Delcath Systems Reports First Quarter 2022 Results and Provides Business Update

On May 10, 2022 Delcath Systems, Inc. (Nasdaq: DCTH), an interventional oncology company focused on the treatment of primary and metastatic cancers of the liver, reported business highlights and financial results for the first quarter ended March 31, 2022 (Press release, Delcath Systems, MAY 10, 2022, View Source [SID1234614102]).

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Recent Business Highlights

During and since the first quarter, Delcath:

Held a pre-NDA meeting with FDA and announced plans to file an NDA in the third quarter of 2022,
Announced the acceptance of a poster presentation updating results from the FOCUS Phase 3 Trial at the upcoming American Society of Clinical Oncology (ASCO) (Free ASCO Whitepaper) 2022 Annual Meeting,
Resumed direct responsibility for sales, marketing, and distribution activities for the CHEMOSAT Hepatic Delivery System in all of Europe,
Achieved medical device regulation (MDR) certification for CHEMOSAT in Europe, which is now regulated as a Class lll device,
Announced that investigators from the University Hospital Southampton published in Melanoma Research results of a single center study on Delcath’s CHEMOSAT Hepatic Delivery System in 81 metastatic uveal melanoma patients with liver dominant disease receiving 250 treatments showing hepatic disease control rate of 88.9%, hepatic response rate of 66.7% and overall response rate of 60.5%, and
Appointed David Hoffman as General Counsel and Chief Compliance Officer and Anthony Dias as Vice President of Finance.
"During and since the first quarter, we held a pre-NDA meeting with FDA and, while we wait for the final meeting minutes from FDA, we do not believe any additional pre-clinical or clinical studies will be required in order to file the NDA. We expect to file the NDA in the third quarter of 2022," said Gerard Michel, CEO of Delcath. "Additionally, the body of published research on the efficacy of our CHEMOSAT system in the European commercial setting continued to grow, we resumed direct sales of CHEMOSAT in Europe, and we strengthened our leadership team. These accomplishments move us much closer to achieving our strategic priorities — filing of the HEPZATO NDA, preparing for the subsequent US launch when approved, and expanding the clinical development of HEPZATO and CHEMOSAT into additional indications of high unmet medical need."

First Quarter 2022 Results

Income Statement Highlights.

Total revenue for the three months ended March 31, 2022 and 2021, was approximately $0.3 million, from primarily sales of CHEMOSAT in Europe. Research and development expenses for the quarter were $4.2 million compared to $3.7 million in the prior year quarter. Selling, general and administrative expenses for the quarter were approximately $3.6 million compared to $3.3 million in the prior year quarter. Total operating expenses for the quarter were $7.9 million compared with $7.0 million in the prior year quarter.

The Company recorded a net loss for the three months ended March 31, 2022, of $8.2 million, compared to a net loss of $6.7 million for the same period in 2021.

Balance Sheet Highlights

On March 31, 2022, the Company had cash, cash equivalents and restricted cash totaling $20.5 million, as compared to cash, cash equivalents and restricted cash totaling $27.0 million on December 31, 2021. During the three months ended March 31, 2022, and March 31, 2021, we used $6.4 million and $4.6 million, respectively, of cash in our operating activities.

Conference Call Information

To participate in this event, dial approximately 5 to 10 minutes before the beginning of the call.

aTyr Pharma to Present at Upcoming Investor Conferences in May

On May 10, 2022 aTyr Pharma, Inc. (Nasdaq: LIFE), a biotherapeutics company engaged in the discovery and development of innovative medicines based on its proprietary tRNA synthetase biology platform, reported that the company will present at two upcoming investor conferences in May (Press release, aTyr Pharma, MAY 10, 2022, View Source [SID1234614119]).

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Details of the events are as follows:

Conference: 2022 RBC Capital Markets Global Healthcare Conference
Date: May 18, 2022
Time: 10:30 a.m. EDT
Location: New York, NY
Presenter: Sanjay S. Shukla, M.D., M.S., President and Chief Executive Officer
Format: Fireside Chat

Conference: H.C. Wainwright Global Investment Conference
Date: May 24, 2022
Time: 4:30 p.m. EDT
Location: Miami, FL
Presenter: Ashlee Dunston, Director, Investor Relations and Corporate Communications
Format: Corporate Presentation

In addition to the presentations, company management will be available to participate in one-on-one meetings with investors who are registered attendees of the conferences. Following the events, a replay of each presentation will be available on the Investor’s section of the company’s website at www.atyrpharma.com.

