Summary by Futu AI
Invivyd, a biopharmaceutical company, reported financial results and business developments for the quarter ended June 30, 2024. The company generated $2.3 million in product revenue, net, following the launch of PEMGARDA, its monoclonal antibody for COVID-19. Research and development expenses decreased by $13.3 million to $30.3 million compared to the same period in 2023, primarily due to reduced costs associated with the VYD222 program, partially offset by increased costs for the VYD2311 program. Selling, general, and administrative expenses increased by $11.0 million to $21.1 million, reflecting the commercialization of PEMGARDA. Invivyd's net loss for the quarter was $47.2 million, a slight improvement from the $50.2 million loss in the previous year. The company's cash and cash equivalents stood at $147.9 million as of June 30, 2024. Invivyd's INVYMAB platform is designed to...Show More