Managing Member of the General Partner of the Investment Adviser Deep Track Biotechnology Master Fund, Ltd. By: /s/ David Kroin David Kroin, Director David Kroin By: /s/ David Kroin David Kroin

FAQ

How large is Deep Track Capital’s stake in Inventiva S.A. (IVA)?

Deep Track Capital and related reporting persons beneficially own 11,668,983 Inventiva securities, representing 6.07% of the outstanding class. This percentage is based on 192,329,222 shares outstanding as of December 31, 2025, as disclosed by Inventiva on its website.

What types of Inventiva (IVA) securities does Deep Track report owning?

The reported beneficial ownership includes 8,504,604 ordinary shares, 3,164,379 American Depository Shares (ADS), and 9,999,999 warrants. Each ADS represents one ordinary share, and the warrants are subject to specific exercise conditions and timing requirements.

What are the key terms of the 9,999,999 Inventiva warrants held by Deep Track?

The filing states the warrants cover 9,999,999 ordinary shares at an exercise price of 1.50 EUR per share. They can be exercised only after a defined NATiV3 “T3 Triggering Event” and must be exercised no later than July 30, 2027.

What is the NATiV3 T3 Triggering Event mentioned in the Inventiva (IVA) filing?

The T3 Triggering Event occurs if topline data show that any key primary or key secondary NATiV3 endpoint is met by June 15, 2027. These endpoints relate to NASH resolution and liver fibrosis improvement without worsening disease features.

What is the 4.99% beneficial ownership limitation in the Deep Track–Inventiva filing?

The warrants are subject to a 4.99% Maximum Percentage beneficial ownership cap. This limitation means warrant exercises cannot increase the reporting persons’ beneficial ownership above 4.99% of Inventiva’s outstanding ordinary shares at any given time.

Is Deep Track Capital seeking to influence control of Inventiva S.A. (IVA)?

The certification states the securities “were not acquired and are not held” to change or influence Inventiva’s control. The position is reported on Schedule 13G, which is used for investors characterizing themselves as passive holders rather than activists.

Who are the reporting persons in the Inventiva S.A. (IVA) Schedule 13G?

The Schedule 13G lists Deep Track Capital, LP, Deep Track Biotechnology Master Fund, Ltd., and David Kroin as reporting persons. Each reports shared voting and dispositive power over 11,668,983 Inventiva securities, with no sole voting or dispositive power.