Invea Therapeutics (INAI) Registration Filing summary

Company overview and business model

• Focuses on developing oral small-molecule therapies for immune-mediated inflammatory diseases (IMIDs), targeting conditions such as chronic urticaria, atopic dermatitis, prurigo nodularis, rheumatoid arthritis, and inflammatory bowel disease.

• Utilizes the AlphaMeld Platform, integrating AI, machine learning, and generative AI for drug discovery, licensed from parent company InveniAI.

• Lead candidate INVA8001 is a chymase inhibitor for chronic inducible urticaria, with plans for Phase 2a trials in the EU; INVA8003 is a preclinical inflammasome inhibitor targeting ASC.

• Business model includes in-licensing, AI-driven candidate identification, and potential strategic collaborations for development and commercialization.

Financial performance and metrics

• Reported net losses of $6.3 million in 2024 and $2.9 million for the nine months ended September 30, 2025; accumulated deficit of $26.8 million as of September 30, 2025.

• Cash balance of $0.3 million as of September 30, 2025; pro forma cash post-IPO estimated at $25.6 million.

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

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

Use of proceeds and capital allocation

• Net proceeds of ~$30.6 million (or $35.5 million with full over-allotment) expected from IPO at $11.00/share.

• ~$15.0 million allocated to INVA8001 Phase 2a trial and data readout; $0.3 million to INVA8003 preclinical development.

• ~$5.0 million to repay related party and third-party debt, accrued liabilities, and licensing fees.

• Remaining funds for general corporate purposes, working capital, and operating expenses.