Shares of biopharmaceutical company Invivyd experienced a 16% decrease on Monday as the company expressed concerns about its ability to continue operating.
Stock Performance
Despite the recent setback, Invivyd’s stock had seen considerable growth over the past year, with its value more than doubling in the last 52 weeks. As of now, the stock is priced at $4.19.
Financial Situation
Invivyd revealed in a prospectus released on Friday that it has serious doubts about its future as a going concern. The company stated that, according to their current operating plans and without considering any potential revenue or external financing, their existing cash and cash equivalents would not suffice to cover operating expenses and capital expenditure requirements beyond one year. However, they anticipate having enough funds until the fourth quarter.
Resale of Shares
This prospectus is related to the resale of up to 37.7 million shares by selling stockholders at various intervals.
Focus on Monoclonal Antibody Candidate
As Invivyd faces uncertainty regarding its financial future, the company’s stocks took a significant hit. However, with its ongoing developments in the field of monoclonal antibodies, there is hope for a potential turnaround.