Immunovant's Q2 Loss Wider Than Expected, Pipeline in Focus

Core Viewpoint - Immunovant, Inc. reported a wider net loss for Q2 fiscal 2025 than expected, with no approved products and no revenue generation [1] Financial Performance - The net loss for Q2 fiscal 2025 was 74 cents per share, exceeding the Zacks Consensus Estimate of a loss of 61 cents and wider than the previous year's loss of 45 cents per share [1] - Research and development (R&D) expenses reached $97.3 million, a 103$18.5 million, up 33% year-over-year, primarily due to higher personnel-related expenses and legal fees [3] - As of September 30, 2024, the cash balance was $472.9 million, down from$560 million as of June 30, 2023 [3] Pipeline Developments - Immunovant is focusing on IMVT-1402, a next-generation FcRn inhibitor, as its lead asset, with plans to initiate four to five registrational programs over the next fiscal year [4][5] - The company aims to start studies in a total of 10 indications for IMVT-1402 over the next two fiscal years, leveraging existing data from batoclimab studies for financial efficiencies [5] - Late-stage studies for IMVT-1402 will include indications such as Graves' disease, Myasthenia Gravis, and Chronic Inflammatory Demyelinating Polyneuropathy [6] - Immunovant is also evaluating batoclimab in ongoing mid-late-stage studies for various autoimmune indications [7] Upcoming Milestones - Positive data from a mid-stage study on batoclimab for Graves' disease was announced, with plans to initiate a pivotal study for IMVT-1402 by the end of 2024 [8] - Top-line results from the Myasthenia Gravis study of batoclimab are expected by the end of the fiscal year on March 31, 2025 [8] - The company may transition its batoclimab CIDP study to a registrational program with IMVT-1402, with top-line data from the phase IIb study expected by March 31, 2025 [9] - Top-line data from the late-stage thyroid eye disease study of batoclimab is scheduled for the second half of 2025 [10]