M28 Capital Management LP 4

What Happened

• Marc Elia, a director of Invivyd, received a derivative award of 50,000 shares on May 19, 2026. The filing reports an acquisition price of $0 (this is a grant/award, not an open‑market purchase).
• The award vests in full upon the earlier of (i) May 19, 2027 or (ii) the Issuer’s 2027 Annual Meeting of Stockholders, subject to Mr. Elia’s continuous service through the vesting date.

Key Details

• Transaction date: May 19, 2026; reported on Form 4 filed May 21, 2026 (appears timely).
• Price: $0 reported (derivative award/grant).
• Shares owned after the transaction: not specified in the provided filing details.
• Footnote: The grant was awarded to Marc Elia but is held for the benefit of M28 Capital Management LP and funds managed by it. M28 may be deemed a director by deputization because Mr. Elia indirectly controls M28 and serves on Invivyd’s board. The reporting persons disclaim beneficial ownership except to the extent of any pecuniary interest.
• Transaction code: A (award/grant).

Context

• This is a time‑based award that vests next year or at the 2027 annual meeting if the director remains in service; it does not represent an immediate cash purchase or sale of shares.
• Such derivative grants are common for directors and reflect compensation rather than open‑market buying or selling; they are informative about compensation and potential future dilution but are not a direct bullish or bearish trade signal.