Invivyd (IVVD) AI Stock Analysis

• Market Cap: $409.76M
• Dividend Yield: N/A
• Average Volume (3M): 2.28M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.76
• Revenue Growth: 332.71%
• EPS Growth: 75.73%
• Country: US
• Employees: 99
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): 0.02
• Shares Outstanding: 282,594,730
• 10 Day Avg. Volume: 2,778,519
• 30 Day Avg. Volume: 2,282,438
• PEG Ratio: 0.10
• Price to Book (P/B): 1.76
• Price to Sales (P/S): 7.96
• P/FCF Ratio: -7.30
• Enterprise Value/Market Cap: -0.08
• Enterprise Value/Revenue: -0.59
• Enterprise Value/Gross Profit: -0.64
• Enterprise Value/Ebitda: 0.59
• 1Y Price Target: $10.00
• Price Target Upside: 589.66% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): -0.23
• Revenue Forecast (FY): $129.75M

• Rating: 55 Neutral
• Price Target: $1.50 ▲(3.45% Upside)
• Action: Reiterated Date: 03/05/26
• Date: Action: Reiterated 03/05/26

IVVD scores in the mid-range primarily because ongoing losses and material cash burn weigh on financial performance despite strong gross margins and improving revenue. The earnings call was a meaningful positive (commercial momentum, enrollment milestone, and strong cash position), but technical indicators remain mixed-to-weak and valuation is constrained by negative earnings and no dividend yield.

Positive Factors

High gross margin & revenue ramp

Sustained ~93% gross margins and a revenue inflection to $53.4M TTM indicate strong unit economics for antibody products. High product-level margins support profitable scale if commercial growth persists, reducing risk that revenue increases will be consumed by manufacturing costs.

Strong cash runway after large raise

A >$200M capital raise and $226.7M cash provide durable runway to fund the DECLARATION pivotal trial, commercialization preparation for VYD2311, and near-term pipeline work. This materially lowers immediate refinancing risk and enables execution through the anticipated mid‑2026 readout window.

Durable commercial traction and channels

Strong sequential revenue growth, a 77% account reorder rate, and broad GPO coverage reflect repeat demand and established distribution. This durable commercial footprint improves odds of scaling new products and provides a base to support cross‑selling and predictable sell‑through over coming quarters.

Negative Factors

Ongoing negative cash flow

Despite improvement versus prior year, persistent negative operating and free cash flow shows the business still consumes material cash to operate. Continued burn creates reliance on fundraising or sustained commercial growth; absent durable profitability, shareholder dilution or spending cuts remain likely risks.

Trial upsizing and timing risk tied to attack rates

The pivotal DECLARATION readout depends on community COVID attack rates; a prespecified upsizing algorithm could add ~30% more subjects. That conditionality creates structural timing and cost uncertainty for regulatory milestones and commercialization planning, affecting near‑term strategy and capital deployment.

Early-stage pipeline and competitive headwinds (RSV/measles)

Promising discovery-stage RSV and measles candidates face meaningful clinical and market risk against established products. Early-stage status means several years and data milestones are required for differentiation; slow validation could delay meaningful revenue diversification and prolong dependence on PEMGARDA.

Invivyd Business Overview & Revenue Model

Company Description

Adagio Therapeutics, Inc., a clinical-stage biopharmaceutical company, focuses on the discovery, development, and commercialization of antibody-based solutions for infectious diseases in the United States. The company's lead product candidate is the ADG20 (adintrevimab), a neutralizing antibody that is in Phase 3 clinical trials for the treatment and prevention of coronavirus disease. Adagio Therapeutics, Inc. has a collaboration agreement with Adimab, LLC for the discovery and optimization of proprietary antibodies; and the Scripps Research Institute to perform research activities to identify vaccine candidates for the prevention, diagnosis or treatment of influenza or beta coronaviruses. The company was incorporated in 2020 and is based in Waltham, Massachusetts.

