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Invivyd Inc. (IVVD-1.35%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports net product revenue of $9.3 million for the quarter, attributed to the launch of PEMGARDA, which received emergency use authorization (EUA) from the FDA in March 2024.
Cost of product revenue was $0.8 million, resulting in a gross margin of approximately 91%, impacted by certain period costs.
Research and development expenses increased to $57.9 million, primarily due to costs associated with the VYD2311 program and decreased expenses related to the VYD222 program.
Invivyd reported no acquired in-process research and development expenses for the quarter, compared to $4.6 million in the previous year.
Selling, general, and administrative expenses were $13.0 million, consistent with the prior year, with increased professional fees offset by decreased personnel-related costs.
Other income was $1.6 million, primarily from interest income.
Net loss for the quarter was $60.7 million, compared to $39.4 million in the same quarter of the previous year.
Invivyd's cash and cash equivalents totaled $106.9 million as of September 30, 2024, with a net cash decrease of $93.8 million during the nine months ended September 30, 2024.
The company anticipates needing additional funding beyond one year from the filing date to continue operations, raising substantial doubt about its ability to continue as a going concern.
Invivyd continues to focus on the commercialization of PEMGARDA and the development of its mAb candidates, including VYD2311, leveraging its INVYMAB platform for future product candidates.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Invivyd Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.