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Side-by-side financial comparison of Invivyd, Inc. (IVVD) and Relay Therapeutics, Inc. (RLAY). Click either name above to swap in a different company.
Invivyd, Inc. is the larger business by last-quarter revenue ($17.2M vs $7.0M, roughly 2.5× Relay Therapeutics, Inc.).
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.
Relay Therapeutics is a clinical-stage biotechnology company focused on developing precision oncology therapies. It leverages advanced computational modeling of protein dynamics, paired with cutting-edge experimental biology, to design targeted medicines for previously intractable cancer types, serving global oncology care markets and patient populations.
IVVD vs RLAY — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $17.2M | $7.0M |
| Net Profit | $-11.1M | — |
| Gross Margin | — | — |
| Operating Margin | -73.0% | — |
| Net Margin | -64.3% | — |
| Revenue YoY | 24.5% | — |
| Net Profit YoY | 40.0% | — |
| EPS (diluted) | $0.02 | — |
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 | $7.0M | ||
| Q3 25 | $13.1M | $0 | ||
| Q2 25 | $11.8M | — | ||
| Q1 25 | $11.3M | $7.7M | ||
| Q4 24 | $13.8M | $0 | ||
| Q3 24 | $9.3M | $0 | ||
| Q2 24 | $2.3M | $0 | ||
| Q1 24 | $0 | $10.0M |
| Q4 25 | $-11.1M | — | ||
| Q3 25 | $-10.5M | $-74.1M | ||
| Q2 25 | $-14.7M | — | ||
| Q1 25 | $-16.3M | $-77.1M | ||
| Q4 24 | $-18.4M | — | ||
| Q3 24 | $-60.7M | $-88.1M | ||
| Q2 24 | $-47.2M | $-92.2M | ||
| Q1 24 | $-43.5M | $-81.4M |
| Q4 25 | -73.0% | — | ||
| Q3 25 | -84.0% | — | ||
| Q2 25 | -127.8% | — | ||
| Q1 25 | -149.7% | -1105.2% | ||
| Q4 24 | -139.1% | — | ||
| Q3 24 | -670.0% | — | ||
| Q2 24 | -2175.2% | — | ||
| Q1 24 | — | -903.0% |
| Q4 25 | -64.3% | — | ||
| Q3 25 | -79.7% | — | ||
| Q2 25 | -124.4% | — | ||
| Q1 25 | -144.1% | -1003.6% | ||
| Q4 24 | -133.5% | — | ||
| Q3 24 | -653.1% | — | ||
| Q2 24 | -2086.9% | — | ||
| Q1 24 | — | -813.3% |
| Q4 25 | $0.02 | — | ||
| Q3 25 | $-0.06 | $-0.43 | ||
| Q2 25 | $-0.12 | — | ||
| Q1 25 | $-0.14 | $-0.46 | ||
| Q4 24 | $-0.14 | — | ||
| Q3 24 | $-0.51 | $-0.63 | ||
| Q2 24 | $-0.40 | $-0.69 | ||
| Q1 24 | $-0.38 | $-0.62 |
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 | $84.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $241.5M | $567.1M |
| Total Assets | $276.9M | $621.3M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $226.7M | $84.0M | ||
| Q3 25 | $85.0M | $91.6M | ||
| Q2 25 | $34.9M | — | ||
| Q1 25 | $48.1M | $93.5M | ||
| Q4 24 | $69.3M | $124.3M | ||
| Q3 24 | $106.9M | $152.4M | ||
| Q2 24 | $147.9M | $134.1M | ||
| Q1 24 | $189.4M | $152.9M |
| Q4 25 | $241.5M | $567.1M | ||
| Q3 25 | $93.1M | $607.7M | ||
| Q2 25 | $42.8M | — | ||
| Q1 25 | $54.1M | $721.1M | ||
| Q4 24 | $67.5M | $777.8M | ||
| Q3 24 | $83.2M | $838.9M | ||
| Q2 24 | $140.6M | $681.7M | ||
| Q1 24 | $178.5M | $745.8M |
| Q4 25 | $276.9M | $621.3M | ||
| Q3 25 | $139.2M | $670.0M | ||
| Q2 25 | $89.1M | — | ||
| Q1 25 | $103.7M | $799.4M | ||
| Q4 24 | $129.5M | $871.3M | ||
| Q3 24 | $161.9M | $930.1M | ||
| Q2 24 | $177.3M | $772.5M | ||
| Q1 24 | $215.5M | $841.4M |
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 | $-235.5M |
| Free Cash FlowOCF − Capex | — | $-235.9M |
| FCF MarginFCF / Revenue | — | -3370.0% |
| Capex IntensityCapex / Revenue | 0.0% | 5.9% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-622.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.5M | $-235.5M | ||
| Q3 25 | $-8.3M | $-62.1M | ||
| Q2 25 | $-13.3M | — | ||
| Q1 25 | $-21.1M | $-73.2M | ||
| Q4 24 | $-37.6M | $-249.1M | ||
| Q3 24 | $-41.1M | $-75.1M | ||
| Q2 24 | $-41.6M | $-65.8M | ||
| Q1 24 | $-50.2M | $-50.3M |
| Q4 25 | — | $-235.9M | ||
| Q3 25 | — | $-62.1M | ||
| Q2 25 | $-13.3M | — | ||
| Q1 25 | $-21.3M | $-73.6M | ||
| Q4 24 | $-37.6M | $-251.1M | ||
| Q3 24 | $-41.1M | $-75.3M | ||
| Q2 24 | — | $-65.8M | ||
| Q1 24 | $-50.4M | $-52.1M |
| Q4 25 | — | -3370.0% | ||
| Q3 25 | — | — | ||
| Q2 25 | -112.9% | — | ||
| Q1 25 | -188.2% | -958.4% | ||
| Q4 24 | -272.2% | — | ||
| Q3 24 | -441.6% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | -520.7% |
| Q4 25 | 0.0% | 5.9% | ||
| Q3 25 | 0.0% | — | ||
| Q2 25 | 0.1% | — | ||
| Q1 25 | 1.3% | 5.0% | ||
| Q4 24 | 0.0% | — | ||
| Q3 24 | 0.1% | — | ||
| Q2 24 | 0.0% | — | ||
| Q1 24 | — | 17.8% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
