IVVD on Nasdaq

Invivyd, Inc.

American biological products company based in Waltham, incorporated in Delaware.

Price unavailable

Last updated Oct 18, 2026.

Overview

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TickerIVVD on Nasdaq
IndustryBiological Products, (No Diagnostic Substances)
HeadquartersDE
Incorporated inDE²
Business address205 Church Street, New Haven, Ct²
Filer category, Emerging growth company²

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Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-104.0%Operating margin³

-98.2%Net margin³

110.5%Revenue growth, 2025³

-21.7%Return on equity³

-$58.3MFree cash flow³

Where the money goes

Where each dollar of revenue went, fiscal 2025

Research and developmentSelling, general and admin

Research and development36¢$38.3M
Selling, general and admin64¢$66.9M

Out of $53.4M in revenue.³ The company lost money this year.

Financial statements

Revenue⁴³$53.4M in 2025

Operating income⁵⁶⁴³-$55.6M in 2025−76% since 2021

Net income⁵⁶⁴³-$52.5M in 2025−77% since 2021

Every line of the income statement as filed: the last 2 fiscal years, latest first.³

Period ending	2025-12-31	2024-12-31
Revenues	$53.4M	$25.4M
Cost of product revenue	$3.7M	$1.6M
Research and development expense	$38.3M	$137.3M
Selling, general and administrative	$66.9M	$63.4M
Total operating costs and expenses	$109.0M	$202.3M
Loss from operations	-$55.6M	-$176.9M
Other income, net	$3.1M	$7.0M
Total other income, net	$3.1M	$7.0M
Net loss	-$52.5M	-$169.9M
Unrealized (loss) gain, net of tax	-$36.0K	$8.0K
Comprehensive loss	-$52.5M	-$169.9M
Net loss per share attributable to common stockholders, basic	-$0.30	-$1.43
Net loss per share attributable to common stockholders, diluted	-$0.30	-$1.43
Weighted-average common shares outstanding, diluted	172.2M shares	118.6M shares
Weighted-average common shares outstanding, basic	172.2M shares	118.6M shares

Total assets⁹⁵⁶⁴³$276.9M in 2025+136% since 2020

Total liabilities⁹⁵⁶⁴³$35.3M in 2025+170% since 2020

Shareholders’ equity⁵⁶⁴³$241.5M in 2025

Cash⁹⁵⁶⁴³$226.7M in 2025+97% since 2020

Every line of the balance sheet as filed: the last 3 fiscal years (annual) or 3 quarters (quarterly), latest first.³

Period ending	2025-12-31	2024-12-31	2023-12-31
Cash and cash equivalents	$226.7M	$69.3M
Accounts receivable, net	$13.9M	$10.9M
Prepaid expenses and other current assets	$6.9M	$20.4M
Total current assets	$247.5M	$100.7M
Inventory	$25.5M	$25.9M
Property and equipment, net	$1.4M	$1.5M
Operating lease right-of-use assets	$2.4M	$1.4M
Other non-current assets	$110.0K	$34.0K
Total assets	$276.9M	$129.5M
Accounts payable	$13.7M	$10.4M
Accrued expenses	$19.1M	$50.2M
Operating lease liabilities	$1.3M	$1.3M
Other current liability	$52.0K	$27.0K
Total current liabilities	$34.2M	$62.0M
Operating lease liabilities, non-current	$1.2M	$0
Total liabilities	$35.3M	$62.0M
Preferred stock (undesignated), $0.0001 par value; 10,000,000 shares authorized and no shares issued and outstanding at December 31, 2025 and December 31, 2024	$0	$0
Common stock, $0.0001 par value; 1,000,000,000 shares authorized, 281,987,033 shares issued and outstanding at December 31, 2025; 119,835,162 shares issued and outstanding at December 31, 2024	$28.0K	$12.0K
Additional paid-in capital	$1.2B	$969.5M
Accumulated other comprehensive loss	-$41.0K	-$5.0K
Accumulated deficit	-$954.5M	-$902.0M
Total stockholders' equity	$241.5M	$67.5M	$177.5M
Total liabilities and stockholders' equity	$276.9M	$129.5M
Preferred stock, par value	$0.00	$0.00
Preferred stock, shares authorized	10.0M shares	10.0M shares
Preferred stock shares issued	0 shares	0 shares
Preferred stock shares outstanding	0 shares	0 shares
Common stock, par value	$0.00	$0.00
Common stock, shares authorized	1.0B shares	1.0B shares
Common stock, shares issued	282.0M shares	119.8M shares
Common stock, shares outstanding	282.0M shares	119.8M shares
Allowance for doubtful accounts	$323.0K	$0

