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Buy Day today: Good (62) Broad market participation · no major macro event
IVVD

Invivyd Inc.

Healthcare · Biotechnology · listed since 2021

0.74$ +12.3% vs. previous close Closing price · As of: 8. Aug 2026
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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.

Substance risk

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.

Read the Full Deep Dive Invivyd: The Only Revenue Has an Expiration Date — and It Is Printed in an FDA Letter Invivyd sells exactly one product: PEMGARDA, an antibody meant to protect the severely immunocompromised from COVID-19. It is not approved — only authorized for emergency use — and that authorization ends, per a mandatory filing with the U.S. securities regulator SEC, on June 29, 2027. The same summer, Nasdaq set a deadline of January 19, 2027, because the bid price had closed below one dollar for 30 trading days. The quarterly report as of March 31, 2026 lists $184.2 million in cash, a $41.4 million quarterly loss and substantial doubt about the company's ability to continue as a going concern. On top of that, the share count rose from 119.8 million to 294.6 million in sixteen months. Not a buy recommendation — just the question of what is left of a company once its permit runs out. Read the analysis →

Stock Watch

This analysis is as of August 8, 2026. Stock Watch will tell you what's changed at IVVD since then.

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Price history

Chart

Interactive price chart (TradingView).

Last price: 0.74 $ (As of: August 8, 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

Market Cap ?The value of the entire company on the market: share price times total shares outstanding. 0.2$B
Shares Outstanding ?Total number of shares issued. Price times share count gives market cap. –
Float ?Share of stock freely tradable on the market — not locked up in the hands of founders, insiders, or major shareholders. –
Beta ?Volatility versus the overall market: 1 = moves like the market, 2 = twice as much, under 1 = calmer than the market. –

Performance

Perf. 1M ?Price performance over the last month. -8.00%
Perf. 3M ?Price performance over the last 3 months. -48.30%
Perf. 6M ?Price performance over the last 6 months. -56.70%
YTD Performance (%) ?Price performance since the start of the year (Year to Date). -70.04%
52-Week-High Distance ?How far the price sits below its highest point over the last 52 weeks. 0% means the stock is at its year high. -74.3%

Valuation

P/E ?Price-to-earnings ratio: how many years of profit does the stock cost? The lower, the cheaper the valuation. No earnings means no P/E. –
Forward P/E ?P/E based on expected earnings for the next 12 months instead of past earnings — analysts' bet on the future. –
PEG ?P/E divided by expected earnings growth: puts valuation in relation to growth. Around 1 is considered fair, well above that is pricey. –
P/B ?Price-to-book ratio: market value relative to book equity. 0.8
P/S ?Price-to-sales ratio: market value divided by annual sales. Important for companies that aren't (yet) profitable. 3.7
EV/EBITDA ?Enterprise value including debt (EV) relative to operating profit before depreciation and amortization (EBITDA) — more comparable than P/E because debt counts too. Extreme values arise when EBITDA is near zero. –
Price/FCF ?Market value divided by free cash flow: how many years of freely available cash does the stock cost? More honest than P/E because cash flow is harder to dress up. –

Profitability

Gross Margin ?Gross margin: what's left of sales after only direct production costs are deducted — the product's pricing power. –
EBIT Margin ?EBIT margin: operating profit as a percentage of sales — the earning power of the core business before interest and taxes. -313.9%
Net Margin ?Net margin: what's left of sales as profit after ALL costs, interest, and taxes. –
Return on Equity ?Return on equity: how much profit does the company generate per year on shareholders' equity? -60.3%
Return on Assets ?Return on assets: how much profit the company generates from its total assets (equity and debt combined). –

Balance Sheet & Safety

Equity Ratio ?Equity ratio: equity as a share of total assets. The higher, the more resilient the balance sheet. 87.2%
Debt/Equity ?Leverage ratio: financial debt divided by equity. Under 1 is generally seen as solid; negative values mean negative equity. 0.01
Altman Z″ ?Edward Altman's bankruptcy early-warning score. We use the Z″ variant, built from four balance-sheet ratios — it is designed for service companies and non-manufacturers and uses book value instead of market value. On that scale: below 1.1 = danger zone, 2.6 and up = safe zone, in between a grey area. Because the classic Altman Z is calculated differently, the two numbers are not directly comparable. The formula does not fit banks, insurers, or real-estate stocks. warning zone -0.82
Piotroski ?Balance-sheet health check by Joseph Piotroski: 9 yes/no criteria on profit, cash flow, leverage, and efficiency. 7+ is very solid, under 3 is a red flag. weak 2 out of 9

