Immunovant, Inc. today released its financial results for the fiscal third quarter ended December 31, 2024, highlighting continued progress in its IMVT-1402 development plans. The company reported a net loss of $111.1 million, or $0.76 per common share, for the quarter, compared to a net loss of $51.4 million, or $0.36 per common share, for the same period in the prior fiscal year. Research and development expenses increased to $94.5 million from $48.3 million year-over-year, driven by preparations for IMVT-1402 clinical trials, contract manufacturing, and ongoing batoclimab pivotal trials.
As of December 31, 2024, Immunovant's cash and cash equivalents totaled $374.7 million. The company has now cleared six Investigational New Drug (IND) applications for IMVT-1402, with all clinical studies planned to utilize standard YpsoMate autoinjector technology and the intended commercial formulation. This standardization aims to streamline the path to potential commercialization.
Key pipeline updates include the recent initiation of the first potentially registrational trial of IMVT-1402 in Graves' Disease (GD) and a potentially registrational trial in difficult-to-treat rheumatoid arthritis (D2T RA). The company also reiterated expectations for top-line results from the batoclimab pivotal study in Myasthenia Gravis (MG) and Period 1 results from the batoclimab study in Chronic Inflammatory Demyelinating Polyneuropathy (CIDP) by the end of the current fiscal quarter, March 31, 2025.
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