Roivant Sciences shares traded modestly higher after the inflammation and immunology-focused biopharmaceutical company reported fiscal first-quarter financial results that fell short of expectations for both earnings and sales.
For the three months ended June 30, 2023, the company reported a loss per share of $0.38, $0.10 lower than the Street estimate of a loss per share of $0.28.
Roivant’s sales increased from $4.3 million in the year-ago quarter to $21.6 million, below the analyst expectation of $24.5 million.
VTAMA (tapinarof) product revenue was $16.7 million, compared to total product revenue of $141,000 in the year-ago quarter, with nearly 200,000 prescriptions for VTAMA written by approximately 11,500 unique prescribers since its launch.
The company exited the quarter with cash, cash equivalents, and restricted cash of $1.4 billion, which Roivant said provided it with a cash runway into the second half of 2025.
Roivant CEO Matt Gline noted that the second quarter was extremely busy for the company with multiple clinical trial readouts and trial initiations.
“We reported positive data from the chronic period of the Phase 2b study of RVT-3101 in ulcerative colitis, in addition to positive data from the ADORING 1 trial evaluating VTAMA in patients as young as two years old with moderate-to-severe atopic dermatitis,” he said in a statement.
“We also initiated two separate trials, the TAHOE Phase 2 study of RVT-3101 in Crohn’s disease and the Phase 1 study of IMVT-1402 in healthy volunteers.”
On the commercial side, the CEO highlighted: “We saw another three months of continued product revenue growth for the company from VTAMA sales.”
Roivant Sciences stock was up 0.4% at US$11.61 mid-morning on Monday.
Contact the author at emily.jarvie@proactiveinvestors.com
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