Invivyd secures $30 million loan for COVID-19 antibody development

WALTHAM, Mass. - Invivyd, Inc. (NASDAQ:IVVD), a biopharmaceutical company with a market capitalization of $61 million, has announced a $30 million term loan facility agreement with Silicon Valley Bank (SVB), a division of First Citizens Bank. The company’s stock, which has seen a 15% gain year-to-date despite a challenging 78% decline over the past year, appears fairly valued according to InvestingPro analysis. This financial arrangement provides Invivyd with the option to draw capital in the future, contingent upon meeting specific conditions and milestones.

The funding is aimed at supporting the development of Invivyd’s pipeline candidate VYD2311, a monoclonal antibody (mAb) for COVID-19. VYD2311 is designed to be administered via an intramuscular route, potentially offering a more patient-friendly option. It is part of Invivyd’s integrated technology platform, which has previously produced investigational mAbs like pemivibart and adintrevimab.

Pemivibart, under the brand name PEMGARDA™, has received emergency use authorization (EUA) from the U.S. Food and Drug Administration (FDA) for pre-exposure prophylaxis in certain immunocompromised patients. However, it is not a replacement for COVID-19 vaccination and is not authorized for treatment or post-exposure prophylaxis of COVID-19.

Bill Duke, Invivyd’s Chief Financial Officer, expressed satisfaction with the new financing, emphasizing its non-dilutive nature and the focus on per-share value creation. According to InvestingPro data, the company maintains more cash than debt on its balance sheet, with a healthy current ratio of 1.62. The loan facility is expected to strengthen the company’s balance sheet ahead of key developments, including discussions with the FDA regarding the regulatory pathway for VYD2311. InvestingPro subscribers have access to 14 additional key insights about Invivyd’s financial health and market position.

PEMGARDA targets the SARS-CoV-2 spike protein to inhibit the virus’s attachment to host cells and has shown in vitro activity against various SARS-CoV-2 variants. However, its effectiveness against emerging variants and the durability of the EUA are subject to change based on ongoing data and regulatory review.

Invivyd’s focus remains on addressing serious viral infectious diseases, starting with SARS-CoV-2. The company has previously received EUA for a mAb in its portfolio of antibody candidates in March 2024.

The information reported is based on a press release statement from Invivyd. While the company cautions that forward-looking statements involve risks and uncertainties, analysts are projecting sales growth and a return to profitability this year, with an impressive gross profit margin of 94%. The company’s next earnings report is scheduled for May 8, 2025. For detailed analysis and comprehensive financial metrics, investors can access Invivyd’s complete Pro Research Report, available exclusively on InvestingPro.

In other recent news, Invivyd, Inc. has reported significant developments in its ongoing efforts to combat COVID-19. The company announced that its monoclonal antibody PEMGARDA™ continues to show consistent neutralization against prevalent SARS-CoV-2 variants, which is crucial for immunocompromised individuals. Despite this, the U.S. FDA recently declined to expand the Emergency Use Authorization (EUA) for PEMGARDA to include treatment for mild-to-moderate COVID-19 in certain immunocompromised patients, although its use for pre-exposure prophylaxis remains authorized. Invivyd is actively working with the FDA to address this setback and has submitted an updated immunobridging analysis to support the requested amendment.

Additionally, Invivyd’s fourth-quarter financials revealed net product revenues of $13.8 million, slightly below estimates, but the company reported a robust cash position of $69.3 million, exceeding projections. H.C. Wainwright maintained a Buy rating for Invivyd, citing positive financial results and promising Phase 1 data for their next-generation antibody candidate, VYD2311. In governance news, Invivyd added venture capitalist Ajay Royan to its Board of Directors, anticipating his expertise will help scale the company’s medical offerings. These developments underscore Invivyd’s commitment to addressing the needs of vulnerable populations through its monoclonal antibody technology.

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