Newyork, November 5, 2021 (GLOBE NEWSWIRE) Immunovant, Inc., a clinical-stage biopharmacy company focused on supporting the normal lives of people with autoimmune disorders. (Nasdaq: IMVT) today announced its first quarter financial results ending September 30th. It has been published. 2021. Immunovant closed the quarter with about $ 559 million in cash.
Key financial figures for the second quarter ending September 30, 2021:
R & D expenses: R & D expenses were € 21.4 million. Year-over-year growth increased contract manufacturing costs and staff-related costs (including equity-based compensation), primarily reflecting investments made to support strategic goals for resuming clinical activities. It was due to. These increases were partially offset by a decline in program-specific clinical research activity due to continuous voluntary rest.
G & A Expenses:
SG & A expenses were $ 16.3 million for the three months to September 30, 2021 and $ 9 million for the three months to September 30, 2020. The increase from the previous year was mainly due to financial advisory fees. , Legal advice and other professional costs and higher labor costs (including stock-based payments).
Net Loss: Net loss for the three months ended September 30, 2020 was $ 20.8 million ($ 0.25 per share), compared to $ 0.25 million for the three months ended September 30, 2021. The net loss was $ 37.7 million ($ 0.35 per common stock). .. Net losses for the three months ending September 30, 2021 and September 30, 2020 included $ 8.4 million and $ 3.4 million in non-cash stock-based compensation costs, respectively. 4,444 shares of common stock: As of September 30, 2021, 114,998,871 shares of common stock have been issued and issued. 4,444 Finances for the Year Ended September 30, 2021 1: 4,444 R & D Expenses: Ended September 30, 2021 compared to $ 28.9 million for the six months ended September 30, 2020 R & D spending for six months was $ 40.1 million. The year-over-year increase was primarily invested to support increased labor costs (including equity-based compensation), increased clinical trials and studies, and strategic goals in preparing to resume reflection. It reflects the increase in contract manufacturing costs. Clinical activity. These increases were partially offset by a decline in program-specific clinical research activity due to continuous voluntary rest. 4,444 G & A Expenses: 4,444 general and administrative expenses were $ 18.7 million for the six months to September 30, 2020, compared to $ 27.5 million for the six months to September 30, 2021. .. Fees, legal advice, other professional costs, and higher labor costs (including stock-based compensation).
Net Loss: Net loss for the six months to September 30, 2020 was $ 68.2 million ($ 0.66 per share), compared to $ 47.5 million for the six months to September 30, 2020 (1). It was $ 0.61 per share). .. Six-month net losses The months ended on September 30, 2021 and September 30, 2020 included $ 12.2 million and $ 7.3 million in non-cash stock-based compensation costs, respectively.
Immunovant, Inc. about
Immunovant, Inc. Is a clinical stage biopharmacy company focused on helping patients with autoimmune diseases lead a normal life. Immunovant is developing a novel fully human anti-FcRn monoclonal antibody, IMVT1401 (“batocrimab”), as a subcutaneous injection for the treatment of autoimmune diseases mediated by pathogenic IgG antibodies.
Forward-Looking Statements
This press release contains forward-looking statements in the sense of the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. The use of expressions such as “may,” “could,” “will,” “would,” “should,” “expect,” “believe,” and “estimate” identify forward-looking statements. These forward-looking statements include Immunobant’s plans to develop butocrimab for a wide range of autoimmune indications. All forward-looking statements are based on Immunovant’s management estimates and assumptions, and although Immunovant believes it is reasonable, it is inherently uncertain. All forward-looking statements are subject to risks and uncertainties where actual results may differ materially from Immunovant’s expectations. These risks and uncertainties include, but are not limited to: Initial results or other preliminary analysis or previous clinical trial results may not be predictive final test results or subsequent clinical trial results. Timing and availability of data from clinical trials. Time for discussions with supervisors, as well as time for official submission and possible approval. Ongoing development of Immunovant’s product candidates, including the timing of the start of additional clinical trials and the resumption of ongoing trials. Immunovant’s scientific approach, clinical trial design, indication selection, and overall development progress. Future clinical studies may not confirm the safety, efficacy, or other product characteristics described or envisioned in this press release. Candidate products being developed by Immunovant may not have undergone clinical development, have not received the required regulatory approval within the expected time period, or may not be available at all. Immunovant product candidates may not be useful to the patient. Or, even if approved by a regulatory agency, it can sell well. The potential impact of the ongoing COVID 19 pandemic on Immunovant’s clinical development plan and timeline. Immunovant’s business relies heavily on the successful development, regulatory approval, and commercialization of its only candidate product, Batoclimab. Immunobant is in the early stages of development of butocrimab. Immunobant needs additional capital to fund its business and advance batclimab through clinical development. These and other risks and uncertainties include Immunovant’s periodic report and other reports submitted to the Securities and Exchange Commission (SEC), including the “Risk Factors” section of Immunovant’s latest Form 10K Annual Report. It is further described in the report. The Form 10Q will be submitted to the SEC on November 5, 2021, and Immunovant will be submitted to the SEC thereafter. Forward-looking statements are only stated as of the date they were created. Immunovant undertakes no obligation to publicly update or revise any forward-looking statement as a result of new information, future events, etc.