MOMA Therapeutics Announces $150 Million Series B Financing

On May 10, 2022 MOMA Therapeutics, a biopharmaceutical company discovering the next generation of precision medicines by targeting molecular machines that underlie human disease, reported the completion of a $150 million Series B financing (Press release, MOMA Therapeutics, MAY 10, 2022, View Source [SID1234614134]). The financing was led by Goldman Sachs Asset Management, with participation from other new investors Section 32, Pavilion Capital, Invus and LifeSci Venture Partners. All of MOMA’s Series A investors, including Third Rock Ventures, Nextech Invest, Cormorant Asset Management, Casdin Capital, Rock Springs Capital, Creacion Ventures, Alexandria Venture Investments and other undisclosed investors, also participated in the round.

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"Since our launch in 2020, MOMA has advanced our novel drug discovery platform, generated multiple high-impact oncology programs and bolstered our exceptional team. Through these achievements we are developing an explicit understanding of the dynamic conformational changes of molecular machines, a class of enzymes which have historically proven very tough to drug," said Asit Parikh, M.D., Ph.D., chief executive officer of MOMA. "This Series B gives us runway to move our precision medicines toward the clinic for patients in need. We welcome all new investors to our syndicate, including lead Goldman Sachs Asset Management, and are tremendously grateful to our existing investors for their steadfast support and commitment to MOMA’s vision and mission."

MOMA’s drug discovery platform exploits a key vulnerability inherent to all enzymes in the molecular machine class: their dependence on well-coordinated, stepwise changes in conformation. By focusing this platform on disease-causing proteins, MOMA aims to develop precision medicines for patients with significant unmet medical needs. Proceeds from the financing will be used to further develop product opportunities and advance a rich pipeline of precision oncology programs.

In conjunction with the financing, MOMA has appointed Amit Sinha, head of life sciences investing within Goldman Sachs Asset Management, to its board of directors. Prior to his current role, Mr. Sinha was the global head of biotechnology investment banking for Goldman Sachs. Before joining Goldman, he was a member of the healthcare team with the Boston Consulting Group, where he worked on strategy and operations engagements for biopharma companies. Mr. Sinha has a B.S. in biological sciences, with honors, from Stanford University and an MBA from Harvard Business School. He serves on the board of directors for Lucile Packard Children’s Hospital at Stanford.

Goldman Sachs Asset Management is committed to investing in the next generation of innovative life sciences companies," said Mr. Sinha. "We are excited to partner with the MOMA team, who has a proven track record of successful discovery and development and has already created a portfolio of promising programs targeting well-characterized drivers of cancer."

ESSA Pharma Provides Corporate Update and Reports Financial Results for Fiscal Second Quarter Ended March 31, 2022

On May 10, 2022 ESSA Pharma Inc. ("ESSA", or the "Company") (NASDAQ: EPIX), a clinical-stage pharmaceutical company focused on developing novel therapies for the treatment of prostate cancer, reported financial results for the fiscal second quarter ended March 31, 2022 (Press release, ESSA, MAY 10, 2022, View Source [SID1234614152]). All references to "$" in this release refer to United States dollars, unless otherwise indicated.

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"During this past quarter, we continued to dose patients in our Phase 1 monotherapy study of EPI-7386, a first-in-class N-terminal domain ("NTD") androgen receptor inhibitor, in patients with metastatic castration-resistant prostate cancer ("mCRPC") whose tumors have progressed on current standard-of-care therapies," stated David Parkinson, M.D., President and CEO of ESSA. "We expect to present a clinical update on the monotherapy trial in the first half of 2022. In addition, several clinical collaborations are underway investigating the potential clinical benefit of EPI-7386 in combination with approved second-generation antiandrogens, including the Company-sponsored Phase 1/2 study of EPI-7386 in combination with enzalutamide in mCRPC patients who have not yet been treated with second-generation antiandrogen therapies."

Clinical and Corporate Highlights

EPI-7386 Monotherapy

The Company is currently dosing patients in the Phase 1a dose escalation study evaluating EPI-7386 as a monotherapy in patients with mCRPC. Patients are being dosed at 1,000 mg QD, 800 mg/day administered as 400 mg twice daily (BID) and 1200 mg/day administered as 600 mg BID.

The Company expects to provide a clinical update on the Phase 1a dose escalation study in the first half of 2022.

The Phase 1b study is expected to commence in the second half of 2022 and will confirm a recommended Phase 2 dose ("RP2D").
EPI-7386 Clinical Collaborations

In January 2022, the Company dosed the first patient in the Company-sponsored Phase 1/2 study of EPI-7386 in combination with Astellas Pharma Inc.’s and Pfizer Inc.’s enzalutamide in patients with mCRPC who have not been treated with second-generation antiandrogen therapies.