Growth

Sales Growth Last Quarter ?Sales growth in the most recently reported quarter versus the same quarter a year ago (YoY). 21.60%
EPS Growth Last Quarter ?Growth in earnings per share in the most recently reported quarter versus the same quarter a year ago (YoY). 0.00%
Sales Growth (Year) ?Sales growth in the last fiscal year versus the year before. 110.47%
Forward Sales Growth ?Sales growth analysts expect over the next 12 months — an estimate, not a guarantee. -68.15%
Forward EPS Growth ?Earnings-per-share growth analysts expect over the next 12 months — an estimate, not a guarantee. -76.70%

Dividend

No dividend data is available for this stock yet.

Quality & Screener

Stage ?Weinstein phases 1 through 4: 1 = basing, 2 = uptrend (the only buy phase), 3 = topping, 4 = downtrend. Measured against the 30-week line. –
RS Rating ?Relative strength from 1 to 99: an RS of 95 means the stock has outperformed 95% of all stocks. –
EPS Rating ?Earnings growth rating from 1 to 99 versus all stocks — high values mean above-average earnings growth. –
Fundamental Rating ?Our own Fundamental Rating: 0 to 100 points with an A+ to F grade. 50 points is the average across the universe, 100 the best possible score. It scores growth, earnings surprises, analyst estimates, margins, cash flow, and balance-sheet safety — every stock percentile-ranked against all others. Grades: A+ from 95, A from 75, B from 55, C from 45, D from 25, E from 5, F below. D (32 out of 100)

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

Industry comparison
Company Market cap ($B) P/E EV/EBITDA Gross Margin % EBIT Margin % Sales Growth (Year) % Perf. 1Y %
Invivyd Inc. IVVD 0.2 – – – -313.9 110.5 –
Vertex Pharmaceuticals Inc VRTX 125.5 30.1 23.3 54.4 38.1 9.6 32.1
Regeneron Pharmaceuticals Inc REGN 81.5 19.6 12.7 44.5 20.7 1.0 40.9
Revolution Medicines Inc RVMD 42.7 – -9.7 -151,691.8 0.0 -100.0 487.0
Royalty Pharma Plc RPRX 31.3 30.7 19.7 115.0 100.3 5.1 56.7
Alnylam Pharmaceuticals Inc ALNY 29.1 54.6 23.0 79.7 23.0 65.2 -49.6
Insmed Inc INSM 28.4 – -6.0 81.8 -65.5 66.7 20.0
Roivant Sciences Ltd ROIV 25.4 – 0.7 -8,159.0 -14,675.1 -71.6 214.6
Incyte Corporation INCY 23.9 18.0 9.5 55.7 25.6 21.2 54.2
Median of companies shown 29.1 30.1 11.1 55.0 20.7 9.6 47.5

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 →

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.

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.

Sales Per Quarter ($M)
2024: Q2 · 2.3 $M Q2 2024: Q3 · 9.3 $M Q3 2024: Q4 · 13.8 $M Q4 2025: Q1 · 11.3 $M Q1 2025: Q2 · 11.8 $M Q2 2025: Q3 · 13.1 $M Q3 2025: Q4 · 17.2 $M Q4 2026: Q1 · 13.7 $M Q1

Source: fundamental data

Quarterly Figures
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

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.

Compare with other stocks →

Screening

Appears in These Scanners

This stock currently matches 4 of our scanner strategies — each hit links to the scanner.

Quality & Balance Sheet

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.

Consensus Sell 1 = Strong buy … 5 = Strong sell
Analyst Ratings –
Price Target (average) –
Distance to price –

No price target is available for this stock.

AI classification

AI Rating

Neutral

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

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.

IPO Year
2021

Data as of: August 8, 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.

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