Invivyd
IVVD on Nasdaq. Biological products, (no diagnostic substances). Market value $247m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Look carefully before going further
Why it could be worth it
Nothing stands out yet.
Read the warning sign in its own filings
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-46.16 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: not known. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$0.81 a share, 53% above its 1-year low
Over the past year the price has ranged from $0.53 to $3.07.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: a shortfall of $110 million in the past 12 months, a shortfall of $58 million in the year to December 2025.
| Revenue | |||||
| Revenue | n/a | n/a | $0 | $25m | $53m |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | -696.8% | -104.0% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.11bn | 0.11bn | 0.12bn | 0.23bn | 0.29bn |
Health checks
- Free cash flow positive0 of 5 years
- Accounting checksSkipped: company is not yet profitable
- DebtUnknown
- Revenue growth, five yearsUnknown
- Buying back its own sharesNo, 170% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $14 million last quarter, up 21% on a year ago.
- A loss of $44 million, compared with a loss of $15 million a year ago.
- It loses 193 cents on each $1 of sales, compared with 246 cents a year earlier.
- Over the past 12 months it spent $110 million more cash than it brought in, compared with $113 million a year earlier.
- 167% more shares than a year ago. Each share owns a bit less of the company.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $9m |
| December 2024 | $14m |
| March 2025 | $11m |
| June 2025 | $12m |
| September 2025 | $13m |
| December 2025 | $17m |
| March 2026 | $14m |
| June 2026 | $14m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$61m |
| December 2024 | -$18m |
| March 2025 | -$16m |
| June 2025 | -$15m |
| September 2025 | -$10m |
| December 2025 | -$11m |
| March 2026 | -$41m |
| June 2026 | -$44m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 5 March 2026
- Next quarterly (estimated, 10-Q)
- 12 November 2026
Who owns it
None of the long-term investors we follow own it. 125 funds in all.
Largest holders overall
- Jupiter Topco$30m
- BVF$25mAdded
- Maverick Capital$17m
- Perceptive Advisors$16mCut
- BlackRock$14mAdded
- Vanguard Capital Management$9mAdded
- M28 Capital Management LP$8m
- Saturn V Capital Management LP$7mCut
- Soleus Capital Management, L.P.$7m
- Point72 Asset Management, L.P.$7mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
12 investors own more than 5%.
- JANUS HENDERSON GROUP PLCPassive investorat least 12.1%+0.5 pts(filed with 1 related holder)Since 30 September 2025
- BVF PARTNERS L P/ILPassive investorat least 10.0%+1.0 pts(filed with 9 related holders)Since 30 June 2026
- Adimab, LLCPassive investor7.3%−1.5 ptsSince 23 December 2025
- RA Capital Management, L.P.Passive investorat least 7.0%−2.9 pts(filed with 3 related holders)Since 31 March 2026
- Maverick Capital, Ltd.Passive investorat least 6.7%−1.8 pts(filed with 2 related holders)Since 31 December 2025
- Perceptive Advisors LLCPassive investorat least 6.3%−1.6 pts(filed with 2 related holders)Since 30 June 2026
- BlackRock, Inc.Passive investor5.5%Since 30 June 2026
- Mithril II GP LPPassive investorat least 4.8%(filed with 4 related holders)Since 22 August 2025
- FMR LLCPassive investorat least 4.8%(filed with 1 related holder)Since 31 December 2024
- Marc EliaInsider or founderat least 4.6%(filed with 1 related holder)Since 22 August 2025
- Terrance McGuirePassive investorat least 3.0%(filed with 10 related holders)Since 22 August 2025
- Soleus Capital Management, L.P.Passive investorat least 2.8%−2.3 pts(filed with 8 related holders)Since 31 December 2025
- Point72 Asset Management, L.P.Passive investorSold down below 5%Since 31 March 2026
- Deep Track Capital, LPPassive investorSold down below 5%Since 30 September 2025
| Holder | Stake | Since | |
|---|---|---|---|
JANUS HENDERSON GROUP PLC Passive investor | at least 12.1%+0.5 pts (filed with 1 related holder) | 30 September 2025 | |
BVF PARTNERS L P/IL Passive investor | at least 10.0%+1.0 pts (filed with 9 related holders) | 30 June 2026 | |
Adimab, LLC Passive investor | 7.3%−1.5 pts | 23 December 2025 | |
RA Capital Management, L.P. Passive investor | at least 7.0%−2.9 pts (filed with 3 related holders) | 31 March 2026 | |
Maverick Capital, Ltd. Passive investor | at least 6.7%−1.8 pts (filed with 2 related holders) | 31 December 2025 | |
Perceptive Advisors LLC Passive investor | at least 6.3%−1.6 pts (filed with 2 related holders) | 30 June 2026 | |
BlackRock, Inc. Passive investor | 5.5% | 30 June 2026 | |
Mithril II GP LP Passive investor | at least 4.8% (filed with 4 related holders) | 22 August 2025 | |
FMR LLC Passive investor | at least 4.8% (filed with 1 related holder) | 31 December 2024 | |
Marc Elia Insider or founder | at least 4.6% (filed with 1 related holder) | 22 August 2025 | |
Terrance McGuire Passive investor | at least 3.0% (filed with 10 related holders) | 22 August 2025 | |
Soleus Capital Management, L.P. Passive investor | at least 2.8%−2.3 pts (filed with 8 related holders) | 31 December 2025 | |
Point72 Asset Management, L.P. Passive investor | Sold down below 5% | 31 March 2026 | |
Deep Track Capital, LP Passive investor | Sold down below 5% | 30 September 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $125,000 of shares on the open market. 5 sold $531,623, $531,623 of it under preset trading plans.
