12:10 PM EDT, 10/29/2024 (MT Newswires) -- Invivyd ( IVVD ) shares fell past 12% in recent Tuesday trading after the biopharmaceutical company withdrew prior revenue guidance.

The company said the move was "due to recent growth headwind from US FDA's late-Q3 2024 warning on potential for substantially reduced activity of pemivibart through the Pemgarda Fact Sheet and other media based on contested, third-party, non-peer-reviewed, non-reproducible, virologic activity data from a non-pemivibart antibody."

The company previously guided to $150 million to $200 million in Pemgarda net product revenue in 2024 and expected to finish the year with $75 million or more in cash and cash equivalents.

Invivyd ( IVVD ) said its preliminary net product revenue now stands at $9.3 million for Q3 from Pemgarda, and it estimates it ended the quarter with about $107 million in cash and equivalents.

Price: 0.93, Change: -0.12, Percent Change: -11.06