Invivyd, Inc.

IVVD

HealthcareBiotechnologyNASDAQ

$1.50

Market Cap: $199.09M

Invivyd, Inc. (IVVD) Valuation Summary

Updated May 10, 2026 08:31

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	—	N/A	—
Revenue DCF 10Y	$0.02 – $14.25	$2.56	+70.5%
▸ Trading Multiples
EV/Revenue	$2.54 – $4.36	$4.89	+225.7%

Valuation History

DCF Analysis

Invivyd, Inc. (IVVD) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$2.56

Market Price

$1.50

Upside / Downside

+70.5%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -104.0% to a target of 13.2% over 5 years, discounted at a WACC of 8.5%, Invivyd, Inc. (IVVD) has an intrinsic value of $2.56 per share (range: $0.02 – $14.25).

Key Assumptions

Current Operating Margin

-104.0%

Target Operating Margin

13.2%

WACC

8.5%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.4%

Target CapEx/Rev

12.2%

D&A/Revenue

8.1%

Tax Rate

21.0%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	85	58.8%	-80.6%	-68	-68	7	(1)	-4	-59	-56
2027	94	10.4%	-57.1%	-53	-53	8	(3)	2	-51	-45
2028	206	120.5%	-33.7%	-70	-70	17	(8)	29	-90	-73
2029	368	78.5%	-10.3%	-38	-38	30	(19)	41	-68	-51
2030	571	55.1%	13.2%	75	60	46	(36)	52	18	13
2031	743	30.0%	13.2%	98	77	60	(55)	44	39	25
2032	966	30.0%	13.2%	127	101	78	(83)	57	39	23
2033	1,255	30.0%	13.2%	166	131	102	(123)	74	36	19
2034	1,632	30.0%	13.2%	215	170	132	(179)	96	27	14
2035	1,973	20.9%	13.2%	260	206	160	(240)	87	39	18

Enterprise Value Bridge

Sum of PV(FCFF)-115

Terminal Value (Gordon Growth at 3.0%)721

PV of Terminal Value331

Enterprise Value216

(–) Net Debt-224

Equity Value440

(÷) Shares Outstanding172

Fair Value per Share$2.56

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.2%	10.2%	13.2%	16.2%	19.2%
6.5%	$-1	$0	$4	$9	$14
7.5%	$-1	$0	$3	$7	$11
8.5%	$-1	$0	$3	$5	$8
9.5%	$-0	$0	$2	$4	$7
10.5%	$-0	$0	$2	$4	$6

Current price: $1.50. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 25.4% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$4.89

Market Price

$1.50

Upside / Downside

+225.7%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Invivyd, Inc. (IVVD) has a fair value of $4.89 based on 6 comparable companies in the Biotechnology industry.

EV/Revenue Valuation — Biotechnology

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Invivyd, Inc.IVVD	258	0.6x	0.4x
Codexis, Inc.CDXS	259	4.0x	3.8x
C4 Therapeutics, Inc.CCCC	244	6.4x	10.6x
Orchestra BioMed Holdings, Inc.OBIO	236	6.1x	121.4x
OmniAb, Inc.OABI	189	9.8x	6.3x
Insight Molecular Diagnostics Inc.IMDX	134	31.2x	89.0x
Sangamo Therapeutics, Inc.SGMO	42	0.5x	0.5x
Industry Median		6.2x	8.5x
(*) Revenue		53	85
= Enterprise Value		333	901
(-) Net Debt		-224	-224
Equity Value		557	1,126
(/) Outstanding shares		172	172
Fair Price		$3	$7

Selected Fair Value (avg of trailing + forward)

$4.89

+225.7%

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

—

N/A

—

Revenue DCF 10Y

$0.02 – $14.25

$2.56

+70.5%

▸ Trading Multiples

EV/Revenue

$2.54 – $4.36

$4.89

+225.7%

DCF Analysis

Invivyd, Inc. (IVVD) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$2.56

Market Price

$1.50

Upside / Downside

+70.5%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-104.0%

Target Operating Margin

13.2%

WACC

8.5%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.4%

Target CapEx/Rev

12.2%

D&A/Revenue

8.1%

Tax Rate

21.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	85	58.8%	-80.6%	-68	-68	7	(1)	-4	-59	-56
2027	94	10.4%	-57.1%	-53	-53	8	(3)	2	-51	-45
2028	206	120.5%	-33.7%	-70	-70	17	(8)	29	-90	-73
2029	368	78.5%	-10.3%	-38	-38	30	(19)	41	-68	-51
2030	571	55.1%	13.2%	75	60	46	(36)	52	18	13
2031	743	30.0%	13.2%	98	77	60	(55)	44	39	25
2032	966	30.0%	13.2%	127	101	78	(83)	57	39	23
2033	1,255	30.0%	13.2%	166	131	102	(123)	74	36	19
2034	1,632	30.0%	13.2%	215	170	132	(179)	96	27	14
2035	1,973	20.9%	13.2%	260	206	160	(240)	87	39	18

Enterprise Value Bridge

Sum of PV(FCFF)-115

Terminal Value (Gordon Growth at 3.0%)721

PV of Terminal Value331

Enterprise Value216

(–) Net Debt-224

Equity Value440

(÷) Shares Outstanding172

Fair Value per Share$2.56

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.2%	10.2%	13.2%	16.2%	19.2%
6.5%	$-1	$0	$4	$9	$14
7.5%	$-1	$0	$3	$7	$11
8.5%	$-1	$0	$3	$5	$8
9.5%	$-0	$0	$2	$4	$7
10.5%	$-0	$0	$2	$4	$6

Current price: $1.50. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 25.4% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$4.89

Market Price

$1.50

Upside / Downside

+225.7%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Invivyd, Inc. (IVVD) has a fair value of $4.89 based on 6 comparable companies in the Biotechnology industry.

EV/Revenue Valuation — Biotechnology

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Invivyd, Inc.IVVD	258	0.6x	0.4x
Codexis, Inc.CDXS	259	4.0x	3.8x
C4 Therapeutics, Inc.CCCC	244	6.4x	10.6x
Orchestra BioMed Holdings, Inc.OBIO	236	6.1x	121.4x
OmniAb, Inc.OABI	189	9.8x	6.3x
Insight Molecular Diagnostics Inc.IMDX	134	31.2x	89.0x
Sangamo Therapeutics, Inc.SGMO	42	0.5x	0.5x
Industry Median		6.2x	8.5x
(*) Revenue		53	85
= Enterprise Value		333	901
(-) Net Debt		-224	-224
Equity Value		557	1,126
(/) Outstanding shares		172	172
Fair Price		$3	$7

Selected Fair Value (avg of trailing + forward)

$4.89

+225.7%