Invivyd, a biopharmaceutical company, reported a net loss of $60.7 million for the third quarter of 2024, compared to a net loss of $39.4 million for the same period in 2023. The increased loss was primarily due to higher research and development expenses, which rose to $57.9 million from $25.6 million year-over-year, driven by the development of their VYD2311 program. Despite this, Invivyd achieved product revenue of $9.3 million following the launch of PEMGARDA, their monoclonal antibody for COVID-19, which received emergency use authorization from the FDA in March 2024. The cost of product revenue was $0.8 million for the quarter. Invivyd's selling, general and administrative expenses saw a slight increase to $13.0 million, up from $12.9 million in the previous year. The company's financial condition reflects a...Show More

Invivyd, a biopharmaceutical company, reported a net loss of $60.7 million for the third quarter of 2024, compared to a net loss of $39.4 million for the same period in 2023. The increased loss was primarily due to higher research and development expenses, which rose to $57.9 million from $25.6 million year-over-year, driven by the development of their VYD2311 program. Despite this, Invivyd achieved product revenue of $9.3 million following the launch of PEMGARDA, their monoclonal antibody for COVID-19, which received emergency use authorization from the FDA in March 2024. The cost of product revenue was $0.8 million for the quarter. Invivyd's selling, general and administrative expenses saw a slight increase to $13.0 million, up from $12.9 million in the previous year. The company's financial condition reflects a substantial doubt about its ability to continue as a going concern beyond one year from the issuance of the financial statements, with a need for additional funding through revenues, equity offerings, or other capital sources. Invivyd's future plans include leveraging their INVYMAB platform to develop a continuous repertoire of SARS-CoV-2 neutralizing monoclonal antibodies to keep pace with viral evolution, and applying the platform to other viral diseases such as influenza.