Thu, Nov 14, 12:25 PM (236 days ago)
Invivyd, Inc. (IVVD) reported significant financial developments for the quarter ending September 30, 2024. The company generated $9.3 million in product revenue from PEMGARDA, authorized for emergency use in March 2024 for COVID-19 prevention in immunocompromised individuals. Operating expenses rose to $71.6 million, driven by increased research and development expenditures of $57.9 million, reflecting ongoing clinical trials, particularly for VYD2311, alongside operational costs associated with product sales. The net loss for the quarter was $60.7 million, up from $39.4 million in the prior year, exacerbated by higher administrative costs related to commercialization efforts. As of September 30, 2024, cash and equivalents stood at $106.9 million, down from $200.6 million at year-end 2023. The company faces substantial doubt about its ability to continue as a going concern without additional funding, as its accumulated deficit reached $883.6 million. Future operations hinge on securing further capital through product sales, equity offerings, or collaborations, especially as it navigates the complexities of drug development and regulatory environments.