Invea Therapeutics (INAI) Registration Filing summary

Company overview and business model

• Focuses on developing oral, small-molecule therapies for immune-mediated inflammatory diseases (IMIDs) using AI-driven drug discovery.

• Lead candidate INVA8001 targets chronic inducible urticaria, with plans for Phase 2a trials in the EU in late 2026.

• Second candidate INVA8003 is a preclinical inflammasome inhibitor with broad potential across IMIDs.

• Utilizes the AlphaMeld Platform, licensed from parent InveniAI, to identify and prioritize drug targets using AI, ML, and GenAI.

• Business model includes in-licensing, internal development, and potential strategic collaborations.

Financial performance and metrics

• No product revenue to date; operations funded by parent company, preferred stock, convertible notes, and SAFE instruments.

• Net loss of $6.3 million in 2024 and $2.9 million for the nine months ended September 30, 2025.

• Cash balance of $0.3 million as of September 30, 2025; accumulated deficit of $26.8 million.

• Pro forma net tangible book value per share after IPO would be $2.38, with immediate dilution of $8.62 per share to new investors.

• Auditor included a going concern qualification due to recurring losses and limited capital.

Use of proceeds and capital allocation

• Estimated net proceeds of $30.5 million (or $35.3 million if over-allotment is exercised) at $11.00 per share.

• $15.0 million allocated to INVA8001 clinical development, including Phase 2a trial and data readout.

• $0.3 million for INVA8003 preclinical development; $1.8 million to repay InveniAI line of credit.

• Additional funds to repay related party notes, accrued liabilities, licensing fees, and for general corporate purposes.

• Proceeds expected to fund operations for 18–20 months post-offering.