Invivyd Financials
This page shows Invivyd (IVVD) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Commercialization improved sharply, but the business still runs on fresh equity capital rather than internally generated cash.
From FY2024 to FY2025, revenue a little more than doubled while net loss fell by about two-thirds, but the more important shift was R&D dropping from$137.3M to$38.3M ; the economics improved because the company changed its spending posture as much as because it sold more. That progress also showed up in cash terms, because operating cash flow stayed close to net loss in both years, so the smaller loss came with a smaller cash drain rather than an accounting-only benefit.
FY2025 left the company much more liquid: cash rose to
Capital intensity is low at the fixed-asset level: free cash flow at
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Invivyd's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Invivyd has an operating margin of -104.0%, meaning the company retains $-104 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -696.8% the prior year.
Invivyd carries a low D/E ratio of 0.15, meaning only $0.15 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 99/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 7.24, Invivyd holds $7.24 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.
While Invivyd generated -$58.1M in operating cash flow, capex of $155K consumed most of it, leaving -$58.3M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Invivyd generates a -21.7% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -251.6% the prior year.
Invivyd passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Invivyd generates $1.11 in operating cash flow (-$58.1M OCF vs -$52.5M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
Earnings & Revenue
Invivyd generated $53.4M in revenue in fiscal year 2025. This represents an increase of 110.5% from the prior year.
Invivyd reported -$52.5M in net income in fiscal year 2025. This represents an increase of 69.1% from the prior year.
Invivyd earned $-0.30 per diluted share (EPS) in fiscal year 2025. This represents an increase of 79.0% from the prior year.
Cash & Balance Sheet
Invivyd generated -$58.3M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 65.8% from the prior year.
Invivyd held $226.7M in cash against $0 in long-term debt as of fiscal year 2025.
Invivyd had 282M shares outstanding in fiscal year 2025. This represents an increase of 135.3% from the prior year.
Margins & Returns
Invivyd's operating margin was -104.0% in fiscal year 2025, reflecting core business profitability. This is up 592.8 percentage points from the prior year.
Invivyd's net profit margin was -98.3% in fiscal year 2025, showing the share of revenue converted to profit. This is up 571.2 percentage points from the prior year.
Invivyd's ROE was -21.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 229.9 percentage points from the prior year.
Capital Allocation
Invivyd invested $38.3M in research and development in fiscal year 2025. This represents a decrease of 72.1% from the prior year.
Invivyd invested $155K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 10.7% from the prior year.
IVVD Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $13.7M-20.1% | $17.2M+31.1% | $13.1M+11.4% | $11.8M+4.3% | $11.3M | N/A | $9.3M+310.8% | $2.3M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | $30.7M+205.8% | $10.0M+24.9% | $8.0M-16.0% | $9.6M-10.0% | $10.6M | N/A | $57.9M+90.7% | $30.3M |
| SG&A Expenses | $25.1M+35.2% | $18.6M+23.7% | $15.0M-9.5% | $16.6M-1.0% | $16.8M | N/A | $13.0M-38.6% | $21.1M |
| Operating Income | -$43.1M-243.6% | -$12.6M-13.9% | -$11.0M+26.8% | -$15.1M+11.0% | -$16.9M | N/A | -$62.3M-26.5% | -$49.2M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $0 | $0 | $0 | $0 | $0 | N/A | $0 | $0 |
| Net Income | -$41.4M-274.0% | -$11.1M-5.7% | -$10.5M+28.6% | -$14.7M+10.0% | -$16.3M | N/A | -$60.7M-28.6% | -$47.2M |
| EPS (Diluted) | $-0.13 | N/A | $-0.06+50.0% | $-0.12+14.3% | $-0.14 | N/A | $-0.51-27.5% | $-0.40 |
IVVD Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $241.7M-12.7% | $276.9M+99.0% | $139.2M+56.1% | $89.1M-14.1% | $103.7M-19.9% | $129.5M-20.0% | $161.9M-8.7% | $177.3M |
| Current Assets | $204.9M-17.2% | $247.5M+125.4% | $109.8M+85.2% | $59.3M-21.8% | $75.8M-24.7% | $100.7M-33.4% | $151.1M-12.7% | $173.0M |
| Cash & Equivalents | $184.2M-18.8% | $226.7M+166.8% | $85.0M+143.4% | $34.9M-27.4% | $48.1M-30.7% | $69.3M-35.1% | $106.9M-27.7% | $147.9M |
| Inventory | $4.7M-1.0% | $4.7M-81.4% | $25.4M-0.2% | $25.4M+0.1% | $25.4M-1.9% | $25.9M-4.3% | $27.1M+407.5% | $5.3M |
