Here are 1-3 brief analogies for Invivyd (IVVD):

• Like a clinical-stage Regeneron, but specializing in antibody treatments for infectious diseases.
• Think of it as a biotech startup focused on creating antibody drugs for infectious diseases, similar to how Moderna developed mRNA vaccines for them.

• ADG20 (adintrevimab): A neutralizing antibody currently in Phase 3 clinical trials for the treatment and prevention of coronavirus disease.

Invivyd (IVVD) is a clinical-stage biopharmaceutical company focused on the discovery, development, and commercialization of antibody-based solutions for infectious diseases. Its lead product candidate, ADG20 (adintrevimab), is currently in Phase 3 clinical trials. As such, the company is primarily engaged in research and development and has not yet commercialized its product for widespread sale.

Therefore, Invivyd does not currently have major commercial customers for its products.

• Adimab, LLC
• The Scripps Research Institute

William Duke Jr., Chief Executive Officer, Chief Financial Officer, Principal Accounting Officer and Principal Executive Officer

Mr. Duke has over 25 years of finance, accounting, and operations experience, including more than a decade of senior leadership experience in the biotechnology industry. Before joining Invivyd, he served as the Chief Financial Officer of Apexigen, Inc. and Kaleido Biosciences, Inc., where he was responsible for leading multiple financings. Earlier in his career, he held the position of Chief Financial Officer at Pulmatrix, Inc., where he played a key role in negotiating the company's initial product partnership and oversaw several public offerings. He also held senior financial leadership roles at Valeritas, Inc. Mr. Duke is a certified public accountant and holds a B.S. in Business Administration and an M.B.A.

Robert Allen, Ph.D., Chief Scientific Officer

Dr. Allen is part of Invivyd's leadership team, which is composed of seasoned executives with decades of combined experience developing and commercializing novel medicines for infectious diseases. This team includes individuals with extensive experience in delivering vaccines globally and pioneering the development of monoclonal antibodies for the prevention and treatment of COVID-19.

Jill Andersen, J.D., Chief Legal Officer & Corporate Secretary

Ms. Andersen is a member of Invivyd's leadership team, which consists of seasoned executives with decades of combined experience in developing and commercializing novel medicines for infectious diseases. This team has extensive experience in delivering vaccines worldwide and has been instrumental in the development of monoclonal antibodies for COVID-19.

Timothy Lee, Chief Commercial Officer

Mr. Lee is a member of Invivyd's leadership team, comprising seasoned executives with decades of combined experience in developing and commercializing novel medicines for infectious diseases. The leadership team possesses extensive experience in delivering vaccines globally and has pioneered the development of monoclonal antibodies for COVID-19 prevention and treatment.

The key risks to Invivyd (IVVD) are:

1. Clinical Trial Failure and Regulatory Approval Risk: Invivyd's lead product candidate, ADG20 (adintrevimab), is currently in Phase 3 clinical trials for the treatment and prevention of coronavirus disease. There is a significant risk that ADG20 may not demonstrate sufficient efficacy or safety in these trials, or may fail to receive the necessary regulatory approvals from health authorities. Failure to successfully complete clinical trials and obtain regulatory approval would prevent the company from commercializing its primary product candidate, severely impacting its business prospects and financial viability.

2. Reliance on a Single Lead Product Candidate: The company's description highlights ADG20 as its lead product candidate. Invivyd's success is heavily dependent on the successful development, approval, and commercialization of ADG20. If ADG20 fails in clinical trials, faces significant delays, or does not achieve market acceptance, the company currently does not appear to have other late-stage product candidates to mitigate the impact, creating a high degree of product concentration risk.

3. Market Competition and Evolving Landscape for Infectious Diseases: ADG20 targets coronavirus disease, a highly competitive and rapidly evolving therapeutic area. The market already includes multiple approved vaccines and treatments, and new therapies are continuously being developed. Even if approved, ADG20 will need to compete effectively in a crowded market, and its efficacy against new or emerging variants of the coronavirus will be critical. Changes in the epidemiology of coronavirus or the public health response could also diminish the market opportunity for ADG20.