How the Company Makes Money

Invivyd’s revenue model is centered on commercialization of its antibody-based products (when approved/authorized) and, to the extent applicable, collaboration-related income. Primary revenue is generated from product sales: the company supplies its monoclonal antibody to healthcare providers and other authorized purchasers, and recognizes revenue when control of the product transfers under customer contracts, net of estimated rebates/chargebacks/returns as applicable. Because its lead programs have targeted COVID-19, demand and pricing are materially influenced by public-health dynamics (variant prevalence and susceptibility), regulatory status (e.g., authorization/approval scope, labeling), and procurement channels. A significant historical driver for COVID-19 antibody companies has been government and institutional purchasing (including potential stockpiling or bulk procurement), which can concentrate revenue in large orders when they occur; if specific current procurement contracts or partners are not publicly available, they are null. The company may also earn revenue (or reduce net cash burn) through strategic partnerships or licensing arrangements (e.g., upfront payments, milestones, or royalties) related to its platform or product candidates; if no such active, material partnership terms are publicly disclosed, this element is null. Overall, Invivyd makes money primarily by bringing antibody products through regulatory pathways and selling them commercially, with revenues dependent on market adoption, reimbursement/procurement structures, manufacturing and distribution execution, and the ongoing clinical and regulatory viability of its products against circulating pathogens.

Invivyd Financial Statement Overview

Summary

Strong revenue inflection to $53.4M TTM and very high gross margin (~93%) are positives, and losses have improved versus 2024. However, the company remains deeply unprofitable (TTM EBIT -$55.6M, net income -$52.5M) and continues to burn cash heavily (TTM operating cash flow -$58.1M; free cash flow -$58.3M), which keeps overall financial quality below average despite low leverage.

Income Statement

TTM (Trailing-Twelve-Months) revenue increased to $53.4M (strong growth versus the prior annual level of $25.4M), and gross margin is very high (~93%), suggesting solid unit economics on reported revenue. However, profitability remains weak: TTM operating results are deeply negative (EBIT -$55.6M) and net income is -$52.5M, meaning the company is still loss-making despite the revenue ramp. The trajectory is improving meaningfully versus 2024’s much larger loss, but earnings quality and scalability are not yet proven.

Balance Sheet

The balance sheet looks conservatively levered, with very low debt ($2.5M TTM) and a low debt-to-equity level (~0.03), which reduces financial risk and gives the company flexibility. Equity is sizable at ~$241.5M (TTM), supporting liquidity and runway. The main drawback is that returns on shareholders’ capital remain negative due to ongoing losses (negative return on equity), so the balance sheet strength is currently being used to fund operating deficits rather than compounding value.

Cash Flow

Cash generation is the key weak point: TTM operating cash flow is -$58.1M and free cash flow is -$58.3M, reflecting continued cash burn. While the cash burn has improved substantially versus 2024 (operating cash flow was -$170.5M), free cash flow declined versus the prior period (negative growth), highlighting volatility and ongoing funding dependence. Free cash flow roughly tracks net losses (free cash flow to net income ~1.0), implying losses are translating into real cash outflows rather than being mostly non-cash.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	53.43M	25.38M	0.00	0.00	0.00
Gross Profit	49.68M	23.77M	0.00	0.00	0.00
EBITDA	-53.45M	-173.76M	-205.75M	-225.80M	-219.41M
Net Income	-52.49M	-169.93M	-198.64M	-241.32M	-226.79M
Balance Sheet
Total Assets	276.88M	129.51M	229.18M	383.17M	620.09M
Cash, Cash Equivalents and Short-Term Investments	226.69M	69.35M	200.64M	371.99M	591.42M
Total Debt	2.49M	1.30M	2.17M	3.72M	0.00
Total Liabilities	35.34M	61.98M	51.71M	27.20M	62.07M
Stockholders Equity	241.54M	67.54M	177.47M	355.97M	558.02M
Cash Flow
Free Cash Flow	-58.29M	-170.63M	-173.78M	-221.69M	-184.82M
Operating Cash Flow	-58.13M	-170.49M	-173.16M	-219.99M	-184.74M
Investing Cash Flow	-155.00K	-140.00K	280.68M	-230.67M	-50.71M
Financing Cash Flow	215.63M	39.33M	1.04M	506.00K	662.68M

Invivyd Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1.45
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IVVD, the sentiment is Negative. The current price of 1.45 is below the 20-day moving average (MA) of 1.70, below the 50-day MA of 1.87, and below the 200-day MA of 1.53, indicating a bearish trend. The MACD of -0.06 indicates Positive momentum. The RSI at 34.55 is Neutral, neither overbought nor oversold. The STOCH value of 2.71 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IVVD.

