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.
Price Chart
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
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
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3250025 |
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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