Immunovant, Inc. today reported its financial results for the fiscal second quarter ended September 30, 2024, alongside significant development updates for its lead asset, IMVT-1402. The company reported a net loss of $109.1 million, or $0.74 per common share, for the quarter, compared to a net loss of $58.7 million, or $0.45 per common share, for the same period in the prior fiscal year. Research and development expenses increased to $97.3 million from $48.0 million year-over-year, primarily due to preparations for IMVT-1402 clinical trials and ongoing batoclimab pivotal trials.
As of September 30, 2024, Immunovant held approximately $472.9 million in cash and cash equivalents. The company has cleared five Investigational New Drug (IND) applications for IMVT-1402 and remains on track to initiate four to five potentially registrational clinical development programs by March 31, 2025. This includes the expansion into Rheumatology with a planned registrational trial for difficult-to-treat rheumatoid arthritis (D2T RA) by March 31, 2025, targeting ACPA-positive patients.
Further pipeline updates include the expectation of top-line results for batoclimab in Thyroid Eye Disease (TED) in the second half of calendar year 2025, and top-line results for batoclimab in Myasthenia Gravis (MG) and Period 1 data for Chronic Inflammatory Demyelinating Polyneuropathy (CIDP) by March 31, 2025. Additionally, Melanie Gloria was appointed Chief Operating Officer, effective November 18, 2024, bringing over 20 years of biotechnology industry experience to the leadership team.
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