Hartford Business Journal

HARTFORDBUSINESS.COM | OCTOBER 19, 2026 11 STARTUPS, TECHNOLOGY & INNOVATION "We're aiming at the biggest possible population," he said. Reaching that market, however, depends on clinical results and FDA approval. In one Phase 3, or late-stage, trial, Invivyd evaluated VYD2311's safety and whether giving it alongside a COVID-19 vaccine affected the immune system's response to the vaccine. Elia said the results were favorable and showed no apparent interference with that response. A separate Phase 3 trial is exam- ining the drug's safety, antibody responses and ability to prevent symptomatic COVID-19. Invivyd plans to seek FDA approval through the agency's accelerated approval program using safety and antibody response data from both studies. Under that plan, results measuring how well the drug prevents illness would follow if approval is granted. Meantime, Elia dismissed concerns that declining public atten- tion to COVID-19 undermines the commercial opportunity. He compared the situation to HIV, which is no longer perceived as the public health emergency it once was but remains the basis for a large market for drugs that prevent infection or control the virus. "I haven't met anyone who wants to get sick," Elia said. of those drugs without repeatedly turning to investors for capital, Elia said. Invivyd, though, remains unprof- itable. As of June 30, it reported $160.1 million in cash and cash equivalents, down from $226.7 million at the end of 2025. Product revenue rose to $28 million in the first six months of 2026, from $23.1 million a year earlier. Its net loss widened to $85.8 million from $30.9 million in the year-ago period. In its second-quarter filing, Invivyd said that, without addi- tional financing, its available cash would not cover operating expenses and capital needs beyond a year from the report's issuance in August. The company said it expects to fund opera- tions through product revenue, financing and potential partnerships. Invivyd's stock has also fallen sharply over the past year, losing more than half its value in the 12 months through early October. Shares were trading below $1, compared with about $1.63 a year earlier. Elia said he believes investors are awaiting "pivotal data" from the latest Phase 3 trial and the company's next steps with the FDA, "and we are working hard to deliver against those milestones." Elia's employment agreement offers him a financial incentive for building the company's value, including a trans- action bonus if Invivyd is acquired for an equity value of at least $5 billion. Asked whether Invivyd's ultimate goal is to be acquired, Elia said the objective is to create as much medical and shareholder value as possible. A sale, he said, would make sense only if a larger company could pursue Invivyd's opportunity better or faster. "If at the end of the day someone wants to buy it, so be it," Elia said. "But I think what we were trying to say to the world is, we're here to make a big splash and create a huge amount of value." Jodie Gillon, an infectious disease epidemiologist and president and CEO of BioCT, the state's nonprofit biosci- ence trade organization, said Invivyd's efforts are important and innovative. She said Invivyd's recent expansion in New Haven is "another leap forward in Connecticut establishing itself as a world leader in life sciences with a history of COVID vaccine development right here." Broader market Invivyd is also looking beyond COVID. The company is working on poten- tial antibody drugs to prevent RSV, measles, mumps, rubella, diphtheria and pertussis, Elia said. The resurgence of measles, he added, illustrates a potential role for the technology, including protecting people during outbreaks or complementing vaccination. The longer-term goal is to generate enough revenue from commercial products to finance development Marc Elia became Invivyd's CEO in August after serving about four years as chairman.

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