$IVVD
Invivyd, Inc.

2024 Q1 Form 10-K Financial Statement

#000095017024037610 Filed on March 28, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $14.93M $15.09M $49.13M
YoY Change 35.17% 43.41% 4.42%
% of Gross Profit
Research & Development $31.16M $62.27M $158.7M
YoY Change 14.55% 206.42% -11.47%
% of Gross Profit
Depreciation & Amortization $122.0K $120.0K $480.0K
YoY Change 1.67% 300.0% 1070.73%
% of Gross Profit
Operating Expenses $46.09M $77.35M $207.8M
YoY Change 17.96% 150.82% -16.23%
Operating Profit -$46.09M -$212.8M
YoY Change 17.96% -14.22%
Interest Expense $1.100M $2.700M $7.300M
YoY Change 0.0% -28.95% 87.18%
% of Operating Profit
Other Income/Expense, Net $2.593M $398.0K $6.815M
YoY Change -30.85% -102.27% 1.5%
Pretax Income -$43.50M -$73.65M -$198.6M
YoY Change 23.15% 65.25% -17.68%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$43.50M -$73.65M -$198.6M
YoY Change 23.14% 65.25% -17.68%
Net Earnings / Revenue
Basic Earnings Per Share -$0.38 -$1.81
Diluted Earnings Per Share -$0.38 -$0.67 -$1.81
COMMON SHARES
Basic Shares Outstanding 119.2M 110.1M 109.5M
Diluted Shares Outstanding 115.6M 109.5M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $189.4M $200.6M $200.6M
YoY Change -43.2% -46.06% -46.06%
Cash & Equivalents $189.4M $200.6M $200.6M
Short-Term Investments $0.00 $0.00
Other Short-Term Assets $19.51M $23.31M $23.31M
YoY Change 82.35% 417.93% 417.93%
Inventory $109.0K $0.00
Prepaid Expenses
Receivables $0.00
Other Receivables
Total Short-Term Assets $209.9M $224.9M $224.9M
YoY Change -39.1% -40.34% -40.33%
LONG-TERM ASSETS
Property, Plant & Equipment $1.901M $4.125M $4.125M
YoY Change -15.59% 80.76% -32.38%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.857M $175.0K $175.0K
YoY Change 538.14% -8.38% -12.5%
Total Long-Term Assets $5.585M $4.300M $4.300M
YoY Change -5.99% -31.2% -31.75%
TOTAL ASSETS
Total Short-Term Assets $209.9M $224.9M $224.9M
Total Long-Term Assets $5.585M $4.300M $4.300M
Total Assets $215.5M $229.2M $229.2M
YoY Change -38.54% -40.19% -40.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.168M $7.953M $7.953M
YoY Change -80.25% 424.26% 430.2%
Accrued Expenses $34.00M $42.30M $42.30M
YoY Change 134.49% 93.07% 80.01%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $36.35M $50.29M $50.29M
YoY Change 64.78% 100.91% 101.16%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00 $1.422M $1.422M
YoY Change -100.0% -35.36%
Total Long-Term Liabilities $0.00 $1.422M $1.422M
YoY Change -100.0% -35.36%
TOTAL LIABILITIES
Total Short-Term Liabilities $36.35M $50.29M $50.29M
Total Long-Term Liabilities $0.00 $1.422M $1.422M
Total Liabilities $36.97M $51.71M $51.71M
YoY Change 55.24% 90.14% 90.12%
SHAREHOLDERS EQUITY
Retained Earnings -$775.6M -$732.1M
YoY Change 36.38% 37.25%
Common Stock $954.1M $909.6M
YoY Change 6.53% 2.23%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $178.5M $177.5M $177.5M
YoY Change
Total Liabilities & Shareholders Equity $215.5M $229.2M $229.2M
YoY Change -38.54% -40.19% -40.19%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$43.50M -$73.65M -$198.6M
YoY Change 23.14% 65.25% -17.68%
Depreciation, Depletion And Amortization $122.0K $120.0K $480.0K
YoY Change 1.67% 300.0% 1070.73%
Cash From Operating Activities -$50.21M -$59.24M -$173.2M
YoY Change 21.93% 24.96% -21.28%
INVESTING ACTIVITIES
Capital Expenditures $140.0K -$5.000K $615.0K
YoY Change -77.56% -100.41% -63.93%
Acquisitions
YoY Change
Other Investing Activities $0.00 $77.92M $281.3M
YoY Change -100.0% -156.63% -222.86%
Cash From Investing Activities -$140.0K $77.91M $280.7M
YoY Change -100.19% -156.13% -221.68%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.194M
YoY Change -550.57%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 39.10M 145.0K 1.045M
YoY Change 7114.21% 3.57% 106.52%
NET CHANGE
Cash From Operating Activities -50.21M -59.24M -173.2M
Cash From Investing Activities -140.0K 77.91M 280.7M
Cash From Financing Activities 39.10M 145.0K 1.045M
Net Change In Cash -11.25M 18.82M 108.6M
YoY Change -132.72% -110.11% -124.12%
FREE CASH FLOW
Cash From Operating Activities -$50.21M -$59.24M -$173.2M
Capital Expenditures $140.0K -$5.000K $615.0K
Free Cash Flow -$50.35M -$59.24M -$173.8M
YoY Change 20.45% 21.82% -21.61%

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CY2022 ivvd Payments For Offering Costs
PaymentsForOfferingCosts
0
CY2023 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
1000
CY2022 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
4000
CY2023 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1045000
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
506000
CY2023 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
108565000
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-450148000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
92076000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
542224000
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
200641000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
92076000
CY2023 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0
CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
1728000
CY2023 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
0
CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
2470000
CY2023 ivvd Fixed Asset Purchases In Account Payable And Accrued Expenses
FixedAssetPurchasesInAccountPayableAndAccruedExpenses
14000
CY2022 ivvd Fixed Asset Purchases In Account Payable And Accrued Expenses
FixedAssetPurchasesInAccountPayableAndAccruedExpenses