Period ending	2025-12-31	2024-12-31	2023-12-31
Cash and cash equivalents	$226.7M	$69.3M
Accounts receivable, net	$13.9M	$10.9M
Prepaid expenses and other current assets	$6.9M	$20.4M
Total current assets	$247.5M	$100.7M
Inventory	$25.5M	$25.9M
Property and equipment, net	$1.4M	$1.5M
Operating lease right-of-use assets	$2.4M	$1.4M
Other non-current assets	$110.0K	$34.0K
Total assets	$276.9M	$129.5M
Accounts payable	$13.7M	$10.4M
Accrued expenses	$19.1M	$50.2M
Operating lease liabilities	$1.3M	$1.3M
Other current liability	$52.0K	$27.0K
Total current liabilities	$34.2M	$62.0M
Operating lease liabilities, non-current	$1.2M	$0
Total liabilities	$35.3M	$62.0M
Preferred stock (undesignated), $0.0001 par value; 10,000,000 shares authorized and no shares issued and outstanding at December 31, 2025 and December 31, 2024	$0	$0
Common stock, $0.0001 par value; 1,000,000,000 shares authorized, 281,987,033 shares issued and outstanding at December 31, 2025; 119,835,162 shares issued and outstanding at December 31, 2024	$28.0K	$12.0K
Additional paid-in capital	$1.2B	$969.5M
Accumulated other comprehensive loss	-$41.0K	-$5.0K
Accumulated deficit	-$954.5M	-$902.0M
Total stockholders' equity	$241.5M	$67.5M	$177.5M
Total liabilities and stockholders' equity	$276.9M	$129.5M
Preferred stock, par value	$0.00	$0.00
Preferred stock, shares authorized	10.0M shares	10.0M shares
Preferred stock shares issued	0 shares	0 shares
Preferred stock shares outstanding	0 shares	0 shares
Common stock, par value	$0.00	$0.00
Common stock, shares authorized	1.0B shares	1.0B shares
Common stock, shares issued	282.0M shares	119.8M shares
Common stock, shares outstanding	282.0M shares	119.8M shares
Allowance for doubtful accounts	$323.0K	$0

Cash from operations⁵⁶⁴³-$58.1M in 2025−69% since 2021

Capital spending⁵⁶⁴³$155.0K in 2025+85% since 2021

Free cash flow⁵⁶⁴³-$58.3M in 2025−68% since 2021

Share buybacks⁹⁶⁴$0 in 2024

Every line of the cash flow as filed: the last 2 fiscal years, latest first.³

Period ending	2025-12-31	2024-12-31
Net loss	-$52.5M	-$169.9M
Stock-based compensation expense	$11.6M	$19.8M
Amortization of operating lease right-of-use assets	$1.4M	$1.6M
Depreciation and amortization expense	$755.0K	$1.5M
Other non-cash adjustments	$298.0K	$0
Accounts receivable	-$3.3M	-$10.9M
Inventory	-$373.0K	-$24.9M
Prepaid expenses and other current assets	$12.9M	$3.2M
Other non-current assets	-$77.0K	$141.0K
Accounts payable	$3.2M	$2.4M
Accrued expenses	-$30.8M	$8.9M
Operating lease liabilities	-$1.2M	-$1.7M
Other current liabilities	$23.0K	-$8.0K
Other non-current liabilities	$0	-$700.0K
Net cash used in operating activities	-$58.1M	-$170.5M
Purchases of property and equipment	-$155.0K	-$140.0K
Net cash used in investing activities	-$155.0K	-$140.0K
Proceeds from exercises of stock options	$411.0K	$420.0K
Proceeds from issuance of common stock under the employee stock purchase plan	$254.0K	$223.0K
Proceeds from at-the-market offering, net of commissions	$33.4M	$39.3M
Proceeds from underwritten public offering, net of underwriting discounts and commissions	$182.5M	$0
Payments for at-the-market offering costs	-$336.0K	-$597.0K
Payments for underwritten public offering costs	-$633.0K	$0
Net cash provided by financing activities	$215.6M	$39.3M
Effect of exchange rate changes on cash and cash equivalents	$0	$8.0K
Net increase (decrease) in cash and cash equivalents	$157.3M	-$131.3M
Deferred offering costs in accrued expenses	$171.0K	$0
Deferred offering costs in accounts payable	$88.0K	$71.0K
Property and equipment included in accrued expenses	$206.0K	$0
Property and equipment included in accounts payable	$33.0K	$0

