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Immunovant Inc. (IMVT-0.82%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a net loss of $109,119,000, compared to a net loss of $58,662,000 in the same quarter of the previous year. The increase in net loss is attributed to higher research and development expenses.
Research and development expenses for the quarter were $97,272,000, up from $47,959,000 in the previous year, primarily due to increased costs associated with clinical trials and preparation for future studies.
General and administrative expenses increased to $18,471,000 from $13,841,000, reflecting higher personnel-related expenses and professional fees.
Interest income for the quarter was $6,073,000, compared to $3,572,000 in the previous year, due to higher money market fund balances.
Immunovant reported cash and cash equivalents of $472,941,000 as of September 30, 2024, down from $635,365,000 as of March 31, 2024, primarily due to cash used in operating activities.
Cash used in operating activities was $164,846,000 for the six months ended September 30, 2024, reflecting increased research and development activities.
The company anticipates that its existing cash and cash equivalents will be sufficient to fund its operating expenses and capital expenditure requirements for at least the next 12 months.
Immunovant continues to focus on developing its product candidates, IMVT-1402 and batoclimab, with plans to initiate several clinical programs in various therapeutic areas by March 31, 2025.
The filing also details the company's efforts to manage its intellectual property and the risks associated with its business operations, including potential competition and regulatory challenges.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Immunovant Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.