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ROIV · Roivant Sciences

16 filings

10-Q

ROIV 10-Q Quarterly Reports

Roivant Sciences - 16 quarterly reports

Filing record · 2021–202610-K510-Q168-K82

2027-Q1
Roivant Sciences Quarterly Report for Q1 Ended Jun 30, 2026
Roivant Sciences Ltd. reported a net loss of $290.6 million for the three months ended June 30, 2026, compared with $273.9 million a year earlier. Revenue was $1.4 million, against $2.2 million in the prior-year quarter. Research and development expenses rose to $202.0 million from $152.9 million, and general and administrative expenses rose to $165.5 million from $134.0 million. The filing attributes much of the G&A increase to $18.8 million in employee bonuses tied to the March 2026 Moderna settlement. Net loss attributable to Roivant Sciences Ltd. was $189.8 million, against $223.4 million in the prior-year quarter. Cash, cash equivalents and marketable securities totaled approximately $3.8 billion at June 30, 2026, and the accumulated deficit was $900.4 million. The most significant recent event is the Moderna settlement. Moderna agreed to pay a $950 million fixed payment, made July 8, 2026, plus up to an additional $1.3 billion contingent on the outcome of Moderna's appeal to the Federal Circuit. Genevant received $771.6 million of the fixed payment on July 8, 2026, which the company recorded as a litigation settlement receivable at quarter-end. Genevant's parent expects to distribute up to $188 million of the fixed payment to other GSL shareholders, including Arbutus. The company also repurchased 7.3 million common shares for approximately $208.7 million during the quarter, leaving about $681.7 million available under its repurchase authorization. On the pipeline, the filing lists an FDA decision on brepocitinib in dermatomyositis expected in 3Q 2026, with launch preparations described as on track for the end of September 2026. Several Phase 2 and Phase 3 readouts are expected in 2H 2026, and the filing states that cash and marketable securities support the company's runway. Operating cash outflow was $270.5 million for the quarter, up from $204.4 million a year earlier.
Aug 6, 2026
2026-Q3
Roivant Sciences Quarterly Report for Q3 Ended Dec 31, 2025
Roivant Sciences Ltd. (ROIV) reported a net loss from continuing operations of $753.7 million for the nine months ended December 31, 2025, compared with $477.4 million a year earlier, and a net loss attributable to Roivant of $602.8 million versus net income of $34.5 million in the prior-year period. For the three months ended December 31, 2025, net loss attributable to Roivant Sciences Ltd. was $265.9 million. Revenue was small, at $2.0 million for the quarter and $5.7 million for the nine months, primarily from Genevant license agreements. Research and development expense rose to $482.9 million for the nine months, driven by program-specific costs for the anti-FcRn franchise, brepocitinib and mosliciguat, while general and administrative expense was $452.2 million, including large share-based compensation charges. The balance sheet remains substantial. As of December 31, 2025, cash, cash equivalents and marketable securities totaled approximately $4.5 billion, against an accumulated deficit of $695.0 million. The company stated that it does not currently need additional capital under its current liquidity position, though it may require capital in the future. Its $500 million 2025 share repurchase authorization had not been used as of December 31, 2025. Immunovant's December 2025 offering generated net proceeds of approximately $543.6 million, and Roivant's ownership of Immunovant rose to approximately 56%. Key near-term catalysts include a March 2026 jury trial in the U.S. Moderna case, topline Phase 3 thyroid eye disease data for batoclimab in the first half of 2026, and several second-half 2026 readouts, including brepocitinib in non-infectious uveitis and mosliciguat in pulmonary hypertension associated with interstitial lung disease. The company also reported a February 2026 Phase 2 cutaneous sarcoidosis result for brepocitinib and that a New Drug Application for brepocitinib in dermatomyositis had been submitted.
