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Immunovant (IMVT) Q2 Earnings Top Estimates, Pipeline in Focus
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Immunovant, Inc. (IMVT - Free Report) reported fiscal second-quarter 2023 net loss of 45 cents per share, narrower than the Zacks Consensus Estimate of a loss of 46 cents per share. The reported figure is wider than the year-ago quarter's loss of 41 cents per share.
Currently, IMVT does not have any approved product in its portfolio. As a result, it is yet to generate revenues.
Quarter in Detail
Research and development (R&D) expenses totaled $48 million, up 27.1% from the year-ago quarter’s reported figure. The year-over-year surge can be attributed to higher R&D and contract manufacturing costs associated with the development of IMVT-1402, as well as higher personnel-related expenses, partially offset by decreased batoclimab program expenses. A decline in costs for cross-indication clinical studies and clinical research also contributed to lowering R&D expenses.
General and administrative expenses amounted to $13.8 million, up 16.6% on a year-over-year basis. The rise was primarily due to an increase in personnel-related expenses, market research costs and information technology costs, partially offset by lower legal and other professional fees.
As of Sep 30, 2023, Immunovant had a cash balance of $269.9 million compared with $330.0 million as of Jun 30, 2023.
Immunovant recently raised net proceeds of $467 million (after deducting underwriting commissions and estimated offering expenses) in an underwritten public offering and concurrent private placement. Together with its cash balance as of Sep 30, 2023, Immunovant’s pro forma cash and cash equivalents, as of the same date, totaled approximately $737 million.
Shares of IMVT have rallied 76.4% year to date against the industry’s 21.8% decline.
Image Source: Zacks Investment Research
Pipeline Update
The company is developing its lead pipeline candidate batoclimab as a subcutaneous injection to treat autoimmune indications, including myasthenia gravis (MG), thyroid eye disease (TED), chronic inflammatory demyelinating polyneuropathy (CIDP) and Graves’ disease (GD). Several mid-late-stage studies are currently ongoing to evaluate batoclimab in the treatment of each of these indications.
Immunovant expects to report top-line data from the phase III study of batoclimab to treat MG in the second half of 2024. Data readout from the phase III program in TED is expected in the first half of 2025. Initial results from period 1 of the phase IIb study in CIDP are anticipated to be reported in the first half of 2024. Finally, initial proof-of-concept data from the phase II GD study are expected by the end of 2023.
The company is also studying its new candidate, IMVT-1402, a next-generation FcRn inhibitor,which is being developed as a subcutaneous injection in an early-stage study. The phase I study is evaluating the safety, tolerability and pharmacodynamic profiles of subcutaneously administered IMVT-1402.
In September 2023, the company announced positive initial results from both cohorts, the single-ascending dose portion and the multiple-ascending dose (MAD) portion, of its early-stage study of IMVT-1402. Initial positive results from the MAD portion of the early-stage study were observed in the IMVT-1402 300 mg cohort. Immunovant expects to share initial data from the 600 mg MAD cohorts later this month.
In the past 30 days, the Zacks Consensus Estimate for Ligand’s 2023 earnings per share has increased from $5.09 to $5.10. During the same time frame, the estimate for Ligand’s 2024 earnings per share has increased from $4.56 to $4.59. Year to date, shares of LGND have lost 18.2%.
LGND’s earnings beat estimates in three of the trailing four quarters and missed the mark on one occasion, delivering an average surprise of 67.19%.
In the past 30 days, the Zacks Consensus Estimate for Apellis’ 2023 loss per share has widened from $4.39 to $4.59. During the same time frame, the estimate for Apellis’ 2024 loss per share has narrowed from $2.41 to $1.92. Year to date, shares of APLS have lost 10.3%.
APLS beat estimates in two of the trailing four quarters, missing the mark on the other two occasions, delivering an average negative earnings surprise of 3.91%.
In the past 30 days, the Zacks Consensus Estimate for Anixa Biosciences’ 2023 loss per share has remained constant at 32 cents. During the same time frame, the estimate for Anixa Biosciences’ 2024 loss per share has remained constant at 37 cents. Year to date, shares of ANIX have lost 32%.
ANIX beat estimates in each of the trailing four quarters, delivering an average earnings surprise of 26.29%.
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Immunovant (IMVT) Q2 Earnings Top Estimates, Pipeline in Focus
Immunovant, Inc. (IMVT - Free Report) reported fiscal second-quarter 2023 net loss of 45 cents per share, narrower than the Zacks Consensus Estimate of a loss of 46 cents per share. The reported figure is wider than the year-ago quarter's loss of 41 cents per share.
