Persistent negative free cash flow, which reached -$59.2M in 2023Q4, underscores the company's ongoing struggle to achieve a self-sustaining liquidity profile.
| Cash from Operations | -78.72M | -58.13M | -170.49M | -173.16M | -219.99M | -184.74M | -14.57M |
| Operating CF Margin % | - | -108.81% | -671.65% | - | - | - | - |
| Operating CF Growth % | 109.43% | 65.9% | 1.54% | 21.28% | -19.08% | -1167.83% | - |
| Net Income | -77.6M | -52.49M | -169.93M | -198.64M | -241.32M | -226.79M | -65.32M |
| Depreciation & Amortization | 1.88M | 2.11M | 3.11M | 2.03M | 462K | 1K | 0 |
| Stock-Based Compensation | 8.82M | 11.64M | 19.79M | 18.68M | 21.65M | 17.76M | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 3.05M | 298K | 0 | -1.12M | 15.35M | 1.5M | 40.07M |
| Working Capital Changes | -14.87M | -19.69M | -23.47M | 5.89M | -16.13M | 22.79M | 10.68M |
| Change in Receivables | -3.46M | -3.34M | -10.91M | 0 | 0 | 0 | 0 |
| Change in Inventory | -268K | -373K | -24.89M | 0 | 0 | 0 | 0 |
| Change in Payables | -6.72M | 3.21M | 2.42M | 6.47M | -4.3M | -2.37M | 0 |
| Cash from Investing | -737K | -155K | -140K | 280.68M | -230.67M | -50.71M | 0 |
| Capital Expenditures | -737K | -155K | -140K | -615K | -1.71M | -84K | 0 |
| CapEx % of Revenue | 1.32% | 0.29% | 0.55% | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 215.52M | 215.63M | 39.33M | 1.04M | 506K | 662.68M | 129.56M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 215.74M | 215.63M | 39.28M | -1K | -4K | 666.07M | 129.56M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | -1K | -4K | 0 | -3K |
| Other Financing | -220K | 0 | 46K | 1.05M | 510K | -3.38M | 0 |
| Net Change in Cash | 136.07M | 157.34M | -131.29M | 108.56M | -450.15M | 427.24M | 114.99M |
| Free Cash Flow | -79.45M | -58.29M | -170.63M | -173.78M | -221.69M | -184.82M | -14.57M |
| FCF Margin % | -142.22% | -109.1% | -672.2% | - | - | - | - |
| FCF Growth % | 43.87% | 65.84% | 1.81% | 21.61% | -19.95% | -1168.41% | - |
| FCF per Share | -0.26 | -0.34 | -1.44 | -1.59 | -2.05 | -1.67 | -0.13 |
| FCF Conversion (FCF/Net Income) | 1.02x | 1.11x | 1.00x | 0.87x | 0.91x | 0.81x | 0.13x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Rapid cash burn rate
According to reported financial data, the relationship between net income and operating cash flow is frequently distorted, with OCF/NI ratios fluctuating wildly from 0.68 to 2.04, suggesting that accruals and non-cash adjustments play a disproportionate role in the company's reported bottom-line performance during this clinical-stage phase.
The significant divergence between net losses and cash outflows indicates that accounting earnings provide little insight into the company's actual liquidity position. Investors should monitor these fluctuations as they likely reflect the timing of R&D-related accruals and inventory adjustments rather than underlying operational efficiency.
As evidenced by quarterly filings, Invivyd consistently reports negative free cash flow, with quarterly outflows reaching as high as $59.2M, confirming that the company remains in a capital-intensive development cycle that has yet to achieve a self-sustaining trajectory or positive margin contribution.
The absence of positive FCF margins underscores the company's reliance on external financing to fund its ongoing antibody discovery efforts. This trajectory suggests that the business model is currently structured to prioritize platform maintenance over the generation of internal cash reserves.
Based on historical cash flow statements, working capital changes have been highly erratic, swinging from a $16.2M inflow in 2024Q3 to a $23.7M outflow in 2024Q4, which highlights the operational instability inherent in managing inventory and procurement cycles for a single-product biotech entity.
These sharp swings in working capital suggest that the company's cash position is highly sensitive to the timing of inventory production and government contract fulfillment. Such volatility warrants further investigation into whether these movements represent genuine operational efficiency or merely the lumpy nature of pandemic-era procurement.
Data from recent financial statements reveals that stock-based compensation (SBC) has been a consistent feature of the company's expense profile, peaking at $8.5M in 2024Q2, which effectively masks the true cash cost of talent acquisition required to sustain the firm's specialized antibody discovery platform.
By relying on equity-based incentives, the company preserves cash in the short term but creates a persistent dilution risk for shareholders. Analysts should interpret these figures as a necessary, albeit non-cash, expense that is essential for retaining the technical expertise required to navigate the competitive landscape.
Quick answers to the most common questions about buying IVVD stock.
Invivyd, Inc. (IVVD) generated $-58.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Invivyd, Inc. (IVVD) reported negative free cash flow of $58.3M in 2025, indicating capital requirements exceeded cash from operations.
Invivyd, Inc. (IVVD) spent $0.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.