Estados financieros detallados de Invivyd, Inc. (IVVD): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Márgenes de los últimos 12 meses: margen bruto 91.4%, margen operativo -192.8%, margen neto -183.9%.
Al precio actual de $0.81, IVVD presenta beneficios negativos (P/E no significativo) y un ROE del -59.73%. La capitalización bursátil es de $237M.
Cuenta de Resultados (10 años)
| Año | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | 0 | 0 | 0 | 0 | $25.4M | $53.4M |
| Coste de Ventas | 0 | 0 | 0 | 0 | $1.6M | $3.7M |
| Beneficio Bruto | 0 | 0 | 0 | 0 | $23.8M | $49.7M |
| I+D | $106.5M | $182.9M | $179.2M | $158.7M | $137.3M | $38.3M |
| Generales y Administrativos | $5.5M | $36.5M | $47.0M | $49.1M | $63.4M | $66.9M |
| Gastos Operativos | $112.0M | $226.9M | $248.0M | $212.8M | $200.6M | $105.2M |
| Beneficio Operativo | -$112.0M | -$226.9M | -$248.0M | -$212.8M | -$176.9M | -$55.6M |
| EBITDA | 0 | -$219.4M | -$225.8M | -$205.8M | -$166.8M | -$50.4M |
| Gastos por Intereses | 0 | 0 | $43.1M | 0 | 0 | 0 |
| Beneficio Antes de Impuestos | -$112.0M | -$226.8M | -$241.3M | -$198.6M | -$169.9M | -$52.5M |
| Impuestos | 0 | 0 | 0 | 0 | 0 | 0 |
| Beneficio Neto | -$112.0M | -$226.8M | -$241.3M | -$198.6M | -$169.9M | -$52.5M |
| BPA | $-0.59 | $-2.11 | $-2.17 | $-1.81 | $-1.43 | $-0.30 |
| BPA Diluido | $-0.59 | $-2.11 | $-2.17 | $-1.81 | $-1.43 | $-0.30 |
| Acciones en Circulación (Diluidas) | $111.2M | $110.8M | $108.3M | $109.5M | $118.6M | $172.2M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $13.1M | $17.2M | $13.7M | $14.3M |
| Beneficio Bruto | $12.0M | $16.1M | $12.2M | $13.0M |
| Beneficio Operativo | -$11.0M | -$12.6M | -$43.1M | -$45.8M |
| EBITDA | -$10.0M | -$10.6M | -$40.9M | -$45.7M |
| Beneficio Neto | -$10.5M | -$11.1M | -$41.4M | -$44.4M |
| BPA | $-0.06 | $-0.06 | $-0.13 | $-0.14 |
| BPA Diluido | $-0.06 | $-0.06 | $-0.13 | $-0.14 |
Balance (10 años)
| Año | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $115.0M | $542.2M | $92.1M | $200.6M | $69.3M | $226.7M |
| Inversiones a Corto | 0 | $49.2M | $279.9M | 0 | 0 | 0 |
| Cuentas por Cobrar | 0 | $229000 | $377000 | $933000 | $11.2M | $14.6M |
| Inventario | 0 | 0 | 0 | 0 | 0 | $25.5M |
| Activos Corrientes | $117.4M | $616.7M | $376.9M | $224.9M | $100.7M | $247.5M |
| Inmovilizado Material | 0 | $83000 | $6.1M | $4.1M | $2.9M | $3.8M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Totales | $117.4M | $620.1M | $383.2M | $229.2M | $129.5M | $276.9M |
| Cuentas por Pagar | $8.2M | $5.8M | $1.5M | $8.0M | $10.4M | $13.7M |
| Deuda a Corto | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Corrientes | $13.1M | $62.1M | $25.0M | $50.3M | $62.0M | $34.2M |
| Deuda a Largo | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Totales | $182.6M | $62.1M | $27.2M | $51.7M | $62.0M | $35.3M |
| Reservas | -$65.3M | -$292.1M | -$533.4M | -$732.1M | -$902.0M | -$954.5M |
| Patrimonio Neto | -$65.2M | $558.0M | $356.0M | $177.5M | $67.5M | $241.5M |
| Deuda Total | 0 | 0 | $3.7M | $2.2M | $1.3M | $2.5M |
| Deuda Neta | -$115.0M | -$591.4M | -$368.3M | -$198.5M | -$68.0M | -$224.2M |
| Capital Circulante | $104.3M | $554.7M | $351.9M | $174.6M | $38.7M | $213.3M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $85.0M | $226.7M | $184.2M | $160.1M |
| Activos Totales | $139.2M | $276.9M | $241.7M | $218.9M |
| Pasivos Totales | $46.1M | $35.3M | $38.7M | $37.8M |
| Patrimonio Neto | $93.1M | $241.5M | $203.1M | $181.1M |
