WALTHAM, Mass. - Invivyd, Inc. (NASDAQ: IVVD), a biopharmaceutical company, announced today that it has improved its projected year-end cash position for 2024 by $20 million to $25 million following a strategic review. The company now expects to conclude the year with at least $75 million in cash and cash equivalents.
The resource realignment, which aimed at optimizing cash in clinical operations and chemistry, manufacturing, and controls (CMC), resulted in the elimination of fourteen full-time positions. Despite these changes, Invivyd maintains its 2024 net product revenue forecast for PEMGARDA, its investigational monoclonal antibody (mAb), to be in the range of $150 million to $200 million.
PEMGARDA (pemivibart) is an investigational half-life extended mAb designed for the pre-exposure prophylaxis of COVID-19 in certain immunocompromised adults and adolescents. It was engineered from adintrevimab and has demonstrated neutralizing activity against major SARS-CoV-2 variants in vitro.
Currently, PEMGARDA is authorized for emergency use by the U.S. FDA under an EUA, though it is not approved for treatment or post-exposure prophylaxis of COVID-19.
Marc Elia, Chairman of the Invivyd Board of Directors, stated that the board and management team have focused investments on areas that show potential for patient and shareholder benefits. He noted that more details regarding financials and commercial progress will be disclosed when Q1 results are reported in May.
Invivyd's INVYMAB platform combines viral surveillance and predictive modeling with advanced antibody engineering to rapidly generate new mAbs to address evolving viral threats. The company received an EUA from the U.S. FDA for its first mAb in March 2024.
This news is based on a press release statement and is intended to provide investors with information regarding Invivyd's financial adjustments and commercial strategies for its product PEMGARDA. The company's forward-looking statements are subject to risks and uncertainties that could affect actual results.
InvestingPro Insights
In light of Invivyd's latest announcement on its improved year-end cash projection, here are some key metrics and tips from InvestingPro that investors might find useful:
InvestingPro Data:
- Market Cap: Invivyd currently has a market capitalization of $247.98 million.
- P/E Ratio: The company has a negative P/E ratio of -2.17, indicating that it is not currently profitable.
- Price Performance: Over the last six months, Invivyd's stock price has seen a significant uptick of 31.65%, despite a more recent downturn with a -53.15% return over the last month.
InvestingPro Tips:
1. Invivyd holds more cash than debt on its balance sheet, which may provide some financial flexibility in the near term.
2. Analysts do not anticipate the company will be profitable this year, aligning with the negative P/E ratio and the operational challenges reflected in the recent stock performance.
For investors looking for deeper analysis and more tips, there are an additional 9 InvestingPro Tips available for Invivyd at https://www.investing.com/pro/IVVD. Use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. These insights could be particularly valuable as Invivyd approaches its next earnings date on May 10, 2024, and as the market evaluates the company's strategic moves and its investigational monoclonal antibody, PEMGARDA.
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