$IMVT
Immunovant, Inc.

2022 Q3 Form 10-Q Financial Statement

#000176401322000085 Filed on August 05, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $11.88M $11.95M $15.24M
YoY Change -27.1% 6.84% 47.97%
% of Gross Profit
Research & Development $37.74M $28.43M $31.99M
YoY Change 76.67% 51.99% 71.78%
% of Gross Profit
Depreciation & Amortization $46.00K $44.00K $39.00K
YoY Change 64.29% 69.23% 30.0%
% of Gross Profit
Operating Expenses $49.61M $40.38M $47.23M
YoY Change 31.78% 35.1% 63.3%
Operating Profit
YoY Change
Interest Expense $1.154M
YoY Change
% of Operating Profit
Other Income/Expense, Net $793.0K $354.0K $44.00K
YoY Change -1044.05% -156.55% -93.53%
Pretax Income -$47.67M -$40.02M -$47.18M
YoY Change 26.32% 31.16% 67.08%
Income Tax $261.0K $352.0K -$12.00K
% Of Pretax Income
Net Earnings -$47.93M -$40.37M -$47.17M
YoY Change 27.12% 32.5% 67.51%
Net Earnings / Revenue
Basic Earnings Per Share -$0.41 -$0.35
Diluted Earnings Per Share -$0.41 -$0.35 -$405.3K
COMMON SHARES
Basic Shares Outstanding 116.6M shares 116.6M shares 116.4M shares
Diluted Shares Outstanding 116.6M shares 116.6M shares

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $405.8M $427.2M $493.8M
YoY Change -27.4% 12.72% 23.42%
Cash & Equivalents $405.8M $427.2M $493.8M
Short-Term Investments
Other Short-Term Assets $16.54M $15.92M $6.253M
YoY Change 241.65% 173.53% -24.66%
Inventory
Prepaid Expenses $16.54M $15.92M $6.885M
Receivables $3.782M $13.18M $12.23M
Other Receivables $0.00 $0.00 $632.0K
Total Short-Term Assets $426.1M $456.3M $512.9M
YoY Change -24.42% 18.57% 25.41%
LONG-TERM ASSETS
Property, Plant & Equipment $312.0K $328.0K $330.0K
YoY Change 49.28% 69.95% 64.18%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $2.055M $2.352M $2.633M
YoY Change -30.1% -26.52% -24.4%
TOTAL ASSETS
Total Short-Term Assets $426.1M $456.3M $512.9M
Total Long-Term Assets $2.055M $2.352M $2.633M
Total Assets $428.1M $458.7M $515.6M
YoY Change -24.45% 18.2% 24.99%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.461M $1.066M $18.63M
YoY Change 75.84% -65.69% 666.0%
Accrued Expenses $23.14M $19.01M $24.75M
YoY Change 0.35% 16.42% 63.23%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $31.78M $21.24M $44.52M
YoY Change 11.98% 3.51% 137.17%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $614.0K $919.0K $1.219M
YoY Change -68.55% -53.4% -44.59%
Total Long-Term Liabilities $614.0K $919.0K $1.219M
YoY Change -68.55% -53.4% -44.59%
TOTAL LIABILITIES
Total Short-Term Liabilities $31.78M $21.24M $44.52M
Total Long-Term Liabilities $614.0K $919.0K $1.219M
Total Liabilities $32.40M $22.16M $45.74M
YoY Change 6.8% -1.48% 117.71%
SHAREHOLDERS EQUITY
Retained Earnings -$443.7M -$395.8M -$355.4M
YoY Change 66.3% 72.76% 78.89%
Common Stock $12.00K $12.00K $12.00K
YoY Change 0.0% 20.0% 20.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $395.7M $436.5M $469.8M
YoY Change
Total Liabilities & Shareholders Equity $428.1M $458.7M $515.6M
YoY Change -24.45% 18.2% 24.99%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$47.93M -$40.37M -$47.17M
YoY Change 27.12% 32.5% 67.51%
Depreciation, Depletion And Amortization $46.00K $44.00K $39.00K
YoY Change 64.29% 69.23% 30.0%
Cash From Operating Activities -$20.19M -$65.82M -$32.96M
YoY Change 0.69% 210.26% 46.47%
INVESTING ACTIVITIES
Capital Expenditures -$31.00K $42.00K -$118.0K
YoY Change -29.55% 133.33% 31.11%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$31.00K -$42.00K -$118.0K
YoY Change -29.55% 133.33% 31.11%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 $21.00K 0.000
YoY Change -100.0% -76.92% -100.0%
NET CHANGE
Cash From Operating Activities -20.19M -$65.82M -32.96M
Cash From Investing Activities -31.00K -$42.00K -118.0K
Cash From Financing Activities 0.000 $21.00K 0.000
Net Change In Cash -20.22M -$66.61M -33.07M
YoY Change -111.23% 215.08% 51.51%
FREE CASH FLOW
Cash From Operating Activities -$20.19M -$65.82M -$32.96M
Capital Expenditures -$31.00K $42.00K -$118.0K
Free Cash Flow -$20.15M -$65.86M -$32.84M
YoY Change 0.76% 210.2% 46.53%

