Invivyd, Inc. Segments Disclosure
16. Segment Reporting
The Company operates as a single reportable and operating segment dedicated to the research and development, commercialization, and sale of mAbs in the U.S to deliver protection from serious viral infectious diseases.
The determination of a single reportable segment is consistent with the consolidated financial information regularly reviewed by the Chief Operating Decision Maker (the “CODM”) in assessing performance and deciding how to allocate resources on a consolidated basis. The CODM is the Principal Executive Officer, who also serves as the Chief Financial Officer.
The CODM assesses performance and allocates resources based on the Company’s net loss reported on the consolidated statements of operations and comprehensive loss. The CODM’s area of focus is period over period fluxes and budget-to-actual variances when assessing performance and deciding how to allocate resources. The Company’s reportable segment derives its revenues from sales of its product, PEMGARDA. No asset information has been provided for the reportable segment as the CODM does not regularly review asset information by reportable segment.
The following table presents information about reported segment revenues, and significant segment expenses as provided to the CODM (in thousands). Certain prior period segment expense amounts have been recast to reflect the current year presentation.
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Year Ended December 31, |
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Year Ended December 31, |
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2025 |
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2024 |
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Revenue: |
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Product revenue, net |
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$ |
53,426 |
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$ |
25,384 |
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Total revenue |
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53,426 |
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25,384 |
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Operating costs and expenses: |
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Cost of product revenue |
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3,747 |
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|
1,618 |
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Research and development expense |
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|
|
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Direct, external research and development expenses by program: |
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Pemivibart(1) |
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3,140 |
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|
|
31,757 |
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VYD2311(2) |
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4,597 |
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|
|
67,505 |
|
VBY329(3) |
|
|
615 |
|
|
|
— |
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Early-stage programs |
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|
428 |
|
|
|
974 |
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Total direct, external research and development expenses by program |
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8,780 |
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|
|
100,236 |
|
Personnel expense (research and development) |
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11,746 |
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|
|
16,294 |
|
Stock-based compensation (research and development) |
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|
3,037 |
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|
|
4,980 |
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Other research and development expenses |
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14,745 |
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|
|
15,744 |
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Total research and development expenses |
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38,308 |
|
|
|
137,254 |
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Selling, general and administrative expense |
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Sales and Marketing costs |
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|
13,786 |
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|
|
15,990 |
|
Personnel expense (selling, general and administrative) |
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|
22,651 |
|
|
|
15,101 |
|
Stock-based compensation (selling, general and administrative) |
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|
8,606 |
|
|
|
14,808 |
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Other selling, general and administrative expenses |
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21,888 |
|
|
|
17,489 |
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Total selling, general and administrative expenses |
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66,931 |
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|
|
63,388 |
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Total operating costs and expenses |
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|
108,986 |
|
|
|
202,260 |
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Loss from operations |
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(55,560 |
) |
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(176,876 |
) |
Other income: |
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Other income, net(4) |
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3,071 |
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|
|
6,951 |
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Total other income, net |
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3,071 |
|
|
|
6,951 |
|
Net loss |
|
$ |
(52,489 |
) |
|
$ |
(169,925 |
) |
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 5, 2026 | Showing above |
| 2024 | Mar 20, 2025 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.