Invivyd surges after revenue beats, loss narrows sharply
PEMGARDA sales jump 31% sequentially as biotech strengthens cash position ahead of key Phase 3 data
Invivyd shares surged in Thursday trading after the biotechnology company reported fourth-quarter revenue that exceeded analyst expectations by 31%, while dramatically narrowing its net loss as demand for its COVID-19 antibody treatment PEMGARDA accelerated.
The company achieved $17.2 million in PEMGARDA net product revenue for the fourth quarter of 2025, representing 25% year-over-year growth and a 31% sequential increase from the third quarter. Analysts had projected revenue of approximately $13.1 million for the period. For the full year, Invivyd generated $53.4 million in net product revenue, more than doubling the $25.4 million recorded in 2024.
Perhaps more significant for investors was the company's improving financial discipline. The net loss for 2025 narrowed 70% to $52.5 million from $169.9 million in the prior year, while research and development expenses dropped 72% to $38.3 million. The company ended December with $226.7 million in cash and cash equivalents, bolstered by more than $200 million raised in the second half of 2025.
"The strong quarterly momentum we're seeing in PEMGARDA adoption demonstrates the ongoing need for effective antibody-based protection against COVID-19," the company stated in its earnings release.
The earnings beat comes at a critical juncture for the Waltham, Massachusetts-based company, which is awaiting top-line data from its DECLARATION Phase 3 pivotal trial of VYD2311, a vaccine-alternative antibody designed to prevent COVID-19 for up to three months from a single intramuscular dose. The trial has achieved full enrollment, with results expected in mid-2026.
In a regulatory milestone, the FDA granted Fast Track designation to VYD2311 in December 2025. Additionally, the trial's Independent Data Monitoring Committee has recommended allowing pregnant and breastfeeding women to enroll, broadening the potential patient population. Early blinded COVID event accumulation in the trial is progressing on track, with a potential decision on trial re-sizing expected around April.
The company also strengthened its leadership team with the appointment of Dr. Michael Mina as Chief Medical Officer, effective March 5. Dr. Mina, a former assistant professor at the Harvard T.H. Chan School of Public Health, gained prominence during the COVID-19 pandemic for advising federal and international governments on testing policies. He previously led the U.S. government's Home Test-to-Treat Program and has authored more than 100 scientific publications.
"Dr. Mina brings unique training and skills spanning medical training, epidemiology, and basic immunology, combined with a track record of advancing pragmatic solutions to complex problems," said Marc Elia, Chairman of the Invivyd Board of Directors. "We believe his expertise will accelerate our work and expand our pipeline of monoclonal antibodies."
Analysts maintain a bullish outlook on the stock, with a consensus target price of $10.00—representing significant upside from current levels. Of the four analysts covering the company, three rate it a buy while one maintains a hold rating, according to market data.
Invivyd's strong cash position provides substantial runway as it awaits the Phase 3 data readout. The company's focus on antibody-based solutions for infectious diseases positions it in a market that continues to evolve as COVID-19 remains a persistent health threat, particularly for immunocompromised patients who may not respond optimally to vaccines alone.
The next major catalyst for investors will be the mid-2026 top-line results from the DECLARATION trial, which will determine whether VYD2311 can successfully position itself as a complementary or alternative approach to traditional vaccination in the ongoing fight against COVID-19.