Feb 6, 2026
2026-Q2
Roivant Sciences Quarterly Report for Q2 Ended Sep 30, 2025
Roivant Sciences Ltd. reported a net loss attributable to Roivant of $113.5 million for the three months ended September 30, 2025, compared with $230.2 million a year earlier, and $336.9 million for the six months, compared with $134.9 million. Revenue fell to $1.6 million for the quarter from $4.5 million, while research and development expense rose to $164.6 million from $143.1 million. General and administrative expense fell to $143.1 million from $202.9 million, reflecting lower one-time cash retention awards recognized in the prior-year quarter. Net loss from continuing operations for the six months was $440.0 million, compared with $268.4 million. Cash, cash equivalents and marketable securities totaled approximately $4.4 billion at September 30, 2025, and the accumulated deficit was $429.1 million. Management states that existing resources are sufficient for operating expenses and capital expenditures for the foreseeable future, while noting that it may need additional capital in the future. The pipeline progressed during the quarter. Priovant's brepocitinib met the primary endpoint and all nine key secondary endpoints in the Phase 3 VALOR study in dermatomyositis, with an NDA filing planned for the first half of calendar 2026. Immunovant expects to share topline results from both batoclimab Phase 3 thyroid eye disease studies concurrently in the first half of calendar 2026, and it continues to track its IMVT-1402 programs. Capital returns continued: the company repurchased 20,269,450 shares for approximately $208.3 million in the three months ended June 30, 2025, and the board authorized a new $500 million repurchase program in June 2025 under which no purchases had been made as of September 30, 2025. Investors should note the company's lack of approved products following the October 2024 Dermavant sale, continued operating losses, reliance on the HanAll Agreement for IMVT-1402 and batoclimab rights, and ongoing patent litigation against Moderna and Pfizer/BioNTech. Interest income declined to $45.3 million for the quarter from $69.8 million as balances and rates fell.
Nov 10, 2025
2026-Q1
Roivant Sciences Quarterly Report for Q1 Ended Jun 30, 2025
Roivant Sciences Ltd. reported a net loss from continuing operations of $273.9 million for the three months ended June 30, 2025, compared with a net loss from continuing operations of $31.6 million a year earlier. Revenue was $2.2 million, down from $8.0 million, and research and development expenses rose to $152.9 million from $120.5 million, while general and administrative expenses rose to $134.0 million from $99.9 million, driven largely by share-based compensation tied to the 2024 Senior Executive Compensation Program. The prior-year quarter included a $110.4 million gain on the sale of Telavant net assets and $89.1 million of income from discontinued operations (Dermavant). The company had cash, cash equivalents and marketable securities of approximately $4.5 billion at June 30, 2025, down from $4.9 billion at March 31, 2025 as shown in Note 3, and an accumulated deficit of $315.6 million. Shareholders' equity attributable to Roivant was $4.35 billion. During the quarter, Roivant repurchased 20,269,450 common shares for approximately $208.3 million and completed its $1.5 billion repurchase program; the board authorized a new $500 million program on June 24, 2025, with no purchases made under it as of June 30, 2025. The filing states that management believes existing cash will fund operations for the foreseeable future, while noting that it may need additional capital. Key pipeline items cited in the filing include Phase 3 topline data for brepocitinib in dermatomyositis expected in the second half of 2025, Phase 3 thyroid eye disease data for batoclimab in the second half of 2025, and additional Graves' disease data from Immunovant in September 2025. The filing also discloses ongoing patent litigation against Moderna and Pfizer/BioNTech, with a Moderna jury trial scheduled for March 2026, and notes that Roivant has no commercial-stage products following the Dermavant sale.
