Business
Immunovant Reports Financial Results for the Quarter and Nine Months Ending December 31, 2019
Ended quarter with $123.5 million in cashReceived IND clearance to initiate Phase 2a trial in warm autoimmune hemolytic anemia (WAIHA) NEW YORK, Feb. 14, 2020
About this update from Immunovant, Inc.
[{"type":"text","content":"Ended quarter with $123.5 million in cashReceived IND clearance to initiate Phase 2a trial in warm autoimmune hemolytic anemia (WAIHA) NEW YORK, Feb. 14, 2020 (GLOBE NEWSWIRE) -- Immunovant, Inc. (NASDAQ: IMVT), a clinical-stage biopharmaceutical company focused on enabling normal lives for patients with autoimmune diseases, today reported financial results for its fiscal third quarter ending December 31, 2019. \n “During the quarter we continued progress towards our vision of enabling normal lives for patients with autoimmune diseases.” said Pete Salzmann, M.D., Chief Executive Officer of Immunovant. “Among our accomplishments this quarter was the successful closing of the HSAC share exchange with the maximum potential cash proceeds from the transaction. I’m also proud of the team for getting IND clearance to begin our Phase 2a trial of IMVT-1401 in warm autoimmune hemolytic anemia. We look forward to four exciting data readouts between now and early 2021.” Financial Highlights for Fiscal Third Quarter ending December 31, 2019 and Nine Months ending December 31, 2019: Cash Position: Cash balances as of December 31, 2019 and December 31, 2018 were $123.5 million and $12.1 million, respectively. The increase in cash was primarily related to the business combination with Health Sciences Acquisitions Corporation (“HSAC”) as described in the definitive proxy statement filed by HSAC with the SEC on November 27, 2019. R&D Expenses: Research and development expenses were $5.0 million for the three months ending December 31, 2019, compared to $7.7 million for the three months ending December 31, 2018. Research and development expenses were $33.8 million for the nine months ending December 31, 2019, compared to $17.8 million for the nine months ending December 31, 2018. The year-over-year increase was primarily driven by costs incurred to advance IMVT-1401 into four Phase 2 trials across three indications. G&A Expenses: General and administrative expenses were $6.1 million for the three months ending December 31, 2019, compared to $1.2 million for the three months ending December 31, 2018. For the nine months ending December 31, 2019, general and administrative expenses were $11.8 million compared to $1.7 million for the nine months ending December 31, 2018. The year-over-year increase was primarily driven by costs associated with enhanc...