Invivyd (IVVD) said late Wednesday it priced an underwritten public offering of 74.8 million common shares at $0.52 per share and, in lieu of common shares to certain investors, pre-funded warrants to purchase 21.3 million shares at $0.5199 per warrant.

The company expects gross proceeds of $50 million.

The underwriters have been granted a 30-day option to purchase up to 14.4 million additional shares.

Net proceeds will be used to fund the company's clinical program, research and development, working capital and general corporate purposes, the company said.

Closing of the offering is expected on Friday, subject to customary conditions.