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Dec 31, 2020
Immunovant Q3 2021 Earnings Report
Reported financial results for the third quarter of fiscal year 2021 and paused clinical trials for IMVT-1401 due to safety concerns.
Key Takeaways
Immunovant reported a net loss of $31.8 million for the quarter ended December 31, 2020, and ended the quarter with approximately $422 million in cash. The company voluntarily paused dosing in its clinical trials for IMVT-1401 due to elevated cholesterol levels.
R&D expenses increased to $21.1 million, driven by expansion of clinical trial programs.
G&A expenses increased to $10.5 million, primarily due to personnel-related costs.
Net loss was $31.8 million, or $0.32 per common share.
Company ended the quarter with approximately $422 million in cash.
Immunovant
Immunovant
Forward Guidance
Immunovant expects to continue development of IMVT-1401 and plans to progress discussions with regulatory authorities. The company expects to provide a further update on its current and future indications and timelines in the second quarter of calendar year 2021.
Positive Outlook
- Expect to continue development of IMVT-1401
- Plan to progress discussions with regulatory authorities
- Expect to provide a further update on current and future indications and timelines
- Program-wide data review with input from external scientific experts
- Continue development of IMVT-1401
Challenges Ahead
- Voluntarily paused dosing in clinical trials for IMVT-1401
- Elevated total cholesterol and LDL levels observed in patients treated with IMVT-1401
- Uncertainty regarding the impact of lipid findings
- Potential delays in clinical development plans and timelines due to COVID-19 pandemic
- Actions by regulatory authorities with respect to Immunovant’s product candidates