Facts In Submission

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CY2017Q4 imvt Percentage Of Research And Development Costs
PercentageOfResearchAndDevelopmentCosts
0.50
CY2022Q2 us-gaap Use Of Estimates
UseOfEstimates
<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">[B] Use of Estimates</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the unaudited condensed consolidated financial statements and accompanying notes. The Company regularly evaluates estimates and assumptions related to assets, liabilities, stock-based compensation, litigation accruals, clinical trial accruals, operating leases, 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.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Additionally, the Company assessed the impact that the COVID-19 pandemic, geopolitical tensions and resulting global slowdown of economic activity, decades-high inflation, rising interest rates and a potential recession in the U.S. has had on its operations and financial results as of June 30, 2022 and through the issuance of these unaudited condensed consolidated financial statements. The Company’s analysis was informed by the facts and circumstances as they were known to the Company. This assessment considered the impact that these uncertainties may have on financial estimates and assumptions that affect the reported amounts of assets and liabilities and expenses.</span></div>
CY2022Q2 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">[D] Concentration of Credit Risk</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments that potentially subject the Company to concentration of credit risk include cash. As of June 30, 2022, the cash balance is kept in banking institutions that the Company believes are of high credit quality and are 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.</span></div>
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.38
CY2022Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
10955775 shares
CY2021Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7654112 shares
CY2017Q4 imvt Upfront Payments
UpfrontPayments
30000000.0 usd
CY2018Q4 imvt Sub Licensed Agreement Aggregate Purchase Price
SubLicensedAgreementAggregatePurchasePrice
37800000 usd
CY2019Q3 imvt Milestone Payments
MilestonePayments
10000000.0 usd
CY2022Q2 imvt Accrued Research And Development Expenses
AccruedResearchAndDevelopmentExpenses
14318000 usd
CY2022Q1 imvt Accrued Research And Development Expenses
AccruedResearchAndDevelopmentExpenses
18196000 usd
CY2022Q2 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
2044000 usd
CY2022Q1 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
4456000 usd
CY2022Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1232000 usd
CY2022Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
679000 usd
CY2022Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1419000 usd
CY2022Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1415000 usd
CY2022Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
19013000 usd
CY2021Q2 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
CY2022Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
24746000 usd
CY2022Q2 us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
0 usd
CY2021Q2 us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
100000 usd
CY2020Q2 imvt Number Of Sublease Agreements
NumberOfSubleaseAgreements
2 subleaseagreement
CY2022Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
300000 usd
CY2021Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
300000 usd
CY2022Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.0088
CY2021Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0013
CY2022Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022Q2 us-gaap Convertible Preferred Stock Shares Reserved For Future Issuance
ConvertiblePreferredStockSharesReservedForFutureIssuance
10000 shares
CY2022Q1 us-gaap Convertible Preferred Stock Shares Reserved For Future Issuance
ConvertiblePreferredStockSharesReservedForFutureIssuance
10000 shares
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
8214245 shares
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
8018731 shares
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
6414692 shares
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
2188860 shares
CY2022Q2 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
17646985 shares
CY2022Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
13033788 shares
CY2022Q2 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
4659315 shares
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
8018731 shares
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
8.48
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y6M7D
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
60000 usd
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
311067 shares
CY2022Q2 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
4.55
CY2022Q2 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
11004 shares
CY2022Q2 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
1.91
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
94971 shares
CY2022Q2 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
6.80
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
9578 shares
CY2022Q2 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
8.62
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
8214245 shares
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
8.36
CY2022Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y3M21D
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
13000 usd
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
3615161 shares
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
9.05
CY2022Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P7Y6M18D
CY2022Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
8000 usd
CY2022Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y1M9D
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7555000 usd
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3820000 usd

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