Detailed financial statements for Invivyd, Inc. (IVVD): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Adagio Therapeutics, Inc., a biopharmaceutical firm in its clinical development phase, operates within the United States, specializing in the discovery, progression, and marketing of antibody-derived solutions for infectious diseases. The company's leading drug candidate, ADG20 (adintrevimab), is a neutralizing antibody currently undergoing Phase 3 clinical investigation for both the management and prevention of coronavirus disease.
Analysis Summary
Trailing-twelve-month margins: gross margin 91.4%, operating margin -192.8%, net margin -183.9%.
At the current price of $0.81, IVVD has negative trailing earnings (P/E not meaningful) and an ROE of -59.73%. Market capitalisation stands at $237M.
Balance sheet quality for IVVD: current ratio of 7.2, net cash position of $224.2M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | 0 | 0 | 0 | $25.4M | $53.4M |
| Cost of Revenue | 0 | 0 | 0 | 0 | $1.6M | $3.7M |
| Gross Profit | 0 | 0 | 0 | 0 | $23.8M | $49.7M |
| Research & Development | $106.5M | $182.9M | $179.2M | $158.7M | $137.3M | $38.3M |
| Selling, General & Admin | $5.5M | $36.5M | $47.0M | $49.1M | $63.4M | $66.9M |
| Operating Expenses | $112.0M | $226.9M | $248.0M | $212.8M | $200.6M | $105.2M |
| Operating Income | -$112.0M | -$226.9M | -$248.0M | -$212.8M | -$176.9M | -$55.6M |
| EBITDA | 0 | -$219.4M | -$225.8M | -$205.8M | -$166.8M | -$50.4M |
| Interest Expense | 0 | 0 | $43.1M | 0 | 0 | 0 |
| Pre-tax Income | -$112.0M | -$226.8M | -$241.3M | -$198.6M | -$169.9M | -$52.5M |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$112.0M | -$226.8M | -$241.3M | -$198.6M | -$169.9M | -$52.5M |
| EPS | $-0.59 | $-2.11 | $-2.17 | $-1.81 | $-1.43 | $-0.30 |
| EPS (Diluted) | $-0.59 | $-2.11 | $-2.17 | $-1.81 | $-1.43 | $-0.30 |
| Shares Outstanding (Diluted) | $111.2M | $110.8M | $108.3M | $109.5M | $118.6M | $172.2M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $13.1M | $17.2M | $13.7M | $14.3M |
| Gross Profit | $12.0M | $16.1M | $12.2M | $13.0M |
| Operating Income | -$11.0M | -$12.6M | -$43.1M | -$45.8M |
| EBITDA | -$10.0M | -$10.6M | -$40.9M | -$45.7M |
| Net Income | -$10.5M | -$11.1M | -$41.4M | -$44.4M |
| EPS | $-0.06 | $-0.06 | $-0.13 | $-0.14 |
| EPS (Diluted) | $-0.06 | $-0.06 | $-0.13 | $-0.14 |
Balance Sheet (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $115.0M | $542.2M | $92.1M | $200.6M | $69.3M | $226.7M |
| Short-term Investments | 0 | $49.2M | $279.9M | 0 | 0 | 0 |
| Receivables | 0 | $229000 | $377000 | $933000 | $11.2M | $14.6M |
| Inventory | 0 | 0 | 0 | 0 | 0 | $25.5M |
| Total Current Assets | $117.4M | $616.7M | $376.9M | $224.9M | $100.7M | $247.5M |
| Property, Plant & Equipment | 0 | $83000 | $6.1M | $4.1M | $2.9M | $3.8M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $117.4M | $620.1M | $383.2M | $229.2M | $129.5M | $276.9M |
| Accounts Payable | $8.2M | $5.8M | $1.5M | $8.0M | $10.4M | $13.7M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $13.1M | $62.1M | $25.0M | $50.3M | $62.0M | $34.2M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $182.6M | $62.1M | $27.2M | $51.7M | $62.0M | $35.3M |
