How Invivyd Achieved Accounting Efficiency at Scale with Auxilius
"Auxilius will be key to our long-term growth across multiple teams at Invivyd.”
Katie Falzone
Vice President and Corporate Controller, Invivyd
The Challenge
"Countless hours of team review meetings"
As Invivyd scaled its clinical operations and approached a critical commercial launch, the company faced significant challenges in managing its clinical trial financials. At the time, R&D forecasting and period accruals posed a significant time and resource challenge. Each month, the team conducted countless hours of rigorous review meetings while heavily relying on Excel to consolidate numbers – exposing both risk and organizational inefficiency. Not only that, but these hours of data prep and review failed to deliver data-driven insights to drive their business forward.
Contending with the speed of progress and needing to better manage the degree and frequency of changes in trials, Invivyd had to ensure that their accounting and reporting of ongoing trials was efficient and accurate.
It was imperative that they set up their accounting organization to meet the demands of current and future organization needs. Invivyd needed to quickly implement scalable processes and clinical finance best practices.
About Invivyd
Invivyd, Inc. (Nasdaq: IVVD) is a biopharmaceutical company devoted to delivering protection from serious viral infectious diseases, beginning with SARS-CoV-2. The company’s proprietary INVYMAB™ platform approach combines state-of-the-art viral surveillance and predictive modeling with advanced antibody engineering. INVYMAB is designed to facilitate the rapid, serial generation of new monoclonal antibodies (mAbs) to address evolving viral threats.
In March 2024, Invivyd received emergency use authorization (EUA) from the U.S. FDA for its first mAb in a planned series of innovative antibody candidates. Invivyd is expanding their clinical footprint, advancing programs, and operating in the commercial market with an approved/launched product.
Company Profile
Company Stage: Public (404a)
Trials: Phase 1, Phase 3
Employees: 100
Therapeutic Focus: Antibody-Based Therapies
Tech Stack: Netsuite
Auditor: PWC
The Solution
"Working with Auxilius has felt like a true partnership."
Invivyd was introduced to Auxilius as a solution to more efficiently deliver accurate accruals. In a little over a month, the Inviviyd team rolled out Auxilius for their phase 3 trial.
The implementation was focused on two objectives:
- Did Auxilius deliver accurate accruals, with zero to minimal control and audit issues?
- Was the Invivyd team freed up to focus on higher-level review?
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Results
1. Improved financial visibility
- Auxilius’s easy-to-use tools empowered Invivyd to gain real-time insight into trial dynamics and financials.
- The Invivyd team was able to uncover numerous opportunities for material cost savings.
2. Significant time savings and reallocation of resources
- The Invivyd team was able to reallocate F&A staff to critical commercial functions without compromising the accuracy or management of clinical trial finance and accounting.
- Team members now spend more of their time on higher-value analyses of their clinical trial finances, reducing their involvement in manual and repetitive activities.
Looking ahead, the Invivyd finance team will continue to use Auxilius as a tool critical to the efficiency and effectiveness of their scaling business.