Janssen Research and Development LLC has initiated a Phase 1/2 trial of EPI-7386 in combination with apalutamide or abiraterone acetate plus prednisone in earlier line mCRPC patients.

The Bayer-led Phase 1/2 trial will evaluate EPI-7386 in combination with darolutamide in earlier line mCRPC patients.
Preclinical

On April 10, 2022 at the 2022 American Association for Cancer Research (AACR) (Free AACR Whitepaper) Annual Meeting, the Company presented preclinical data for its first generation of androgen receptor (AR) ANITen bAsed Chimera (ANITAC) (NTD) degraders showing orally bioavailable ANITAC degraders can eliminate full length, mutant and splice variant forms of AR that are expressed in castration-resistant prostate cancer (CRPC) patients, and that ANITAC degraders inhibit AR-dependent transcription and reduce viability of AR-dependent prostate cancer cells.
Summary Financial Results

Net Loss. ESSA recorded a net loss of $10.9 million ($0.25 loss per common share based on 44,030,480 weighted average common shares outstanding) for the quarter ended March 31, 2022, compared to a net loss of $13.0 million ($0.36 loss per common share based on 36,484,041 weighted average common shares outstanding) for the quarter ended March 31, 2021. For the quarter ended March 31, 2022, this included non-cash share-based payments of $1.9 million compared to $2.7 million for the comparable period in 2021, recognized for stock options granted and vesting.

Research and Development ("R&D") expenditures. R&D expenditures for the quarter ended March 31, 2022 were $7.6 million compared to $7.3 million for the quarter ended March 31, 2021 and included non-cash costs related to share-based payments ($1.1 million for the quarter ended March 31, 2022 compared to $791,969 for the quarter ended March 31, 2021). The increase in R&D expenditures for the first fiscal quarter ended March 31, 2022 was primarily related to clinical data analysis associated with the Phase 1a clinical study, as well as increased expenses related to intellectual property and salaries, as well as the non-cash share-based expenses.

General and administration ("G&A") expenditures. G&A expenditures for the quarter ended March 31, 2022 were $3.8 million compared to $4.6 million for the quarter ended March 31, 2021 and included non-cash costs related to share-based payments of $741,494 for the quarter ended March 31, 2022 compared to $1.9 million for the comparable period in 2021. The increased expenditure is the result of increased professional fees related to higher salaries and benefits, as well as the non-cash share-based payments.
Liquidity and Outstanding Share Capital
At March 31, 2022, the Company had available cash reserves and short-term investments of $181.0 million reflecting the gross proceeds of the February 2021 financing of approximately $150.0 million and July 2020 financing of $48.9 million, less operating expenses in the intervening period. The Company’s cash position is expected to be sufficient to fund current and planned operations through 2024.

As of March 31, 2022, the Company had 44,059,700 common shares issued and outstanding.

In addition, as of March 31, 2022 there were 3,234,750 common shares issuable upon the exercise of warrants and broker warrants. This includes 2,920,000 prefunded warrants at an exercise price of $0.0001, and 314,750 warrants at a weighted average exercise price of $49.69. There were 6,795,736 common shares issuable upon the exercise of outstanding stock options at a weighted-average exercise price of $5.33 per common share.

About EPI-7386
EPI-7386 is an investigational, highly-selective, oral, small molecule inhibitor of the N-terminal domain of the androgen receptor. EPI-7386 is currently being studied in a Phase 1 clinical trial (NCT04421222) in men with mCRPC whose tumors have progressed on current standard-of-care therapies. The Phase 1 clinical trial of EPI-7386 began in calendar Q3 of 2020 following FDA allowance of ESSA’s Investigational New Drug application and Health Canada acceptance. EPI-7386 is also being studied in earlier line mCRPC patients in Phase 1/2 trials in combination with enzalutamide, apalutamide and abiraterone acetate with prednisone. The U.S. FDA has granted Fast Track designation to EPI-7386 for the treatment of adult male patients with mCRPC resistant to standard-of-care treatment. ESSA retains all rights to EPI-7386 worldwide.

Myovant Sciences Announces Corporate Updates and Financial Results for Fourth Fiscal Quarter and Fiscal Year Ended March 31, 2022

On May 10, 2022 Myovant Sciences (NYSE: MYOV), a biopharmaceutical company that aspires to redefine care for women and for men through purpose-driven science, empowering medicines, and transformative advocacy, reported financial results for the fourth fiscal quarter and fiscal year ended March 31, 2022 and provided other corporate updates (Press release, Myovant Sciences, MAY 10, 2022, https://investors.myovant.com/news-releases/news-release-details/myovant-sciences-announces-corporate-updates-and-financial-3#:~:text=Product%20revenue%2C%20net%20from%20sales,the%20U.S.%20in%20January%202021%20. [SID1234615434]).

