IVVD

Invivyd is a pre-profitability infectious-disease biotech whose entire commercial base is one EUA product, PEMGARDA, a COVID-19 monoclonal antibody authorized only in March 2024. The topline optics are genuinely improving — FY2025 revenue of $53.4M more than doubled (+110.5%), the net loss narrowed sharply to -$52.5M from -$169.9M, and the balance sheet looks superficially clean with $227M cash against just $35.3M total liabilities (0.15x liabilities/equity). Taken alone those numbers could read as a turnaround. They do not survive contact with the filing.

The 10-K carries an unambiguous going-concern paragraph: management states that existing cash 'will not be sufficient to fund our operating expenses and capital expenditure requirements for more than one year,' and the auditor issued a matching explanatory paragraph. With operating cash flow at -$58.1M and management explicitly guiding that expenses 'could increase substantially' to fund the REVOLUTION program for VYD2311 and a preclinical RSV/measles pipeline, the $227M cushion is roughly a single year of runway. That means near-certain additional capital raises, and the dilution history is brutal — shares outstanding jumped 135.6% in one year to 283M, and the $954.5M accumulated deficit shows how much value inception-to-date financing has consumed.