Invivyd Appoints Marc Elia as CEO; Board Leadership Updated

What Happened Invivyd, Inc. (IVVD) announced that its Board appointed Marc Elia as Chief Executive Officer effective August 30, 2026. William Duke, Jr. remains the company’s principal financial and accounting officer. In connection with Elia’s appointment, the Board named Ajay Royan as Lead Independent Director and appointed him chair of the Nominating and Corporate Governance Committee. The company also issued a press release on September 1, 2026, noting the leadership change and that Invivyd is approaching results from its VYD2311 studies DECLARATION and LIBERTY.

Key Details

• Effective date: August 30, 2026.
• Base salary: $750,000 per year (subject to annual review).
• Target annual cash bonus: 70% of base salary; 2026 bonus not pro‑rated if granted.
• Equity grant: option to purchase 10,700,000 shares, vesting over 4 years (25% at 1 year, then monthly over 3 years); option expires 10 years from grant; exercise price = Nasdaq closing price on Aug 28, 2026.
• Sign-on: one-time $500,000 sign-on bonus (subject to possible repayment rules).
• Severance: if terminated without cause or for good reason (outside a Change in Control period) — 12 months base salary, earned bonus if applicable, and 12 months benefits continuation; if termination occurs in the Change in Control period — 18 months base salary plus target bonus, earned bonus if applicable, 18 months benefits, and immediate vesting of time-based equity.
• Employment includes standard proprietary information and non-compete/solicit confidentiality agreement (PIIAA); Elia previously had the company’s indemnification agreement as a director.

Why It Matters A new CEO and significant equity and compensation package are material governance events that can affect strategy and investor expectations. The large option grant and performance-linked bonus structure align Elia’s pay with long‑term value creation and near-term milestones; severance and change‑in‑control protections are meaningful in potential deal scenarios. The concurrent press release referencing VYD2311 study results highlights that leadership changes come as the company approaches clinical readouts, which investors often view as key value drivers.