The Q3 2026 DECLARATION readout is the primary catalyst. Monitor for any pre-read or event-rate updates before then. The cash runway ($184M + $20M ATM) should fund through data and potential launch, but the widening loss and trial delay add execution risk. The ATM usage signals ongoing dilution needs.
Price Chart
Executive Summary
Invivyd reported Q1 2026 PEMGARDA net product revenue of $13.7M (+22% YoY), but net loss widened to $41.4M from $16.3M a year ago due to a surge in R&D spending on the DECLARATION pivotal trial. The DECLARATION trial was upsized by ~500 subjects, pushing top-line data to Q3 2026, and the company raised ~$20M via ATM in April. Revenue growth is positive but the accelerating cash burn and trial delay are material concerns for a pre-profit biotech.
Key Financial Metrics
Key Facts
- Q1 2026 PEMGARDA net product revenue $13.7M, up 22% YoY from $11.3M
- Net loss widened to $41.4M from $16.3M YoY, driven by R&D spend of $30.7M (up from $10.6M)
- DECLARATION Phase 3 trial upsized by ~500 subjects; top-line data now expected Q3 2026 (vs prior mid-2026)
- Cash and cash equivalents $184.2M at March 31, 2026; raised ~$20M in April 2026 via ATM
- IDMC recommended reduction of post-dose monitoring from 2 hours to 30 minutes based on safety data
- In vitro data confirmed neutralizing activity of pemivibart and VYD2311 against BA.3.2.2 (Cicada) variant
- Agreed with FDA on initial pediatric study plan (DRUMMER) for VYD2311 BLA support
Financial Impact
Revenue growth of 22% YoY to $13.7M, but operating loss more than doubled to $43.1M from $16.9M
Risk Factors
- DECLARATION trial delay to Q3 2026 increases uncertainty and cash burn
- Net loss more than doubled YoY to $41.4M, with R&D spend tripling
- Additional ~$20M ATM dilution in April 2026; further capital raises likely
- PEMGARDA EUA dependent on variant susceptibility; revenue concentration risk
- Pre-revenue on VYD2311; binary catalyst risk on Phase 3 data
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-222762 |
| Document: d120795dex992.htm | 0001193125-26-222762 |
| Document: d120795d8k.htm | 0001193125-26-222762 |
| Document: 0001193125-26-222762-index-headers.html | 0001193125-26-222762 |
| Document: 0001193125-26-222762-index.html | 0001193125-26-222762 |
| Document: 0001193125-26-222762.txt | 0001193125-26-222762 |
| 8-K Data (Synthetic) | 0001193125-26-222762 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 1, 2026 4w ago | 8-K | $0.8800 $0.8441 | ▼ −4.08% | ▼ −5.26% | $0.8221 (−6.58%) |
Aug 17, 2026 6w ago | 144 | $0.8680 $0.8198 | ▼ −5.55% | ▼ −4.56% | $0.8221 (−5.29%) |
Jul 6, 2026 12w ago | 8-K | $0.8340 $0.5350 | ▲ +35.85% | ▲ +35.29% | $0.8221 (+1.43%) |
Jun 16, 2026 15w ago | Press Release | $0.8918 $0.8008 | ▼ −10.20% | ▼ −10.40% | $0.8221 (−7.82%) |
Jun 11, 2026 16w ago | Institutional Cluster | $0.8125 $0.8037 | ▼ −1.08% | ▼ −2.97% | $0.8221 (+1.18%) |
Jun 9, 2026 16w ago | Press Release | $0.9900 $0.9418 | ▼ −4.87% | ▼ −6.32% | $0.8221 (−16.96%) |
Jun 1, 2026 17w ago | Press Release | $1.22 $0.8724 | ▼ −28.49% | ▼ −27.19% | $0.8221 (−32.61%) |
May 14, 2026 20w ago | 8-K | $1.16 $0.7700 | ▼ −33.62% | ▼ −32.76% | $0.8221 (−29.13%) |
May 14, 2026 20w ago | Press Release | $1.16 $0.7700 | ▼ −33.62% | ▼ −32.76% | $0.8221 (−29.13%) |
Apr 9, 2026 25w ago | 8-K | $1.78 $1.46 | ▼ −17.98% | ▼ −25.55% | $0.8221 (−53.81%) |
US Market Status
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