Invivyd Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
DSGN	57 Neutral	$632.76M	-7.71	-32.72%	―	―	-40.26%
IVVD	55 Neutral	$409.76M	―	-48.65%	―	332.71%	75.73%
LRMR	52 Neutral	$471.99M	―	-109.71%	―	―	-67.41%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
RCKT	49 Neutral	$476.62M	-2.29	-65.76%	―	―	18.39%
FDMT	49 Neutral	$458.05M	-3.10	-47.27%	―	―	―

Invivyd Corporate Events

Invivyd Advances VYD2311 With Key Phase 3 Alignments

Invivyd reported fourth-quarter 2025 PEMGARDA net product revenue of $17.2 million, marking 25% year-over-year and 31% sequential growth, and ended 2025 with $226.7 million in cash and equivalents after raising more than $200 million in the second half of the year. Management highlighted that revenues more than doubled year over year while operating expenses were cut nearly in half, underscoring improved financial discipline and funding capacity for late-stage programs.

Operationally, the company initiated the DECLARATION Phase 3 pivotal trial of VYD2311 in December 2025 to prevent COVID-19, rapidly achieved full enrollment, and received FDA Fast Track designation for the candidate in the same month. An independent data monitoring committee’s favorable safety review allowed enrollment of pregnant and breastfeeding women and relaxed other safety requirements, suggesting a supportive safety profile as the trial progresses toward top-line data expected in mid-2026.

Invivyd also advanced its broader REVOLUTION clinical program, aligning with the U.S. Food and Drug Administration in February 2026 on the LIBERTY Phase 3 trial comparing VYD2311’s safety and immunologic profile with mRNA COVID vaccines and exploring co-administration. In January 2026, the company and the SPEAR Study Group unveiled plans for a Phase 2 trial of VYD2311 in Long COVID or COVID vaccine injury, reinforcing Invivyd’s strategy to position monoclonal antibodies as complementary or alternative prophylaxis options across multiple COVID-related indications.

The DECLARATION trial, which evaluates single and monthly intramuscular dosing regimens of VYD2311 versus placebo with a primary endpoint of reducing PCR-confirmed symptomatic COVID, is on track with early blinded pooled event data indicating adequate trial progress. Earlier Phase 1/2 results showed intramuscular VYD2311 at four times the planned Phase 3 dose was well tolerated with only mild to moderate adverse events deemed unrelated to the drug, supporting continued development as Invivyd seeks to create medical value for patients and shareholders through antibody-based COVID prevention.

The most recent analyst rating on (IVVD) stock is a Buy with a $10.00 price target. To see the full list of analyst forecasts on Invivyd stock, see the IVVD Stock Forecast page.

Invivyd Reports Strong PEMGARDA Growth and Advances VYD2311

On January 8, 2026, Invivyd reported preliminary fourth-quarter 2025 net product revenue of $17.2 million from its COVID-19 prophylactic antibody PEMGARDA (pemivibart), reflecting 25% year-over-year and 31% sequential growth, and said year-end 2025 cash and cash equivalents stood at $226.7 million following more than $200 million in second-half financing, strengthening its capacity to fund late-stage development and commercialization efforts. The company highlighted the December 2025 initiation of DECLARATION, a Phase 3 pivotal trial of its vaccine-alternative antibody VYD2311 for COVID prevention, which already has U.S. FDA Fast Track designation, and detailed pipeline expansion with the nomination of potential best-in-class RSV antibody VBY329 for pediatric prophylaxis and ongoing discovery work on ultra-long half-life RSV and measles antibodies, underscoring Invivyd’s bid to establish monoclonal antibody prophylaxis as a new standard of care and broaden its footprint in large, fast-growing infectious disease markets.

The most recent analyst rating on (IVVD) stock is a Hold with a $2.50 price target. To see the full list of analyst forecasts on Invivyd stock, see the IVVD Stock Forecast page.

Invivyd’s COVID Antibody VYD2311 Receives FDA Fast Track

On December 23, 2025, Invivyd announced that the U.S. Food and Drug Administration granted Fast Track designation to VYD2311, its investigational vaccine-alternative monoclonal antibody designed to prevent COVID in individuals with underlying risk factors for severe disease. The designation could accelerate regulatory review for VYD2311, which is being evaluated in DECLARATION, a pivotal Phase 3 randomized, triple-blind, placebo-controlled trial enrolling about 1,770 adults and adolescents—with and without risk factors—to test single and monthly intramuscular dosing over three months, with top-line data expected in mid-2026; the program underscores Invivyd’s push to secure a stronger position in the COVID prevention market as an antibody-based alternative to vaccines, potentially broadening options for high-risk and general populations if efficacy and safety are confirmed.

The most recent analyst rating on (IVVD) stock is a Buy with a $10.00 price target. To see the full list of analyst forecasts on Invivyd stock, see the IVVD Stock Forecast page.