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"Fiscal year 2021 was a transformative year for Myovant as we expanded ORGOVYX utilization in the U.S. and successfully launched MYFEMBREE, finishing the year with another quarter of strong demand growth. Our recent approval of ORGOVYX in Europe and partnership with Accord, coupled with our prior approval of RYEQO, will enable more patients than ever to have access to these meaningful and differentiated medicines," said David Marek, Chief Executive Officer of Myovant Sciences, Inc. Mr. Marek added, "Our strong commercial momentum, advancement of our lifecycle and business development strategies, and our financial strength position Myovant for another exciting year in fiscal year 2022."

Fourth Fiscal Quarter 2021 and Recent Corporate Updates

ORGOVYX (relugolix 120 mg)

Fourth fiscal quarter 2021 net product revenues for ORGOVYX in the U.S. were $29.4 million, reflecting 21% sequential net product revenue growth compared to third fiscal quarter 2021. ORGOVYX commercial demand volume grew 18% quarter-over-quarter despite seasonality in patient refill patterns due to annual reset of Medicare Part D plans and payer deductibles typically seen in the beginning of the calendar year.
Approximately 3,500 new patients started treatment on ORGOVYX in the fourth fiscal quarter of 2021, reaching approximately 14,500 cumulative patients since launch.
ORGOVYX prescriber satisfaction continues to increase and reached 73% in April 2022, reflecting the desirability of its differentiated clinical profile.
In April 2022, the European Commission (EC) approved ORGOVYX as the first and only oral androgen deprivation therapy for advanced hormone-sensitive prostate cancer in Europe.
In May 2022, Myovant entered into an exclusive license agreement with Accord Healthcare, Ltd. (Accord) to commercialize ORGOVYX for the treatment of advanced hormone-sensitive prostate cancer in Europe, with the right of first negotiation if Myovant decides to enter into licensing arrangements in countries in the Middle East, Africa, and India. Myovant expects an upfront payment of $50.0 million in the first fiscal quarter 2022. Myovant is also eligible to receive up to $90.5 million in commercial launch, sales-based, and other milestones. In addition, Myovant is eligible to receive tiered royalties from the high-teens to mid-twenties on net sales of ORGOVYX. Accord is expected to launch ORGOVYX in Europe in the second half of calendar year 2022.
MYFEMBREE (relugolix 40 mg, estradiol 1.0 mg, and norethindrone acetate 0.5 mg)

MYFEMBREE net product revenues in the fourth fiscal quarter 2021 were $2.2 million in the U.S. MYFEMBREE commercial demand nearly doubled quarter-over-quarter. This growth was offset by a lower net price due to the January reset of commercial payer deductibles, increasing copay card benefits.
MYFEMBREE established market leadership in new-to-brand prescription (NBRx) share among GnRH antagonist therapies FDA-approved for the treatment of uterine fibroids within 8 months of launch and exited fourth fiscal quarter 2021 with 59% market share.
MYFEMBREE is driving total prescription growth of the GnRH antagonist for uterine fibroids class, which has grown 137% since launch of MYFEMBREE in June 2021, with 60% of MYFEMBREE prescribers being first time prescribers of a GnRH antagonist FDA-approved for the treatment of uterine fibroids.
On May 6, 2022, Myovant and Pfizer announced that the FDA extended the PDUFA goal date to August 6, 2022 for the supplemental New Drug Application (sNDA) for MYFEMBREE for the management of moderate to severe pain associated with endometriosis to allow time to review additional analyses related to bone mineral density submitted in response to the FDA’s information request. No new clinical data was requested by the FDA. The submission of the additional analyses has been determined by the FDA to constitute a Major Amendment to the sNDA, resulting in an extension of the PDUFA goal date.
Data from the SPIRIT long-term extension study demonstrated clinically meaningful improvements in dysmenorrhea (84.8% of patients) and non-menstrual pain (75.8% of patients) over two years in women with endometriosis-associated pain. The safety profile during the second year of treatment, including bone mineral density, was consistent with that observed during the first year with no new safety signals identified.
Expected Upcoming Milestones

