Invivyd (IVVD) Q4 2025 earnings summary

Executive summary

• Achieved strong quarter-over-quarter growth in monoclonal antibody product adoption, with PEMGARDA establishing a commercial foundation and supporting long-term growth and market expansion.

• Advanced clinical pipeline with VYD2311 and VBY329, targeting COVID-19 and RSV, and expanded to include antibodies for long COVID, post-vaccination syndrome, and a potent RSV antibody.

• DECLARATION Phase 3 trial for VYD2311 fully enrolled, with positive safety recommendations and FDA Fast Track designation; top-line data expected mid-2026.

• Raised over $200 million in the second half of 2025, ending the year with $226.7 million in cash and cash equivalents.

• Appointment of Michael Mina, M.D., Ph.D., as Chief Medical Officer and launch of antibody education campaign with Lindsey Vonn.

Financial highlights

• Q4 2025 PEMGARDA net product revenue reached $17.2 million, up 25% year-over-year and 31% sequentially.

• Full-year 2025 PEMGARDA revenue totaled $53.4 million, more than doubling from 2024.

• Year-end cash and equivalents were $226.7 million, supported by over $200 million raised in H2 2025.

• Operating expenses were reduced by nearly half year-over-year, with net loss narrowing to $52.5 million.

• R&D expenses were $38.3 million and SG&A expenses $66.9 million in 2025.

Outlook and guidance

• Well-capitalized to support DECLARATION trial, commercial readiness for VYD2311, and pipeline R&D through mid-2026 pivotal data.

• DECLARATION study results expected mid-2026, with possible modest upsizing not expected to delay guidance.

• LIBERTY Phase 3 trial to start in 2026; update on measles antibody program anticipated in the first half of 2026.

• Phase 2 clinical trial for Long COVID and Post-Vaccination Syndrome planned.

• VBY329 advancing toward IND-readiness in the second half of 2026.