Invivyd Inc.
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
Why this colour
Red isn't about the share price or the valuation here — the stock trades below book value, and cheap alone would never be a reason for red. Red applies because three documented substance findings land together. First: the auditor and the company itself cite substantial doubt about the ability to continue as a going concern — the hardest finding a financial statement can carry. Second: cash runway sits at roughly four quarters ($184.2 million in cash against $41.7 million of cash outflow in the first quarter of 2026), and the outflow is rising because the Phase 3 trial is under way. Third: the sole revenue source loses its legal basis on June 29, 2027, with no replacement path committed to in writing. Add to that the Nasdaq compliance deadline of January 19, 2027. Against these sit real strengths — a working sales operation, growing revenue, no debt, and a trial that could change everything. But the doubt rule calls for the more cautious rating whenever a documented substance risk is present. What you make of it is your decision.
What the thesis turns on
Assessment: Opportunities & Risks
Invivyd has turned a research project into a real sales business: $53.4 million of revenue in 2025, up from zero in 2023, an annual loss down to a quarter of its 2023 level, and no debt. But the permit to run that business carries a date: PEMGARDA's emergency authorization ends June 29, 2027, and per the company's own notice of July 6, 2026, no written path to full approval exists to date. On top of that comes substantial doubt about the company's survival in the most recent quarterly report, a little over four quarters of cash runway, a tripling of the share count in sixteen months, and a Nasdaq deadline of January 19, 2027. Everything hinges on two regulatory decisions and a trial whose headline results are expected in the third quarter of 2026. Not investment advice.
Regulatory foundation
PEMGARDA is not approved, only authorized for emergency use — and per the mandatory filing (Form 8-K) of July 6, 2026, that authorization ends June 29, 2027. That gives the company's entire revenue an officially set expiration date. By its own account, neither the Department of Health and Human Services nor the FDA has, to date, put a path to full approval in writing.
Financial strength & going concern
The quarterly report as of March 31, 2026 and the auditor's report accompanying the 2025 annual report both cite substantial doubt about the company's ability to continue as a going concern. Cash of $184.2 million against an operating cash outflow of $41.7 million for the quarter works out to a little over four quarters, plus $19.4 million from the April 2026 offering. The accumulated deficit is $995.9 million.
Commercial build-out
Invivyd has made the leap from research shop to selling company: $0 revenue (2023), $25.4 million (2024), $53.4 million (2025), with Q4 2025 the strongest quarter at $17.2 million. At the same time, the annual loss fell from $198.6 million to $52.5 million, and research spending from $137.3 million to $38.3 million.
Capital structure & dilution
From 119,835,162 shares (12/31/2024) to 294,607,452 (04/30/2026), plus 27,342,442 pre-funded warrants and 36,430,766 options and warrants. Issue prices ranged between $0.52 (August 2025) and $2.50 (November 2025). One offsetting positive: zero debt — the $38.7 million of liabilities are trade payables, accruals and lease obligations.
Concentration & leadership
Three specialty wholesalers accounted for 46, 23 and 17 percent of gross revenue in 2025; the same three made up 44, 22 and 20 percent of gross accounts receivable as of 12/31/2025. No permanent CEO has been appointed since May 2024: CFO William Duke, Jr. signs the quarterly report simultaneously as Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer.
Valuation
Market capitalization was in the range of $190 to $220 million (data as of August 7, 2026) against $184.2 million of cash and $203.1 million of shareholders' equity as of March 31, 2026 — enterprise value near zero, stock below book value. That's cheap by the math and simultaneously the market's opinion that the cash will be spent before anything durable comes of it.
Worth Noting
Invivyd reached our research list through the SEC event trail: two mandatory filings within 18 days in July 2026 — the termination of the emergency authorization (July 6) and the Nasdaq deficiency notice (July 24) — plus a market capitalization roughly equal to its cash. The company was named Adagio Therapeutics, Inc. until September 12, 2022; older news items run under that name.
Data currency: the most recent period report is the quarterly report (10-Q) as of March 31, 2026, filed May 14, 2026. Every SEC filing dated on or after that day was reviewed; material among them are the mandatory filings of July 6 and July 24, 2026, both of which postdate the quarterly report and therefore don't appear in it. The share count comes from the cover page of the quarterly report (294,607,452 as of April 30, 2026). Market data as of August 7, 2026.