- Lee Timothy EdwardChief Commercial OfficerSoldunder a preset trading plan
- Date
- 18 August 2026
- Shares
- 18,425
- Price
- $0.84
- Value
- $15,530
- Green JulieChief Human Resources OfficerSoldunder a preset trading plan
- Date
- 18 August 2026
- Shares
- 18,425
- Price
- $0.84
- Value
- $15,530
- Duke William E.Chief Financial OfficerSoldunder a preset trading plan
- Date
- 18 August 2026
- Shares
- 18,425
- Price
- $0.84
- Value
- $15,530
- Andersen JillChief Legal Officer, SecretarySoldunder a preset trading plan
- Date
- 18 August 2026
- Shares
- 30,706
- Price
- $0.84
- Value
- $25,882
- Allen Robert D. IIIChief Scientific OfficerSoldunder a preset trading plan
- Date
- 18 August 2026
- Shares
- 17,043
- Price
- $0.84
- Value
- $14,366
- Lee Timothy EdwardChief Commercial OfficerSoldunder a preset trading plan
- Date
- 17 August 2026
- Shares
- 22,355
- Price
- $0.72
- Value
- $16,140
- Green JulieChief Human Resources OfficerSoldunder a preset trading plan
- Date
- 17 August 2026
- Shares
- 22,355
- Price
- $0.72
- Value
- $16,140
- Duke William E.Chief Financial OfficerSoldunder a preset trading plan
- Date
- 17 August 2026
- Shares
- 22,355
- Price
- $0.72
- Value
- $16,140
- Andersen JillChief Legal Officer, SecretarySoldunder a preset trading plan
- Date
- 17 August 2026
- Shares
- 37,256
- Price
- $0.72
- Value
- $26,899
- Allen Robert D. IIIChief Scientific OfficerSoldunder a preset trading plan
- Date
- 17 August 2026
- Shares
- 20,679
- Price
- $0.72
- Value
- $14,930
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 18 August 2026 | Lee Timothy Edward Chief Commercial Officer | Sold under a preset trading plan | 18,425 | $0.84 | $15,530 |
| 18 August 2026 | Green Julie Chief Human Resources Officer | Sold under a preset trading plan | 18,425 | $0.84 | $15,530 |
| 18 August 2026 | Duke William E. Chief Financial Officer | Sold under a preset trading plan | 18,425 | $0.84 | $15,530 |
| 18 August 2026 | Andersen Jill Chief Legal Officer, Secretary | Sold under a preset trading plan | 30,706 | $0.84 | $25,882 |
| 18 August 2026 | Allen Robert D. III Chief Scientific Officer | Sold under a preset trading plan | 17,043 | $0.84 | $14,366 |
| 17 August 2026 | Lee Timothy Edward Chief Commercial Officer | Sold under a preset trading plan | 22,355 | $0.72 | $16,140 |
| 17 August 2026 | Green Julie Chief Human Resources Officer | Sold under a preset trading plan | 22,355 | $0.72 | $16,140 |
| 17 August 2026 | Duke William E. Chief Financial Officer | Sold under a preset trading plan | 22,355 | $0.72 | $16,140 |
| 17 August 2026 | Andersen Jill Chief Legal Officer, Secretary | Sold under a preset trading plan | 37,256 | $0.72 | $26,899 |
| 17 August 2026 | Allen Robert D. III Chief Scientific Officer | Sold under a preset trading plan | 20,679 | $0.72 | $14,930 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
1 serious warning sign in Invivyd’s filings.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 5 Mar 2026, plus the 10-Q filed 13 Aug 2026 and 8 later 8-Ks.
Doubt it can keep going
SeriousThe company or its auditor warned it may not have enough money to last the next year.
“Based on current operating plans and excluding future external financing, the Company will not have sufficient cash and cash equivalents to fund its operating expenses and capital requirements beyond one year from the issuance of these condensed consolidated financial statements, and therefore, the Company has concluded that there is substantial doubt about its ability to continue as a going concern.”
From the 10-Q filed 13 August 2026, Part I, Item 1. Financial Statements. Read it in the filing
One big customer
Worth knowingOne customer brings in a big share of sales: 46% last year. Losing that customer would hurt.
“Three specialty distributors accounted for 46%, 23% and 17% of total gross sales for the year ended December 31, 2025.”
From the 10-K filed 5 March 2026, Item 1. Business. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.