Despite maintaining gross margins above 90%, the company's operating margin of -103.99% highlights a fundamental inability to cover R&D costs through current revenue streams.
| Sales/Revenue | 55.87M | 53.43M | 25.38M | 0 | 0 | 0 | 0 |
| Revenue Growth % | 52.27% | 110.47% | - | - | - | - | - |
| Cost of Goods Sold | 4.46M | 3.75M | 1.62M | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 7.01% | 6.37% | - | - | - | - |
| Gross Profit | 51.41M | 49.68M | 23.77M | 0 | 0 | 0 | 0 |
| Gross Margin % | 92.02% | 92.99% | 93.63% | - | - | - | - |
| Gross Profit Growth % | - | 109.03% | - | - | - | - | - |
| Operating Expenses | 133.18M | 105.24M | 200.64M | 212.76M | 248.03M | 226.91M | 111.99M |
| OpEx % of Revenue | - | 196.98% | 790.43% | - | - | - | - |
| Selling, General & Admin | 74.78M | 66.93M | 63.39M | 49.13M | 47.04M | 36.52M | 0 |
| SG&A % of Revenue | - | 125.28% | 249.72% | - | - | - | - |
| Research & Development | 58.4M | 38.31M | 137.25M | 158.66M | 179.21M | 182.89M | 106.49M |
| R&D % of Revenue | - | 71.7% | 540.71% | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 4.97M | 21.77M | 7.5M | 5.5M |
| Operating Income | -81.77M | -55.56M | -176.88M | -212.76M | -248.03M | -226.91M | -111.99M |
| Operating Margin % | -146.38% | -103.99% | -696.8% | - | - | - | - |
| Operating Income Growth % | - | 68.59% | 16.87% | 14.22% | -9.31% | -102.62% | - |
| EBITDA | -79.89M | -53.45M | -173.76M | -210.73M | -247.57M | -226.91M | -68.79M |
| EBITDA Margin % | -143.01% | -100.05% | -684.54% | - | - | - | - |
| EBITDA Growth % | 44.67% | 69.24% | 17.54% | 14.88% | -9.11% | -229.88% | - |
| D&A (Non-Cash Add-back) | 1.88M | 2.11M | 3.11M | 2.03M | 462K | 1K | 43.2M |
| EBIT | -81.22M | -55.56M | -176.88M | -207.78M | -226.26M | -219.41M | -43.2M |
| Net Interest Income | 3.62M | 0 | 6.95M | 0 | -36.37M | 0 | 8K |
| Interest Income | 3.62M | 0 | 6.95M | 0 | 6.71M | 0 | 8K |
| Interest Expense | 0 | 0 | 0 | 0 | 43.08M | 0 | 0 |
| Other Income/Expense | 4.17M | 3.07M | 6.95M | 14.12M | 6.71M | 118K | 13.71K |
| Pretax Income | -77.6M | -52.49M | -169.93M | -198.64M | -241.32M | -226.79M | -111.98M |
| Pretax Margin % | -138.9% | -98.25% | -669.42% | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -77.6M | -52.49M | -169.93M | -198.64M | -241.32M | -226.79M | -111.98M |
| Net Margin % | -138.9% | -98.25% | -669.42% | - | - | - | - |
| Net Income Growth % | 45.63% | 69.11% | 14.46% | 17.68% | -6.41% | -102.54% | - |
| Net Income (Continuing) | -77.6M | -52.49M | -169.93M | -198.64M | -241.32M | -226.79M | -111.98M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.25 | -0.30 | -1.43 | -1.81 | -2.17 | -2.11 | -0.59 |
| EPS Growth % | 68.81% | 79.02% | 20.99% | 16.59% | -2.84% | -257.63% | - |
| EPS (Basic) | - | -0.30 | -1.43 | -1.81 | -2.17 | -2.11 | -0.59 |
| Diluted Shares Outstanding | 309.67M | 172.21M | 118.56M | 109.53M | 108.27M | 110.78M | 111.25M |
| Basic Shares Outstanding | 309.67M | 172.21M | 118.56M | 109.53M | 108.27M | 110.78M | 111.25M |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Viral mutation product obsolescence
As reported in recent financial statements, Invivyd's revenue trajectory remains highly erratic, with quarterly figures fluctuating between $2.3M and $17.2M, reflecting a reliance on lumpy, non-recurring procurement cycles rather than a predictable, organic growth path for its single-asset COVID-19 therapeutic portfolio.
The lack of consistent sequential growth suggests that the company's commercial model is currently tethered to the timing of regulatory authorizations and institutional orders. Investors should monitor whether the recent 24.5% year-over-year growth in 2025Q4 represents a sustainable adoption trend or merely a temporary spike in demand for specific variant-targeted antibodies.
Based on reported figures, Invivyd maintains structurally high gross margins consistently exceeding 90%, yet this efficiency is fundamentally undermined by an operating margin of -103.99%, indicating that the company's core manufacturing economics are insufficient to cover the massive R&D burden required for platform maintenance.
While the 93.4% gross margin in 2025Q4 highlights the inherent scalability of biologic therapies, it provides a misleading picture of the company's true economic health. The persistent negative operating margins suggest that the cost of continuous clinical validation and antibody discovery is currently outpacing the revenue generated by the commercialized product.
According to recent SEC filings, Invivyd's cost structure is dominated by heavy R&D expenditures, which reached a peak of $62.3M in 2023Q4, reflecting the aggressive capital allocation required to keep pace with the rapid evolution of SARS-CoV-2 variants and maintain the viability of their antibody platform.
The company's expense discipline appears secondary to the existential necessity of rapid clinical development, as evidenced by the significant quarterly swings in R&D spending. This high-fixed-cost environment warrants further investigation into whether management can achieve operational leverage without compromising the speed of their iterative discovery process.
Financial data suggests that Invivyd faces a precarious future, as the company's entire revenue stream is vulnerable to sudden regulatory or clinical shifts, with historical quarterly net losses as high as $73.7M highlighting the extreme financial risk inherent in a single-product, variant-dependent business model.
Short-sellers would likely focus on the potential for inventory write-downs and the high probability that future viral mutations could render the current lead candidate ineffective. The reliance on a single therapeutic area creates a binary outcome scenario where the company's long-term viability remains contingent on its ability to outpace viral evolution.
Quick answers to the most common questions about buying IVVD stock.
For fiscal year 2025, Invivyd, Inc. (IVVD) reported total revenue of $53.4M.
Invivyd, Inc. (IVVD) reported a net loss of $52.5M for the fiscal year ending 2025.
Invivyd, Inc. (IVVD) reported an operating income of $-55.6M, resulting in an operating profit margin of -104.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Invivyd, Inc. (IVVD) generated $49.7M in gross profit for the year, representing a gross profit margin of 93.0%. This demonstrates the company's core pricing power and production efficiency.