diff --git a/packages/bugc/src/evmgen/call-contexts.test.ts b/packages/bugc/src/evmgen/call-contexts.test.ts
index c05f58708..c670d1660 100644
--- a/packages/bugc/src/evmgen/call-contexts.test.ts
+++ b/packages/bugc/src/evmgen/call-contexts.test.ts
@@ -97,7 +97,8 @@ code {
       expect(typeof invoke.declaration!.range!.length).toBe("number");
 
       // Target should be a code pointer (not stack)
-      expect(Pointer.Region.isCode(call.target.pointer)).toBe(true);
+      expect(call.target).toBeDefined();
+      expect(Pointer.Region.isCode(call.target!.pointer)).toBe(true);
 
       // Caller JUMP should NOT have argument pointers
       // (args live on the callee JUMPDEST invoke context)
@@ -156,7 +157,8 @@ code {
       expect(call.identifier).toBe("add");
 
       // Target should be a code pointer
-      expect(Pointer.Region.isCode(call.target.pointer)).toBe(true);
+      expect(call.target).toBeDefined();
+      expect(Pointer.Region.isCode(call.target!.pointer)).toBe(true);
 
       // Should have argument pointers matching
       // function parameters
diff --git a/packages/bugc/src/evmgen/generation/function.ts b/packages/bugc/src/evmgen/generation/function.ts
index 5b1944b1e..8e7230155 100644
--- a/packages/bugc/src/evmgen/generation/function.ts
+++ b/packages/bugc/src/evmgen/generation/function.ts
@@ -537,6 +537,8 @@ function patchInvokeInContext(
   const offset = functionRegistry[invoke.identifier];
   if (offset === undefined) return;
 
+  if (!invoke.target) return;
+
   const ptr = invoke.target.pointer;
   if (Format.Pointer.Region.isCode(ptr)) {
     ptr.offset = `0x${offset.toString(16)}`;
diff --git a/packages/bugc/src/evmgen/optimizer-contexts.test.ts b/packages/bugc/src/evmgen/optimizer-contexts.test.ts
index 4fe92325f..a4ebfac29 100644
--- a/packages/bugc/src/evmgen/optimizer-contexts.test.ts
+++ b/packages/bugc/src/evmgen/optimizer-contexts.test.ts
@@ -495,7 +495,8 @@ code { r = count(0, 5); }`;
           expect(Invocation.isInternalCall(invocation)).toBe(true);
           const internalCall =
             invocation as Format.Program.Context.Invoke.Invocation.InternalCall;
-          const invokeTarget = internalCall.target.pointer;
+          expect(internalCall.target).toBeDefined();
+          const invokeTarget = internalCall.target!.pointer;
           expect(invokeTarget).toBeDefined();
           expect(
             "offset" in invokeTarget ? invokeTarget.offset : undefined,
diff --git a/packages/format/src/types/program/context.ts b/packages/format/src/types/program/context.ts
index 104f27196..5c9bfb7c9 100644
--- a/packages/format/src/types/program/context.ts
+++ b/packages/format/src/types/program/context.ts
@@ -171,7 +171,7 @@ export namespace Context {
     export namespace Invocation {
       export interface InternalCall extends Function.Identity {
         jump: true;
-        target: Function.PointerRef;
+        target?: Function.PointerRef;
         arguments?: Function.PointerRef;
       }
 
@@ -180,8 +180,7 @@ export namespace Context {
         !!value &&
         "jump" in value &&
         value.jump === true &&
-        "target" in value &&
-        Function.isPointerRef(value.target) &&
+        (!("target" in value) || Function.isPointerRef(value.target)) &&
         (!("arguments" in value) || Function.isPointerRef(value.arguments));
 
       export interface ExternalCall extends Function.Identity {
diff --git a/packages/web/spec/program/context/function/invoke.mdx b/packages/web/spec/program/context/function/invoke.mdx
index b249a1a0a..af1c1da7a 100644
--- a/packages/web/spec/program/context/function/invoke.mdx
+++ b/packages/web/spec/program/context/function/invoke.mdx
@@ -51,6 +51,15 @@ caller's JUMP has already consumed the destination from the stack, so
 pointer slot values reflect the post-JUMP layout. The target points
 to a code location and arguments are passed on the stack.
 
+The `target` field is optional. It may be omitted when there is no
+meaningful code pointer to record — most notably at the first
+instruction of an inlined function body, where the inlining pass
+has elided the JUMP that would normally carry the target. The
+callee identity (`identifier`, `declaration`, `type`) remains
+meaningful in this case; a sibling `transform: ["inline"]` key
+on the same context indicates that the call was inlined rather
+than physically invoked.
+
 <SchemaViewer
   schema={{ id: "schema:ethdebug/format/program/context/function/invoke" }}
   pointer="#/$defs/InternalCall"
diff --git a/schemas/program/context/function/invoke.schema.yaml b/schemas/program/context/function/invoke.schema.yaml
index 41ef71d77..ebb824d07 100644
--- a/schemas/program/context/function/invoke.schema.yaml
+++ b/schemas/program/context/function/invoke.schema.yaml
@@ -88,6 +88,13 @@ $defs:
         description: |
           Pointer to the target of the invocation. For internal
           calls, this typically points to a code location.
+          Optional: may be omitted when there is no meaningful
+          target pointer to record, e.g., at the first
+          instruction of an inlined function body where the
+          inlining pass has elided the JUMP that would normally
+          carry this pointer. The callee identity
+          (`identifier`, `declaration`, `type`) is still
+          meaningful in this case.
         properties:
           pointer:
             $ref: "schema:ethdebug/format/pointer"
@@ -107,7 +114,7 @@ $defs:
           - pointer
         additionalProperties: false
 
-    required: [jump, target]
+    required: [jump]
 
   ExternalCall:
     title: External call
@@ -284,6 +291,26 @@ examples:
               location: stack
               slot: 2
 
+  # -----------------------------------------------------------
+  # Inlined internal call: no target pointer
+  # -----------------------------------------------------------
+  # When the compiler inlines a function, the JUMP that would
+  # normally carry the invoke context has been elided — there
+  # is no physical call instruction and no code target to
+  # point at. The invoke context still records the callee's
+  # identity so the debugger can maintain a source-level call
+  # stack, and a `transform: ["inline"]` context (typically
+  # via `gather`) annotates the inlining.
+  - invoke:
+      identifier: "transfer"
+      declaration:
+        source:
+          id: 0
+        range:
+          offset: 128
+          length: 95
+      jump: true
+
   # -----------------------------------------------------------
   # External CALL: token.balanceOf(account)
   # -----------------------------------------------------------