535000
CY2023 ivvd Deferred Offering Costs In Accrued Expenses
DeferredOfferingCostsInAccruedExpenses
273000
CY2022 ivvd Deferred Offering Costs In Accrued Expenses
DeferredOfferingCostsInAccruedExpenses
0
CY2023 us-gaap Net Income Loss
NetIncomeLoss
-198600000
CY2023Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-732100000
CY2023 us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-left:4.533%;font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The preparation of the Company’s consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, research and development expenses and related prepaid or accrued costs and stock-based compensation expense. The Company bases its estimates on historical experience, known trends and other market-specific or relevant factors it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates as there are changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results may differ materially from those estimates or assumptions.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company is monitoring the potential impact of the COVID-19 pandemic on its business and consolidated financial statements. The Company is not aware of any specific event or circumstance that would require any update to its estimates or judgments reflected in these consolidated financial statements or a revision of the carrying value of its assets or liabilities as of the is</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">suance date of these consolidated financial statements. These estimates may change as new events occur and additional information is obtained.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
CY2023 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="margin-left:4.533%;font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Concentrations of Credit Risk, Significant Suppliers and License Rights</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Financial instruments that potentially expose the Company to concentrations of credit risk consist of cash, cash equivalents and marketable securities. As of December 31, 2023, the Company invested its excess cash in money market funds that are subject to minimal credit and market risks. The Company maintains its existing cash and cash equivalents at three accredited financial institutions that it believes are creditworthy. From time to time, these deposits may exceed federally insured limits. The Company has not experienced any losses historically in these accounts. Accordingly, the Company does not believe it is exposed to unusual credit risk related to its existing cash and cash equivalents beyond the normal credit risk associated with commercial banking relationships.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company is dependent on third-party organizations to manufacture and process its product candidates for its development programs. In particular, the Company relies on a single third-party contract manufacturer to produce and process its product candidates and to manufacture supply of its product candidates for preclinical and clinical activities. The Company also currently relies on this same third-party contract manufacturer for any anticipated requirements of commercial supply, including both drug substance and drug product (see Note 9). The Company expects to continue to be dependent on a small number of manufacturers to supply it with its requirements for all products. The Company’s research and development programs, including any associated commercialization efforts, could be adversely affected by a significant interruption in the supply of the necessary materials.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company is dependent on a limited number of third parties that provide license rights used by the Company in the development and potential commercialization of its product candidates and programs. Through December 31, 2023</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">, the Company’s research and development programs primarily relate to rights conveyed by Adimab (see Note 7). The Company could experience delays in the development and commercialization of its product candidates and programs if the Adimab agreements or any other license agreement utilized in the Company’s research and development activities is terminated, if the Company fails to meet the obligations required under its arrangements, or if the Company is unable to successfully secure new strategic alliances or licensing agreements.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
CY2022 us-gaap Marketable Securities Realized Gain Loss
MarketableSecuritiesRealizedGainLoss
0
CY2023 us-gaap Marketable Securities Realized Gain Loss
MarketableSecuritiesRealizedGainLoss
0
CY2022 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2023 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2023 ivvd Accruedresearchanddevelopmentcostspolicytextblock
Accruedresearchanddevelopmentcostspolicytextblock
