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Immunovant Reports Financial Results for the Quarter Ended September 30, 2021
Company Ended the Quarter With Cash of Approximately $559 Million NEW YORK, Nov. 05, 2021 (GLOBE NEWSWIRE) -- Immunovant, Inc. (Nasdaq: IMVT), a
About this update from Immunovant, Inc.
[{"type":"text","content":"Company Ended the Quarter With Cash of Approximately $559 Million\nNEW YORK, Nov. 05, 2021 (GLOBE NEWSWIRE) -- Immunovant, Inc. (Nasdaq: IMVT), a clinical-stage biopharmaceutical company focused on enabling normal lives for people with autoimmune diseases, today reported financial results for its fiscal first quarter ended September 30, 2021. Immunovant ended the quarter with approximately $559 million in cash. Financial Highlights for Fiscal Second Quarter Ended September 30, 2021: R&D Expenses: Research and development expenses were $21.4 million for the three months ended September 30, 2021, compared to $12.0 million for the three months ended September 30, 2020. The year-over-year increase primarily reflected higher contract manufacturing costs and personnel-related expenses (including stock-based compensation), reflecting investment spending to support our strategic objectives as we prepare to re-initiate our clinical activities. These increases were partially offset by lower program-specific clinical trial activities due to the continued voluntary pause. G&A Expenses: General and administrative expenses were $16.3 million for the three months ended September 30, 2021, compared to $9.0 million for the three months ended September 30, 2020. The year-over-year increase was primarily due to financial advisory fees, legal and other professional costs and higher personnel-related expenses (including stock-based compensation). Net Loss: Net loss was $37.7 million ($0.35 per common share) for the three months ended September 30, 2021, compared to $20.8 million ($0.25 per common share) for the three months ended September 30, 2020. Net loss for the three months ended September 30, 2021 and 2020 included $8.4 million and $3.4 million, respectively, related to non-cash stock-based compensation expense. Common Stock: As of September 30, 2021, there were 114,998,871 shares of common stock issued and outstanding. Financial Highlights for Fiscal Six Months Ended September 30, 2021: R&D Expenses: Research and development expenses were $40.1 million for the six months ended September 30, 2021, compared to $28.9 million for the six months ended September 30, 2020. The year-over-year increase primarily reflected higher personnel-related expenses (including stock-based compensation), increases in clinical studies and clinical research and hig...