Myovant expects the FDA decision for the MYFEMBREE sNDA seeking approval for the management of moderate to severe pain associated with endometriosis by its extended PDUFA goal date of August 6, 2022. FDA approval would trigger a $100.0 million milestone payment from Pfizer. If approved by the PDUFA goal date, Myovant and Pfizer expect to launch MYFEMBREE in the U.S. in endometriosis in August 2022. This indication would utilize the same dosage, formulation, administration, and branding as MYFEMBREE that was previously approved by the FDA in May 2021 for the management of heavy menstrual bleeding associated with uterine fibroids.
European Medicines Agency regulatory submission for RYEQO for the treatment of women with endometriosis-associated pain is expected in calendar year 2022. Gedeon Richter Plc. (Richter) will be the sponsor.
Myovant expects to submit New Drug Submissions to Health Canada seeking marketing approval for ORGOVYX for advanced prostate cancer, MYFEMBREE for heavy menstrual bleeding associated with uterine fibroids, and MYFEMBREE for the treatment of endometriosis-associated pain in Canada in calendar year 2022.
Myovant expects to present additional details around two-year data from the SPIRIT long-term extension study at a scientific conference in mid-calendar year 2022.
Accord is expected to launch ORGOVYX for the treatment of advanced hormone-sensitive prostate cancer in Europe in the second half of calendar year 2022.
Fourth Fiscal Quarter and Fiscal Year Ended March 31, 2022 Financial Summary

Total revenues for the three months ended March 31, 2022, and 2021 were $57.6 million and $24.6 million, respectively. Total revenues for the year ended March 31, 2022, and 2021 were $231.0 million and $59.3 million, respectively.

Product revenue, net for the three months and year ended March 31, 2022, were $32.4 million and $94.3 million, respectively, compared to $3.6 million for both the three months and year ended March 31, 2021. Product revenue, net consisted of the following:
Product revenue, net from sales of ORGOVYX in the U.S. for the three months and year ended March 31, 2022, were $29.4 million and $83.0 million, respectively, compared to $3.6 million for both the three months and year ended March 31, 2021. ORGOVYX was launched in the U.S. in January 2021.
Product revenue, net from sales of MYFEMBREE in the U.S. for the three months and year ended March 31, 2022, were $2.2 million and $6.4 million, respectively. There was no such revenue in the year ago periods. MYFEMBREE was launched in the U.S in June 2021.
Product revenue, net related to product supply to Richter for the three months and year ended March 31, 2022, were $0.7 million and $4.7 million, respectively. Product revenue, net related to royalties on net sales of RYEQO in Richter’s Territory for the three months and year ended March 31, 2022, were $0.1 million and $0.3 million, respectively. There was no such revenue in the year ago periods.
Pfizer collaboration revenue for the three months and year ended March 31, 2022 was $25.1 million and $105.0 million, respectively, reflecting the partial recognition of the upfront payment Myovant received from Pfizer upon entering into the Pfizer Collaboration and License Agreement in December 2020 and of the regulatory milestone payment from Pfizer that was triggered upon the FDA approval of MYFEMBREE for the management of heavy menstrual bleeding associated with uterine fibroids in May 2021. Pfizer collaboration revenue for the three months and year ended March 31, 2021, was $21.0 million and $22.4 million, respectively, reflecting the partial recognition of the upfront payment received from Pfizer.
Richter license and milestone revenue for the year ended March 31, 2022, was $31.7 million, reflecting the recognition of the remaining $16.7 million of previously deferred revenue as a result of Myovant’s delivery of the remaining substantive relugolix combination tablet data packages to Richter pursuant to the Richter Development and Commercialization Agreement, and the $15.0 million regulatory milestone payment triggered by the EC approval of RYEQO for the uterine fibroids indication. Richter license and milestone revenue for the year ended March 31, 2021, was $33.3 million, reflecting the partial recognition of revenue associated with the $40.0 million upfront payment and a $10.0 million regulatory milestone payment received from Richter under the Richter Development and Commercialization Agreement. There was no Richter license and milestone revenue for the three months ended March 31, 2022, and 2021.
Cost of product revenue for the three months and year ended March 31, 2022, was $3.6 million and $11.5 million, respectively, compared to $0.3 million for both the three months and year ended March 31, 2021, related to the cost of goods sold and royalty expense payable to Takeda pursuant to the Takeda License Agreement. The increase in cost of product revenue in the fiscal year 2021 periods was due to an increase in cost of goods sold and royalty expense to Takeda as a result of higher sales of ORGOVYX in the U.S. during the fiscal 2021 periods, as well as sales of MYFEMBREE in the U.S., which began in June 2021, and sales of product supply to Richter, which began in the three months ended September 30, 2021.

Collaboration expense to Pfizer for the three months and year ended March 31, 2022, was $14.1 million and $40.0 million, respectively, compared to $1.7 million for both the three months and year ended March 31, 2021, reflecting Pfizer’s 50% share of net profits from sales of ORGOVYX and MYFEMBREE in the U.S., pursuant to the Pfizer Collaboration and License Agreement. The increase in collaboration expense to Pfizer in the fiscal 2021 periods was due to an increase in net profits generated from sales of ORGOVYX in the U.S., as well as net profits generated from sales of MYFEMBREE in the U.S., for which there were no such MYFEMBREE net profits in the year ago periods.

