Full Press Release Details
Invivyd Reports Full Year 2023 Financial Results and Recent Business Highlights
WALTHAM, Mass., March 28, 2024 (GLOBE NEWSWIRE) Invivyd, Inc. (Nasdaq: IVVD), a biopharmaceutical company on a mission to protect the vulnerable
from serious viral infectious diseases, today announced financial results for the full year ended December 31, 2023 and recent business highlights.
We made remarkable progress throughout 2023 and in recent months. Roughly one year ago we were initiating the Phase 1 clinical trial of VYD222, and
today we are incredibly proud to have received emergency use authorization (EUA) of PEMGARDA for PrEP of COVID-19 in certain adults and adolescents (aged 12 or older weighing at least 40kg) in the U.S. with moderate-to-severe immune compromise who are unlikely to mount an adequate response to COVID-19 vaccination, said Dave Hering,
Chief Executive Officer of Invivyd. PEMGARDA is the first PrEP mAb to receive an EUA using a rapid immunobridging trial design leveraging a biomarker as a surrogate of clinical efficacy and the first authorized mAb from our novel platform
approach designed to rapidly and serially engineer durable mAbs targeting conserved viral epitopes. This exciting milestone is a testament to our team s incredible dedication, skill, and ability to execute to plan.
Mr. Hering continued, With PEMGARDA now authorized and anticipated to be available for order in the U.S. imminently, we are laser-focused on
executing our commercial launch plan and look forward to providing insights on key launch metrics as time progresses. With a relatively compact field sales organization, we believe that we can efficiently reach key healthcare practitioners and
institutions who care for the highest risk moderately to severely immunocompromised adults and adolescents, with the opportunity to potentially expand our efforts and footprint over time within our authorized population.
Recent Program Highlights
Year End 2023 Financial Results
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, the dominant variant in the U.S. currently according to estimates from the Centers for Disease Control and Prevention. PEMGARDA targets
the SARS-CoV-2 spike protein receptor binding domain (RBD), thereby inhibiting virus attachment to the human ACE2 receptor on host cells.
PEMGARDA (pemivibart) injection (4500 mg), for intravenous use is an investigational mAb that has not been
approved, but has been authorized for emergency use by the U.S. FDA under an EUA for the pre-exposure prophylaxis (prevention) of COVID-19 in adults and adolescents (12
years of age and older weighing at least 40 kg) who have moderate-to-severe immune compromise due to certain medical conditions or receipt of certain immunosuppressive
medications or treatments and are unlikely to mount an adequate immune response to COVID-19 vaccination. Recipients should not be currently infected with or have had a known recent exposure to an individual
infected with SARS-CoV-2. PEMGARDA is not authorized for use for treatment of COVID-19 or post-exposure prophylaxis of COVID-19. Anaphylaxis has been observed with PEMGARDA and the PEMGARDA Fact Sheet for Healthcare Providers includes a boxed warning for anaphylaxis. The most common adverse events (all grades, incidence 2%)
observed in participants who have moderate-to-severe immune compromise treated with PEMGARDA included systemic and local infusion-related or hypersensitivity reactions,
upper respiratory tract infection, viral infection, influenza-like illness, fatigue, headache, and nausea.
support the EUA for PEMGARDA, an immunobridging approach was used to determine if PEMGARDA may be effective for pre-exposure prophylaxis of COVID-19. Immunobridging is
based on the serum virus neutralizing titer-efficacy relationships identified with other neutralizing human mAbs against SARS-CoV-2. This includes adintrevimab, the
parent mAb of pemivibart, and other mAbs that were previously authorized for EUA. There are limitations of the data supporting the benefits of PEMGARDA. Evidence of clinical efficacy for other neutralizing human mAbs against SARS-CoV-2 was based on different populations and SARS-CoV-2 variants that are no longer
circulating. Additionally, the variability associated with cell-based EC50 value determinations, along with limitations related to pharmacokinetic data and efficacy estimates for the mAbs in
prior clinical trials, impact the ability to precisely estimate protective titer ranges.
