Invivyd, Inc.
IVVDHealthcare|Biotechnology|US
$0.56
-0.02 (-3.76%)
DCF Value
$10.71
Tangible Book / Share
$0.57
Cash / Share
$0.50
Financials
Financial Snapshot
Market Cap
$165.9M
Enterprise Value
$14.3M
Revenue (TTM)
$58.4M
Net Income (TTM)
-$107.3M
Cash & Investments
$160.1M
Net Cash
$151.7M
Free Cash Flow (TTM)
-$109.7M
Operating CF (TTM)
-$108.4M
Debt/Equity
0.05
Cash Runway & Burn Rate
Cash on Hand
$160.1M
Quarterly Burn
$27.1M
Monthly Burn
$9.0M
Est. Runway
~5.9 quarters
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $115.0M | $591.4M | $372.0M | $200.6M | $69.3M | $226.7M | $160.1M | |
| Operating Cash Flow | -$14.6M | -$184.7M | -$220.0M | -$173.2M | -$170.5M | -$58.1M | -$108.4M | |
| Free Cash Flow | -$14.6M | -$184.8M | -$221.7M | -$173.8M | -$170.6M | -$58.3M | -$109.7M | |
| Capital Expenditure | $0.00 | -$84.0K | -$1.7M | -$615.0K | -$140.0K | -$155.0K | -$1.2M | |
| Financing Cash Flow | $129.6M | $662.7M | $506.0K | $1.0M | $39.3M | $215.6M | $234.8M |
R&D Spending
R&D (TTM)
$78.2M
R&D Intensity
134.0%
R&D Growth vs Prior
+104.1%
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $25.4M | $53.4M | $58.4M | |
| R&D Expense | $106.5M | $182.9M | $179.2M | $158.7M | $137.3M | $38.3M | $78.2M | |
| R&D % of Revenue | — | — | — | — | 540.7% | 71.7% | 134.0% | |
| SG&A | $5.5M | $36.5M | $47.0M | $49.1M | $63.4M | $66.9M | $87.7M |
Income Statement
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $25.4M | $53.4M | $58.4M | |
| Cost of Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $1.6M | $3.7M | $5.0M | |
| Gross Profit | $0.00 | $0.00 | $0.00 | $0.00 | $23.8M | $49.7M | $53.3M | |
| R&D | $106.5M | $182.9M | $179.2M | $158.7M | $137.3M | $38.3M | $78.2M | |
| SG&A | $5.5M | $36.5M | $47.0M | $49.1M | $63.4M | $66.9M | $87.7M | |
| Operating Income | -$112.0M | -$226.9M | -$248.0M | -$212.8M | -$176.9M | -$55.6M | -$112.5M | |
| Interest Expense | $0.00 | $0.00 | $43.1M | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | -$112.0M | -$226.8M | -$241.3M | -$198.6M | -$169.9M | -$52.5M | -$107.3M | |
| Net Income | -$112.0M | -$226.8M | -$241.3M | -$198.6M | -$169.9M | -$52.5M | -$107.3M | |
| EPS (Diluted) | -0.59 | -2.11 | -2.17 | -1.81 | -1.43 | -0.30 | -0.39 | |
| EBITDA | $0.00 | -$219.4M | -$225.8M | -$205.8M | -$166.8M | -$50.4M | -$106.7M | |
| Shares Out. (M) | 111.25 | 110.78 | 108.27 | 109.53 | 118.56 | 172.21 | 320.44 |
Balance Sheet
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $115.0M | $542.2M | $92.1M | $200.6M | $69.3M | $226.7M | $160.1M | |
| Short-Term Investments | $0.00 | $49.2M | $279.9M | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $117.4M | $616.7M | $376.9M | $224.9M | $100.7M | $247.5M | $182.1M | |
| Total Assets | $117.4M | $620.1M | $383.2M | $229.2M | $129.5M | $276.9M | $218.9M | |
| Total Current Liabilities | $13.1M | $62.1M | $25.0M | $50.3M | $62.0M | $34.2M | $31.0M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $182.6M | $62.1M | $27.2M | $51.7M | $62.0M | $35.3M | $37.8M | |
| Stockholders' Equity | -$65.2M | $558.0M | $356.0M | $177.5M | $67.5M | $241.5M | $181.1M | |
| Retained Earnings | -$65.3M | -$292.1M | -$533.4M | -$732.1M | -$902.0M | -$954.5M | -$1.04B |
Cash Flow Statement
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$14.6M | -$184.7M | -$220.0M | -$173.2M | -$170.5M | -$58.1M | -$108.4M | |
| Capital Expenditure | $0.00 | -$84.0K | -$1.7M | -$615.0K | -$140.0K | -$155.0K | -$1.2M | |
| Free Cash Flow | -$14.6M | -$184.8M | -$221.7M | -$173.8M | -$170.6M | -$58.3M | -$109.7M | |
| Investing Cash Flow | $0.00 | -$50.7M | -$230.7M | $280.7M | -$140.0K | -$155.0K | -$1.2M | |