<p style="margin-left:4.533%;font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Accrued Research and Development Costs</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company has entered into various research, development and manufacturing contracts with third-party service providers, including clinical research organizations (“CROs”) </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">and </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">a contract manufacturing organization. With the exception of the Company’s commercial manufacturing arrangement with WuXi Biologics (Hong Kong) Limited (see Note 9), these agreements are generally cancellable. The Company recognizes research and development expense associated with such arrangements as the costs are incurred and records accruals for estimated ongoing research, development and manufacturing</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">costs, </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">where necessary. When billing terms under these contracts do not coincide with the timing of when the work is performed, the Company is required to make estimates of outstanding obligations to those third parties as of period end. Any accrual estimates are based on a number of factors, including the Company’s knowledge of the progress towards completion of the specific tasks to be performed, invoicing to date under the contracts, communication from the vendors of any actual costs incurred during the period that have not yet been invoiced and the costs included in the contracts. Significant judgments and estimates may be made in determining the accrued balances at the end of any reporting period. Actual results could differ from the estimates made by the Company. The historical accrual estimates made by the Company have not been materially different from the actual costs.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
CY2023 ivvd Percentage Of Income Tax Examination Likelihood Upon Ultimate Settlement
PercentageOfIncomeTaxExaminationLikelihoodUponUltimateSettlement
0.50
CY2023Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2022Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2023 ivvd Annual Gross Revenue
AnnualGrossRevenue
1235000000
CY2023Q4 us-gaap Convertible Debt
ConvertibleDebt
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CY2023Q4 ivvd Available For Sale Marketable Securities
AvailableForSaleMarketableSecurities
0
CY2022 us-gaap Adjustment For Amortization
AdjustmentForAmortization
280187000
CY2022 ivvd Unrealized Gain On Marketable Securities
UnrealizedGainOnMarketableSecurities
52000
CY2022 ivvd Unrealized Loss On Marketable Securities
UnrealizedLossOnMarketableSecurities
-324000
CY2022 us-gaap Assets Fair Value Adjustment
AssetsFairValueAdjustment
279915000
CY2022Q4 ivvd Available For Sale Marketable Securities
AvailableForSaleMarketableSecurities
0
CY2022Q4 ivvd Fair Value Transfers Between Levels Transfers Amount
FairValueTransfersBetweenLevelsTransfersAmount
0
CY2023Q4 ivvd Fair Value Transfers Between Levels Transfers Amount
FairValueTransfersBetweenLevelsTransfersAmount
0
CY2023Q4 ivvd Prepaid External Research Development And Manufacturing Expense Current
PrepaidExternalResearchDevelopmentAndManufacturingExpenseCurrent
19962000
CY2022Q4 ivvd Prepaid External Research Development And Manufacturing Expense Current
PrepaidExternalResearchDevelopmentAndManufacturingExpenseCurrent
843000
CY2023Q4 us-gaap Prepaid Insurance
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1770000
CY2022Q4 us-gaap Prepaid Insurance
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2392000
CY2023Q4 ivvd Prepaid Compensation And Related Expenses
PrepaidCompensationAndRelatedExpenses
1575000
CY2022Q4 ivvd Prepaid Compensation And Related Expenses
PrepaidCompensationAndRelatedExpenses
1314000
CY2023Q4 us-gaap Interest Receivable Current
InterestReceivableCurrent
933000
CY2022Q4 us-gaap Interest Receivable Current
InterestReceivableCurrent
377000
CY2023Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
24240000
CY2022Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
4926000
CY2023Q4 ivvd Accrued External Research Development And Manufacturing Expenses Current
AccruedExternalResearchDevelopmentAndManufacturingExpensesCurrent
28151000
CY2022Q4 ivvd Accrued External Research Development And Manufacturing Expenses Current
AccruedExternalResearchDevelopmentAndManufacturingExpensesCurrent
13955000
CY2023Q4 us-gaap Accrued Professional Fees Current And Noncurrent
AccruedProfessionalFeesCurrentAndNoncurrent
1732000
CY2022Q4 us-gaap Accrued Professional Fees Current And Noncurrent
AccruedProfessionalFeesCurrentAndNoncurrent
1153000
CY2023Q4 us-gaap Accrued Employee Benefits Current
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10752000
CY2022Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
5985000
CY2023Q4 us-gaap Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
225000
CY2022Q4 us-gaap Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
818000
CY2023Q4 us-gaap Accrued Liabilities Current And Noncurrent
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CY2022Q4 us-gaap Accrued Liabilities Current And Noncurrent
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21911000
CY2023 ivvd Quarterly Fee
QuarterlyFee
1300000
CY2023 ivvd Delivery Fee
DeliveryFee
200000
CY2023 ivvd Completion Fee
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200000
CY2023 ivvd Exercise Fee
ExerciseFee
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CY2022Q3 ivvd Acquired In Process Research And Development Expense
AcquiredInProcessResearchAndDevelopmentExpense
3000000
CY2020Q4 ivvd Accrued Upfront Fee
AccruedUpfrontFee
200000
CY2023 ivvd Royalty Based On Net Sales Of Licensed Products Percentage
RoyaltyBasedOnNetSalesOfLicensedProductsPercentage
0.01
CY2023 us-gaap Royalty Expense
RoyaltyExpense
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CY2021Q3 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
