Summary by Moomoo AI
Invivyd reported Q3 2024 PEMGARDA net product revenue of $9.3 million, up from $2.3 million in Q2. The company ended the quarter with $106.9 million in cash and expects to maintain at least $65 million by year-end. Management targets profitability in first half of 2025, supported by anticipated revenue growth and operational improvements.The FDA has updated PEMGARDA's Fact Sheet to reflect validated neutralization data against current variants including KP.3, KP.3.1.1 and LB.1. This aligns with exploratory clinical efficacy data from the CANOPY Phase 3 trial showing 84% relative risk reduction from symptomatic COVID-19 versus placebo through month 6 in immunocompetent participants.R&D expenses increased to $57.9 million in Q3 2024 from $30.2 million year-over-year, primarily due to higher manufacturing costs for VYD2311. The company began dosing its first-in-human trial for VYD2311 in August 2024, with preliminary data expected in late Q4. Net loss was $60.7 million or $0.51 per share, compared to $39.4 million or $0.36 per share in Q3 2023.