Selling, general and administrative (SG&A) expenses for the three months ended March 31, 2022, and 2021 were $67.2 million and $78.0 million, respectively. The decrease in SG&A expenses primarily reflects lower share-based compensation as the three months ended March 31, 2021 included incremental expense of $25.7 million related to the acceleration, modification, and remeasurement of Myovant’s former Principal Executive Officer’s equity awards, which did not recur in the three months ended March 31, 2022, partially offset by higher expenses to support the ORGOVYX and MYFEMBREE U.S. launches, including higher personnel-related costs due to the hiring of Myovant’s commercial operations, marketing, and market access teams, as well as the oncology and women’s health sales forces. SG&A expenses for the year ended March 31, 2022, and 2021 were $259.4 million and $181.4 million, respectively. The increase in SG&A expenses was primarily due to higher expenses to support the ORGOVYX and MYFEMBREE U.S. launches, including higher personnel-related costs. These costs were partially offset by lower share-based compensation.

Research and development (R&D) expenses for the three months ended March 31, 2022, and 2021 were $24.5 million and $21.6 million, respectively. The increase in R&D expenses primarily reflects an increase in personnel expenses due to an increase in medical affairs and other personnel to support the U.S. launches of ORGOVYX and MYFEMBREE, partially offset by a reduction in clinical study costs due to the completion and wind down of Myovant’s Phase 3 LIBERTY, HERO, and SPIRIT studies. R&D expenses for the year ended March 31, 2022, and 2021 were $107.4 million and $136.7 million, respectively. The decrease in R&D expenses primarily reflects a reduction in clinical study costs as a result of the completion and wind down of Myovant’s Phase 3 LIBERTY, HERO, and SPIRIT studies, as well as higher cost sharing with Pfizer for certain R&D expenses in the year ended March 31, 2022. In addition, the year ended March 31, 2021, included regulatory submission fees for Myovant’s initial NDA filings for ORGOVYX and MYFEMBREE, which did not recur during the year ended March 31, 2022.

Interest expense for both the three months ended March 31, 2022, and 2021 was $3.5 million, and was primarily related to the Sumitomo Pharma Loan Agreement. Interest expense for the year ended March 31, 2022, and 2021 was $14.0 million and $10.4 million, respectively. The increase in interest expense was primarily driven by a higher outstanding balance under the Sumitomo Pharma Loan Agreement during the year ended March 31, 2022, as well as higher accretion of the financing component of the cost share advance from Pfizer, which began in the fourth quarter of the year ended March 31, 2021.

Foreign exchange loss (gain) for the three months ended March 31, 2021, was a loss of less than $0.1 million, and for the year ended March 31, 2021, was a gain of $16.2 million, primarily as a result of the impact of fluctuations in the foreign currency exchange rate between the Swiss franc and the U.S. dollar on Myovant’s outstanding balance under the Sumitomo Pharma Loan Agreement. As a result of a change in the functional currency of Myovant’s wholly-owned subsidiary in Switzerland, Myovant Sciences GmbH, from the Swiss franc to the U.S. dollar in December 2020, Myovant is no longer exposed to significant foreign currency gains or losses.

Net loss for the three months ended March 31, 2022, was $59.3 million compared to $81.4 million for the year ago period. Net loss for the year ended March 31, 2022, was $206.0 million compared to $255.1 million for the year ago period. On a per common share basis, net loss was $0.63 and $0.89 for the three months ended March 31, 2022, and 2021, respectively, and $2.22 and $2.83, for the years ended March 31, 2022, and 2021, respectively.

Capital resources: Cash, cash equivalents, marketable securities, and amounts available under the Sumitomo Pharma Loan Agreement totaled $475.5 million as of March 31, 2022, and consisted of $434.2 million of cash, cash equivalents, and marketable securities and $41.3 million of available borrowing capacity under the Sumitomo Pharma Loan Agreement.

Conference Call
As previously announced, Myovant will hold a webcast and conference call at 8:30 a.m. Eastern Time (5:30 a.m. Pacific Time) today, May 10, 2022, to discuss financial results for its fourth fiscal quarter and fiscal year ended March 31, 2022 and corporate updates. Investors and the general public may access a live webcast of the call by visiting the investor relations page of Myovant’s website at investors.myovant.com. Institutional investors and analysts may also participate in the conference call by dialing 1-800-891-3840 in the U.S. or +1-785-424-1677 from outside the U.S. and reference password MYOVQ421. A replay of the webcast, along with the earnings press release and presentation materials, can be found on Myovant’s investor relations website for a period of one year.

