Invivyd ( (IVVD) ) has released its Q3 earnings. Here is a breakdown of the information Invivyd presented to its investors.
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Invivyd, Inc. is a biopharmaceutical company dedicated to providing protection against severe viral infectious diseases, with a focus on SARS-CoV-2. The company employs its proprietary INVYMAB™ platform for rapid development of monoclonal antibodies (mAbs) to combat evolving viral threats.
In the third quarter of 2024, Invivyd reported net product revenue of $9.3 million from its flagship monoclonal antibody, PEMGARDA™ (pemivibart), marking a significant increase from the previous quarter. The company ended the quarter with $106.9 million in cash and equivalents, and it aims for near-term profitability by the first half of 2025 through operational efficiencies and revenue growth.
Key highlights from the quarter include the updated PEMGARDA Fact Sheet reflecting its neutralization activity against current circulating COVID-19 variants, and the commencement of a first-in-human clinical trial for the next-generation molecule VYD2311. Invivyd also submitted an Emergency Use Authorization amendment request to the FDA for the treatment of certain immunocompromised patients with mild-to-moderate COVID-19. The company’s ongoing CANOPY Phase 3 clinical trial demonstrated an 84% reduction in symptomatic COVID-19 risk over six months in immunocompetent individuals.
Financially, the company incurred a net loss of $60.7 million in Q3 2024, primarily due to increased R&D expenses related to VYD2311 manufacturing. Despite this, Invivyd’s management remains confident in its growth potential and continues to expand its outreach to healthcare providers.
Looking ahead, Invivyd is optimistic about its path to profitability and the market expansion of PEMGARDA. The company plans to leverage its INVYMAB platform to address future viral threats and continues to explore new therapeutic avenues through ongoing research and development activities.