Terminology and possible confusion: PEMGARDA is prevention, not treatment, of COVID-19, and it doesn't replace vaccination for people who can be vaccinated. "EUA" is a temporary emergency authorization, not an approval; "BLA" would be the full approval application. Pre-funded warrants count economically as shares, because they can be exercised for $0.0001 each — that's why they sit inside the weighted-average share count of 309,670,101 used for the first quarter of 2026.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at IVVD since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 0.535 $ to 2.90 $ · Last price: 0.964 $ (As of: September 22, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/22/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Biotechnology
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Invivyd Inc. IVVD | 0.3 | – | 0.8 | 92.2 | -313.9 | 110.5 | -16.4 |
| Vertex Pharmaceuticals Inc VRTX | 130.3 | 31.3 | 24.5 | 55.0 | 38.1 | 9.6 | 34.4 |
| Regeneron Pharmaceuticals Inc REGN | 83.5 | 20.2 | 13.1 | 44.5 | 20.7 | 1.0 | 35.7 |
| Moderna Inc MRNA | 72.4 | – | 4.6 | -66.0 | -131.1 | -39.2 | 585.2 |
| argenx NV ARGX | 59.9 | 36.8 | 31.5 | 59.1 | 32.0 | 89.6 | 30.2 |
| BeiGene, Ltd. ONC | 41.6 | 65.7 | 32.4 | 88.9 | 19.1 | 40.2 | 9.0 |
| Revolution Medicines Inc RVMD | 40.1 | – | -9.7 | -174,708.6 | 0.0 | -100.0 | 334.3 |
| Alnylam Pharmaceuticals Inc ALNY | 33.4 | 63.3 | 28.4 | 79.7 | 23.0 | 65.2 | -45.2 |
| Royalty Pharma Plc RPRX | 32.2 | 31.6 | 19.6 | 95.8 | 100.3 | 5.1 | 64.4 |
| Median of companies shown | 41.6 | 34.2 | 19.6 | 59.1 | 20.7 | 9.6 | 34.4 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2020 | – | -112 | -112 | -1.01 | -15 | -65 | 117 |
| 2021 | 0 | -227 | -227 | -2.05 | -185 | 558 | 620 |
| 2022 | 0 | -248 | -241 | -2.23 | -220 | 356 | 383 |
| 2023 | 0 | -213 | -199 | -1.81 | -173 | 177 | 229 |
| 2024 | 25 | -177 | -170 | -1.43 | -170 | 68 | 130 |
| 2025 | 53 | -56 | -52 | -0.30 | -58 | 242 | 277 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q2 | -0.40 | 13.00 | 2 | – | -2,086.90 | -42 | -42 |
| 2024: Q3 | -0.51 | -41.70 | 9 | – | -653.10 | -41 | -41 |
| 2024: Q4 | -0.15 | 77.60 | 14 | 357.00 | -133.50 | -38 | -38 |
| 2025: Q1 | -0.14 | 63.20 | 11 | – | -144.10 | -21 | -21 |
| 2025: Q2 | -0.12 | 70.00 | 12 | 420.60 | -124.40 | -13 | -13 |
| 2025: Q3 | -0.06 | 88.20 | 13 | 41.20 | -79.70 | -8 | -8 |
| 2025: Q4 | -0.04 | 73.80 | 17 | 24.50 | -64.30 | -16 | -16 |
| 2026: Q1 | -0.13 | 7.10 | 14 | 21.60 | -301.20 | -42 | -42 |
| 2026: Q2 | -0.14 | -16.70 | 14 | 21.20 | -310.50 | -43 | -44 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 6 of our scanner strategies — each hit links to the scanner.
Quality & Balance Sheet
Breakout & Setup
Research
Risk & Weakness
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -0.57 | -0.57 – -0.57 | 60 | -90.0% | 1 |
| 12/31/2027 | -0.55 | -0.55 – -0.55 | 87 | 3.5% | 1 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Geprüft am 08.08.2026 gegen den Geschäftsbericht (10-K) für 2025 (eingereicht 05.03.2026), den Geschäftsbericht (10-K) für 2024 (eingereicht 20.03.2025) und die vier jüngsten Quartalsberichte (10-Q, 15.05.2025 bis 14.05.2026). In den vier Quartalsberichten findet sich kein einziger KI-Bezug. In beiden Geschäftsberichten taucht „Artificial Intelligence“ nur ein einziges Mal auf, im Abschnitt zu Datenschutzrecht (nicht in den Risikofaktoren zum eigenen Geschäftsmodell): ein genereller Hinweis, dass die breite Verfügbarkeit von KI-Technologien wie generativer KI einen globalen Trend zu mehr Regulierung auslöst (EU AI Act, US-Bundesstaatengesetze) und die Einhaltung solcher Gesetze künftig teurer werden dürfte. Das ist weder eine KI-Umsatzquelle noch ein belegter operativer KI-Einsatz noch ein konkretes KI-Geschäftsrisiko für Invivyds eigenes Antikörpergeschäft — reine Regulierungs-Umfeldbeschreibung ohne Bezug zum eigenen Produkt oder Betrieb. Nach dem Kriterienkatalog bleibt es damit bei „neutral" (dokumentierter Negativbefund).
