Invivyd’s Q1 Revenue Drops to $13.7M, 22% PEMGARDA Growth Fails to Offset EPS Miss
Invivyd’s Q1 loss widened to $0.13 per share on $13.74 million revenue, missing estimates of $0.08 loss and $18.04 million revenue. PEMGARDA net product revenue rose 22% year‐over‐year to support a reduced quarterly loss despite higher operating expenses driven by VYD2311 clinical trial spending.
1. Q1 Financial Results
Invivyd reported a Q1 loss of $0.13 per share on revenue of $13.74 million, falling short of consensus estimates of a $0.08 loss and $18.04 million revenue. This marks the third revenue miss in four quarters and compares with a year‐ago loss of $0.14 per share.
2. Product Revenue Growth
Net product revenue from PEMGARDA grew 22% year‐over‐year to $13.74 million, up from $11.30 million in Q1 2025. The growth helped narrow the quarterly per‐share loss despite overall revenue falling below expectations.
3. Clinical Development Spending
Operating expenses increased significantly due to ongoing clinical development for the VYD2311 DECLARATION study. Higher R&D costs tied to this pivotal trial were the primary driver of the widened quarterly loss.
4. Financial Position
Invivyd closed the quarter with a cash balance of $184.20 million, providing funding for its antibody development programs. This cash runway is expected to support ongoing trials and commercial operations through key upcoming milestones.