Invivyd, Inc., a biopharmaceutical company focused on combating serious viral infectious diseases, reported significant financial developments in its recent 10-Q filing for the quarter ending September 30, 2024. The company generated product revenue of $9.3 million for the three months ended September 30, 2024, attributed to the sales of its product PEMGARDA, which received Emergency Use Authorization (EUA) from the FDA in March 2024. This marks a notable increase from no product revenue reported in the same period of the previous year.
Despite the revenue growth, Invivyd faced substantial losses. The net loss for the three months ended September 30, 2024, was $60.7 million, an increase of $21.3 million compared to a net loss of $39.4 million for the same period in 2023. For the nine months ended September 30, 2024, the net loss totaled $151.5 million, up from $125.0 million in the prior year. The increase in losses is primarily attributed to rising research and development (R&D) expenses, which reached $57.9 million for the third quarter, up from $25.6 million in the same quarter of 2023. For the nine-month period, R&D expenses totaled $119.3 million, compared to $96.4 million in 2023.
Total operating costs and expenses for the three months ended September 30, 2024, were $71.6 million, reflecting an increase of $28.6 million from $43.1 million in the prior year. The company’s total current assets decreased to $151.1 million as of September 30, 2024, down from $224.9 million at the end of 2023, while total liabilities rose significantly to $78.5 million from $50.3 million.
Invivyd's cash and cash equivalents also saw a decline, totaling $106.9 million as of September 30, 2024, compared to $200.6 million at the end of 2023. The company reported a net cash used in operating activities of $132.9 million for the nine months ended September 30, 2024, compared to $113.9 million for the same period in 2023.
Strategically, Invivyd has been active in its clinical development efforts, with ongoing trials for PEMGARDA and the initiation of a Phase 1 trial for its next-generation monoclonal antibody candidate, VYD2311. The company has also entered into a collaboration with Adimab, LLC, for antibody discovery, while managing significant contractual obligations related to manufacturing and development.
The company faces substantial doubt regarding its ability to continue as a going concern, as it may not have sufficient cash to fund its operations beyond one year from the issuance of the financial statements. Future funding will be necessary through various means, including revenues, equity offerings, and collaborations, to support ongoing operations and growth strategies.
About Invivyd, Inc.
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