Invivyd Reports $11.3 Million Product Revenue in Q1 2025, Faces Financial Challenges

Invivyd, Inc. reported its financial results for the first quarter of 2025, revealing a product revenue of $11.3 million, attributed to the sales of its monoclonal antibody PEMGARDA, which received emergency use authorization from the FDA in March 2024. This marks a significant increase from the previous year, as the company had no product revenue during the same period in 2024. Despite this revenue, Invivyd incurred a net loss of $16.3 million for the quarter, a notable improvement compared to the $43.5 million loss reported in the first quarter of 2024.

The company's total operating costs and expenses decreased to $28.2 million from $46.1 million year-over-year, primarily due to a reduction in research and development expenses, which fell to $10.6 million from $31.2 million. This decline was largely driven by decreased costs associated with the pemivibart program and a reduction in personnel-related expenses. Selling, general, and administrative expenses increased slightly to $16.8 million, reflecting higher professional and consultant fees as the company continues to expand its commercial operations.

In terms of operational metrics, Invivyd's cash and cash equivalents stood at $48.1 million as of March 31, 2025, down from $69.3 million at the end of 2024. The company reported a decrease in accounts payable and accrued expenses, indicating a tightening of cash flow management. The total employee headcount remains stable as the company continues to focus on its research and development efforts, particularly for its next-generation monoclonal antibody candidate, VYD2311, which is currently in a Phase 1 clinical trial.

Looking ahead, Invivyd expressed concerns regarding its ability to continue as a going concern, stating that it may not have sufficient cash to fund its operations beyond one year without additional financing. The company plans to seek funding through a combination of revenue from PEMGARDA, equity offerings, and potential collaborations. The recent establishment of a $30 million loan facility with Silicon Valley Bank is expected to provide additional liquidity as Invivyd navigates its ongoing development and commercialization efforts.

Overall, while Invivyd has made strides in generating revenue from PEMGARDA, the company continues to face significant financial challenges and uncertainties regarding future funding and operational sustainability. The management remains focused on advancing its product pipeline and exploring new opportunities in the biopharmaceutical market.