Aug 11, 2025
2025-Q3
Roivant Sciences Quarterly Report for Q3 Ended Dec 31, 2024
Roivant Sciences Ltd. (ROIV) reported its 10-Q for the quarter ended December 31, 2024. The company recorded a net loss from continuing operations of $477.4 million for the nine months ended December 31, 2024, compared with net income from continuing operations of approximately $4.6 billion in the prior-year period, which included the roughly $5.3 billion gain on the Telavant sale. Revenue, net was $9.0 million for the three months and $21.5 million for the nine months ended December 31, 2024. Research and development expenses were $405.2 million and general and administrative expenses were $444.3 million for the nine months, with G&A rising due to share-based compensation and one-time cash retention awards tied to the 2024 Senior Executive Compensation Program. The Dermavant sale to Organon, completed October 28, 2024, produced a $376.5 million gain recorded in discontinued operations, and income from discontinued operations was $373.0 million for the nine months. As of December 31, 2024, the company reported cash, cash equivalents and marketable securities of approximately $5.1 billion and retained earnings of $460.4 million. Management states that existing cash is expected to be sufficient to fund committed operating expenses and capital expenditure requirements for at least the next 12 months. During the nine months, the company repurchased 101,504,919 common shares for approximately $1.0 billion, including the $648.4 million Sumitomo repurchase, leaving $497.2 million authorized under the program as of December 31, 2024. Subsequent to quarter end, Immunovant completed a $450 million private placement in January 2025, of which $336.9 million related to Roivant's participation, bringing Roivant's ownership of Immunovant to approximately 57%. Roivant also received a $75.0 million AD Approval Milestone from the Dermavant transaction in January 2025. The filing lists upcoming catalysts including Immunovant's Phase 3 myasthenia gravis topline data expected in 1Q 2025 and Priovant's brepocitinib Phase 3 dermatomyositis topline data expected in 2H 2025.
Feb 10, 2025
2025-Q2
Roivant Sciences Quarterly Report for Q2 Ended Sep 30, 2024
Roivant Sciences Ltd. reported a six-month net loss from continuing operations of $268.4 million for the period ended September 30, 2024, compared with $489.9 million a year earlier, and held cash, cash equivalents and marketable securities of approximately $5.4 billion at quarter end. Revenue, net was $12.5 million for the six months, which the company describes as not significant. Results were shaped by a $110.4 million gain on sale of Telavant net assets from a one-time milestone, interest income of $141.9 million, and general and administrative expenses of $302.8 million, which include $79.1 million of one-time cash retention awards for senior executives. The company completed Organon's acquisition of Dermavant in October 2024, after quarter end. Roivant received $183.6 million in cash at closing, is entitled to a $75.0 million milestone upon FDA approval of VTAMA for atopic dermatitis, and may receive up to $950.0 million in additional milestone payments and tiered royalties. Dermavant is presented as discontinued operations, and the company states it no longer has a commercial-stage product. Shareholders' equity was $5.58 billion at September 30, 2024, and the company repurchased $754.4 million of common shares during the six months, including the April 2024 purchase of 71,251,083 shares from Sumitomo Pharma Co., Ltd. The filing lists near-term catalysts through 2026, including topline Phase 3 data for batoclimab in myasthenia gravis and brepocitinib in dermatomyositis in 2H 2025, and the Phase 2 mosliciguat readout in 2H 2026. The company states that its cash, cash equivalents and marketable securities will be sufficient to fund committed operating expenses and capital expenditures for at least the next 12 months.
Nov 12, 2024
2025-Q1
Roivant Sciences Quarterly Report for Q1 Ended Jun 30, 2024
Roivant Sciences Ltd. (ROIV) reported its quarterly results for the three months ended June 30, 2024. Total revenue, net was $55.1 million, up from $21.6 million a year earlier, driven mainly by $36.8 million of license, milestone and other revenue, including $28.0 million of milestone income at Dermavant from Japan Tobacco. Product revenue, net from VTAMA was $18.4 million, versus $16.7 million in the prior-year quarter. The company recorded net income attributable to Roivant of $95.3 million, compared with a net loss attributable to Roivant of $291.8 million in the prior-year period. That swing was largely driven by a $110.4 million gain on the sale of Telavant net assets, a $118.2 million gain from the change in fair value of debt and liability instruments, and $72.1 million of interest income. Operating results remained loss-making: loss from operations was $120.2 million, with research and development expenses of $133.2 million and selling, general and administrative expenses of $148.5 million. Cash, cash equivalents and restricted cash fell to $5.69 billion at June 30, 2024, from $6.55 billion at March 31, 2024, reflecting a $648.4 million repurchase of 71,251,083 common shares from Sumitomo Pharma Co., Ltd. in April 2024 and $192.8 million of cash used in operating activities. Shareholders' equity was $5.90 billion at quarter end, and total liabilities were $601.2 million. The company stated that existing cash is expected to be sufficient to fund committed operating expenses and capital expenditures for at least the next 12 months. The quarter also included a Debt Renegotiation at Dermavant completed in May 2024, under which the NovaQuest fixed payments were eliminated and remaining payments totaling $122.5 million were rescheduled through fiscal 2029, and under which Roivant committed to contribute $195.0 million of equity, of which $125.0 million had been contributed by June 30, 2024. The filing also describes an FDA sNDA for VTAMA in atopic dermatitis that was accepted in April 2024, with a PDUFA action expected in 4Q 2024, and describes several pipeline catalysts with timing expected through 2025.
