The EPS beat and revenue growth are overshadowed by the revenue miss vs consensus and widening losses. The key catalyst is the DECLARATION top-line data in Q3 2026 — monitor for enrollment completion and event accumulation updates. The ATM raise and cash runway suggest no near-term financing urgency, but the 158% share count dilution over the past year is a structural overhang.
Price Chart
Executive Summary
Invivyd reported Q1 2026 PEMGARDA revenue of $13.7M (+22% YoY), beating consensus estimates on both revenue ($13.7M vs $18.1M expected) and EPS (-$0.04 vs -$0.08 expected). The company highlighted continued in vitro neutralizing activity against the BA.3.2.2 variant, IDMC recommendation to reduce post-dose monitoring time for VYD2311, and a strong cash position of $184.2M providing runway through the DECLARATION data readout in Q3 2026. However, net loss widened to $41.4M from $16.3M a year ago due to increased R&D spending on the DECLARATION trial, and the company raised ~$20M via ATM in April.
Key Financial Metrics
Key Facts
- Q1 2026 PEMGARDA net product revenue $13.7M, up 22% from $11.3M in Q1 2025
- EPS -$0.04 beat consensus of -$0.08 (50% beat)
- Revenue $13.7M missed consensus of $18.1M (24% miss)
- Net loss widened to $41.4M from $16.3M YoY, driven by $30.7M R&D (vs $10.6M)
- Cash and equivalents $184.2M as of March 31, 2026; additional ~$20M raised via ATM in April 2026
- IDMC recommended reduction of VYD2311 post-dose monitoring from 2 hours to 30 minutes
- DECLARATION trial upsized by ~500 subjects; top-line data expected Q3 2026 (shifted from mid-2026)
- Measles mAb candidate VMS063 advancing toward IND readiness in late 2026
- Weighted-average shares outstanding 309.7M (basic/diluted), up 158% YoY from 119.9M
Financial Impact
Revenue beat consensus by 24% on a dollar basis ($13.7M vs $18.1M), but EPS beat was on a small absolute base. Net loss widened significantly. Cash burn rate increased.
Risk Factors
- Revenue miss vs consensus of $18.1M despite 22% YoY growth — top-line expectations may have been too high
- Net loss more than doubled to $41.4M with R&D spending tripling; cash burn rate is accelerating
- DECLARATION trial upsized by ~500 subjects, pushing data readout to Q3 2026 — adds execution risk and delays catalyst
- 158% YoY dilution in weighted-average shares outstanding pressures per-share metrics
- PEMGARDA EUA is contingent on variant susceptibility; future variants could reduce its effectiveness
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3294770 |
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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