| Deuda Total | $2.7M | $2.5M | $8.6M | $8.4M |
Flujo de Caja (10 años)
| Año | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$65.3M | -$226.8M | -$241.3M | -$198.6M | -$169.9M | -$52.5M |
| Amortizaciones | 0 | $1000 | $462000 | $2.0M | $3.1M | $2.1M |
| Compensación en Acciones | 0 | $17.8M | $21.6M | $18.7M | $19.8M | $11.6M |
| Cambio en Capital Circulante | $10.7M | $22.8M | -$16.1M | $5.9M | -$23.5M | -$19.7M |
| Flujo de Caja Operativo | -$14.6M | -$184.7M | -$220.0M | -$173.2M | -$170.5M | -$58.1M |
| Inversiones (CapEx) | 0 | -$84000 | -$1.7M | -$615000 | -$140000 | -$155000 |
| Adquisiciones | 0 | 0 | 0 | 0 | 0 | 0 |
| Recompra de Acciones | -$3000 | 0 | -$4000 | -$1000 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$14.6M | -$184.8M | -$221.7M | -$173.8M | -$170.6M | -$58.3M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$8.2M | -$15.5M | -$41.7M | -$43.0M |
| Inversiones (CapEx) | 0 | 0 | -$726000 | -$510000 |
| Flujo de Caja Libre | -$8.2M | -$15.5M | -$42.4M | -$43.5M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $3.1M | $2.6M | $2.7M | $2.9M |
Crecimiento y Márgenes (10 años)
| Año | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | | | | | +110.5% |
| Crecimiento Beneficio Neto (anual) | | -102.5% | -6.4% | +17.7% | +14.5% | +69.1% |
| Crecimiento BPA (anual) | | -257.6% | -2.8% | +16.6% | +21.0% | +79.0% |
| Cambio en Acciones (anual) | | -0.4% | -2.3% | +1.2% | +8.2% | +45.3% |
| Crecimiento FCF (anual) | | -1168.4% | -20.0% | +21.6% | +1.8% | +65.8% |
| Margen Bruto | | | | | 93.6% | 93.0% |
| Margen Operativo | | | | | -696.8% | -104.0% |
| Margen EBITDA | | | | | -657.2% | -94.3% |
| Margen Neto | | | | | -669.4% | -98.2% |
| Margen FCF | | | | | -672.2% | -109.1% |
| Tasa Impositiva Efectiva | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Datos por Acción (10 años)
| Año | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-0.13 | $-1.67 | $-2.05 | $-1.59 | $-1.44 | $-0.34 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $111.2M | $110.8M | $108.3M | $109.5M | $118.6M | $172.2M |
Qué mirar en Biotech
La mayoría de biotechs pequeñas pierden dinero. Analizarlas con P/E no tiene sentido — mira caja y pipeline.
- Cash Runway — Meses de caja al ritmo de gasto actual. <18 meses = riesgo de dilución urgente
- Cash burn anual — Ritmo al que queman caja operativa. Comparar con posición de caja para proyectar runway
- Total Debt — Biotech sin ingresos + deuda = receta para bancarrota
- I+D / Capitalización — Cuánto invierten en pipeline vs lo que vale la empresa — indicador de intensidad investigadora
- Market cap / Cash — Si cotiza cerca de su caja, el mercado le da ~0 valor al pipeline — puede ser oportunidad o trampa
Rentabilidad
| Rentabilidad sobre capital | -59.73% |
| Rentabilidad sobre capital invertido | -59.39% |
| Rentabilidad sobre activos | -49.04% |
| Margen bruto | 91.35% |
| Margen operativo | -192.81% |
| Margen neto | -183.90% |
Salud financiera
| Deuda / Patrimonio | 0.05 |
| Ratio corriente | 5.87 |
Ratios Clave (10 años)
| Año | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -35.39 | -3.44 | -0.69 | -2.18 | -0.31 | -8.23 |
| P/VC | -35.60 | 1.44 | 0.46 | 2.43 | 0.78 | 1.76 |
| P/V | 0.00 | 0.00 | 0.00 | 0.00 | 2.07 | 7.96 |
| Margen Bruto | 0.0% | 0.0% | 0.0% | 0.0% | 93.6% | 93.0% |
| Margen Operativo | 0.0% | 0.0% | 0.0% | 0.0% | -696.8% | -104.0% |
| Margen Neto | 0.0% | 0.0% | 0.0% | 0.0% | -669.4% | -98.2% |