Invivyd loss widens to $41M as trial costs mount despite 22% revenue growth

Invivyd, Inc. (Nasdaq: IVVD) saw its net loss widen to $41.4 million in the first quarter of 2026 as costs for its pivotal VYD2311 antibody trial mounted, overshadowing a 22 percent year-over-year increase in revenue from its commercial COVID-19 product, PEMGARDA.

"PEMGARDA revenue continues to grow even as vaccine uptake appears to wane, and we are managing expenses diligently outside of our non-recurring pivotal clinical trial expenditures," Bill Duke, Chief Financial Officer of Invivyd, said. "We look forward to continued commercial execution, as well as managing our overall expenses responsibly as we anticipate the end of major clinical spending on VYD2311 later this summer."

The biotech company reported net product revenue of $13.7 million for the quarter, up from $11.3 million in the same period last year. However, the increased sales were not enough to offset a sharp rise in operating expenses. Research and development costs nearly tripled to $30.7 million from $10.6 million a year prior, which the company attributed primarily to the DECLARATION clinical trial for its next-generation COVID-19 antibody candidate, VYD2311. Selling, general and administrative expenses also climbed to $25.1 million.

The quarter's results place a heightened focus on the upcoming data for VYD2311, which represents a key part of Invivyd's strategy to offer a monoclonal antibody alternative to vaccines. The company is burning through its cash reserves to fund the large-scale trial, and a positive outcome is critical to its future valuation. Invivyd ended the quarter with $184.2 million in cash and equivalents, bolstered by an additional $20 million raised in April, which it anticipates will fund operations through the data release and a potential commercial launch.

VYD2311 Program Pushes Forward

Invivyd announced that top-line data from its DECLARATION pivotal trial is now expected in the third quarter of 2026, a modest delay from its original "mid-year" guidance. The timeline shifted after a planned sample size re-estimation triggered the enrollment of approximately 500 additional subjects to increase the trial's statistical power.

The company is advancing a broad development program for VYD2311, a monoclonal antibody engineered from the same backbone as PEMGARDA. In addition to the pivotal DECLARATION trial for prevention, Invivyd has aligned with the U.S. Food and Drug Administration on plans for a LIBERTY Phase 3 trial comparing VYD2311 directly against mRNA COVID vaccines and a DRUMMER pediatric study to support a future Biologics License Application (BLA).

Pipeline Expansion Beyond COVID

While VYD2311 remains the primary focus, Invivyd also highlighted progress in expanding its pipeline to address other infectious diseases. The company has begun IND-enabling work for VMS063, a monoclonal antibody candidate for the prevention and treatment of measles, with a target for IND readiness in late 2026.

Furthermore, Invivyd expects to advance VBY329, a candidate for pediatric respiratory syncytial virus (RSV) prophylaxis, toward IND readiness in the second half of 2026. This move targets a blockbuster market that the company estimates could grow to $3-$4 billion in annual global revenues by 2030.

This article is for informational purposes only and does not constitute investment advice.