Invivyd (IVVD) Q2 2026 earnings summary

Executive summary

• Product revenue reached $14.3M for Q2 2026 and $28.0M for the first half, driven by higher PEMGARDA sales and 21% year-over-year growth due to increased patient demand.

• Net loss widened to $44.4M for Q2 and $85.8M for the first half, reflecting increased R&D and SG&A expenses.

• Completed enrollment in pivotal DECLARATION and LIBERTY Phase 3 trials for VYD2311, with top-line data expected in late Q3 2026.

• Maintained a strong cash position of $160.1M at June 30, 2026, supporting ongoing R&D and commercial readiness.

• PEMGARDA EUA set to terminate June 29, 2027; ongoing dialogue with FDA for next steps.

Financial highlights

• Q2 2026 revenue: $14.3M, up $2.5M year-over-year; H1 2026 revenue: $28.0M, up $4.9M year-over-year.

• R&D expenses rose to $29.4M from $9.6M year-over-year; SG&A increased to $29.5M from $16.6M year-over-year.

• Net loss widened to $44.4M from $14.7M prior year; net loss per share was $0.14 for Q2 2026.

• Cash and cash equivalents at June 30, 2026: $160.1M.

• Gross margin for Q2 2026: ~91% (revenue $14.3M, cost of product revenue $1.3M).

Outlook and guidance

• PEMGARDA sales expected to end with EUA termination in June 2027 unless regulatory approval is obtained.

• Top-line data from DECLARATION and LIBERTY Phase 3 trials for VYD2311 expected in late Q3 2026.

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

• Plans to initiate a Phase 2 trial for VYD2311 in Long COVID and vaccine injury mid-2026.

• Additional funding required to support operations beyond one year; exploring equity, debt, and partnership options.