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Leadership

Who has led Invivyd, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

Chief financial officer

Chief operating officer

2025

Chief executive officerMarc Elia Sep 1, 2026 to now¹⁰
Chief executive officerDavid Hering Jul 6, 2022 to Dec 20, 2023¹¹
Chief executive officerTillman U. Gerngross Aug 5, 2021 to Feb 1, 2022¹²
Chief financial officerWilliam E. Duke Sep 5, 2023 to now¹³
Chief financial officerFrederick W. Driscoll Oct 13, 2022 to Oct 13, 2022¹⁴
Chief financial officerJane Henderson Aug 5, 2021 to Feb 1, 2022¹⁵
Chief operating officerJeremy Gowler Dec 16, 2022 to Dec 20, 2023¹⁶
Chief operating officerDavid Hering Aug 5, 2021 to Feb 1, 2022¹⁷

Board members and other officers (25)

CMO and Chief EpidemiologistMichael Mina Aug 4, 2026 to now¹⁸
Chief Tech. and Manuf. OfficerStacy Price Mar 28, 2023 to Dec 20, 2023¹⁹
Chief Development OfficerElham Hershberger Aug 5, 2021 to Feb 1, 2022²⁰
Chief Medical OfficerLynn Connolly Aug 5, 2021 to Feb 1, 2022²¹
Chief Technology OfficerRebecca Dabora Aug 5, 2021 to Dec 16, 2022²²
Board memberIan Sheffield Sep 2, 2026 to now²³
Board memberPaul Bolno Sep 24, 2025 to now²⁴
Board memberKevin F. McLaughlin May 23, 2024 to now²⁵
Board memberSrishti Gupta May 23, 2024 to May 23, 2024²⁶
Board memberMarc Elia May 25, 2023 to now²⁷
Board memberSara Cotter Jul 27, 2023 to May 23, 2024²⁸
Board memberClive Meanwell Jun 24, 2022 to May 25, 2023²⁹
Board memberTamsin Berry Jun 24, 2022 to now³⁰
Board memberDavid Hering Jul 6, 2022 to Dec 20, 2023¹¹
Board memberChristine Lindenboom Oct 24, 2022 to now³¹
Board memberAnand Shah Aug 5, 2021 to Aug 5, 2021³²
Board memberHoward Mayer Aug 5, 2021 to Jun 24, 2022³³
Board memberMichael S. Wyzga Aug 5, 2021 to May 25, 2023³⁴
Board memberRene Russo Aug 5, 2021 to Aug 9, 2021³⁵
Board memberTerrance McGuire Aug 5, 2021 to now³⁶
Board memberTillman U. Gerngross Aug 5, 2021 to Feb 1, 2022¹²
Board memberTomas J. Heyman Aug 5, 2021 to May 25, 2023³⁷
Board memberEllen R. Marram Nov 22, 2021 to Nov 23, 2021³⁸
Board memberRedonda Miller Nov 22, 2021 to Jun 24, 2022³⁹
General counselJill Andersen Nov 2, 2021 to now⁴⁰

Former names

Adagio Therapeutics, Inc.Nov 12, 2020 to Sep 12, 2022²

Timeline

Sep 1, 2026New chief executive Marc Elia becomes CEO¹⁰
Jul 6, 2022New chief executive David Hering becomes CEO¹¹
Aug 5, 2021New chief executive Tillman U. Gerngross becomes CEO¹²

Filings

385 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 97 major events, 137 insider forms, 59 large holders, 1 private raises, 70 other. The latest 20:

Sep 29, 20268-K EDGAR
Sep 2, 20264 EDGAR
Sep 2, 20263 EDGAR
Sep 1, 20264 EDGAR
Sep 1, 20268-K EDGAR
Aug 18, 20264 EDGAR
Aug 18, 20264 EDGAR
Aug 18, 20264 EDGAR
Aug 18, 20264 EDGAR
Aug 18, 20264 EDGAR
Aug 17, 2026144 EDGAR
Aug 17, 2026144 EDGAR
Aug 17, 2026144 EDGAR
Aug 17, 2026144 EDGAR
Aug 17, 2026144 EDGAR
Aug 14, 2026SCHEDULE 13G/A EDGAR
Aug 14, 2026SCHEDULE 13G/A EDGAR
Aug 13, 202610-Q EDGAR
Aug 13, 20268-K EDGAR
Aug 4, 20264 EDGAR

The 385 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last three years, summarized. The full record is on SEC EDGAR.

Insider trades and holders

Large holders

Investors who own more than 5% must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively. 59 such filings since October 2021, the latest 10:

From Forms 4 and Schedules 13D and 13G filed with the SEC.

Money raised

Private offerings the company reported to the SEC on Form D.