Currently, IMVT does not have any approved product in its portfolio. As a result, it is yet to generate revenues.
Quarter in Detail
Research and development (R&D) expenses totaled $48 million, up 27.1% from the year-ago quarter’s reported figure. The year-over-year surge can be attributed to higher R&D and contract manufacturing costs associated with the development of IMVT-1402, as well as higher personnel-related expenses, partially offset by decreased batoclimab program expenses. A decline in costs for cross-indication clinical studies and clinical research also contributed to lowering R&D expenses.
General and administrative expenses amounted to $13.8 million, up 16.6% on a year-over-year basis. The rise was primarily due to an increase in personnel-related expenses, market research costs and information technology costs, partially offset by lower legal and other professional fees.
As of Sep 30, 2023, Immunovant had a cash balance of $269.9 million compared with $330.0 million as of Jun 30, 2023.
Immunovant recently raised net proceeds of $467 million (after deducting underwriting commissions and estimated offering expenses) in an underwritten public offering and concurrent private placement. Together with its cash balance as of Sep 30, 2023, Immunovant’s pro forma cash and cash equivalents, as of the same date, totaled approximately $737 million.
Shares of IMVT have rallied 76.4% year to date against the industry’s 21.8% decline.
Image Source: Zacks Investment Research
Pipeline Update
The company is developing its lead pipeline candidate batoclimab as a subcutaneous injection to treat autoimmune indications, including myasthenia gravis (MG), thyroid eye disease (TED), chronic inflammatory demyelinating polyneuropathy (CIDP) and Graves’ disease (GD). Several mid-late-stage studies are currently ongoing to evaluate batoclimab in the treatment of each of these indications.
Immunovant expects to report top-line data from the phase III study of batoclimab to treat MG in the second half of 2024. Data readout from the phase III program in TED is expected in the first half of 2025. Initial results from period 1 of the phase IIb study in CIDP are anticipated to be reported in the first half of 2024. Finally, initial proof-of-concept data from the phase II GD study are expected by the end of 2023.
The company is also studying its new candidate, IMVT-1402, a next-generation FcRn inhibitor,which is being developed as a subcutaneous injection in an early-stage study. The phase I study is evaluating the safety, tolerability and pharmacodynamic profiles of subcutaneously administered IMVT-1402.
In September 2023, the company announced positive initial results from both cohorts, the single-ascending dose portion and the multiple-ascending dose (MAD) portion, of its early-stage study of IMVT-1402. Initial positive results from the MAD portion of the early-stage study were observed in the IMVT-1402 300 mg cohort. Immunovant expects to share initial data from the 600 mg MAD cohorts later this month.
Immunovant, Inc. Price and Consensus
Immunovant, Inc. price-consensus-chart | Immunovant, Inc. Quote
Zacks Rank and Stocks to Consider
Immunovant currently has a Zacks Rank #3 (Hold).
Some better-ranked stocks worth mentioning are Ligand Pharmaceuticals (LGND - Free Report) , Apellis Pharmaceuticals (APLS - Free Report) and Anixa Biosciences (ANIX - Free Report) . While LGND sports a Zacks Rank #1 (Strong Buy), APLS and ANIX carry a Zacks Rank #2 (Buy) each at present.
You can see the complete list of today’s Zacks #1 Rank stocks here.
In the past 30 days, the Zacks Consensus Estimate for Ligand’s 2023 earnings per share has increased from $5.09 to $5.10. During the same time frame, the estimate for Ligand’s 2024 earnings per share has increased from $4.56 to $4.59. Year to date, shares of LGND have lost 18.2%.
LGND’s earnings beat estimates in three of the trailing four quarters and missed the mark on one occasion, delivering an average surprise of 67.19%.
In the past 30 days, the Zacks Consensus Estimate for Apellis’ 2023 loss per share has widened from $4.39 to $4.59. During the same time frame, the estimate for Apellis’ 2024 loss per share has narrowed from $2.41 to $1.92. Year to date, shares of APLS have lost 10.3%.
APLS beat estimates in two of the trailing four quarters, missing the mark on the other two occasions, delivering an average negative earnings surprise of 3.91%.
In the past 30 days, the Zacks Consensus Estimate for Anixa Biosciences’ 2023 loss per share has remained constant at 32 cents. During the same time frame, the estimate for Anixa Biosciences’ 2024 loss per share has remained constant at 37 cents. Year to date, shares of ANIX have lost 32%.
ANIX beat estimates in each of the trailing four quarters, delivering an average earnings surprise of 26.29%.