IVVD Invivyd
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Executive Summary
Invivyd reported strong Q4 and full-year 2025 financial results with PEMGARDA net product revenue of $17.2 million (up 25% YoY) and full-year revenue of $53.4 million (up 110% YoY), while significantly reducing R&D expenses to $38.3 million from $137.3 million. The company ended 2025 with $226.7 million in cash after raising over $200 million, supporting its pivotal DECLARATION Phase 3 trial for VYD2311 with top-line data expected mid-2026.
Key Financial Metrics
Actionable Insight
The combination of accelerating revenue growth, improved financial discipline, strong cash position, and rapid clinical progress in the VYD2311 program suggests improved execution and near-term catalyst potential. Traders should monitor for top-line data from the DECLARATION trial in mid-2026 and any trial resizing decision in April 2026.
Key Facts
- Q4 2025 PEMGARDA net revenue: $17.2M, up 25% YoY and 31% QoQ
- Full-year 2025 PEMGARDA net revenue: $53.4M, up 110% from $25.4M in 2024
- R&D expenses dropped to $38.3M in 2025 from $137.3M in 2024
- Cash and cash equivalents: $226.7M as of Dec 31, 2025, after raising over $200M in 2H 2025
- Net loss narrowed to $52.5M in 2025 from $169.9M in 2024; EPS improved to -$0.30 from -$1.43
- Full enrollment achieved in DECLARATION Phase 3 trial for VYD2311; top-line data expected mid-2026
- FDA granted Fast Track designation for VYD2311 in December 2025
- IDMC recommended expansion of trial to include pregnant and breastfeeding women
Financial Impact
Revenue more than doubled year-over-year to $53.4M with significant cost reductions, leading to a 69% reduction in net loss. Cash position of $226.7M supports clinical development into 2026+.
Risk Factors
- VYD2311 remains investigational; clinical trial outcomes are uncertain
- Revenue is currently limited to EUA status for PEMGARDA, which could be revoked
- High cash burn in prior periods; future financing may be needed depending on VYD2311 commercialization plans
Market Snapshot
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3250025 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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Jun 9, 2026
today
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Press Release
| $1.02 awaiting T+5 | awaiting T+5 | — | $1.02 (−0.00%) |
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Jun 1, 2026
8d ago
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Press Release
| $1.22 $1.03 | ▼ −15.57% | ▼ −12.82% | $1.02 (−16.39%) |
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May 14, 2026
26d ago
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8-K
| $1.16 $1.11 | ▼ −4.31% | ▼ −3.59% | $1.02 (−12.07%) |
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May 14, 2026
26d ago
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Press Release
| $1.16 $1.11 | ▼ −4.31% | ▼ −3.59% | $1.02 (−12.07%) |
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Apr 9, 2026
8w ago
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8-K
| $1.78 $1.71 | ▼ −3.93% | ▼ −7.12% | $1.02 (−42.70%) |
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Apr 9, 2026
8w ago
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Press Release
| $1.78 $1.71 | ▼ −3.93% | ▼ −7.12% | $1.02 (−42.70%) |
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Apr 7, 2026
9w ago
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Press Release
| $1.29 $1.61 | ▲ +24.81% | ▲ +19.48% | $1.02 (−20.93%) |
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Mar 5, 2026
13w ago
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8-K
| $1.74 $1.80 | ▲ +3.45% | ▲ +5.69% | $1.02 (−41.38%) |
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Mar 5, 2026
13w ago
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Press Release
| $1.74 $1.80 | ▲ +3.45% | ▲ +5.69% | $1.02 (−41.38%) |
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Mar 2, 2026
14w ago
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Press Release
| $1.62 $1.83 | ▲ +12.96% | ▲ +13.44% | $1.02 (−37.04%) |
US Market Status
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