The emergency use of PEMGARDA is only authorized for the
duration of the declaration that circumstances exist justifying the authorization of the emergency use of drugs and biological products during the COVID-19 pandemic under Section 564(b)(1) of the Federal
Food, Drug, and Cosmetic Act, 21 U.S.C. 360bbb-3(b)(1), unless the declaration is terminated or authorization revoked sooner.
Invivyd, Inc. (Nasdaq: IVVD) is
commercial-stage company on a mission to rapidly and perpetually deliver antibody-based therapies that protect vulnerable people from the devastating consequences of circulating viral threats, beginning with SARS-CoV-2. The company s proprietary INVYMAB platform approach combines state-of-the-art viral surveillance and predictive modeling with advanced antibody engineering. INVYMAB is designed to facilitate the rapid, serial generation of new monoclonal antibodies (mAbs) to
keep pace with evolving viral threats. In March 2024, Invivyd received emergency use authorization (EUA) from the U.S. FDA for its first mAb in a planned series of innovative antibody candidates. Visit https://invivyd.com/ to learn more.
Cautionary Note Regarding Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as
anticipates, believes, could, expects, intends, potential, projects, and future or similar expressions (as well as other words or expressions referencing
future events, conditions or circumstances) are intended to identify forward-looking statements. Forward-looking statements include statements concerning, among other things, the potential of PEMGARDA as a mAb for
pre-exposure prophylaxis (prevention) of COVID-19 in certain adults and adolescents with
moderate-to-severe immune compromise; the company s plans related to the commercialization of PEMGARDA, including its expectations regarding availability and supply
of PEMGARDA, as well as the company s plans to provide insights on key launch metrics as time progresses; the ability of the company s INVYMAB platform approach to rapidly and serially engineer durable mAbs targeting conserved epitopes;
the company s ongoing research and clinical development efforts, and the timing thereof; the company s expectation that PEMGARDA is the first mAb in a planned series of innovative antibody candidates and VYD2311 will be the next mAb
candidate to enter clinical development; the company s expectations to engage with the FDA with the aim of establishing a streamlined development pathway that would allow the company to most efficiently leverage its INVYMAB platform approach to
serially generate new or modified mAbs to keep pace with SARS-CoV-2 viral evolution; the future of the COVID-19 landscape,
particularly for vulnerable populations; the company s expectations regarding the anticipated timeline of its cash runway; the company s mission to rapidly and perpetually deliver antibody-based therapies that protect vulnerable people
from the devastating consequences of circulating viral threats, beginning with SARS-CoV-2; and other statements that are not historical fact. The company may not
actually achieve the plans, intentions or expectations disclosed in the company s forward-looking statements and you should not place undue reliance on the company s forward-looking statements. These forward-looking statements involve
risks and uncertainties that could cause the company s actual results to differ materially from the results described in or implied by the forward-looking statements, including, without limitation: how long the EUA granted by the FDA for
PEMGARDA will remain in effect and whether the EUA is revoked or revised by the FDA; the company s ability to build and maintain sales, marketing and distribution capabilities to successfully commercialize PEMGARDA; changes in expected or
existing competition; the timing and progress of the company s discovery, preclinical and clinical development activities; the outcome of the company s engagement with the FDA on a potential streamlined development pathway; the
uncertainties and timing of the regulatory authorization or approval process, and available development and regulatory pathways for authorization or approval of the company s product candidates; changes in the regulatory environment; unexpected
safety or efficacy data observed during preclinical studies or clinical trials; the ability to maintain a continued acceptable safety, tolerability and efficacy profile of PEMGARDA or any other product candidate following regulatory authorization or
approval; the predictability of clinical success of the company s product candidates based on neutralizing activity in preclinical studies; the risk that results of preclinical studies or clinical trials may not be predictive of future results,
and interim data are subject to further analysis; the company s reliance on third parties with respect to virus assay creation and product candidate testing and with respect to its clinical trials; variability of results in models used to