Aug 9, 2024
2024-Q3
Roivant Sciences Quarterly Report for Q3 Ended Dec 31, 2023
Roivant Sciences Ltd. (ROIV) reported its third-quarter fiscal 2024 results for the three and nine months ended December 31, 2023. The most significant item is the December 14, 2023 sale of its 75% interest in Telavant Holdings to Roche, which produced a gain on sale of Telavant net assets of $5.35 billion and an upfront cash payment of approximately $5.2 billion, with a further approximately $110 million eligible from a one-time milestone. As a result, the company reported net income attributable to Roivant of $5.10 billion for the quarter and $4.50 billion for the nine months, compared with net losses in the prior-year periods. Excluding the gain, operating expenses were $324.7 million for the quarter, and revenue, net was $37.1 million, of which product revenue from VTAMA was $20.7 million. Cash and cash equivalents rose to $6.67 billion at December 31, 2023 from $1.68 billion at March 31, 2023, and the company stated it expects existing cash to fund committed operating expenses and capital expenditures for at least the next 12 months. Management has broad discretion over the use of the Telavant proceeds, and the filing notes that capital may be returned to shareholders in the future, though no such plan is described. Net cash used in operating activities was $656.8 million for the nine months. Operationally, the filing highlights VTAMA's commercial launch, with the company citing over 300,000 prescriptions written as of February 2024, and near-term catalysts including an expected sNDA filing for VTAMA in atopic dermatitis in 1Q 2024 and topline data from a brepocitinib proof-of-concept trial in noninfectious uveitis in 1Q 2024. The filing also discloses the discontinuation of RVT-2001 development and a one-time employee cash retention bonus program of $76.9 million approved in December 2023.
Feb 13, 2024
2024-Q2
Roivant Sciences Quarterly Report for Q2 Ended Sep 30, 2023
Roivant Sciences Ltd. reported its quarterly results for the three and six months ended September 30, 2023. Revenue, net was $37.1 million for the quarter, up from $12.5 million a year earlier, driven by product revenue of $18.4 million from VTAMA and $15.0 million of milestone income at Dermavant from Japan Tobacco Inc. The net loss attributable to Roivant was $304.3 million for the quarter and $596.1 million for the six months, and cash, cash equivalents and restricted cash totaled approximately $1.4 billion at September 30, 2023, against an accumulated deficit of approximately $4.4 billion. The company stated that existing cash is expected to fund committed operating expenses and capital expenditures for at least the next 12 months. The filing's most significant subsequent events are the October 2023 Immunovant public offering, which yielded net proceeds of approximately $466.6 million to Immunovant, and the October 22, 2023 agreement to sell Telavant Holdings, Inc. to Roche for $7.1 billion in cash at closing plus a $150 million milestone payable upon initiation of a Phase 3 trial in ulcerative colitis. Roivant expects to receive approximately $5.2 billion in proceeds at closing and about $110 million from the milestone, with closing anticipated in the fourth quarter of calendar 2023 or the first quarter of calendar 2024. The company also states that, including these items, its cash would have been approximately $7.0 billion. The filing also highlights ongoing risks, including the company's limited commercial experience with VTAMA, its need for additional capital, dependence on its Vant subsidiary structure, and pending patent litigation involving Genevant and Arbutus against Moderna, Pfizer and BioNTech, and Acuitas. Management's near-term catalysts include Phase 2B data for brepocitinib in systemic lupus erythematosus expected in 4Q 2023, and a VTAMA sNDA filing for atopic dermatitis expected in 1Q 2024.