| Retained Earnings | -$65.3M | -$292.1M | -$533.4M | -$732.1M | -$902.0M | -$954.5M |
| Total Equity | -$65.2M | $558.0M | $356.0M | $177.5M | $67.5M | $241.5M |
| Total Debt | 0 | 0 | $3.7M | $2.2M | $1.3M | $2.5M |
| Net Debt | -$115.0M | -$591.4M | -$368.3M | -$198.5M | -$68.0M | -$224.2M |
| Working Capital | $104.3M | $554.7M | $351.9M | $174.6M | $38.7M | $213.3M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $85.0M | $226.7M | $184.2M | $160.1M |
| Total Assets | $139.2M | $276.9M | $241.7M | $218.9M |
| Total Liabilities | $46.1M | $35.3M | $38.7M | $37.8M |
| Total Equity | $93.1M | $241.5M | $203.1M | $181.1M |
| Total Debt | $2.7M | $2.5M | $8.6M | $8.4M |
Cash Flow (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$65.3M | -$226.8M | -$241.3M | -$198.6M | -$169.9M | -$52.5M |
| Depreciation & Amortization | 0 | $1000 | $462000 | $2.0M | $3.1M | $2.1M |
| Stock-based Compensation | 0 | $17.8M | $21.6M | $18.7M | $19.8M | $11.6M |
| Change in Working Capital | $10.7M | $22.8M | -$16.1M | $5.9M | -$23.5M | -$19.7M |
| Operating Cash Flow | -$14.6M | -$184.7M | -$220.0M | -$173.2M | -$170.5M | -$58.1M |
| Capital Expenditure | 0 | -$84000 | -$1.7M | -$615000 | -$140000 | -$155000 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | -$3000 | 0 | -$4000 | -$1000 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$14.6M | -$184.8M | -$221.7M | -$173.8M | -$170.6M | -$58.3M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$8.2M | -$15.5M | -$41.7M | -$43.0M |
| Capital Expenditure | 0 | 0 | -$726000 | -$510000 |
| Free Cash Flow | -$8.2M | -$15.5M | -$42.4M | -$43.5M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $3.1M | $2.6M | $2.7M | $2.9M |
Growth & Margins (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | | | | | +110.5% |
| Net Income Growth (YoY) | | -102.5% | -6.4% | +17.7% | +14.5% | +69.1% |
| EPS Growth (YoY) | | -257.6% | -2.8% | +16.6% | +21.0% | +79.0% |
| Shares Change (YoY) | | -0.4% | -2.3% | +1.2% | +8.2% | +45.3% |
| FCF Growth (YoY) | | -1168.4% | -20.0% | +21.6% | +1.8% | +65.8% |
| Gross Margin | | | | | 93.6% | 93.0% |
| Operating Margin | | | | | -696.8% | -104.0% |
| EBITDA Margin | | | | | -657.2% | -94.3% |
| Net Margin | | | | | -669.4% | -98.2% |
| FCF Margin | | | | | -672.2% | -109.1% |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-0.13 | $-1.67 | $-2.05 | $-1.59 | $-1.44 | $-0.34 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $111.2M | $110.8M | $108.3M | $109.5M | $118.6M | $172.2M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -59.73% |
| Return on Invested Capital | -59.39% |
| Return on Assets | -49.04% |
| Gross Margin | 91.35% |
| Operating Margin | -192.81% |
| Net Margin | -183.90% |
Financial Health
| Debt / Equity | 0.05 |
| Current Ratio | 5.87 |
Key Ratios (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -35.39 | -3.44 | -0.69 | -2.18 | -0.31 | -8.23 |
| P/B | -35.60 | 1.44 | 0.46 | 2.43 | 0.78 | 1.76 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 2.07 | 7.96 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 93.6% | 93.0% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | -696.8% | -104.0% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | -669.4% | -98.2% |