predict activity against SARS-CoV-2 variants; whether PEMGARDA or any other product candidate is able to demonstrate and sustain neutralizing activity against major SARS-CoV-2 variants, particularly in the face of viral evolution; the complexities of manufacturing mAb therapies; the company s dependence on third parties to
manufacture, label, package, store and
distribute clinical and commercial supplies of its product candidates; whether the company is able to provide sufficient commercial supply of PEMGARDA to meet market demand; whether the company
can obtain and maintain third-party coverage and adequate reimbursement for PEMGARDA or any other product candidate; the company s ability to leverage its INVYMAB platform approach to rapidly and serially generate durable mAbs that keep pace
with SARS-CoV-2 viral evolution or other viral threats; any litigation and other proceedings or government investigations relating to the company; the company s
ability to continue as a going concern; and whether the company has adequate funding to meet future operating expenses and capital expenditure requirements. Other factors that may cause the company s actual results to differ materially from
those expressed or implied in the forward-looking statements in this press release are described under the heading Risk Factors in the company s Annual Report on Form 10-K for the year ended
December 31, 2022 filed with the Securities and Exchange Commission (SEC), and in the company s other filings with the SEC, and in its future reports to be filed with the SEC and available at www.sec.gov. Forward-looking statements
contained in this press release are made as of this date, and Invivyd undertakes no duty to update such information whether as a result of new information, future events or otherwise, except as required under applicable law.
This press release contains hyperlinks to information that is not deemed to be incorporated by reference in this press release.
CONSOLIDATED BALANCE SHEETS
thousands, except share and per share amounts)
| December 31, 2023 | December 31, 2022 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 200,641 | $ | 92,076 | ||||
| Marketable securities | 279,915 | |||||||
| Prepaid expenses and other current assets | 24,240 | 4,926 | ||||||
| Total current assets | 224,881 | 376,917 | ||||||
| Property and equipment, net | 1,896 | 2,282 | ||||||
| Operating lease right-of-use assets | 2,229 | 3,777 | ||||||
| Other non-current assets | 175 | 191 | ||||||
| Total assets | $ | 229,181 | $ | 383,167 | ||||
| Liabilities, Preferred Stock and Stockholders Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 7,953 | $ | 1,517 | ||||
| Accrued expenses | 40,860 | 21,911 | ||||||
| Operating lease liabilities, current | 1,443 | 1,559 | ||||||
| Other current liability | 35 | 44 | ||||||
| Total current liabilities | 50,291 | 25,031 | ||||||
| Operating lease liabilities, non-current | 722 | 2,165 | ||||||
| Other non-current liability | 700 | |||||||
| Early-exercise liability | 1 | |||||||
| Total liabilities | 51,713 | 27,197 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders equity (deficit): | ||||||||
| Preferred stock (undesignated), $0.0001 par value; 10,000,000 shares authorized and no shares issued and outstanding at December 31, 2023 and December 31, 2022 | ||||||||
| Common stock, $0.0001 par value; 1,000,000,000 shares authorized, 110,160,684 shares issued and outstanding at December 31, 2023; 109,044,046 shares issued and outstanding at December 31, 2022 | 11 | 11 | ||||||
| Additional paid-in capital | 909,539 | 889,657 | ||||||
| Accumulated other comprehensive loss | (13 | ) | (272 | ) | ||||
| Accumulated deficit | (732,069 | ) | (533,426 | ) | ||||
| Total stockholders equity | 177,468 | 355,970 | ||||||
| Total liabilities, preferred stock and stockholders equity | $ | 229,181 | $ | 383,167 |
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
thousands, except share and per share amounts)
| Year Ended December 31, | ||||||||
| 2023 | 2022 | |||||||
| Operating expenses: | ||||||||
| Research and development (1) | $ | 158,658 | $ | 179,214 | ||||
| Acquired in-process research and development (2) | 4,975 | 4,400 | ||||||
| Selling, general and administrative | 49,125 | 47,044 | ||||||
| Warrant expense (3) | 17,373 | |||||||
| Total operating expenses | 212,758 | 248,031 | ||||||
| Loss from operations | (212,758 | ) | (248,031 | ) | ||||
| Other income: | ||||||||
| Other income, net | 14,115 | 6,714 | ||||||
| Total other income, net | 14,115 | 6,714 | ||||||
| Net loss | (198,643 | ) | (241,317 | ) | ||||
| Other comprehensive income (loss) | ||||||||
| Unrealized gain (loss) on available-for-sale securities, net of tax | 259 | (264 | ) | |||||
| Comprehensive loss | $ | (198,384 | ) | $ | (241,581 | ) | ||
| Net loss per share attributable to common stockholders, basic and diluted | $ | (1.81 | ) | $ | (2.23 | ) | ||
| Weighted-average common shares outstanding, basic and diluted | 109,526,053 | 108,268,289 |
IMPORTANT SAFETY INFORMATION
WARNING: ANAPHYLAXIS
PEMGARDA is contraindicated in individuals with previous severe hypersensitivity reactions, including anaphylaxis, to any component of PEMGARDA.