About Relugolix
Relugolix is a once-daily, oral gonadotropin-releasing hormone (GnRH) receptor antagonist that reduces testicular testosterone, a hormone known to stimulate the growth of prostate cancer, and ovarian estradiol, a hormone known to stimulate the growth of uterine fibroids and endometriosis. ORGOVYX (relugolix, 120 mg) was approved in the U.S. by the FDA in December 2020 as the first and only oral GnRH receptor antagonist for the treatment of adult patients with advanced prostate cancer. In April 2022, the European Commission approved ORGOVYX (relugolix, 120 mg) as the first and only oral GnRH receptor antagonist for the treatment of adult patients with advanced hormone-sensitive prostate cancer in Europe. MYFEMBREE (relugolix 40 mg, estradiol 1.0 mg, and norethindrone acetate 0.5 mg) was approved in the U.S. by the FDA in May 2021 as the first and only once-daily oral treatment for the management of heavy menstrual bleeding associated with uterine fibroids in premenopausal women, with a treatment duration of up to 24 months. In July 2021, the European Commission, and in August 2021, the United Kingdom (U.K.) Medicines and Healthcare products Regulatory Agency (MHRA), approved RYEQO (relugolix 40 mg, estradiol 1.0 mg, and norethindrone acetate 0.5 mg) for the treatment of moderate to severe symptoms of uterine fibroids in adult women of reproductive age, with no limitation for duration of use. In September 2021, the FDA accepted to review Myovant’s supplemental New Drug Application (sNDA) for MYFEMBREE for the management of moderate to severe pain associated with endometriosis. On May 6, 2022, Myovant and Pfizer announced that the FDA extended the Prescription Drug User Fee Act (PDUFA) goal date for this sNDA to August 6, 2022. MYFEMBREE is also being assessed for contraceptive efficacy in women with endometriosis or uterine fibroids who are 18 to 50 years of age and at risk for pregnancy.

About Myovant Sciences
Myovant Sciences aspires to redefine care for women and for men through purpose-driven science, empowering medicines, and transformative advocacy. Founded in 2016, Myovant has executed five successful Phase 3 clinical trials across oncology and women’s health leading to two regulatory approvals by the U.S. Food and Drug Administration (FDA) for men with advanced prostate cancer and women with heavy menstrual bleeding associated with uterine fibroids, respectively. Myovant also has received regulatory approvals by the European Commission (EC) for women with symptomatic uterine fibroids and for men with advanced hormone-sensitive prostate cancer. Myovant has a supplemental New Drug Application in endometriosis-associated pain under review with the FDA. Myovant also is conducting a Phase 3 study to evaluate the prevention of pregnancy in women with uterine fibroids or endometriosis. Myovant also is developing MVT-602, an investigational oligopeptide kisspeptin-1 receptor agonist, which has completed a Phase 2a study for female infertility as part of assisted reproduction. Sumitovant Biopharma, Ltd., a wholly owned subsidiary of Sumitomo Pharma Co., Ltd., is Myovant’s majority shareholder. For more information, please visit www.myovant.com. Follow @Myovant on Twitter and LinkedIn.

About Sumitovant Biopharma Ltd.
Sumitovant is a global biopharmaceutical company leveraging data-driven insights to rapidly accelerate development of new potential therapies for unmet patient conditions. Through its unique portfolio of wholly-owned "Vant" subsidiaries—Urovant, Enzyvant, Spirovant, Altavant—and use of embedded computational technology platforms to generate business and scientific insights, Sumitovant has supported the development of FDA-approved products and advanced a promising pipeline of early through late-stage investigational assets for other serious conditions. Sumitovant, a wholly-owned subsidiary of Sumitomo Pharma, is also the majority-shareholder of Myovant (NYSE: MYOV). For more information, please visit Sumitovant’s website at https://www.sumitovant.com.

About Sumitomo Pharma Co., Ltd.
Sumitomo Pharma is among the top-ten listed pharmaceutical companies in Japan, operating globally in major pharmaceutical markets, including Japan, the U.S., China, and other Asian countries with more than 7,000 employees worldwide. Sumitomo Pharma defines its corporate mission as "To broadly contribute to society through value creation based on innovative research and development activities for the betterment of healthcare and fuller lives of people worldwide." Additional information about Sumitomo Pharma is available through its corporate website at View Source

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In this press release, forward-looking statements include, but are not limited to, all statements reflecting Myovant Sciences’ expectations, including but not limited to: Myovant’s expectations of the success of commercialization of its approved drug products; statements with respect to expectations of patients’ access to Myovant’s medicines and Myovant’s positioning for fiscal year 2022 in Mr. Marek’s quote; Myovant’s expectation to receive from Accord an upfront payment in the first fiscal quarter 2022, commercial launch, sales-based, and other milestones, and tiered royalties from the high-teens to mid-twenties on net sales of ORGOVYX; the commercial launch of ORGOVYX in Europe by Accord in the second half of calendar year 2022; and the statements under the caption "Expected Upcoming Milestones."

