SCHEDULE: BVF Entities Disclose 7.4% Stake in Invivyd

Biotechnology Value Fund and its affiliates have reported a combined beneficial ownership of 7.4% of Invivyd, Inc.'s common stock.

Summary

• Biotechnology Value Fund L.P. (BVF) and its affiliated entities, including BVF I GP LLC, Biotechnology Value Fund II L.P. (BVF2), BVF II GP LLC, Biotechnology Value Trading Fund OS LP, BVF Partners OS Ltd., BVF GP Holdings LLC, BVF Partners L.P., BVF Inc., and Mark N. Lampert, collectively reported beneficial ownership of Invivyd, Inc. common stock.
• As of October 22, 2025, the aggregate beneficial ownership by BVF Partners L.P., BVF Inc., and Mark N. Lampert is 16,000,000 shares, representing approximately 7.4% of Invivyd's outstanding common stock.
• This percentage is based on 214,409,450 shares outstanding as of September 22, 2025, as reported in Invivyd's Form S-3 registration statement.
• Individual beneficial ownership includes BVF with 8,545,920 shares (4.0%), BVF2 with 6,211,464 shares (2.9%), and Biotechnology Value Trading Fund OS LP with 991,974 shares (0.5%).
• The filing states that the securities were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of Invivyd, Inc., other than activities solely in connection with a nomination under Rule 14a-11.

Sentiment

Score: 5

Explanation: The filing is a factual disclosure of beneficial ownership, providing neutral information regarding the company's operational or financial performance. The sentiment is neutral as it simply reports a change in ownership structure without implying positive or negative operational outcomes for Invivyd.

Positives

• Increased institutional ownership by a specialized biotechnology investment fund, which may signal a vote of confidence in Invivyd, Inc.'s long-term prospects.
• The filing indicates a passive investment intent, suggesting the fund is not seeking to disrupt current management or strategy.

Future Outlook

The filing does not contain any forward-looking statements or guidance from Invivyd, Inc. The reporting persons explicitly state their intent is not to change or influence control of the issuer, other than activities solely in connection with a nomination under Rule 14a-11.

Management Comments

• Mark N. Lampert, as an authorized signatory for the reporting persons, certified that 'the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §§ 240.14a-11.'

Industry Context

This filing represents a standard disclosure of a significant passive investment by a specialized biotechnology fund in a publicly traded biotech company. Such investments are common in the industry, where funds often take positions in companies they believe have strong growth potential based on their scientific pipelines or market position.

Comparison to Industry Standards

• This is a routine Schedule 13G filing, indicating a passive stake below the 10% threshold that would typically trigger more scrutiny or activist intent.
• Biotechnology Value Fund L.P. is a known investor in the biotechnology sector, and its investment in Invivyd aligns with its stated focus on the industry.
• The 7.4% stake is a notable position, placing the fund among the larger institutional holders, but it does not suggest an activist role or an attempt to control the company, consistent with the certification provided.

Stakeholder Impact

• Shareholders may view the increased institutional ownership by a specialized fund as a positive signal, potentially enhancing market confidence and liquidity.
• The passive nature of the investment suggests no immediate impact on Invivyd's management or strategic direction.

Key Dates

Recommendation

The filing indicates a significant passive stake by a specialized biotechnology investment fund, which could be viewed as a vote of confidence. However, without further information on the fund's intentions or Invivyd's operational performance, a 'hold' recommendation is appropriate, suggesting investors monitor future developments. This disclosure alone does not provide sufficient grounds for a strong buy or sell recommendation.

Keywords

Invivyd, Biotechnology Value Fund, BVF, Schedule 13G, Institutional Ownership, Common Stock, Biotech, Investment, Shareholding, Passive Investment