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Immunovant Reports Financial Results for the Quarter and Six Months Ended September 30, 2020
Company Ended the Quarter With Cash of Approximately $444 Million NEW YORK, Nov. 12, 2020 (GLOBE NEWSWIRE) -- Immunovant, Inc. (Nasdaq: IMVT), a
About this update from Immunovant, Inc.
[{"type":"text","content":"Company Ended the Quarter With Cash of Approximately $444 Million\nNEW YORK, Nov. 12, 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 second quarter and six months ended September 30, 2020. Immunovant ended the quarter with approximately $444 million in cash.\n “Our team made outstanding operational and strategic progress during the fiscal second quarter,” said Pete Salzmann, M.D., Chief Executive Officer of Immunovant. “First, we reported positive topline results from our randomized, placebo-controlled trial of IMVT-1401 in patients with moderate-to-severe Myasthenia Gravis (MG). Second, we announced the appointment of Michael Elliott, MBBS, Ph.D., an accomplished industry leader in immunology, as Chief Scientific Officer. And third, we further strengthened our balance sheet with approximately $188 million of net proceeds from a public equity offering,” he continued. “We plan to report results from the high-dose cohort of ASCEND WAIHA, an open-label Phase 2a clinical trial of IMVT-1401 in Warm Autoimmune Hemolytic Anemia (WAIHA), in the first quarter of calendar year 2021. We plan to report results from ASCEND GO-2, a Phase 2b clinical trial of IMVT-1401 in patients with Thyroid Eye Disease (TED), in the first half of calendar year 2021. We also plan to announce three new indications for IMVT-1401 by August 2021,” he added. Financial Highlights for Fiscal Second Quarter Ended September 30, 2020 R&D Expenses: Research and development expenses increased by $1.7 million, from $10.3 million for the three months ended September 30, 2019 to $12.0 million for the three months ended September 30, 2020. The year-over-year increase was primarily driven by higher costs related to expansion of ongoing clinical trials, initiation of a non-clinical study and additional professional services. G&A Expenses: General and administrative expenses increased by $4.8 million, from $4.2 million for the three months ended September 30, 2019 to $9.0 million for the three months ended September 30, 2020. The year-over-year increase was primarily due to higher headcount, resulting in additional personnel costs and stock-based compensation expense. Net Loss: Net loss was $20.8 million (...