Start here if you're new
what it is
Invivyd makes antibody drugs aimed at protecting high-risk people from serious viral infections, starting with COVID-19.
how it gets paid
Last year Invivyd made $53M in revenue. Commercial COVID antibody revenue was the main engine at $53.4M, or 100% of sales.
why it's growing
Revenue grew 110.5% last year. Revenue rose 176% vs. prior year in the latest quarter.
what just happened
Revenue reached $36M, but EPS was still -$0.30 and the business remains deeply unprofitable.
At a glance
B balance sheet — gets the job done, barely
-$1.43 fy2024 eps est
$25M fy2024 rev est
n/a operating margin
1.5 beta
xvary composite: 47/100 — below average
What they do
Invivyd makes antibody drugs aimed at protecting high-risk people from serious viral infections, starting with COVID-19.
Its edge is speed and focus. The company has 99 employees and is built around one job: find antibodies that still work as viruses mutate. That gives you a cleaner bet than a big pharma side project, but it also means your whole thesis sits on one specialized machine.
How they make money
$53M
annual revenue · their business grew +110.5% last year
Commercial COVID antibody revenue
$53.4M
+110.5%
Prevention pipeline programs
$0
flat
Treatment pipeline programs
$0
flat
Next-gen antibody platform
$0
flat
The products that matter
authorized COVID antibody
PEMGARDA
$53.4M revenue
this produced the company's $53.4M of FY2025 revenue. it proved IVVD could commercialize something real, even if it did not produce profits.
current proof
phase 3 pipeline asset
VYD222
1 late-stage asset
this is the only phase 3 asset in the snapshot. in plain english: the pipeline diversification rounds to one, then to zero if this slips.
next chapter
commercial transition
PEMGARDA to VYD222 handoff
$53.4M at stake
all FY2025 revenue came from pemivibart, and the page already tells you it no longer sells. that's why the handoff matters more than the headline growth rate.
entire story
Key numbers
-104%
operating margin
Operating margin → what is left after running the business → so what: Invivyd lost more than $1 in operating costs for every $1 of sales in 2024.
$53.4M
annual revenue
Revenue → money coming in the door → so what: sales more than doubled vs. prior year, up 110.5%, which proves there is real demand somewhere in this story.
$2M
long-term debt
Long-term debt → money owed over years → so what: debt is just $2M, or 0% of capital, so leverage is not the main problem. The business model is.
1.5
beta
Beta → how violently the stock moves versus the market → so what: you should expect bigger swings than the S&P 500.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- price stability 5 / 100
- long-term debt $2M (0% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for IVVD right now.
source: institutional data · return history unavailable
What just happened
profit still missing
Revenue reached $36M, but EPS was still -$0.30 and the business remains deeply unprofitable.
Revenue rose 176% vs. prior year in the latest quarter, versus annual revenue growth of 110.5%. That is the contrast. Sales finally showed up, but a 2024 operating margin of -104.0% says the cost structure still eats the win.
$36M
revenue
$0.30
eps
n/a
operating margin
the number that mattered
104.0% is the real headline because it means growth is happening inside a business that still loses more than it sells.
source: SEC filing and company earnings report, 2026
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What could go wrong
the central risk is the PEMGARDA-to-VYD222 handoff failing. this is a company with one late-stage asset and a revenue base tied to one product, so the margin for narrative repair is thin.
med
VYD222 disappoints or slips
The snapshot gives IVVD exactly one phase 3 asset. If VYD222 stumbles, the future pipeline goes from concentrated to effectively empty.
One late-stage program means one late-stage failure can erase the "next product" argument in a single headline.
med
PEMGARDA proves temporary, not durable
FY2025 revenue was $53.4M, and the page states all of it came from pemivibart. That means 100% of the current commercial base is tied to one product line.
If PEMGARDA-era demand fades before replacement revenue appears, IVVD goes back to being judged like a pre-revenue biotech with a market cap attached.
med
losses stay too close to sales
A $52.5M net loss against $53.4M of revenue is not operating leverage. It is a reminder that commercialization has not yet funded the model.
If losses keep tracking revenue this closely, dilution risk does not disappear — it just waits for the next clinical or commercial wobble.
The combined picture is simple: one product supplied 100% of FY2025 revenue, one phase 3 asset carries the pipeline, and a $52.5M net loss leaves little room for either leg to crack.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
the next VYD222 update
With one phase 3 asset on the page, the clinical calendar matters more than management adjectives. This is where the story either gains a second leg or stays a one-product bridge.
metric
revenue versus net loss
Track whether revenue starts outrunning the loss line. $53.4M of sales against a $52.5M net loss is the wrong kind of symmetry.
risk
any sign PEMGARDA demand is rolling over
Because one product generated the current revenue base, any slowdown matters immediately. There is no diversified buffer here.
trend
whether the market starts treating IVVD like a platform
At $492M, this stock can rerate quickly if investors believe PEMGARDA was proof of commercialization rather than a temporary COVID-era pocket of demand.
Analyst rankings
short-term outlook
mixed
target data is thin and the setup is binary. in human-speak: analysts do not have a clean middle ground here.
risk profile
volatile
a 1.5 beta and 5 / 100 price stability tell you this will not behave like a sleepy large cap.
chart momentum
catalyst-driven
this name trades on clinical credibility and product durability more than neat technical trends.
earnings predictability
40 / 100
earnings are hard to predict because the business model itself is still changing shape.
source: institutional data
Institutional activity
institutional ownership data for IVVD is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$2
current price
n/a
target midpoint · n/a from current
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