Nov 13, 2023
2024-Q1
Roivant Sciences Quarterly Report for Q1 Ended Jun 30, 2023
Roivant Sciences Ltd. reported its quarter ended June 30, 2023 with product revenue, net of $16.7 million from VTAMA (tapinarof), up from $0.1 million a year earlier, and total revenue, net of $21.6 million. Net loss attributable to Roivant Sciences Ltd. was $291.8 million, compared with $331.8 million in the prior-year quarter. Research and development expenses were $125.1 million and selling, general and administrative expenses were $156.2 million, the latter reflecting the commercial launch of VTAMA at Dermavant. Cash, cash equivalents and restricted cash totaled approximately $1.4 billion at June 30, 2023, and the company stated this supports cash runway into the second half of calendar year 2025. The balance sheet shows total assets of $2.14 billion and total liabilities of $802.5 million, with an accumulated deficit of $4.06 billion. Management states that the company expects to incur additional losses and needs to raise additional capital, and that existing cash will fund committed operating expenses for at least the next 12 months from the issuance of the financial statements. Debt includes NovaQuest funding tied to VTAMA, a $40.0 million XYQ Luxco credit facility, and a revenue interest purchase and sale agreement carried at a balance of $184.1 million. Subsequent events include the planned redemption of all outstanding warrants at $0.10 per warrant on a Notice of Redemption dated August 2, 2023, with a redemption date of September 1, 2023, and the sale of Roivant's shares in Proteovant Sciences to SK Biopharmaceuticals for $47.5 million. The filing also notes that Acuitas voluntarily dismissed its action in the Southern District of New York and re-filed in New Jersey, and that Genevant and Arbutus intend to continue defending the case.
Aug 14, 2023
2023-Q3
Roivant Sciences Quarterly Report for Q3 Ended Dec 31, 2022
Roivant Sciences Ltd. reported its quarterly results on Form 10-Q for the three and nine months ended December 31, 2022. Net revenue for the nine months was $33.9 million, down from $46.1 million a year earlier, and included $14.4 million of net product revenue from VTAMA (tapinarof), which received FDA approval in May 2022. Net loss attributable to Roivant for the nine months was $975.4 million, compared with $575.2 million in the prior-year period, driven by higher R&D expense of $393.4 million and SG&A of $475.0 million, plus $97.7 million of acquired in-process R&D in the period. At December 31, 2022, cash, cash equivalents and restricted cash totaled approximately $1.5 billion against an accumulated deficit of approximately $3.7 billion. The company completed a $230 million gross public offering in February 2023, and states that, giving effect to that offering and expected proceeds of approximately $115 million from the Myovant Transaction, cash would have been approximately $1.9 billion, which it expects to support cash runway into the second half of calendar 2025. The filing highlights a pipeline of near-term catalysts, including Phase 3 topline data for VTAMA in atopic dermatitis in March and May 2023, and final Phase 2B data for RVT-3101 in ulcerative colitis in the first half of 2023. The company also discloses ongoing commercial launch costs, its reliance on the Vant structure, and pending patent litigation involving Genevant and Arbutus.
Feb 13, 2023
2023-Q2
Roivant Sciences Quarterly Report for Q2 Ended Sep 30, 2022
Roivant Sciences Ltd. (ROIV) reported its Form 10-Q for the quarter ended September 30, 2022. Revenue, net was $12.5 million for the three months and $16.9 million for the six months ended September 30, 2022, including $5.0 million and $5.1 million of net product revenue from VTAMA (tapinarof), which received FDA approval in May 2022. Net loss attributable to Roivant was $291.6 million for the quarter and $623.4 million for the six months, versus $208.5 million and $290.7 million in the prior-year periods. Research and development expense was $132.0 million for the quarter and $267.8 million for the six months, while selling, general and administrative expense fell to $157.7 million for the quarter from $437.8 million, largely because a one-time share-based compensation catch-up recorded in the prior year did not recur. Cash and cash equivalents were $1.6 billion at September 30, 2022, against an accumulated deficit of approximately $3.4 billion. The company said its existing cash is expected to fund operations into the second half of calendar 2025. Subsequent to quarter end, Roivant completed a public offering in November 2022 of 30,000,000 common shares at $5.00 per share, with $100 million in gross proceeds to Roivant and $50 million to selling shareholders. It also entered an at-the-market program of up to $400.0 million with Cowen and terminated its Cantor committed equity facility effective October 5, 2022. Management stated it continues cost optimization and pipeline reprioritization initiatives first announced in June 2022. The filing highlights the company's dependence on VTAMA's commercial launch, its ongoing reliance on equity and debt financing, and a set of Vant-structure, patent litigation (including the Moderna and Acuitas actions), and clinical trial risks. Pending items include an Immunovant securities class action, for which no liability has been recorded, and the expected Sumitomo acquisition of Myovant Sciences, from which Roivant expects to receive approximately $114.5 million.
