Why Inventiva (IVA) Shares Are Plunging Today - Inventiva (NASDAQ:IVA)

Inventiva IVA said that AbbVie Inc ABBV would stop developing cedirogant (ABBV-157), an oral RORg inverse agonist jointly discovered by Inventiva and AbbVie for autoimmune diseases, following the analysis of a recently concluded nonclinical toxicology study.
Inventiva's cash runway, including the expected $12 million upfront payment from Sino Biopharm and the €25 million from the EIB credit facility, is not impacted by the discontinuation of the cedirogant clinical program and should allow funding as previously announced operations through Q4 2023.
Inventiva's R&D capabilities and objectives remain unaltered.
In 2012, Inventiva and AbbVie signed a multi-year drug discovery collaboration agreement to identify potent RORg inverse agonists for several autoimmune diseases.
In January, Inventia received a €4 million milestone payment from AbbVie for cedirogant (formerly ABBV-157) Phase 2b trial initiation in 2021 in adult patients with moderate to severe chronic plaque psoriasis.
According to IVA, the trial is expected to conclude in H1 2023.
Price Action: IVA shares are down 19.38% at $4.70 during the premarket session on the last check Monday.

After 10 Years Of Collaboration, AbbVie Discontinues Inventiva-Partnered Psoriasis Candidate