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Dec 31, 2023
Immunovant Q3 2024 Earnings Report
Immunovant reported financial results and provided corporate updates.
Key Takeaways
Immunovant reported a net loss of $51.4 million for the quarter ended December 31, 2023, with R&D expenses of $48.3 million and cash and cash equivalents totaling $691 million. The company is advancing its clinical programs for IMVT-1402 and batoclimab, with plans to initiate multiple registrational programs for IMVT-1402 and key data readouts expected from batoclimab trials in neurology in 2024.
Immunovant plans to initiate 4-5 potentially registrational programs for IMVT-1402 over the next fiscal year.
Trials in 10 indications for IMVT-1402 are planned over the next two fiscal years.
Initial period 1 data from the Phase 2b clinical trial of batoclimab in CIDP are expected in the second or third quarter of calendar year 2024.
Global Phase 3 clinical trials of batoclimab in MG and TED are progressing and on track for expected top-line data in the second half of calendar year 2024 (MG) and the first half of calendar year 2025 (TED).
Forward Guidance
Immunovant is focused on advancing its clinical programs for IMVT-1402 and batoclimab, with key data readouts expected in the near term and plans to initiate multiple registrational programs for IMVT-1402.
Positive Outlook
- IMVT-1402 showed a potentially best-in-class profile in a Phase 1 clinical trial.
- Immunovant plans to initiate 4-5 potentially registrational programs for IMVT-1402 over the next fiscal year.
- Trials in 10 indications for IMVT-1402 are planned over the next two fiscal years.
- Response rates from an initial cohort of patients in an open-label Phase 2 proof-of-concept clinical trial of batoclimab in Graves’ disease were meaningfully higher than 50 percent.
- Global Phase 3 clinical trials of batoclimab in MG and TED are progressing and on track for expected top-line data.
Challenges Ahead
- The timing and results of clinical trials are subject to uncertainty.
- The development and commercialization of batoclimab and IMVT-1402 are heavily dependent on successful clinical trials and regulatory approvals.
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