WARNINGS AND PRECAUTIONS
Hypersensitivity Including
Anaphylaxis and Infusion-Related Reactions
Serious hypersensitivity reactions, including anaphylaxis, have been observed with PEMGARDA. If signs and
symptoms of a clinically significant hypersensitivity reaction or anaphylaxis occur, immediately discontinue administration, and initiate appropriate medications and/or supportive therapy. Clinically monitor individuals during the 60-minute infusion and for at least two hours after completion of the infusion.
Risk of Cross-Hypersensitivity With COVID-19 Vaccines
PEMGARDA contains polysorbate 80, which is in some
COVID-19 vaccines and is structurally similar to polyethylene glycol (PEG), an ingredient in other COVID-19 vaccines. For individuals with a history of severe
hypersensitivity reaction to a COVID-19 vaccine, consider consultation with an allergist-immunologist prior to PEMGARDA administration.
Risk for COVID-19 Due to SARS-CoV-2
Viral Variants Not Neutralized by PEMGARDA
Certain SARS-CoV-2 viral
variants may emerge that are not neutralized by monoclonal antibodies such as PEMGARDA. PEMGARDA may not be effective at preventing COVID-19 caused by these SARS-CoV-2 viral variants. Inform individuals of the increased risk, compared to other variants, for COVID-19 due to emergent SARS-CoV-2 viral variants not neutralized by PEMGARDA. If signs or symptoms of COVID-19 occur, advise individuals to test for
COVID-19 and seek medical attention, including starting treatment for COVID-19 as appropriate.
The most common adverse events (all
grades, incidence 2%) observed in participants who have moderate-to-severe immune compromise treated with PEMGARDA included systemic and local infusion-related or
hypersensitivity reactions, upper respiratory tract infection, viral infection, influenza-like illness, fatigue, headache, and nausea.
USE IN SPECIFIC POPULATIONS
There are insufficient data to evaluate a drug-associated risk of major birth defects, miscarriage, or adverse maternal or fetal outcomes. PEMGARDA should only
be used during pregnancy if the potential benefit outweighs the potential risk for the mother and the fetus.
There are no available data on the presence of PEMGARDA in human or animal milk, the effects on the breastfed infant, or the effects on milk production.
Maternal IgG is known to be present in human milk. The developmental and health benefits of breastfeeding should be considered along with the mother s clinical need for PEMGARDA and any potential adverse effects on the breastfed infant from
PEMGARDA is not authorized for use in pediatrics less than 12 years of age or weighing less than 40 kg. The safety and effectiveness of PEMGARDA has not been
established in pediatrics.
EMERGENCY USE AUTHORIZATION (EUA) FOR PEMGARDA
The U.S. Food and Drug Administration (FDA) has issued an EUA for the emergency use of the unapproved product PEMGARDA for the
pre-exposure prophylaxis of COVID-19 in adults and adolescents (12 years of age and older weighing at least 40 kg):