SCHEDULE: Polaris Group's Stake in INVIVYD Dips to 3.0% Post-Dilution

Polaris Partners and affiliated entities report a decrease in their aggregate beneficial ownership of INVIVYD, INC. common stock to 3.0% following the issuer's recent share sales.

Summary

• Polaris Partners and its affiliated entities, including Polaris Venture Partners V, L.P., Polaris Partners IX, L.P., and Polaris Healthcare Technology Opportunities Fund, L.P., along with their general partners and managing members, collectively reported a decrease in their beneficial ownership of INVIVYD, INC. common stock.
• The aggregate beneficial ownership for the Polaris group, as represented by Terrance McGuire (who holds the largest combined stake), is now 7,008,590 shares, representing 3.0% of the outstanding common stock.
• This percentage is based on 233,122,834 shares of common stock outstanding as of October 30, 2025, plus 210,593 shares subject to stock options held by Terrance McGuire exercisable within 60 days.
• The decrease in the aggregate percentage of common stock owned by the Reporting Persons is primarily attributed to INVIVYD, INC.'s sales of additional shares of its common stock on August 22, 2025, which diluted existing shareholders' proportional ownership.
• No transactions in the Issuer's securities were effected by the Reporting Persons within the past 60 days prior to this filing.

Sentiment

Score: 5

Explanation: The filing is a factual, compliance-driven update regarding a change in beneficial ownership percentage due to dilution from the issuer's capital raise. It is neutral in tone but the underlying event (dilution) could be perceived negatively by existing shareholders.

Positives

• The filing is a routine compliance update, indicating adherence to regulatory requirements.
• Terrance McGuire, a director of INVIVYD, INC., maintains a significant beneficial ownership, aligning his interests with shareholders.

Negatives

• The decrease in the aggregate percentage of common stock owned by the Reporting Persons indicates dilution for existing shareholders due to the Issuer's sales of additional shares.

Risks

• Dilution of existing shareholder value due to the Issuer's sales of additional common stock.

Future Outlook

NA

Industry Context

This filing is a routine disclosure of changes in beneficial ownership by a significant institutional investor group in a biotechnology company. Such changes, especially those driven by issuer-led capital raises, are common in the life sciences sector where companies frequently raise capital to fund research, development, and commercialization efforts. The decrease in percentage ownership for the Polaris group reflects the broader market's participation in INVIVYD's recent share sales.

Stakeholder Impact

• Shareholders: Existing shareholders experienced dilution of their proportional ownership due to the issuer's sale of additional shares. The Polaris group's percentage ownership decreased.
• Management/Board: Terrance McGuire, a director, continues to hold a significant stake, aligning his interests with the company's performance.

Key Dates

Recommendation

The filing primarily reports a routine compliance update regarding a decrease in beneficial ownership percentage due to the issuer's share sales. While the dilution itself is a factual event, this specific filing from the reporting persons does not provide new operational or financial insights into INVIVYD, INC. that would warrant a change in investment thesis. The decrease in percentage ownership is a consequence of the company's capital raise, which is common in the biotech sector. Investors should 'hold' and await further operational updates from INVIVYD, INC. to assess the impact of the capital raise and the company's strategic direction.

Keywords

INVIVYD, Polaris Partners, Schedule 13D, beneficial ownership, common stock, shareholding, dilution, SEC filing, institutional investor, biotechnology, healthcare technology