Invivyd, Inc., a biopharmaceutical company focused on mAb therapies for viral infectious diseases, reported a net loss of $52.5 million for the year ended December 31, 2025, compared to a net loss of $169.9 million for the previous year. The company's revenue, generated from sales of PEMGARDA following its EUA in March 2024, increased to $53.4 million in 2025 from $25.4 million in 2024. Cost of product revenue also increased, reaching $3.7 million in 2025 compared to $1.6 million in 2024, reflecting the increased product demand and certain period costs.
Research and development expenses significantly decreased to $38.3 million in 2025 from $137.3 million in 2024, primarily due to reduced contract manufacturing costs for both the pemivibart and VYD2311 programs. Selling, general, and administrative expenses increased slightly to $66.9 million in 2025 from $63.4 million in 2024, driven by higher personnel-related costs and other employee-related travel expenses, partially offset by a decrease in stock-based compensation expense. Other income, consisting mainly of interest income, decreased to $3.1 million in 2025 from $7.0 million in 2024.
Operationally, Invivyd nominated VYD2311 as a next-generation mAb candidate for COVID-19 in January 2024 and initiated a Phase 3 clinical trial (DECLARATION) in December 2025. The FDA cleared the IND application for VYD2311 and granted Fast Track designation for its prevention in individuals with underlying risk factors. The company also announced alignment with the FDA on the LIBERTY clinical trial to evaluate the safety and immunogenicity of VYD2311 compared to an mRNA COVID vaccine. In November 2025, Invivyd selected VBY329 as a potential mAb candidate for RSV prevention in infants and children, with plans to advance it toward IND readiness in the second half of 2026.
As of December 31, 2025, Invivyd's cash and cash equivalents totaled $226.7 million. The company entered into a Loan and Security Agreement with Silicon Valley Bank for a term loan facility of up to $30 million, but had not drawn down any amounts as of year-end due to unmet financial covenants. Management expressed substantial doubt about the company's ability to continue as a going concern, based on current operating plans and excluding any contribution from future revenues or external financing. The company anticipates funding future operations through a combination of product revenue, equity offerings, grants, debt financing, and strategic collaborations.
About Invivyd, Inc.
Invivyd, Inc. is a biopharmaceutical company focused on developing monoclonal antibodies for viral infectious diseases, starting with COVID-19. Its core products include PEMGARDA for COVID-19 pre-exposure prophylaxis and VYD2311, a next-generation antibody candidate. The company leverages antibody discovery, engineering, and surveillance to create long-lasting, broadly neutralizing therapies, partnering with contract manufacturers and research organizations to support development, manufacturing, and commercialization.
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