Deep Track reports 3.76% stake in Inventiva (NASDAQ: IVA), includes warrants

Rhea-AI Filing Summary

Inventiva S.A. ownership disclosure: Deep Track entities and David Kroin report beneficial ownership of 7,800,465 ordinary shares, representing 3.76% of the class as of March 31, 2026. The filing says the position is calculated using 207,707,475 shares outstanding as of that date.

The reported holdings comprise 6,578,012 Ordinary Shares, 1,222,453 ADS (each ADS = 1 Ordinary Share) and 9,999,999 Warrants exercisable at €1.50 subject to a T3 Triggering Event. The T3 Triggering Event requires topline NATiV3 endpoint results by June 15, 2027; warrant exercise must occur no later than July 30, 2027. The filing is a joint Schedule 13G/A amendment signed May 15, 2026.

Insights

Corporate Governance Analyst

Reporting group discloses a passive stake under joint filing rules.

The filing shows Deep Track Capital, Deep Track Biotechnology Master Fund, Ltd. and David Kroin jointly reporting beneficial ownership of 7,800,465 shares (3.76%) as of March 31, 2026. The statement follows Schedule 13G/A mechanics for investors holding under certain thresholds.

Material qualifiers include a 4.99% Maximum Percentage tied to warrant exercise; any increase above that cap would require further disclosure or a different filing status. Subsequent amendments will be filed jointly per the cover-page statement.

Equity Markets Analyst

Position includes convertible instruments and time-limited warrants tied to trial milestones.

The reported position comprises equity and derivative instruments: 6,578,012 Ordinary Shares, 1,222,453 ADS, and 9,999,999 warrants exercisable at €1.50 upon a T3 Triggering Event. Each ADS equals one Ordinary Share and the ADS CUSIP is 46124U107.

Warrant exercise is conditioned on NATiV3 topline endpoints by June 15, 2027, with exercise deadline July 30, 2027. Cash-flow treatment and any issuance mechanics are not detailed in the excerpt; future filings would clarify conversion timing if triggers occur.

Key Figures

Beneficial ownership: 7,800,465 shares Percent of class: 3.76% Shares outstanding: 207,707,475 shares +5 more

8 metrics

Beneficial ownership 7,800,465 shares Amount beneficially owned as of <date>March 31, 2026</date>

Percent of class 3.76% Percent of class based on shares outstanding as of <date>March 31, 2026</date>

Shares outstanding 207,707,475 shares Shares outstanding used to calculate ownership as of <date>March 31, 2026</date>

Ordinary Shares held 6,578,012 Ordinary Shares Component of the reported position

ADS held 1,222,453 ADS Each ADS represents 1 Ordinary Share per the filing

Warrants outstanding 9,999,999 warrants Exercisable at <money>€1.50</money> subject to T3 Triggering Event

Warrant exercise deadline July 30, 2027 Latest date to exercise warrants if trigger occurs

T3 trigger deadline June 15, 2027 Deadline for NATiV3 topline endpoints to satisfy the T3 Triggering Event

Key Terms

T3 Triggering Event, ADS, Warrants exercisable, Maximum Percentage

4 terms

T3 Triggering Event regulatory

"subject to the occurrence of a T3 Triggering Event"

ADS market

"1,222,453 American Depository Shares ("ADS")"

Ads are paid promotional messages a company places across media — online, on TV, in print, or on social platforms — to attract customers, explain products, or shape public perception. For investors, ads matter because they drive sales growth, affect how much a company must spend to win customers, and influence brand strength and long-term value. Ads can also create regulatory or reputational risk if claims are misleading, which can affect profits and stock price.

Warrants exercisable financial

"9,999,999 Warrants exercisable at an exercise price of (euro)1.50"

Maximum Percentage regulatory

"Reporting Persons' beneficial ownership of 4.99% (the "Maximum Percentage")"

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Inventiva S.A.

(Name of Issuer)

Ordinary shares, nominal value 0.01 EUR per share

(Title of Class of Securities)

46124U107

(CUSIP Number)

03/31/2026

(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)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 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 7,800,465.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 7,800,465.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

7,800,465.00

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)

3.76 %

12

Type of Reporting Person (See Instructions)

IA, OO

SCHEDULE 13G

CUSIP Number(s): 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 7,800,465.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 7,800,465.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

7,800,465.00

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)

3.76 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP Number(s): 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 7,800,465.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 7,800,465.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

7,800,465.00

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)

3.76 %

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: 7,800,465
(b)	Percent of class: 3.76%
(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: 7,800,465
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 7,800,465
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
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:	05/15/2026

Deep Track Biotechnology Master Fund, Ltd.

Signature:	/s/ David Kroin
Name/Title:	David Kroin, Director
Date:	05/15/2026

David Kroin

Signature:	/s/ David Kroin
Name/Title:	David Kroin
Date:	05/15/2026

Exhibit Information

Item 4: Information with respect to the Reporting Persons' ownership of the Ordinary Shares as of March 31, 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 207,707,475 shares outstanding as of March 31, 2026, 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 6,578,012 Ordinary Shares, 1,222,453 American Depository Shares ("ADS"), and 9,999,999 Warrants exercisable at an exercise price of (euro)1.50, 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: May 15, 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

What stake does Deep Track report in Inventiva (IVA)?

Deep Track reports beneficial ownership of 7,800,465 shares, equal to 3.76% of the class. This percentage is calculated using 207,707,475 shares outstanding as of March 31, 2026 per the filing.

How is the 7,800,465 share position composed?

The position includes 6,578,012 Ordinary Shares, 1,222,453 ADS, and 9,999,999 warrants. Each ADS represents one Ordinary Share according to the filing.

What are the warrants' terms reported by Deep Track?

The filing states 9,999,999 warrants exercisable at €1.50, exercisable only if a T3 Triggering Event occurs and no later than July 30, 2027. The trigger relates to NATiV3 trial topline results.

What is the T3 Triggering Event and its deadline?

The T3 Triggering Event requires topline NATiV3 primary or key secondary endpoints to be met by June 15, 2027. This condition must be satisfied for the warrants to be exercisable per the filing.

Does the filing list a CUSIP for Inventiva ordinary shares?

The filing states there is no CUSIP for the Ordinary Shares; the CUSIP 46124U107 applies to the ADS, which trade on Nasdaq under the symbol "IVA."