Invivyd priced a $125 million public offering of 44 million shares at $2.50 each, with pre‑funded warrants for 6 million shares at $2.4999 each. The transaction, conducted under a shelf registration statement on Form S‑3, is expected to close on or about November 19, 2025.
Net proceeds, combined with the company’s existing cash and cash equivalents, will be directed toward the potential launch of its next‑generation COVID‑19 antibody VYD2311, ongoing research and development for RSV and measles programs, advancement of the SPEAR study on monoclonal antibody therapy for post‑COVID syndromes, and general working capital and corporate purposes.
Invivyd’s liquidity profile remains strong, with a current ratio of 2.47 and a quick ratio of 2.46, and a debt‑to‑equity ratio of 0.03. The company has historically reported negative operating and net margins, and its cash burn has accelerated as it scales clinical development. The equity raise is intended to reduce reliance on debt, shore up working capital, and provide the capital necessary to bring VYD2311 to market and sustain its diversified pipeline.
Investors have expressed concern about the dilution that accompanies the issuance of new shares, which is a common reaction to equity financings. The capital infusion, however, is expected to support the company’s strategic priorities and could position Invivyd for accelerated product development once VYD2311 reaches regulatory approval.
Management emphasized that the funding will accelerate the launch of VYD2311 and reinforce the company’s commitment to expanding its pipeline beyond COVID‑19, including RSV, measles, and the SPEAR study. The company’s leadership highlighted the importance of maintaining a robust cash position to navigate the long development timelines and regulatory milestones associated with these programs.
The offering strengthens Invivyd’s balance sheet, reduces debt exposure, and provides the financial flexibility needed to pursue its pipeline objectives. While the issuance of new shares introduces dilution, the strategic use of proceeds is aimed at generating long‑term value through the commercialization of VYD2311 and continued investment in high‑potential therapeutic areas.
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