$IMVT
Immunovant, Inc.

2020 Q1 Form 10-Q Financial Statement

#000119312520036661 Filed on February 14, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q4 2018 Q4
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $6.320M $6.090M
YoY Change
% of Gross Profit
Research & Development $14.17M $4.953M $7.683M
YoY Change -35.53%
% of Gross Profit
Depreciation & Amortization $0.00 $20.00K
YoY Change
% of Gross Profit
Operating Expenses $20.48M $11.04M $8.884M
YoY Change 24.28%
Operating Profit
YoY Change
Interest Expense $0.00 $376.0K
YoY Change
% of Operating Profit
Other Income/Expense, Net -$130.0K $221.0K $43.00K
YoY Change 413.95%
Pretax Income -$20.61M -$11.20M -$8.841M
YoY Change 26.64%
Income Tax -$60.00K $100.0K $8.000K
% Of Pretax Income
Net Earnings -$20.55M -$11.30M -$8.849M
YoY Change 27.65%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$376.6K -$275.3K
COMMON SHARES
Basic Shares Outstanding 56.46M 14.38M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q1 2019 Q4 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $100.6M $123.5M
YoY Change 100500.0%
Cash & Equivalents $100.6M $123.5M $12.10M
Short-Term Investments
Other Short-Term Assets $5.500M $0.00
YoY Change 2650.0%
Inventory
Prepaid Expenses $5.460M $44.00K
Receivables
Other Receivables
Total Short-Term Assets $109.1M $126.6M
YoY Change 767.13%
LONG-TERM ASSETS
Property, Plant & Equipment $65.00K $49.00K
YoY Change 20.37%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $200.0K $0.00
YoY Change
Total Long-Term Assets $311.0K $49.00K
YoY Change -75.1%
TOTAL ASSETS
Total Short-Term Assets $109.1M $126.6M
Total Long-Term Assets $311.0K $49.00K
Total Assets $109.4M $126.6M
YoY Change 691.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.190M $2.812M
YoY Change 477.67%
Accrued Expenses $10.94M $8.705M
YoY Change 75.71%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $15.32M $14.80M
YoY Change 5006.0%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $15.32M $14.80M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $15.32M $14.76M
YoY Change 136.06%
SHAREHOLDERS EQUITY
Retained Earnings -$91.23M -$70.68M
YoY Change 267.28%
Common Stock $5.000K $5.000K $288.00
YoY Change 25.0% 1636.11%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $94.07M $111.9M $7.962M
YoY Change
Total Liabilities & Shareholders Equity $109.4M $126.6M
YoY Change 691.05%

Cashflow Statement

Concept 2020 Q1 2019 Q4 2018 Q4
OPERATING ACTIVITIES
Net Income -$20.55M -$11.30M -$8.849M
YoY Change 27.65%
Depreciation, Depletion And Amortization $0.00 $20.00K
YoY Change
Cash From Operating Activities -$23.05M -$29.78M
YoY Change
INVESTING ACTIVITIES
Capital Expenditures -$10.00K -$20.00K
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$10.00K $115.0M
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 100.0K 30.05M
YoY Change -155.56%
NET CHANGE
Cash From Operating Activities -23.05M -29.78M
Cash From Investing Activities -10.00K 115.0M
Cash From Financing Activities 100.0K 30.05M
Net Change In Cash -22.96M 115.3M
YoY Change 12655.56%
FREE CASH FLOW
Cash From Operating Activities -$23.05M -$29.78M
Capital Expenditures -$10.00K -$20.00K
Free Cash Flow -$23.04M -$29.76M
YoY Change

