Invivyd, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data Invivyd, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2021	FY2021	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue						0	25.4	53.4
Research and development				183	179	159	137	38.3
Selling, general and administrative				36.5	47	49.1	63.4	66.9
Operating expenses				227	248	213	202	109
Operating income				-227	-248	-213	-177	-55.6
Other non-operating income				0.12	6.71	14.1	6.95	3.07
Income tax				0	0	0	0	0
Net income	-38.7	-83.4	-144	-227	-241	-199	-170	-52.5
EBITDA				-227	-248	-212
EPS, basic				-5.32	-2.23	-1.81	-1.43	-0.30
EPS, diluted				-5.32	-2.23	-1.81	-1.43	-0.30
Shares, basic (weighted)		0.13	20.3	42.6	108	110	119	172
Shares, diluted (weighted)		0.13	20.3	42.6	108	110	119	172

Balance sheet

	FY2021	FY2021	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	91.2	393	478	542	92.1	201	69.3	227
Receivables						0	10.9	13.9
Inventory						0	25.9
Other current assets		0.26	0.58	1.52	4.93	24.2	3.73	6.86
Total current assets		396	680	617	377	225	101	247
Property, plant and equipment				0.08	2.28	1.9	1.51	1.37
Lease right-of-use assets				0	3.78	2.23	1.39	2.44
Other non-current assets			6.12	3.3	0.19	0.18	0.03	0.11
Total assets		398	686	620	383	229	130	277
Accounts payable		10.7	17.6	5.78	1.52	7.95	10.4	13.7
Accrued liabilities		27.2	35.5	56.3	21.9	40.9	50.2	19.1
Total current liabilities		37.9	53	62.1	25	50.3	62	34.2
Lease liabilities				0	2.17	0.72	0	1.18
Other non-current liabilities				0.01	0	0.7	0
Total liabilities		37.9	53.1	62.1	27.2	51.7	62	35.3
Paid-in capital		4.07	842	850	890	910	970	1,196
Retained earnings		-149	-209	-292	-533	-732	-902	-954
Treasury stock		0	0	0	0
Other comprehensive income			0	-0.01	-0.27	-0.01	-0.01	-0.04
Shareholders' equity	-103	-145	633	558	356	177	67.5	242
Total equity	-103	-145	633	558	356	177	67.5	242
Total liabilities and equity		398	686	620	383	229	130	277
Shares outstanding	0	5.6	111	111	109	110	120	282

Cash flow statement

	FY2021	FY2021	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-38.7	-83.4	-144	-227	-241	-199	-170	-52.5
Depreciation and amortization				0	0.04	0.48
Stock-based compensation				17.8	21.6	18.7	19.8	11.6
Change in receivables						0	-10.9	-3.34
Change in inventory						0	-24.9	-0.37
Change in payables				-2.37	-4.3	6.47	2.42	3.21
Cash from operations				-185	-220	-173	-170	-58.1
Capital expenditures				-0.08	-1.71	-0.62	-0.14	-0.16
Purchases of investments				-189	-298	-91.2	0
Sales and maturities of investments				138	69	373	0
Cash from investing				-50.7	-231	281	-0.14	-0.16
Stock issued				331	0.27	0.24	0.22	0.25
Share buybacks				0	-0	-0	0
Cash from financing				663	0.51	1.05	39.3	216
Net change in cash				427	-450	109	-131	157
Free cash flow				-185	-222	-174	-171	-58.3

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $0.58 on November 10, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	-192.8%	Operating income / revenue.
Net margin	-183.9%	Net income / revenue.
FCF margin	-187.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-185.8%	Cash from operations / revenue.
Return on equity (ROE)	-59.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-49.0%	Net income / average total assets.
Return on invested capital (ROIC)	-423.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	134.0%	Research and development expense / revenue.
SG&A / revenue	151.1%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	19.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.1%	Capital expenditures / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	110.5%	Revenue vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	257.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-12.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	113.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-10.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y	45.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	16.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	5.87x	Current assets / current liabilities.
Quick ratio	5.52x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	5.16x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	17.3%	Total liabilities / total assets.
Working capital	$151.1M	Current assets - current liabilities.
Tangible book value	$181.1M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.27x	Revenue / average total assets.
Fixed asset turnover	26.7x	Revenue / average property, plant and equipment.
Receivables turnover	5.20x	Revenue / average receivables.
Days sales outstanding	70 days	365 x average receivables / revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.34	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$0.18	Revenue / diluted weighted shares.
FCF per share	-$0.34	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$0.34	Cash from operations / diluted weighted shares.
Book value per share	$0.61	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$0.61	Tangible book value / shares outstanding.
Cash per share	$0.54	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$169.8M	Share price x shares outstanding.
Enterprise value	$9.7M	Market cap + total debt - cash - short-term investments.
P/S	2.91x	Market cap / revenue.
P/B	0.94x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.94x	Market cap / tangible book value, when positive.
EV/Sales	0.17x	Enterprise value / revenue.
FCF yield	-64.6%	Free cash flow / market cap.
Earnings yield	-63.2%	Net income / market cap (the inverse of P/E).

What was Invivyd, Inc.'s revenue in fiscal 2025?

Invivyd, Inc. reported revenue of $53.4M for fiscal 2025, 110.5% higher than the year before.

Was Invivyd, Inc. profitable in fiscal 2025?

No. It reported a net loss of $52.5M.

How much free cash flow did Invivyd, Inc. generate in fiscal 2025?

Cash from operations of $58.1M minus capital expenditures of $155.0K left free cash flow of -$58.3M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to Invivyd, Inc.