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Immunovant Inc. (IMVT+3.86%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing a net loss of $111.1 million, compared to $51.4 million in the same quarter the previous year. The increase in net loss is attributed to higher research and development expenses as the company advances its clinical programs.
Research and development expenses for the quarter increased to $94.5 million from $48.3 million in the previous year, primarily due to preparation for future clinical trials of IMVT-1402 and higher overall clinical trial costs related to batoclimab.
General and administrative expenses rose to $19.8 million from $13.2 million in the same quarter last year, reflecting higher personnel-related expenses and increased legal and professional fees.
Interest income decreased to $4.6 million from $8.9 million in the prior-year quarter, primarily due to lower money market fund balances.
Immunovant had cash and cash equivalents of $374.7 million as of December 31, 2024, down from $635.4 million at the end of March 2024. The decrease is mainly due to cash used in operating activities.
The company continues to focus on the development of its product candidates, IMVT-1402 and batoclimab, targeting autoimmune diseases. Immunovant plans to initiate several clinical trials for IMVT-1402 by March 31, 2025.
Immunovant is a clinical-stage immunology company dedicated to developing therapies for autoimmune diseases, with a focus on FcRn inhibition. The company is advancing its pipeline with the goal of addressing unmet medical needs in endocrinology, neurology, and rheumatology.
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 February 6, 2025. To report an error, please email earnings@qz.com.