Invivyd revise 2024 cash forecast, plans to vigorously launch PEMGARDA



WALTHAM, Mass. – Biopharmaceutical company Invivyd, Inc. (Nasdaq: IVVD) today announced that following a strategic review, it has increased its year-end 2024 cash position forecast by $20 million to $25 million. . The company currently expects to end the year with at least $75 million in cash and cash equivalents.

The resourcing, aimed at optimizing cash in clinical operations and chemistry, manufacturing and controls (CMC), resulted in the elimination of 14 full-time positions. Despite these changes, Invivyd maintains its 2024 net product revenue forecast for its investigational monoclonal antibody (mAb) PEMGARDA to be between $150 million and $200 million.

PEMGARDA (pemivibart) is an extended-half-life monoclonal antibody designed for pre-exposure prophylaxis of COVID-19 in certain immunocompromised adults and adolescents. It is engineered from adintrevimab and exhibits neutralizing activity against major SARS-CoV-2 variants in vitro.

Currently, PEMGARDA has been authorized for emergency use by the U.S. FDA under EUA, but has not yet been approved for the treatment or post-exposure prophylaxis of COVID-19.

Marc Elia, chairman of the board of directors of Invivyd, said that the board of directors and management team will focus investment in areas with potential for the benefit of patients and shareholders. He noted that more details on financial and business progress will be disclosed when first-quarter results are reported in May.

Invivyd's INVYMAB platform combines viral surveillance and predictive modeling with advanced antibody engineering to rapidly generate new monoclonal antibodies to address evolving viral threats. The company's first monoclonal antibody received EUA from the US FDA in March 2024.

3rd party advertising. Not an offer or recommendation by Investing.com.See disclosures here or
Remove ads
.

This news is based on a press release intended to provide investors with information about Invivyd's financial adjustments and its business strategy for its product PEMGARDA. The Company's forward-looking statements are subject to risks and uncertainties that could affect actual results.

Investment Professional Insights

In light of Invivyd's latest announcement of improved year-end cash forecasts, here are some key indicators and tips from InvestingPro that investors may find useful:

Investment professional data:

  • Market Cap: Invivyd currently has a market cap of $247.98 million.
  • Price-to-earnings ratio: The company's price-to-earnings ratio is negative at -2.17, indicating that it has not yet made a profit.
  • Price Performance: Shares of Invivyd have gained a solid 31.65% over the past six months, despite the recent decline, returning -53.15% last month.

Investment Professional Tips:

1. Invivyd holds more cash than debt on its balance sheet, which may provide some financial flexibility in the near term.

2. Analysts don't expect the company to make a profit this year, consistent with operating challenges reflected in the negative price-to-earnings ratio and recent stock performance.

For investors looking for deeper analysis and additional tips, Invivyd offers 9 additional InvestingPro Tips: https://www.investing.com/pro/IVVD.Use coupon code PRONEWS24 Annual or biennial Pro and Pro+ subscriptions receive an additional 10% discount. These insights may be particularly valuable as Invivyd approaches its next earnings report date of May 10, 2024, and as the market evaluates the company's strategic moves and its investigational monoclonal antibody PEMGARDA.

3rd party advertising. Not an offer or recommendation by Investing.com.See disclosures here or
Remove ads
.

This article was generated with the support of artificial intelligence and reviewed by an editor. For more information, please see our terms and conditions.





Source link

Leave a Reply

Your email address will not be published. Required fields are marked *