| Accounts Receivable | $11.6M-16.3% | $13.9M+41.3% | $9.9M+13.3% | $8.7M+1.6% | $8.6M-21.5% | $10.9M+33.8% | $8.2M+182.3% | $2.9M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $38.7M+9.5% | $35.3M-23.3% | $46.1M-0.6% | $46.3M-6.5% | $49.6M-20.0% | $62.0M-21.3% | $78.8M+114.6% | $36.7M |
| Current Liabilities | $31.7M-7.3% | $34.2M-23.2% | $44.5M+0.1% | $44.5M-10.4% | $49.6M-20.0% | $62.0M-21.1% | $78.5M+114.0% | $36.7M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $203.1M-15.9% | $241.5M+159.5% | $93.1M+117.5% | $42.8M-21.0% | $54.1M-19.8% | $67.5M-18.8% | $83.2M-40.9% | $140.6M |
| Retained Earnings | -$995.9M-4.3% | -$954.5M-1.2% | -$943.4M-1.1% | -$932.9M-1.6% | -$918.3M-1.8% | -$902.0M-2.1% | -$883.6M-7.4% | -$822.8M |
IVVD Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$41.7M-169.9% | -$15.5M-87.3% | -$8.3M+38.0% | -$13.3M+37.0% | -$21.1M+43.8% | -$37.6M+8.4% | -$41.1M+1.3% | -$41.6M |
| Capital Expenditures | $726K | $0 | $0-100.0% | $11K-92.4% | $144K+2980.0% | -$5K-200.0% | $5K | $0 |
| Free Cash Flow | -$42.4M-174.6% | -$15.5M-87.3% | -$8.3M+38.0% | -$13.3M+37.4% | -$21.3M+43.4% | -$37.6M+8.4% | -$41.1M+1.3% | -$41.6M |
| Investing Cash Flow | -$726K | $0 | $0+100.0% | -$11K+92.4% | -$144K-2980.0% | $5K+200.0% | -$5K | $0 |
| Financing Cash Flow | -$98K-100.1% | $157.2M+169.5% | $58.3M+44413.0% | $131K+1210.0% | $10K-87.0% | $77K+26.2% | $61K-33.7% | $92K |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | $0 | $0 | N/A |
IVVD Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | -313.9%-240.9pp | -73.0%+11.0pp | -84.0%+43.8pp | -127.8%+21.9pp | -149.7% | N/A | -670.0%+1505.2pp | -2175.2% |
| Net Margin | -301.2%-236.9pp | -64.3%+15.4pp | -79.8%+44.6pp | -124.4%+19.7pp | -144.1% | N/A | -653.1%+1433.8pp | -2086.9% |
| Return on Equity | -20.4%-15.8pp | -4.6%+6.7pp | -11.3%+23.0pp | -34.3%-4.2pp | -30.1% | N/A | -73.0%-39.5pp | -33.6% |
| Return on Assets | -17.1%-13.1pp | -4.0%+3.5pp | -7.5%+8.9pp | -16.4%-0.8pp | -15.7% | N/A | -37.5%-10.9pp | -26.6% |
| Current Ratio | 6.47-0.8 | 7.24+4.8 | 2.47+1.1 | 1.33-0.2 | 1.53-0.1 | 1.62-0.3 | 1.92-2.8 | 4.71 |
| Debt-to-Equity | 0.19+0.0 | 0.15-0.3 | 0.50-0.6 | 1.08+0.2 | 0.920.0 | 0.92-0.0 | 0.95+0.7 | 0.26 |
| FCF Margin | -308.8%-218.9pp | -89.8%-27.0pp | -62.8%+50.1pp | -112.9%+75.2pp | -188.2% | N/A | -441.7%+1395.8pp | -1837.4% |
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Frequently Asked Questions
What is Invivyd's annual revenue?
Invivyd (IVVD) reported $53.4M in total revenue for fiscal year 2025. This represents a 110.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Invivyd's revenue growing?
Invivyd (IVVD) revenue grew by 110.5% year-over-year, from $25.4M to $53.4M in fiscal year 2025.
Is Invivyd profitable?
No, Invivyd (IVVD) reported a net income of -$52.5M in fiscal year 2025, with a net profit margin of -98.3%.
What is Invivyd's operating margin?
Invivyd (IVVD) had an operating margin of -104.0% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Invivyd's net profit margin?
Invivyd (IVVD) had a net profit margin of -98.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Invivyd's return on equity (ROE)?
Invivyd (IVVD) has a return on equity of -21.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Invivyd's free cash flow?
Invivyd (IVVD) generated -$58.3M in free cash flow during fiscal year 2025. This represents a 65.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Invivyd's operating cash flow?
Invivyd (IVVD) generated -$58.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Invivyd's total assets?
Invivyd (IVVD) had $276.9M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Invivyd's capital expenditures?
Invivyd (IVVD) invested $155K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Invivyd spend on research and development?
Invivyd (IVVD) invested $38.3M in research and development during fiscal year 2025.
What is Invivyd's current ratio?
Invivyd (IVVD) had a current ratio of 7.24 as of fiscal year 2025, which is generally considered healthy.
What is Invivyd's debt-to-equity ratio?
Invivyd (IVVD) had a debt-to-equity ratio of 0.15 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Invivyd's return on assets (ROA)?
Invivyd (IVVD) had a return on assets of -19.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Invivyd's cash runway?
Based on fiscal year 2025 data, Invivyd (IVVD) had $226.7M in cash against an annual operating cash burn of $58.1M. This gives an estimated cash runway of approximately 47 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Invivyd's Piotroski F-Score?
Invivyd (IVVD) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Invivyd's earnings high quality?
Invivyd (IVVD) has an earnings quality ratio of 1.11x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Invivyd?
Invivyd (IVVD) scores 33 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.