regulatory submissions and potential approvals; the continued development of Immunovant's product candidates, including the number and timing of the commencement of additional clinical trials; Immunovant's scientific approach, clinical trial design, indication selection, and general development progress; future clinical trials may not confirm any safety, potency, or other product characteristics described or assumed in this press release; any product candidate that Immunovant develops may not progress through clinical development or receive required regulatory approvals within expected timelines or at all; Immunovant's product candidates may not be beneficial to patients, or even if approved by regulatory authorities, successfully commercialized; the potential impact of macroeconomic and geopolitical factors on Immunovant's business operations and supply chain, including its clinical development plans and timelines; Immunovant's business is heavily dependent on the successful development, regulatory approval, and commercialization of IMVT-1402 and/or batoclimab; Immunovant is at various stages of clinical development for IMVT-1402 and batoclimab; and Immunovant will require additional capital to fund its operations and advance IMVT-1402 and batoclimab through clinical development. These and other risks and uncertainties are more fully described in Immunovant's periodic and other reports filed with the Securities and Exchange Commission $(SEC.UK)$, including in the section titled "Risk Factors" in Immunovant's Form 10-Q to be filed with the SEC on February 6, 2025, and Immunovant's subsequent filings with the SEC. Any forward-looking statement speaks only as of the date on which it was made. Immunovant undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
IMMUNOVANT, INC.
Condensed Consolidated Statements of Operations
(Unaudited, in thousands, except share and per share
data)
Three Months Ended Nine Months Ended
December 31, December 31,
----------------------------
2024 2023 2024 2023
----------- ----------- ----------- -----------
Operating expenses:
Research and
development $ 94,520 $ 48,338 $ 267,266 $ 146,872
Acquired
in-process
research and
development -- -- -- 12,500
General and
administrative 19,782 13,215 57,061 42,458
----------- ----------- ----------- -----------
Total
operating
expenses 114,302 61,553 324,327 201,830
Interest income (4,590) (8,933) (17,844) (16,569)
Other expense
(income), net 1,258 (1,094) 600 (1,579)
----------- ----------- ----------- -----------
Loss before
provision
(benefit) for
income taxes (110,970) (51,526) (307,083) (183,682)
Provision (benefit)
for income taxes 152 (108) 308 335
----------- ----------- ----------- -----------
Net loss $ (111,122) $ (51,418) $ (307,391) $ (184,017)
=========== =========== =========== ===========
Net loss per common
share -- basic and
diluted $ (0.76) $ (0.36) $ (2.10) $ (1.36)
=========== =========== =========== ===========
Weighted-average
common shares
outstanding --
basic and diluted 146,922,338 144,523,034 146,560,414 135,577,267
=========== =========== =========== ===========
IMMUNOVANT, INC.
Condensed Consolidated Balance Sheets
(Unaudited, in thousands, except share and per share
data)
December 31, March 31,
2024 2024
------------ -------------
Assets
Current assets:
Cash and cash equivalents $ 374,685 $ 635,365
Accounts receivable 2,224 5,337
Prepaid expenses and other current
assets 35,632 25,068
Total current assets 412,541 665,770
Operating lease right-of-use assets 22 133
Other assets 7,617 --
Property and equipment, net 752 462
Total assets $ 420,932 $ 666,365
========== =========
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $ 19,816 $ 7,155
Accrued expenses 48,476 41,315
Current portion of operating lease
liabilities 23 138
Total current liabilities 68,315 48,608
Total liabilities 68,315 48,608
Commitments and contingencies
Stockholders' equity:
Series A preferred stock, par value
$0.0001 per share, 10,000 shares
authorized, issued and outstanding
at December 31, 2024 and March 31,
2024 -- --
Preferred stock, par value $0.0001
per share, 10,000,000 shares
authorized, no shares issued and
outstanding at December 31, 2024
and March 31, 2024 -- --
Common stock, par value $0.0001 per
share, 500,000,000 shares
authorized, 147,203,565 shares
issued and outstanding at December
31, 2024 and 500,000,000 shares
authorized, 145,582,999 shares
issued and outstanding at March
31, 2024 14 14
Additional paid-in capital 1,483,198 1,441,518
Accumulated other comprehensive
income 2,479 1,908
Accumulated deficit (1,133,074) (825,683)
---------- ---------
Total stockholders' equity 352,617 617,757
---------- ---------
Total liabilities and stockholders'
equity $ 420,932 $ 666,365
========== =========
Investor Contact:
Renee Barnett, MBA
Chief Financial Officer
info@immunovant.com
Source: Immunovant Inc.
(END) Dow Jones Newswires
February 06, 2025 06:30 ET (11:30 GMT)
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