SCHEDULE: Perceptive Advisors Discloses 7.9% Stake in INVIVYD

Perceptive Advisors LLC, Joseph Edelman, and Perceptive Life Sciences Master Fund, Ltd. have disclosed a 7.9% beneficial ownership stake in INVIVYD, INC., totaling 21,785,166 shares.

Summary

• Perceptive Advisors LLC, Joseph Edelman, and Perceptive Life Sciences Master Fund, Ltd. (collectively, the "Reporting Persons") have filed a Schedule 13G.
• The Reporting Persons beneficially own 21,785,166 shares of INVIVYD, INC. Common Stock.
• This ownership represents 7.9% of the outstanding Common Stock.
• The ownership percentage is based on 277,064,852 shares outstanding as reported by INVIVYD, INC. on November 19, 2025.
• Perceptive Life Sciences Master Fund, Ltd. directly holds all 21,785,166 shares.
• Perceptive Advisors LLC serves as the investment manager to the Master Fund, and Joseph Edelman is the managing member of Perceptive Advisors LLC.
• All Reporting Persons share both voting and dispositive power over these shares.
• The shares were not acquired for the purpose of changing or influencing control of INVIVYD, INC.

Sentiment

Score: 7

Explanation: The disclosure of a significant stake by a reputable institutional investor like Perceptive Advisors is generally viewed positively, suggesting confidence in the company's long-term prospects. However, it's a passive stake, so it doesn't imply active engagement for control.

Positives

• A significant institutional investor, Perceptive Advisors, has taken a substantial stake in INVIVYD, INC., which can be seen as a vote of confidence in the company's future prospects.
• The 7.9% stake indicates a notable commitment from a specialized life sciences investment firm.

Risks

• The concentration of a significant portion of the company's stock (7.9%) in the hands of a single institutional investor group could lead to increased volatility if that investor decides to significantly alter its position.
• While the filing states the shares were not acquired for control, a large stake always carries the potential for future influence on corporate governance or strategic direction.

Future Outlook

NA

Industry Context

This filing indicates that a prominent life sciences-focused investment firm, Perceptive Advisors, has identified INVIVYD, INC. as a compelling investment opportunity. Such disclosures often signal to the market that a company has attracted the attention of sophisticated investors, potentially validating its business model or pipeline within the biotechnology or pharmaceutical sector. This can sometimes precede increased analyst coverage or broader investor interest.

Stakeholder Impact

• Shareholders: The presence of a significant institutional investor may lend credibility and stability to the stock, potentially attracting other investors. It could also influence trading patterns if the investor adjusts its position.
• Management: While a passive stake, management may feel increased scrutiny or validation from having a large, sophisticated investor on their cap table.

Next Steps

• The Reporting Persons will continue to monitor their investment in INVIVYD, INC.
• Future Schedule 13G/A amendments will be filed if there are material changes to their ownership stake (e.g., crossing a 1% threshold up or down, or changing their investment intent).

Key Dates

Recommendation

The filing indicates a significant institutional investor has taken a substantial stake, which is generally a positive signal. However, a Schedule 13G filing itself does not provide operational or financial performance data to warrant a 'buy' or 'sell' recommendation. It primarily signals investor confidence. Therefore, a 'hold' recommendation is appropriate, acknowledging the positive signal while awaiting further fundamental company-specific news.

Keywords

INVIVYD, Perceptive Advisors, Joseph Edelman, Perceptive Life Sciences Master Fund, Schedule 13G, beneficial ownership, institutional investor, common stock, equity stake, SEC filing, 00534A102