View the full file — quotes, sources, reviewed filings
Filings Reviewed: 10-Q 2026-05-14 · 10-Q 2025-11-06 · 10-Q 2025-08-14 · 10-Q 2025-05-15 · 10-K 2026-03-05 · 10-K 2025-03-20
Rated on August 8, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years no data
- More than 10% revenue growth is expected for the coming year -68.2%
- Share count grows by less than 3% a year 16.7%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 1.4%
- Gross margin at 40% or higher and without meaningful erosion no data
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA 224 m net cash
- Operating cash flow covers the profits of the last three years 19 m
- Return on capital at 15% or higher, or up versus two years ago -22.9%
- Insiders hold at least 10% or are net buyers 7.1%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
3/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% –
- Exp. sales growth 3Y > 5% 27.6%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 27.6%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 0
- Max. EBIT decline < 50% –
- Return on equity > 15% -21.7%
- ROCE > 15% -22.9%
- Expected return > 10% 0.6%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Aug 18, 2026 | Lee Timothy Edward | Chief Commercial Officer | Sell | 18,425 | 0.8429 | 15,530 |
| Aug 18, 2026 | Green Julie | Chief Human Resources Officer | Sell | 18,425 | 0.8429 | 15,530 |
| Aug 18, 2026 | Duke William E. | Chief Financial Officer | Sell | 18,425 | 0.8429 | 15,530 |
| Aug 18, 2026 | Andersen Jill | Chief Legal Officer, Secretary | Sell | 30,706 | 0.8429 | 25,882 |
| Aug 18, 2026 | Allen Robert D. III | Chief Scientific Officer | Sell | 17,043 | 0.8429 | 14,366 |
| Aug 17, 2026 | Lee Timothy Edward | Chief Commercial Officer | Sell | 22,355 | 0.722 | 16,140 |
| Aug 17, 2026 | Green Julie | Chief Human Resources Officer | Sell | 22,355 | 0.722 | 16,140 |
| Aug 17, 2026 | Duke William E. | Chief Financial Officer | Sell | 22,355 | 0.722 | 16,140 |
| Aug 17, 2026 | Andersen Jill | Chief Legal Officer, Secretary | Sell | 37,256 | 0.722 | 26,899 |
| Aug 17, 2026 | Allen Robert D. III | Chief Scientific Officer | Sell | 20,679 | 0.722 | 14,930 |
The company
About the Company
Invivyd, Inc., together with its subsidiaries, engages in the research, development, commercialization, and sale of antibody therapies for the prevention and treatment of viral infectious diseases in the United States. The company offers Pemivibart, a half-life extended investigational monoclonal antibody for the pre-exposure prophylaxis prevention of COVID-19 in adults and adolescents through injection under the PEMGARDA brand. It also develops VYD2311, a monoclonal antibody, which is in Phase III clinical trial for the prevention and treatment of SARS-CoV-2 virus; and VBY329, a monoclonal antibody, which is in pre-clinical trial stage for the prevention and treatment of respiratory syncytial virus and measles in neonates, infants, and children. It has a collaboration agreement with Adimab, LLC for the discovery and optimization of proprietary antibodies. The company was formerly known as Adagio Therapeutics, Inc. and changed its name to Invivyd, Inc. in September 2022. Invivyd, Inc. was incorporated in 2020 and is headquartered in New Haven, Connecticut.
- Employees
- 122
- Headquarters
- New Haven, CT
- Address
- 209 Church Street, 06510 New Haven, United States
- Phone
- 781 819 0080
- Website
- invivyd.com
- IPO Date
- 08/06/2021
- ISIN
- US00534A1025
Management
| Name | Title | Birth Year |
|---|---|---|
| Marc William Elia | CEO & Chairperson of the Board | 1976 |
| William E. Duke Jr., M.B.A. | CFO and Principal Financial & Accounting Officer | 1972 |
| Jill Andersen J.D. | Chief Legal Officer & Corporate Secretary | 1973 |
| Timothy Lee | Chief Commercial Officer | 1974 |
| Robert D. Allen Ph.D. | Chief Scientific Officer | 1970 |
| Kristie Coneys Kuhl J.D. | Chief Communications Officer | – |
| Julie Green M.B.A. | Chief Human Resources Officer | 1976 |
| Rachael Gerlach Ph.D. | Senior Vice President of Regulatory Affairs | – |
| Katie Falzone CPA | Senior Vice President of Finance | – |
| Michael J. Mina M.D., Ph.D. | Chief Medical Officer & Chief Epidemiologist | 1984 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 09/01/2026 Invivyd, Inc. (IVVD): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers; Other Events; Financial Statements and Exhibits SEC ↗
- 08/13/2026 Invivyd, Inc. (IVVD): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
Data as of: September 22, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.