Nov 15, 2022Raised $23.7 million in a private offering of equity Form D: 1 investor so far Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

Fund	Shares	Value	Share of the fund	Change
Jupiter Topco LLC	34,173,104	$30.0M	0.0%	New
Bvf Inc/il	28,165,000	$24.6M	0.6%	+8,640,000
Maverick Capital Ltd	18,970,913	$16.6M	0.1%	No change
Perceptive Advisors LLC	18,490,636	$16.1M	0.3%	−2,368,667
BlackRock, Inc.	16,134,885	$14.1M	0.0%	+11,853,095
Vanguard Capital Management LLC	10,496,507	$9.2M	0.0%	+422,181
M28 Capital Management LP	9,248,250	$8.1M	17.1%	No change
Saturn V Capital Management LP	8,392,288	$7.3M	1.0%	−2,556,796
Soleus Capital Management, L.P.	7,708,727	$6.7M	0.2%	No change
Point72 Asset Management, L.P.	7,542,061	$6.6M	0.0%	+7,498,130
Morgan Stanley	5,730,948	$5.0M	0.0%	+2,342,766
Geode Capital Management, LLC	5,418,774	$4.7M	0.0%	+2,949,847
Siren, L.L.C.	5,000,000	$4.4M	0.1%	+1,000,000
Driehaus Capital Management LLC	4,806,543	$4.2M	0.0%	−3,630,351
ADAR1 Capital Management, LLC	3,807,427	$3.3M	0.2%	−15,000
Adage Capital Partners Gp, L.l.c.	3,661,480	$3.2M	0.0%	No change
Citadel Advisors LLC	3,580,941	$3.1M	0.0%	+1,991,366
State Street Corp	3,457,428	$3.0M	0.0%	−3,478,220
Qube Research & Technologies Ltd	3,320,238	$2.9M	0.0%	+633,043
Ikarian Capital, LLC	2,656,570	$2.3M	0.4%	No change
Redmile Group, LLC	2,597,759	$2.3M	0.2%	−50,900
683 Capital Management, LLC	2,482,543	$2.2M	0.2%	−32,457
Two Sigma Investments, LP	2,333,474	$2.0M	0.0%	+363,815
Eversept Partners, LP	2,237,015	$2.0M	0.1%	−39,334
Ensign Peak Advisors, Inc	1,721,276	$1.5M	0.0%	−297,931

13F reports cover disclosed long positions in U.S. stocks only.

Sources

The numbers on this page point here. Each one links to the record it came from.

1
SEC EDGARInvivyd, Inc. filings on SEC EDGAR
2
SEC EDGARInvivyd, Inc. filings on SEC EDGAR
3
SEC EDGARInvivyd, Inc. 10-K for fiscal 2025
4
SEC EDGARInvivyd, Inc. 10-K for fiscal 2023
5
SEC EDGARInvivyd, Inc. 10-K for fiscal 2021
6
SEC EDGARInvivyd, Inc. 10-K for fiscal 2022
7
SEC EDGARInvivyd, Inc. 10-Q for fiscal 2026
8
SEC EDGARInvivyd, Inc. 10-Q for fiscal 2026
9
SEC EDGARInvivyd, Inc. 10-K for fiscal 2020
10
SEC EDGARMarc Elia, Chief executive officer
11
SEC EDGARDavid Hering, Chief executive officer
12
SEC EDGARTillman U. Gerngross, Chief executive officer
13
SEC EDGARWilliam E. Duke, Chief financial officer
14
SEC EDGARFrederick W. Driscoll, Chief financial officer
15
SEC EDGARJane Henderson, Chief financial officer
16
SEC EDGARJeremy Gowler, Chief operating officer
17
SEC EDGARDavid Hering, Chief operating officer
18
SEC EDGARMichael Mina, CMO and Chief Epidemiologist
19
SEC EDGARStacy Price, Chief Tech. and Manuf. Officer
20
SEC EDGARElham Hershberger, Chief Development Officer
21
SEC EDGARLynn Connolly, Chief Medical Officer
22
SEC EDGARRebecca Dabora, Chief Technology Officer
23
SEC EDGARIan Sheffield, Board member
24
SEC EDGARPaul Bolno, Board member
25
SEC EDGARKevin F. McLaughlin, Board member
26
SEC EDGARSrishti Gupta, Board member
27
SEC EDGARMarc Elia, Board member
28
SEC EDGARSara Cotter, Board member
29
SEC EDGARClive Meanwell, Board member
30
SEC EDGARTamsin Berry, Board member
31
SEC EDGARChristine Lindenboom, Board member
32
SEC EDGARAnand Shah, Board member
33
SEC EDGARHoward Mayer, Board member
34
SEC EDGARMichael S. Wyzga, Board member
35
SEC EDGARRene Russo, Board member
36
SEC EDGARTerrance McGuire, Board member
37
SEC EDGARTomas J. Heyman, Board member
38
SEC EDGAREllen R. Marram, Board member
39
SEC EDGARRedonda Miller, Board member
40
SEC EDGARJill Andersen, General counsel