First Participants Dosed in LIBERTY. Controlled Comparison to mRNA Vaccines Central to Future Commercialization Efforts.

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First Participants Dosed in LIBERTY. Controlled Comparison to mRNA Vaccines Central to Future Commercialization Efforts.

June 9, 2026 Invivyd

(IVVD, Buy, $10 PT)

Thomas Shrader, PhD, CFA

First Participants Dosed in LIBERTY. Controlled Comparison to mRNA (212) 527-3551 tshrader@btig.com

Vaccines Central to Future Commercialization Efforts. Jinnie Kim, PhD

(212) 882-2344 jinnie.kim@btig.com

WHAT YOU SHOULD KNOW: Preliminary readouts suggest profound differences in Company DataBIOTECHNOLOGY the safety profiles of the mRNA vaccines and Invivyd's monoclonal antibodies in their Closing Price $1.02

protection against COVID-19 infections. Now the company is looking to cement these

Price Target $10.00 differences with a controlled study that could be used in promotional material and

possibly alluded to in the eventual label of VYD2311. In more detail, Invivyd announced Market Cap (M) $300.50

Shares Out (M) 294.61EQUITY the first participants dosed in LIBERTY, a Phase 3, randomized, double-blind trial

evaluating the safety and tolerability of its investigational monoclonal antibody (mAb) Avg Daily Vol-3 Months (M) 3.11

VYD2311 versus an mRNA COVID-19 vaccine in ~210 healthy adults aged 18–49. The Revisions

trial's significance lies in its head-to-head, controlled design — enrolling participants

Previous Current across three arms (VYD2311 alone, mRNA vaccine alone, and co-administration) —

which allows for a true apples-to-crabapples safety comparison that cross-trial data Rating Buy Buy

Price Target $10.00 $10.00RESEARCH simply cannot claim without including extensive caveats. This distinction is critical:

prior exploratory evidence from Invivyd's EVADE study and Sanofi's COMPARE study FY26E NI (77.07) (77.07)