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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
4590731
CY2019Q4 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1332000
CY2018Q4 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
12000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4988000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
13000
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
4.12
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
8.04
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
707000
CY2018Q4 imvt Sub Licensed Agreement Aggregate Purchase Price
SubLicensedAgreementAggregatePurchasePrice
37800000
CY2019Q4 us-gaap Value Added Tax Receivable
ValueAddedTaxReceivable
2900000
imvt Upfront Payments
UpfrontPayments
30000000
CY2019Q4 us-gaap Business Acquisition Share Price
BusinessAcquisitionSharePrice
13.88
CY2019Q4 us-gaap Business Combination Consideration Transferred1
BusinessCombinationConsiderationTransferred1
420900000
CY2019Q4 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
10.00
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">[B] Use of Estimates </div></div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The preparation of condensed combined and consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed combined and consolidated financial statements and accompanying notes. The Company regularly evaluates estimates and assumptions related to assets, liabilities, stock-based compensation, research and development costs and income taxes. The Company bases its estimates and assumptions on historical experience and on various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">[D] Concentration of Credit Risk </div></div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Financial instruments that potentially subject the Company to concentration of credit risk include cash. At December&#160;31, 2019,&#160;</div><div style="font-size: 10pt; line-height: 115%; font-family: &quot;times new roman&quot;, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">the cash balance is deposited in one banking institution that the Company believes is of high credit quality and is in excess of federally insured levels. The Company maintains its cash with an accredited financial institution and accordingly, such funds are subject to minimal credit risk. The Company has not experienced any losses on its cash deposits.</div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
us-gaap Stock Issued1
StockIssued1
35000000
CY2019Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2019Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2019Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2019Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2019Q4 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
35587000
CY2019Q4 us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
109276000
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--03-31
dei Entity File Number
EntityFileNumber
001-38906
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2019
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
CY2019Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
0
CY2019Q4 us-gaap Convertible Preferred Stock Shares Reserved For Future Issuance
ConvertiblePreferredStockSharesReservedForFutureIssuance
10000
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
5478728
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
3478728
CY2019Q4 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
5750000
CY2019Q4 imvt Business Combination Per Share Reverse Recapitalization
BusinessCombinationPerShareReverseRecapitalization
10.00
CY2019Q3 imvt Common Stock To Potential Forfeiture In The Event That The Milestones Are Not Achieved
CommonStockToPotentialForfeitureInTheEventThatTheMilestonesAreNotAchieved
1800000
dei Entity Address State Or Province
EntityAddressStateOrProvince
NY
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0297
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0297
CY2018Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y14D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y14D
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
0.7479
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
0.7479
imvt Gains Losses On Extinguishments Of Debts
GainsLossesOnExtinguishmentsOfDebts
38000
imvt Cash Receivaed On Recapitalization Transaction
CashReceivaedOnRecapitalizationTransaction
111016000
imvt Forgiveness Of Interest On Convertible Promissory Notes Recorded In Equity
ForgivenessOfInterestOnConvertiblePromissoryNotesRecordedInEquity
587000
CY2019Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0
CY2019Q1 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0
CY2019Q4 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
11769573
CY2018Q4 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
118843
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
11769573
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
118843
us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
2800000
CY2019Q2 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
5750000
CY2019Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
CY2019Q4 us-gaap Preferred Stock Value Outstanding
PreferredStockValueOutstanding
dei Entity Tax Identification Number
EntityTaxIdentificationNumber
83-2771572
dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
10018
dei Entity Address Address Line1
EntityAddressAddressLine1
320 West 37th Street, 3RD FL
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
CY2020Q1 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
56455376
dei Entity Address City Or Town
EntityAddressCityOrTown
NY
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
dei Document Quarterly Report
DocumentQuarterlyReport
true
dei Document Transition Report
DocumentTransitionReport
false
dei Entity Shell Company
EntityShellCompany
false
CY2019 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P9Y7M20D
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.0006
CY2019Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.0090
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.0034
CY2018Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.0009
CY2019Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
15448301
CY2019Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
3667997
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
570427
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
7.13
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4209573
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
7.86
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P9Y6M
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
33177000
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
169275
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
6.93
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P7Y4M24D
CY2019Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
1514000
CY2019Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
20500000

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