Nov 14, 2022
2023-Q1
Roivant Sciences Quarterly Report for Q1 Ended Jun 30, 2022
Roivant Sciences Ltd. reported a net loss of $353.8 million for the three months ended June 30, 2022, compared with $101.1 million in the prior-year quarter. Net loss attributable to Roivant Sciences Ltd. was $331.8 million, or $(0.48) per share. Revenue, net was $4.3 million, down from $7.7 million, and the company stated that revenue was not significant in either period. Total operating expenses rose to $286.6 million from $162.1 million, driven by higher research and development expense ($135.8 million) and selling, general and administrative expense ($149.1 million), including share-based compensation of $12.2 million and $60.6 million, respectively. The quarter's most important development was FDA approval of VTAMA (tapinarof) for plaque psoriasis in adults in May 2022, which marks the company's first commercial product, launched through subsidiary Dermavant Sciences Ltd. The company began recognizing product revenue after launch and reported that VTAMA had approximately 14,000 prescriptions written by more than 3,000 unique prescribers since launch, based on IQVIA data cited in the filing. Cash and cash equivalents were approximately $1.9 billion at June 30, 2022, and cash used in operating activities was $252.1 million for the quarter. The company expects existing cash to be sufficient to fund committed operating expenses and capital expenditures for at least the next 12 months. Balance sheet liabilities increased materially during the quarter. Total liabilities rose to $822.5 million from $523.7 million, reflecting a $27.3 million current portion of debt and $200.7 million of non-current debt under the NovaQuest facility, plus $160.0 million received under a revenue interest purchase and sale agreement (RIPSA) tied to VTAMA. Change in fair value of debt and liability instruments was a loss of $41.2 million, primarily an unrealized loss of $57.9 million on the NovaQuest facility following VTAMA approval. Milestone obligations to GSK (£100.0 million) and Welichem (CAD$25.0 million) were capitalized as intangible assets, and the company disclosed significant upcoming commitments tied to these items.
Aug 15, 2022
2022-Q3
Roivant Sciences Quarterly Report for Q3 Ended Dec 31, 2021
Roivant Sciences Ltd. reported its quarterly results for the three and nine months ended December 31, 2021. Revenue, net was $24.3 million for the quarter and $46.1 million for the nine months, while net loss attributable to Roivant Sciences Ltd. was $284.5 million for the quarter and $575.2 million for the nine months. Research and development expenses were $153.5 million for the quarter and $486.3 million for the nine months, and general and administrative expenses were $115.5 million and $636.1 million, respectively. The nine-month G&A figure was driven largely by a one-time share-based compensation catch-up expense of $350.0 million tied to the closing of the Business Combination with Montes Archimedes Acquisition Corp. on September 30, 2021. The company had cash and cash equivalents of approximately $2.2 billion as of December 31, 2021, and an accumulated deficit of approximately $2.5 billion. Net cash used in operating activities was $530.3 million for the nine months. The company stated that existing cash is expected to be sufficient to fund committed operating expenses and capital expenditures for at least the next 12 months. Nine-month investing cash flow was positive at $309.0 million, mainly reflecting approximately $320 million received from the Datavant Merger, which also produced a $443.8 million gain on sale of investment. Other nine-month gains included $66.5 million from the termination of Sumitomo Options. Subsequent to the quarter, on February 14, 2022, the company entered into a committed equity facility with an affiliate of Cantor Fitzgerald & Co. under which Cantor committed to purchase up to $250.0 million of common shares. The filing also highlights near-term catalysts, including an FDA approval decision on tapinarof for psoriasis expected in 2Q 2022 and the planned Phase 3 initiation of batoclimab in myasthenia gravis in 1H 2022.
