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

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 rapidly generate new monoclonal antibodies to keep pace with evolving viral threats. The company received emergency use authorization (EUA) from the FDA for PEMGARDA in March 2024 and submitted a request to amend the EUA for treatment of mild-to-moderate symptomatic COVID-19 in certain immunocompromised patients in July 2024. Invivyd plans to leverage its platform to introduce new or engineered monoclonal antibody candidates periodically and to apply the platform to other viral diseases such as influenza.