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TIP of the SPEAR? - Is Invivyd's Long COVID Program Underappreciated?

Q4 / Year End Highlights

• Achieved Q4 2025 PEMGARDA® net product revenue of $17.2 million, representing 25% growth year-over-year and 31% growth quarter-over-quarter.
• 2025 year-end cash and cash equivalents of $226.7 million after raising over $200 million from financing transactions in 2H 2025.
• Announced initiation of DECLARATION Phase 3 pivotal clinical trial of vaccine-alternative antibody VYD2311 to prevent COVID, with top-line data expected mid-2026; Fast Track designation for VYD2311 granted by FDA in December 2025.
• DECLARATION trial on track with full enrollment achieved.
• SPEAR Phase 2 clinical trial is expected to be initiated by mid-2026.

Invivyd closed 2025 with strong commercial momentum, reporting full-year PEMGARDA net product revenue of $53.4 million (greater than 2 x’s 2024), while simultaneously reducing operating expenses by nearly half. R&D expense fell to $38.3 million and net loss narrowed to $52.5 million for the full year, a sign of improving financial discipline as the company heads into a pivotal trial year.  But the financials may be the least interesting part of the story right now as the emerging SPEAR program could collectively redefine the company's long-term revenue opportunity.