| Financing Cash Flow | $129.6M | $662.7M | $506.0K | $1.0M | $39.3M | $215.6M | $234.8M | |
| Issuance of Stock | $129.6M | $330.9M | $510.0K | $1.2M | $39.9M | $215.6M | $235.1M | |
| Repurchase of Stock | -$3.0K | $0.00 | -$4.0K | -$1.0K | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $0.00 | $17.8M | $21.6M | $18.7M | $19.8M | $11.6M | $11.2M | |
| Net Change in Cash | $115.0M | $427.2M | -$450.1M | $108.6M | -$131.3M | $157.3M | $125.2M |
Dilution Tracker
Shares outstanding grew 54.8% over 5 years — significant dilution
Shares Outstanding
295M
5-Year Share Growth
+54.8%
Stock Issuance (TTM)
$235.1M
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 111.25 | 110.78 | 108.27 | 109.53 | 118.56 | 172.21 | 320.44 | |
| Change vs Prior % | — | -0.4% | -2.3% | 1.2% | 8.2% | 45.3% | 86.1% | |
| Stock Issuance | $129.6M | $330.9M | $510.0K | $1.2M | $39.9M | $215.6M | $235.1M | |
| Stock Repurchase | -$3.0K | $0.00 | -$4.0K | -$1.0K | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $0.00 | $17.8M | $21.6M | $18.7M | $19.8M | $11.6M | $11.2M |
Margins & Profitability
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Gross Margin % | — | — | — | — | 93.6% | 93.0% | 91.4% | |
| Operating Margin % | — | — | — | — | -696.8% | -104.0% | -192.8% | |
| Net Margin % | — | — | — | — | -669.4% | -98.2% | -183.9% | |
| EBITDA Margin % | — | — | — | — | -657.2% | -94.3% | -182.8% | |
| FCF Margin % | — | — | — | — | -672.2% | -109.1% | -187.9% | |
| ROE % | 171.6% | -40.6% | -67.8% | -111.9% | -251.6% | -21.7% | -59.7% | |
| ROA % | -95.4% | -36.6% | -63.0% | -86.7% | -131.2% | -19.0% | -49.0% | |
| ROIC % | -107.4% | -40.7% | -69.0% | -118.0% | -256.9% | -22.8% | -59.4% | |
| R&D / Revenue % | — | — | — | — | 540.7% | 71.7% | 134.0% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 110.5% | |
| Gross Profit | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 109.0% | |
| Operating Income | 0.0% | -102.6% | -9.3% | 14.2% | 16.9% | 68.6% | |
| Net Income | 0.0% | -102.5% | -6.4% | 17.7% | 14.5% | 69.1% | |
| EPS (Diluted) | 0.0% | -257.6% | -2.8% | 16.6% | 21.0% | 79.0% | |
| Operating Cash Flow | 0.0% | -1167.8% | -19.1% | 21.3% | 1.5% | 65.9% | |
| Free Cash Flow | 0.0% | -1168.4% | -20.0% | 21.6% | 1.8% | 65.8% | |
| R&D Expense | 0.0% | 71.8% | -2.0% | -11.5% | -13.5% | -72.1% | |
| SG&A Expense | 0.0% | 563.6% | 28.8% | 4.4% | 29.0% | 5.6% | |
| Total Assets | 0.0% | 428.3% | -38.2% | -40.2% | -43.5% | 113.8% | |
| Book Value / Share | 0.0% | 958.8% | -34.7% | -50.7% | -64.8% | 146.2% | |
| Debt | 0.0% | 0.0% | 0.0% | -41.9% | -39.8% | 91.3% | |
| Diluted Shares | 0.0% | -0.4% | -2.3% | 1.2% | 8.2% | 45.3% |
Valuation
P/E (TTM)At Loss
P/S2.84
P/B1.00
10Y Low / Med / High0.46 / 1.44 / 2.43
EV/EBITDAAt Loss
EV/Revenue0.24
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$10.71
Tangible Book / Share
$0.57
Net Current Assets / Share
$0.49
Graham Net-Net
$0.41
Cash / Share
$0.50
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -35.39 | -3.44 | -0.69 | -2.18 | -0.31 | -8.23 | -1.43 | |
| P/S Ratio | 0.00 | 0.00 | 0.00 | 0.00 | 2.07 | 7.96 | 2.84 | |
| P/B Ratio | -35.60 | 1.44 | 0.46 | 2.43 | 0.78 | 1.76 | 1.00 | |
| EV/EBITDA | 0.00 | -1.19 | -0.33 | -1.13 | 0.09 | -3.99 | -0.13 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 0.00 | -0.61 | 3.77 | 0.24 |
Analyst Estimates & Quality
Altman Z-Score
-4.56
Distress
Piotroski F-Score
1
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $60.1M | $87.0M | $230.1M |
| Net Income | -$89.8M | -$56.3M | -$26.9M |
| EPS | $-0.53 | $-0.33 | $-0.16 |
| # Analysts (EPS) | 2 | 2 | 2 |
Revenue Segments
By Product
| Segment | 2024 | 2025 |
|---|---|---|
| Product | $25.4M | $53.4M |