Roivant (NASDAQ: ROIV) recently reported its financial results for the first quarter ended June 30, 2024. The company's net product revenue for vtama was $18.4 million for the first quarter ended June 30, 2024, with over 430,000 prescriptions written by approximately 16,000 unique prescribers since launch, showing a strong performance in the market.
Roivant's consolidated cash, cash equivalents, and restricted cash were reported at $5.7 billion at June 30, 2024, following a $648 million share repurchase announced in April 2024, and not including a $110 million milestone payment received in August 2024 related to the previously announced sale of Telavant, which closed in December 2023.
The company's research and development (R&D) expenses increased by $8.1 million to $133.2 million for the three months ended June 30, 2024, compared to $125.1 million for the three months ended June 30, 2023. Within program-specific costs, the increase of $4.3 million was primarily driven by an increase in expense of $14.8 million related to the anti-fcrn franchise.
Selling, general, and administrative (SG&A) expenses decreased by $7.7 million to $148.5 million for the three months ended June 30, 2024, compared to $156.2 million for the three months ended June 30, 2023, primarily due to a decrease in selling, general, and administrative expenses of $16.1 million at Dermavant, which largely resulted from reduced marketing spend.
Roivant reported a significant improvement in its net income, with a net income of $57.5 million for the three months ended June 30, 2024, compared to a net loss of $327.8 million for the three months ended June 30, 2023. On a basic and diluted per common share basis, net income was $0.13 and $0.12, respectively, for the three months ended June 30, 2024, while basic and diluted net loss per common share was $0.38 for the three months ended June 30, 2023.
The company's selected balance sheet data showed consolidated cash, cash equivalents, and restricted cash of approximately $5.7 billion at June 30, 2024, compared to $6.55 billion at March 31, 2024.
Roivant's condensed consolidated statements of operations for the three months ended June 30, 2024, reported a net product revenue of $18.4 million and license, milestone, and other revenue of $36.8 million, resulting in a total net revenue of $55.1 million.
The company's gain on the sale of Telavant net assets was reported at $110.4 million, contributing to a net income of $57.5 million for the three months ended June 30, 2024, compared to a net loss of $327.8 million for the three months ended June 30, 2023.
In terms of non-GAAP financial measures, Roivant reported an adjusted net loss (non-GAAP) of $131.2 million for the three months ended June 30, 2024, compared to an adjusted net loss of $211.5 million for the three months ended June 30, 2023.
Roivant's adjusted research and development expenses (non-GAAP) were $121.5 million for the three months ended June 30, 2024, compared to $115.7 million for the three months ended June 30, 2023. Additionally, adjusted selling, general, and administrative expenses (non-GAAP) were reported at $107.5 million for the three months ended June 30, 2024, compared to $113.0 million for the three months ended June 30, 2023.
Looking ahead, Roivant plans to report topline data from the ongoing phase 3 trial of brepocitinib in dermatomyositis in the second half of calendar year 2025 and to initiate a phase 3 program for brepocitinib in non-infectious uveitis in the second half of calendar year 2024.
The market has reacted to these announcements by moving the company's shares -1.5% to a price of $10.17. For more information, read the company's full 8-K submission here.
