Invivyd (IVVD) Q1 2026 earnings summary

Executive summary

• Q1 2026 PEMGARDA net product revenue reached $13.7 million, up 22% year-over-year, driven by strong demand and EUA expansion.

• DECLARATION pivotal trial for VYD2311 rapidly enrolled over 500 additional subjects, achieved full initial enrollment in March 2026, and is on track for top-line data in Q3 2026.

• Net loss widened to $41.4 million in Q1 2026, with operating expenses rising to $56.9 million due to increased R&D and SG&A spending.

• Strong cash position at $184.2 million at quarter-end, with an additional ~$20 million raised in April 2026 via at-the-market offerings.

• Expanded pipeline includes new antibody candidates for RSV and measles, with IND readiness targeted for late 2026, and public education campaigns launched to boost awareness.

Financial highlights

• Q1 2026 PEMGARDA net product revenue: $13.7 million, up from $11.3 million in Q1 2025 (22% growth).

• Operating expenses increased to $56.9 million, mainly due to DECLARATION trial and commercial expansion.

• Cash and cash equivalents at March 31, 2026: $184.2 million, with ~$20 million more raised in April.

• Gross margin on PEMGARDA approached 80% if pre-EUA manufacturing costs were capitalized.

• Net loss for Q1 2026 was $41.4 million, compared to $16.3 million in Q1 2025.

Outlook and guidance

• Top-line data from DECLARATION pivotal study for VYD2311 expected in Q3 2026.

• LIBERTY Phase 3 trial to compare VYD2311 and mRNA vaccine safety; pediatric study for VYD2311 planned for Q2 2026.

• Cash runway expected to support operations through pivotal data readout and potential VYD2311 launch.

• Early pipeline expansion includes new candidates for measles and RSV, targeting IND readiness in late 2026.

• Additional funding required to support operations beyond one year; management actively pursuing financing options.