Business
Immunovant Reports Financial Results and Recent Business Updates for the Quarter Ended June 30, 2022
NEW YORK, Aug. 05, 2022 (GLOBE NEWSWIRE) -- Immunovant, Inc. (Nasdaq: IMVT), a clinical-stage biopharmaceutical company focused on enabling normal lives for
About this update from Immunovant, Inc.
[{"type":"text","content":"NEW YORK, Aug. 05, 2022 (GLOBE NEWSWIRE) -- Immunovant, Inc. (Nasdaq: IMVT), a clinical-stage biopharmaceutical company focused on enabling normal lives for people with autoimmune diseases, today reported recent company updates and financial results for its fiscal first quarter ended June 30, 2022. Recent Updates and Anticipated Milestones: Immunovant initiated a pivotal clinical trial of batoclimab in Myasthenia Gravis in June 2022. Top-line data from the trial are expected in the second half of calendar year 2024. For its program in Thyroid Eye Disease, Immunovant achieved alignment with the United States Food and Drug Administration (FDA) Division of Ophthalmology on plans for two placebo-controlled pivotal clinical trials. The trials are expected to begin in the second half of calendar year 2022 with top-line data for both expected in the first half of calendar year 2025. Additional Pipeline Programs: Immunovant plans on announcing two new indications for batoclimab on an investor call scheduled for Wednesday, September 7, 2022 at 8:00AM ET. During this call, Immunovant also plans to announce the third indication (in addition to MG and TED) it will initiate as a pivotal trial in calendar year 2022. Call-in information and webcast access for this investor call to be shared at a later date. Financial Highlights for Fiscal First Quarter Ended June 30, 2022: Cash: During the three months ended June 30, 2022, Immunovant made cash payments higher than in recent quarters primarily due to costs for contract manufacturing of drug substance and upfront payments for Immunovant’s Phase 3 clinical trials. Collectively, these CMC and clinical trial payments in the first fiscal quarter totaled approximately $31 million. The concentration of these payments into a single quarter was anticipated as part of the Company’s long-term cash planning. Lower cash expenditures are expected next quarter and the higher cash expenditures this quarter do not alter the Company’s anticipated cash runway. Given the variable timing of manufacturing and clinical trial costs, Immunovant expects to continue to incur fluctuating quarterly operating cash flows in the future. Consistent with prior guidance, Immunovant’s cash balance of $427 million as of June 30, 2022 is expected to provide cash runway into calendar year 2025. R&D Expenses: Research and development...