• The widespread adoption of orally administered antiviral medications for COVID-19 treatment, such as Paxlovid, which offer a more convenient alternative to antibody-based therapies.
• The continuous emergence of new SARS-CoV-2 variants capable of evading neutralization by existing antibodies, posing an ongoing threat to the efficacy and market viability of specific neutralizing antibody treatments like ADG20.

Invivyd (symbol: IVVD) has several main products and candidates in its pipeline:

• For its monoclonal antibody candidate VBY329, designed for the prevention of Respiratory Syncytial Virus (RSV) infections in newborns, infants, and children, the addressable market is expected to grow to $3-$4 billion in annual revenues globally by 2030.
• For its measles-focused candidates, the global measles vaccine market size is projected to reach $2.95 billion by 2030.

The addressable markets for Invivyd's COVID-19 products, PEMGARDA (pemivibart) and VYD2311, could not be definitively sized based on available information.

Here are 3-5 expected drivers of future revenue growth for Invivyd (IVVD) over the next 2-3 years:

1. Continued Commercial Growth of PEMGARDA: Invivyd's currently marketed product, PEMGARDA (pemivibart), is expected to continue driving revenue growth through increased market awareness, adoption, and expanded commercial reach. The company reported significant year-over-year and sequential revenue increases for PEMGARDA in 2025, supported by an expanded Group Purchasing Organization (GPO) network and a high reorder rate among accounts.
2. Potential Launch and Commercialization of VYD2311: VYD2311, Invivyd's next-generation monoclonal antibody candidate for COVID-19 prevention, is a key anticipated growth driver. The DECLARATION pivotal Phase 3 trial has reached its target enrollment, with top-line data expected by mid-2026. If approved, VYD2311, positioned as a potent, longer-half-life intramuscular alternative to vaccination, is projected to significantly expand the market for COVID-19 prevention beyond the current patient population served by PEMGARDA.
3. Pipeline Expansion into New Infectious Diseases: Invivyd is diversifying its pipeline beyond SARS-CoV-2. The company has identified VBY329 as a potential best-in-class Respiratory Syncytial Virus (RSV) antibody candidate, with advancement toward IND-readiness targeted for the second half of 2026 for development in pediatric RSV prophylaxis, a market expected to grow substantially. Additionally, Invivyd anticipates providing an update on a preclinical measles monoclonal antibody candidate in the first half of 2026, which could open new significant revenue streams.
4. Expansion into Long COVID and COVID Vaccine Injury: Invivyd plans to initiate a Phase 2 clinical trial by mid-2026 to evaluate VYD2311 in individuals with Long COVID or COVID vaccine injury. This initiative represents an expansion into new indications for VYD2311, targeting additional unmet medical needs and potentially broadening its market applicability.

Share Issuance

• Invivyd (then Adagio Therapeutics, Inc.) completed an Initial Public Offering (IPO) in August 2021, generating approximately $355.8 million in gross proceeds from the sale of 20,930,000 shares of common stock at $17.00 per share.
• In July 2021, the company adopted a 2021 Equity Incentive Plan, initially reserving 35,075,122 shares for issuance, with provisions for automatic annual increases.
• Invivyd successfully raised more than $200 million in capital during the latter half of 2025.

Inbound Investments

• Adagio Therapeutics, Inc. launched with a $50 million Series A financing in July 2020, led by Polaris Partners and Mithril Capital, with participation from Fidelity funds, OrbiMed, M28 Capital, and GV.
• The company received approximately $355.8 million in gross proceeds from its IPO in August 2021.
• Invivyd secured over $200 million in capital in the second half of 2025, which is intended to support strategic initiatives including the DECLARATION clinical trial, the potential launch of VYD2311, and ongoing research and development.

Capital Expenditures

• Invivyd reported $0 in capital expenditures for Q4 2025.
• The company's free cash flow has been negative, with figures of approximately $-0.171 billion in 2024, $-0.174 billion in 2023, and $-0.222 billion in 2022, indicating ongoing investments (including capital expenditures) that exceed operating cash flow.
• Capital is expected to be utilized for general corporate purposes, to ensure sufficient working capital for operations, and to support strategic initiatives such as the DECLARATION clinical trial, preparations for the possible launch of VYD2311, and ongoing research and development activities related to pipeline programs targeting diseases like RSV and measles.