Business
Immunovant Reports Financial Results for the Quarter Ended June 30, 2020
NEW YORK, Aug. 12, 2020 (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. 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 first quarter ended June 30, 2020. Immunovant ended the quarter with approximately $280.3 million in cash. \n Financial Highlights for Fiscal First Quarter ended June 30, 2020: R&D Expenses: Research and development expenses decreased by $1.6 million, from $18.5 million for the three months ended June 30, 2019, to $16.9 million for the three months ended June 30, 2020. Note that research and development expense for the three months ended June 30, 2019 included $10.0 million related to the achievement in May 2019 of the first development and regulatory milestone under Immunovant’s license agreement with HanAll Biopharma Co., Ltd. Excluding the effect of this one-time milestone, research and development expenses increased by $8.5 million for the three months ended June 30, 2020 compared to the same period in the prior year. This increase was primarily due to increases in contract manufacturing costs of $6.6 million, driven by the expansion of our clinical trial program for the treatment of autoimmune diseases, as well as higher personnel-related expenses (including stock-based compensation expenses) of $1.4 million due to higher headcount to support our clinical operations. G&A Expenses: General and administrative expenses increased by $8.1 million, from $1.6 million for the three months ended June 30, 2019, to $9.7 million for the three months ended June 30, 2020. This increase was primarily due to higher stock-based compensation expenses of $3.0 million and higher personnel-related costs of $2.2 million, both of which were due to higher headcount. The increase was also due to higher legal and professional fees of $2.2 million, driven by increased accounting, legal and other professional services to support our growth and operations as a public company. Net Loss: Net loss was $26.7 million for the three months ended June 30, 2020, compared to $20.1 million for the three months ended June 30, 2019. Net loss for the three months ended June 30, 2020 and 2019 included $4.0 million and $0.6 million, respectively, related to non-cash stock-based compensation expense. About Immunovant, Inc. Immunovant...