Immunovant Announces Q2 2024 Financial Results and Corporate Updates

Immunovant, Inc., a clinical-stage immunology company listed on Nasdaq (IMVT), has provided significant corporate updates and financial results for its fiscal first quarter ending June 30, 2024.

Key Developments:
1. Myasthenia Gravis (MG) Trial: Immunovant has successfully completed patient enrollment for its pivotal batoclimab trial targeting MG. The company anticipates releasing top-line results by March 31, 2025, and aims to commence a potentially registrational program for IMVT-1402 within the same timeframe.

2. IMVT-1402 Progress: The development of IMVT-1402 is making strides, with three Investigational New Drug (IND) applications expected to be active by December 31, 2024. This will support its clinical progress across various indications. Moreover, Immunovant is on track to initiate four to five potentially registrational programs by the end of their fiscal year (March 31, 2025).

3. Graves’ Disease (GD): Initial data from an ongoing Phase 2 open-label, proof-of-concept study on batoclimab for GD is already available. Further updates, including epidemiologic data and additional results, will be disclosed in the fall of 2024, alongside an overview of the IMVT-1402 development for GD.

4. Thyroid Eye Disease (TED): The company is progressing with its pivotal batoclimab program for TED, with top-line data expected in the first half of 2025. These findings will guide the next steps in batoclimab's development for TED.

5. Chronic Inflammatory Demyelinating Polyneuropathy (CIDP): Enrollment continues in the batoclimab trial for CIDP. Initial data and trial design insights for IMVT-1402 in CIDP are anticipated by March 31, 2025.

Financial Overview:
1. Cash Position: Immunovant reported cash and cash equivalents totaling approximately $560 million as of June 30, 2024.

2. Research & Development (R&D) Expenses: R&D expenditures rose to $75.5 million for the quarter, up from $50.6 million during the same period last year. This increase is attributed to preparations for future IMVT-1402 trials, higher clinical trial costs for batoclimab, and elevated personnel expenses. These costs were somewhat offset by reduced expenses related to IMVT-1402 Phase 1 trials and nonclinical studies.

3. General & Administrative (G&A) Expenses: G&A expenses also saw an uptick, reaching $18.8 million for the quarter compared to $15.4 million a year ago. The rise is due to increased personnel costs, legal and professional fees, IT expenses, and market research costs.

4. Net Loss: The company recorded a net loss of $87.2 million ($0.60 per share) for the quarter, against a net loss of $73.9 million ($0.57 per share) in the same quarter the previous year. This includes non-cash stock-based compensation expenses of $13.5 million for the current period and $10.7 million for the prior period.

5. Shares Outstanding: As of June 30, 2024, Immunovant had 146,195,673 shares of common stock issued and outstanding.

Immunovant remains dedicated to advancing its innovative therapies targeting autoimmune diseases. The company’s progress in clinical development and robust financial standing bolster its potential to bring significant treatments to market.

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