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CY2021Q3 ivvd Lessee Operating Lease Total Lease Space
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9600
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400000
CY2022Q2 us-gaap Sale Leaseback Transaction Monthly Rental Payments
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700000
CY2022Q3 us-gaap Sale Leaseback Transaction Monthly Rental Payments
SaleLeasebackTransactionMonthlyRentalPayments
1300000
CY2023 us-gaap Operating Lease Cost
OperatingLeaseCost
1720000
CY2022 us-gaap Operating Lease Cost
OperatingLeaseCost
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CY2023 us-gaap Variable Lease Cost
VariableLeaseCost
46000
CY2022 us-gaap Variable Lease Cost
VariableLeaseCost
31000
CY2023 us-gaap Lease Cost
LeaseCost
1766000
CY2022 us-gaap Lease Cost
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785000
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CY2022Q4 us-gaap Operating Lease Liability
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CY2023Q4 us-gaap Purchase Obligation Due In Next Twelve Months
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CY2023Q4 us-gaap Purchase Obligation Due In Second Year
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430000
CY2023Q4 us-gaap Purchase Obligation Due In Third Year
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328000
CY2023Q4 us-gaap Purchase Obligation Due In Fourth Year
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0
CY2023Q4 us-gaap Purchase Obligation
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2279000
CY2023Q4 ivvd Present Value Adjustment
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-114000
CY2023Q4 ivvd Present Value Of Operating Lease Liability
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2165000
CY2023 us-gaap Subordinated Borrowing Interest Rate
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0.06
CY2023Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P1Y9M18D
CY2022 us-gaap Subordinated Borrowing Interest Rate
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0.06
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P2Y7M6D
CY2023Q4 us-gaap Lessor Operating Lease Payments To Be Received Next Twelve Months
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CY2023Q4 us-gaap Operating Lease Liability Noncurrent
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700000
CY2022Q4 ivvd Cash Fees
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3000000
CY2023Q4 us-gaap Convertible Preferred Stock Shares Reserved For Future Issuance
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43048016
CY2022Q3 us-gaap Partners Capital Account Public Sale Of Units Net Of Offering Costs
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400000000
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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7.01
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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1594000
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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CY2023 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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CY2023 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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24745000
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
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23065514
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
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5.08
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
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24745000
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7.3
CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
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CY2023Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
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5195000
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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2.79
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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800000
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
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CY2023 ivvd Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Repurchased In Period
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
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0
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CY2023 us-gaap Allocated Share Based Compensation Expense
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CY2022 us-gaap Allocated Share Based Compensation Expense
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37600000
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P2Y6M
CY2020Q3 ivvd Percentage Of Total Number Of Shares Of Common Stock Outstanding
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CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
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2685546
CY2023 us-gaap Income Tax Expense Benefit
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0
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IncomeTaxExpenseBenefit
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CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.21
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2023 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
-0.11
CY2022 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
