Invivyd Announces $20 Million to $25 Million Improvement in Projected 2024 Year-End Cash Position

• Improvements realized through comprehensive resource realignment ensuring robust investment in the commercial launch of PEMGARDA^TM and the discovery of novel monoclonal antibodies
  
• Company now expects to end 2024 with at least $75 million in cash and cash equivalents, an update to previously issued financial guidance

WALTHAM, Mass., April 30, 2024 (GLOBE NEWSWIRE) -- Invivyd, Inc. (Nasdaq: IVVD), a biopharmaceutical company devoted to protection from serious viral infectious diseases, today announced that following a comprehensive strategic review, the company is improving its projected 2024 year-end cash position by approximately $20 million to $25 million. Invivyd now expects to end 2024 with at least $75 million in cash and cash equivalents.

“The Executive Committee of the Board of Directors has been working very closely with the management team to ensure that we are investing the company’s resources in the areas that have the greatest potential to deliver appreciable benefits for patients and shareholders,” said Marc Elia, Chairman of the Invivyd Board of Directors. “Following a comprehensive strategic review which was conducted over the past several weeks, we were able to reallocate resources to support the launch of PEMGARDA, bolster our ability to deliver novel pipeline monoclonal antibody candidates, and further strengthen our balance sheet going forward. We look forward to sharing more details on our financials and our commercial progress when we report Q1 results in May.” 

The improvements were primarily achieved through cash optimization in clinical operations and chemistry, manufacturing and controls (CMC). Fourteen full-time positions were eliminated in connection with the changes. Invivyd continues to anticipate 2024 PEMGARDA net product revenue in the range of $150 million to $200 million.

About PEMGARDA

PEMGARDA (pemivibart) is a half-life extended investigational monoclonal antibody (mAb). PEMGARDA was engineered from adintrevimab, Invivyd’s investigational mAb that has a robust safety data package and provided evidence of clinical efficacy in a global Phase 2/3 clinical trial for the prevention of COVID-19. PEMGARDA has demonstrated in vitro neutralizing activity in pseudotyped virus-like particle and authentic virus neutralization assays against major SARS-CoV-2 variants, including JN.1. PEMGARDA targets the SARS-CoV-2 spike protein receptor binding domain (RBD), thereby inhibiting virus attachment to the human ACE2 receptor on host cells.