vs
Side-by-side financial comparison of Invivyd, Inc. (IVVD) and KKR Real Estate Finance Trust Inc. (KREF). Click either name above to swap in a different company.
KKR Real Estate Finance Trust Inc. is the larger business by last-quarter revenue ($25.8M vs $17.2M, roughly 1.5× Invivyd, Inc.). Invivyd, Inc. runs the higher net margin — -64.3% vs -101.7%, a 37.4% gap on every dollar of revenue. On growth, Invivyd, Inc. posted the faster year-over-year revenue change (24.5% vs -26.6%).
Invivyd, Inc. is a clinical-stage biopharmaceutical company focused on developing broadly neutralizing antibody therapies to prevent and treat serious viral infectious diseases. Its core research and development pipeline targets high-burden respiratory pathogens including respiratory syncytial virus, catering to unmet medical needs of global patient groups.
KKR Real Estate Finance Trust Inc. is a specialized real estate finance firm sponsored by global investment firm KKR. It primarily originates, acquires, and manages a portfolio of senior secured commercial real estate loans, mostly backed by high-quality institutional commercial properties across the United States, delivering stable risk-adjusted returns to investors via interest income from its diversified assets.
IVVD vs KREF — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $17.2M | $25.8M |
| Net Profit | $-11.1M | $-26.2M |
| Gross Margin | — | — |
| Operating Margin | -73.0% | -105.1% |
| Net Margin | -64.3% | -101.7% |
| Revenue YoY | 24.5% | -26.6% |
| Net Profit YoY | 40.0% | -229.6% |
| EPS (diluted) | $0.02 | $-0.49 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $17.2M | $25.8M | ||
| Q3 25 | $13.1M | $25.3M | ||
| Q2 25 | $11.8M | $30.2M | ||
| Q1 25 | $11.3M | $31.3M | ||
| Q4 24 | $13.8M | $35.1M | ||
| Q3 24 | $9.3M | $37.0M | ||
| Q2 24 | $2.3M | $40.4M | ||
| Q1 24 | $0 | $39.1M |
| Q4 25 | $-11.1M | $-26.2M | ||
| Q3 25 | $-10.5M | $13.8M | ||
| Q2 25 | $-14.7M | $-29.7M | ||
| Q1 25 | $-16.3M | $-4.9M | ||
| Q4 24 | $-18.4M | $20.3M | ||
| Q3 24 | $-60.7M | $-7.4M | ||
| Q2 24 | $-47.2M | $25.8M | ||
| Q1 24 | $-43.5M | $-3.1M |
| Q4 25 | -73.0% | -105.1% | ||
| Q3 25 | -84.0% | 50.4% | ||
| Q2 25 | -127.8% | -101.3% | ||
| Q1 25 | -149.7% | -18.3% | ||
| Q4 24 | -139.1% | 55.8% | ||
| Q3 24 | -670.0% | -19.6% | ||
| Q2 24 | -2175.2% | 63.3% | ||
| Q1 24 | — | -8.7% |
| Q4 25 | -64.3% | -101.7% | ||
| Q3 25 | -79.7% | 54.4% | ||
| Q2 25 | -124.4% | -98.5% | ||
| Q1 25 | -144.1% | -15.5% | ||
| Q4 24 | -133.5% | 57.7% | ||
| Q3 24 | -653.1% | -20.0% | ||
| Q2 24 | -2086.9% | 63.9% | ||
| Q1 24 | — | -7.9% |
| Q4 25 | $0.02 | $-0.49 | ||
| Q3 25 | $-0.06 | $0.12 | ||
| Q2 25 | $-0.12 | $-0.53 | ||
| Q1 25 | $-0.14 | $-0.15 | ||
| Q4 24 | $-0.14 | $0.22 | ||
| Q3 24 | $-0.51 | $-0.19 | ||
| Q2 24 | $-0.40 | $0.29 | ||
| Q1 24 | $-0.38 | $-0.13 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $226.7M | $84.6M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $241.5M | $1.2B |
| Total Assets | $276.9M | $6.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $226.7M | $84.6M | ||
| Q3 25 | $85.0M | $204.1M | ||
| Q2 25 | $34.9M | $107.7M | ||
| Q1 25 | $48.1M | $106.4M | ||
| Q4 24 | $69.3M | $104.9M | ||
| Q3 24 | $106.9M | $108.8M | ||
| Q2 24 | $147.9M | $107.2M | ||
| Q1 24 | $189.4M | $106.5M |
| Q4 25 | $241.5M | $1.2B | ||
| Q3 25 | $93.1M | $1.2B | ||
| Q2 25 | $42.8M | $1.2B | ||
| Q1 25 | $54.1M | $1.3B | ||
| Q4 24 | $67.5M | $1.3B | ||
| Q3 24 | $83.2M | $1.4B | ||
| Q2 24 | $140.6M | $1.4B | ||
| Q1 24 | $178.5M | $1.4B |
| Q4 25 | $276.9M | $6.5B | ||
| Q3 25 | $139.2M | $6.5B | ||
| Q2 25 | $89.1M | $6.8B | ||
| Q1 25 | $103.7M | $6.6B | ||
| Q4 24 | $129.5M | $6.4B | ||
| Q3 24 | $161.9M | $6.8B | ||
| Q2 24 | $177.3M | $7.1B | ||
| Q1 24 | $215.5M | $7.3B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-15.5M | $72.3M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | 0.0% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.5M | $72.3M | ||
| Q3 25 | $-8.3M | $18.5M | ||
| Q2 25 | $-13.3M | $21.1M | ||
| Q1 25 | $-21.1M | $15.9M | ||
| Q4 24 | $-37.6M | $132.6M | ||
| Q3 24 | $-41.1M | $49.1M | ||
| Q2 24 | $-41.6M | $30.6M | ||
| Q1 24 | $-50.2M | $34.5M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $-13.3M | — | ||
| Q1 25 | $-21.3M | — | ||
| Q4 24 | $-37.6M | — | ||
| Q3 24 | $-41.1M | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $-50.4M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -112.9% | — | ||
| Q1 25 | -188.2% | — | ||
| Q4 24 | -272.2% | — | ||
| Q3 24 | -441.6% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | 0.0% | — | ||
| Q3 25 | 0.0% | — | ||
| Q2 25 | 0.1% | — | ||
| Q1 25 | 1.3% | — | ||
| Q4 24 | 0.0% | — | ||
| Q3 24 | 0.1% | — | ||
| Q2 24 | 0.0% | — | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | 1.34× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 6.54× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 1.19× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
