Roivant Sciences(US:ROIV)2023-11-13 12:16Financial Performance - Net revenue for the three months ended September 30, 2023, was $37,101 thousand, a significant increase of 196.5% compared to $12,533 thousand for the same period in 2022[31]. - The company reported a comprehensive loss of $327,516 thousand for the three months ended September 30, 2023, compared to a comprehensive loss of $312,169 thousand for the same period in 2022, indicating an increase of approximately 4.9%[34]. - The company reported a net loss of $331,118,000 for the quarter ending September 30, 2023, compared to a net loss of $327,845,000 for the previous quarter[38]. - For the six months ended September 30, 2023, the company incurred a net loss of approximately $659.0 million, compared to a net loss of $669.7 million for the same period in 2022[48]. - The company reported a net cash provided by financing activities of approximately $215.3 million for the six months ended September 30, 2023, compared to $134.6 million in the prior year[48]. - The company reported a net loss of $331.1 million for the three months ended September 30, 2023, compared to a net loss of $315.9 million in the same period of 2022, reflecting an increase in loss of $15.2 million (5%) year-over-year[196]. Assets and Liabilities - Total assets decreased from $2,389,604 thousand as of March 31, 2023, to $2,065,543 thousand as of September 30, 2023, representing a decline of approximately 13.6%[28]. - Cash and cash equivalents decreased from $1,676,813 thousand as of March 31, 2023, to $1,408,231 thousand as of September 30, 2023, a reduction of about 16.0%[28]. - As of September 30, 2023, total shareholders' equity was $1,325,633,000, reflecting an increase from $1,334,139,000 as of June 30, 2023[38]. - The balance of accumulated deficit increased to $4,368,897,000 as of September 30, 2023, from $4,064,570,000 as of June 30, 2023[38]. - The total long-term debt, net of the debt issued to NovaQuest, was $188.9 million, an increase from $180.7 million as of March 31, 2023, representing a growth of approximately 4.0%[99]. - The total liabilities at fair value increased to $248.1 million as of September 30, 2023, up from $241.3 million as of March 31, 2023[143]. Revenue Breakdown - Product revenue, net for the three months ended September 30, 2023, was $18.4 million, up $13.5 million (272%) from $5.0 million in the same period of 2022, primarily driven by VTAMA sales[196]. - License, milestone, and other revenue increased by $11.1 million (146%) to $18.7 million for the three months ended September 30, 2023, compared to $7.6 million in the same period of 2022[196]. - For the six months ended September 30, 2023, total net revenue was $58.7 million, an increase of $41.9 million (248%) compared to $16.9 million in the same period of 2022[197]. Research and Development - Research and development expenses for the three months ended September 30, 2023, were $131,984 thousand, consistent with $131,995 thousand for the same period in 2022[31]. - The company anticipates an increase in research and development expenses as it advances product candidates and in-licensed assets through clinical trials[180]. - Research and development expenses decreased by $10.7 million to $257.1 million for the six months ended September 30, 2023, compared to $267.8 million for the same period in 2022[207]. Shareholder Equity and Stock Activity - The weighted average shares outstanding for basic and diluted shares increased from 699,888,061 for the three months ended September 30, 2022, to 770,227,849 for the same period in 2023[31]. - The company issued 19,600,685 common shares, net of issuance costs, raising $199,822,000[38]. - The company raised approximately $199.8 million from the issuance of common shares during the six months ended September 30, 2023[48]. - The total number of common shares outstanding increased to 800,792,365 as of September 30, 2023, up from 767,137,861 as of June 30, 2023[38]. Future Outlook and Strategic Plans - The company expects to incur additional losses in the future to fund operations and product research and development[49]. - The company intends to raise additional capital through equity securities or debt financings to support its business plan[50]. - The Roche Transaction is expected to close in Q4 2023 or Q1 2024, subject to regulatory approvals[154]. - The Company expects to receive approximately $5.2 billion in cash proceeds from the Roche Transaction, which involves the sale of Telavant Holdings, Inc.[153]. Legal and Regulatory Matters - The company intends to vigorously defend against a securities class action lawsuit related to Immunovant, with no liability recorded at this time due to uncertainty in estimating possible losses[126]. - Acuitas Therapeutics Inc. filed a lawsuit against Genevant and Arbutus regarding patent infringement related to COMIRNATY, which was voluntarily dismissed on August 4, 2023[127].