-0.035
CY2023 us-gaap Effective Income Tax Rate Reconciliation Tax Credits
EffectiveIncomeTaxRateReconciliationTaxCredits
-0.03
CY2022 us-gaap Effective Income Tax Rate Reconciliation Tax Credits
EffectiveIncomeTaxRateReconciliationTaxCredits
-0.041
CY2023 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost
0.003
CY2022 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost
0.003
CY2023 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.348
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.283
CY2023 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
-0.001
CY2022 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0
CY2023 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2023Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
76441000
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
61653000
CY2023Q4 us-gaap Deferred Tax Liabilities Deferred Expense Capitalized Research And Development Costs
DeferredTaxLiabilitiesDeferredExpenseCapitalizedResearchAndDevelopmentCosts
74115000
CY2022Q4 us-gaap Deferred Tax Liabilities Deferred Expense Capitalized Research And Development Costs
DeferredTaxLiabilitiesDeferredExpenseCapitalizedResearchAndDevelopmentCosts
36550000
CY2023Q4 us-gaap Deferred Tax Assets In Process Research And Development
DeferredTaxAssetsInProcessResearchAndDevelopment
24313000
CY2022Q4 us-gaap Deferred Tax Assets In Process Research And Development
DeferredTaxAssetsInProcessResearchAndDevelopment
16901000
CY2023Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
13921000
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
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CY2023Q4 ivvd Deferred Tax Assets Warrant Expense
DeferredTaxAssetsWarrantExpense
4781000
CY2022Q4 ivvd Deferred Tax Assets Warrant Expense
DeferredTaxAssetsWarrantExpense
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CY2023Q4 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
DeferredTaxAssetsGoodwillAndIntangibleAssets
4217000
CY2022Q4 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
DeferredTaxAssetsGoodwillAndIntangibleAssets
2602000
CY2023Q4 ivvd Deferred Tax Assets Operating Lease Liability
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569000
CY2022Q4 ivvd Deferred Tax Assets Operating Lease Liability
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871000
CY2023Q4 us-gaap Deferred Tax Assets Other
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2727000
CY2022Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
1269000
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201084000
CY2022Q4 us-gaap Deferred Tax Assets Gross
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132220000
CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
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200385000
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2023Q4 us-gaap Deferred Tax Assets Net
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CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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30424436
CY2022Q4 us-gaap Deferred Tax Assets Net
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CY2023Q4 ivvd Deferred Tax Liabilities Operating Lease Right Of Use Assets
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-585000
CY2022Q4 ivvd Deferred Tax Liabilities Operating Lease Right Of Use Assets
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-884000
CY2023Q4 ivvd Deferred Tax Liabilities Depreciation Expense
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CY2022Q4 ivvd Deferred Tax Liabilities Depreciation Expense
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CY2023Q4 us-gaap Deferred Income Tax Liabilities
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CY2022Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
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CY2023Q4 us-gaap Deferred Tax Assets Liabilities Net
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0
CY2022Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
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CY2023 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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CY2022 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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CY2023Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
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0
CY2022Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
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0
CY2023 us-gaap Net Income Loss
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CY2022 us-gaap Net Income Loss
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CY2023 us-gaap Weighted Average Number Of Shares Outstanding Basic
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109526053
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
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108268289
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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108268289
CY2023 us-gaap Earnings Per Share Basic
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CY2022 us-gaap Earnings Per Share Basic
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CY2022 us-gaap Earnings Per Share Diluted
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-2.23
CY2023 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
29890226

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