Invivyd (IVVD) said Monday it has initiated an underwritten public stock offering, with all shares being sold by the company.

The underwriters have a 30-day option to buy up to 15% additional shares at the offering price, excluding discounts and commissions, the company said.

The offering's size and timing remain uncertain and depend on market and other conditions, Invivyd added.

Invivyd plans to use proceeds for VYD2311 launch readiness, research for RSV and measles programs, and studies on monoclonal antibody therapy for Long COVID, it said.

Shares of the company were down about 9.5% in recent trading.