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Dec 31, 2025
Invivyd Q4 2025 Earnings Report
Invivyd Q4 2025 Earnings Report
Key Takeaways
Invivyd demonstrated strong commercial momentum in Q4 2025 with PEMGARDA net product revenue growing 31% sequentially. The company significantly strengthened its balance sheet, ending the year with $226.7 million in cash, while successfully reducing annual operating expenses by nearly half compared to the prior year. Focus is now shifting toward the pivotal Phase 3 DECLARATION trial for VYD2311.
PEMGARDA Q4 net product revenue reached $17.2 million, a 25% increase year-over-year.
Cash position strengthened to $226.7 million following over $200 million in 2H 2025 financing.
The Phase 3 DECLARATION trial for VYD2311 achieved full enrollment with top-line data expected mid-2026.
Annual R&D expenses were reduced by approximately 72% year-over-year due to lower clinical trial and manufacturing costs.
Revenue by Segment
Forward Guidance
Invivyd is focused on the clinical advancement of VYD2311 and expanding its pipeline into RSV and measles, supported by a cash runway sufficient for pivotal trials and potential commercial launch.
Positive Outlook
- Top-line data for DECLARATION Phase 3 trial expected in mid-2026.
- VYD2311 granted FDA Fast Track designation for COVID-19 prevention.
- IDMC recommended allowing pregnant and breastfeeding women in the DECLARATION trial.
- RSV candidate VBY329 expected to advance toward IND readiness in 2H 2026.
- Current cash is sufficient to support DECLARATION trial and potential VYD2311 launch.
Challenges Ahead
- Potential trial re-sizing for DECLARATION may be needed depending on COVID event accumulation.
- FDA requested specific monitoring for myocarditis/pericarditis in the LIBERTY trial.
- Emergence of new SARS-CoV-2 variants could reduce susceptibility to current products.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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