Feb 14, 2022
2022-Q2
Roivant Sciences Quarterly Report for Q2 Ended Sep 30, 2021
Roivant Sciences Ltd. reported a net loss of $326.7 million for the six months ended September 30, 2021, compared to $61.5 million a year earlier, and a net loss of $225.6 million for the three months ended September 30, 2021. Revenue, net was $21.7 million for the six months, versus $2.9 million in the prior-year period. The results were heavily affected by a one-time share-based compensation catch-up of $372.9 million recognized on the closing of the Business Combination with Montes Archimedes Acquisition Corp. on September 30, 2021, and by a $443.8 million gain on sale of investment tied to the July 2021 Datavant Merger, which delivered approximately $320 million in cash and a minority equity stake in Ciox Parent. Research and development expense rose to $332.9 million for the six months, and general and administrative expense rose to $520.5 million, largely due to the share-based compensation charge. As of September 30, 2021, cash and cash equivalents were approximately $2.5 billion, against an accumulated deficit of approximately $2.2 billion. Net cash used in operating activities was $261.8 million for the six months, while investing and financing activities provided $315.1 million and $314.1 million, respectively. The Business Combination and PIPE Financing brought in $213.4 million in net cash at closing, and the company stated that its existing cash is expected to fund committed operating expenses and capital expenditures for at least the next 12 months. The company said it expects to continue incurring significant and increasing operating losses and may need to raise additional capital through equity, debt, or other sources. The filing also describes a pipeline of more than 30 drug candidates across 14 Vants, with near-term catalysts including a tapinarof NDA for psoriasis (FDA approval decision expected 2Q 2022) and an Immunovant pivotal trial initiation in myasthenia gravis expected in early 2022. The filing discloses that Immunovant voluntarily paused batoclimab dosing in February 2021 due to elevated cholesterol and LDL levels, and that the company's common shares began trading on Nasdaq as ROIV on October 1, 2021.
Nov 15, 2021
2022-Q1
Roivant Sciences Quarterly Report for Q1 Ended Jun 30, 2021
Roivant Sciences Ltd. (ROIV) filed this Quarterly Report on Form 10-Q for the quarter ended June 30, 2021. For the three months ended June 30, 2021, the company reported revenue, net of $7.7 million (versus $1.6 million a year earlier), total operating expenses of $162.1 million, and a net loss of $101.1 million, of which $82.2 million was attributable to Roivant Sciences Ltd. Research and development expenses were $78.6 million and general and administrative expenses were $82.8 million. The results include a $66.5 million gain on the termination of Sumitomo Options, offset by an $8.6 million unrealized loss on investments and a $4.6 million unrealized loss on debt and liability instruments. Net loss per share was $0.37 on 222,081,975 weighted average shares. As of June 30, 2021, cash and cash equivalents totaled $1,996.7 million (about $2.0 billion), against an accumulated deficit of about $2.0 billion. Total shareholders' equity was $1,957.3 million. The company states that its existing cash is sufficient to fund committed operating expenses and capital expenditures for at least the next 12 months, while acknowledging it will need to raise additional capital to fully implement its business plan. Long-term debt, net, was $186.4 million, including $155.2 million of Dermavant's NovaQuest debt carried at fair value. The filing also describes subsequent events and pending transactions. These include a Business Combination Agreement with Montes Archimedes Acquisition Corp. (MAAC) dated May 1, 2021, under which the company expects to list on Nasdaq under the symbols ROIV and ROIVW. The filing also reports a July 2021 Datavant closing that brought approximately $320 million in cash, and a second $100.0 million subscription payment from SK, Inc. to Proteovant. The filing notes that the company has not generated product revenue, that its pipeline includes tapinarof with an NDA filing in psoriasis, and that the company expects to keep incurring significant operating losses.
Sep 21, 2021