Myovant Sciences’ forward-looking statements are based on management’s current expectations and beliefs and are subject to a number of risks, uncertainties, assumptions, and other factors known and unknown that could cause actual results and the timing of certain events to differ materially from future results expressed or implied by the forward-looking statements, including unforeseen circumstances or other disruptions to normal business operations arising from or related to the COVID-19 pandemic and the conflict in Ukraine. Myovant Sciences cannot assure you that the events and circumstances reflected in the forward-looking statements will be achieved or occur and actual results could differ materially from those expressed or implied by these forward-looking statements. Factors that could materially affect Myovant Sciences’ operations and future prospects or which could cause actual results to differ materially from expectations include, but are not limited to, the risks and uncertainties listed in Myovant Sciences’ filings with the United States Securities and Exchange Commission (SEC), including under the heading "Risk Factors" in Myovant Sciences’ Quarterly Report on Form 10-Q filed on January 26, 2022, as such risk factors may be amended, supplemented, or superseded from time to time. These risks are not exhaustive. New risk factors emerge from time to time and it is not possible for Myovant Sciences’ management to predict all risk factors, nor can Myovant Sciences assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. You should not place undue reliance on the forward-looking statements in this press release, which speak only as of the date hereof, and, except as required by law, Myovant Sciences undertakes no obligation to update these forward-looking statements to reflect events or circumstances after the date of such statements.

MYOVANT SCIENCES LTD.
Condensed Consolidated Statements of Operations
(Unaudited, in thousands, except share and per share data)

Three Months Ended March 31, Year Ended March 31,
2022 2021 2022 2021
Revenues:
Product revenue, net $ 32,424 $ 3,630 $ 94,309 $ 3,630
Pfizer collaboration revenue 25,143 20,975 104,996 22,354
Richter license and milestone revenue — — 31,667 33,333
Total revenues 57,567 24,605 230,972 59,317
Operating costs and expenses:
Cost of product revenue 3,613 301 11,510 301
Collaboration expense to Pfizer 14,129 1,664 40,041 1,664
Selling, general and administrative(1) 67,246 78,036 259,364 181,423
Research and development(1) 24,517 21,553 107,403 136,713
Total operating costs and expenses 109,505 101,554 418,318 320,101
Loss from operations (51,938 ) (76,949 ) (187,346 ) (260,784 )
Interest expense 3,493 3,493 13,971 10,401
Interest income (136 ) (33 ) (384 ) (211 )
Foreign exchange loss (gain) — 2 — (16,176 )
Loss before income taxes (55,295 ) (80,411 ) (200,933 ) (254,798 )
Income tax expense 3,990 952 5,048 336
Net loss $ (59,285 ) $ (81,363 ) $ (205,981 ) $ (255,134 )
Net loss per common share — basic and diluted $ (0.63 ) $ (0.89 ) $ (2.22 ) $ (2.83 )
Weighted average common shares outstanding — basic and diluted 94,397,965 91,018,204 92,974,887 90,036,459

(1) Includes the following share-based compensation:

Selling, general and administrative $ 4,787 $ 28,941 $ 22,918 $ 39,627
Research and development 3,817 2,989 16,010 14,049
Total share-based compensation $ 8,604 $ 31,930 $ 38,928 $ 53,676

Revenue components are as follows:

Product revenue, net:
ORGOVYX $ 29,424 $ 3,630 $ 82,959 $ 3,630
MYFEMBREE 2,222 — 6,355 —
Richter product supply and royalties 778 — 4,995 —
Total product revenue, net 32,424 3,630 94,309 3,630
Pfizer collaboration revenue:
Amortization of upfront payment 20,975 20,975 83,897 22,354
Amortization of regulatory milestone 4,168 — 21,099 —
Total Pfizer collaboration revenue 25,143 20,975 104,996 22,354
Richter license and milestone revenue — — 31,667 33,333
Total revenues $ 57,567 $ 24,605 $ 230,972 $ 59,317

MYOVANT SCIENCES LTD.
Condensed Consolidated Balance Sheets
(Unaudited, in thousands)

March 31,
2022 2021
Assets
Current assets:
Cash and cash equivalents $ 406,704 $ 674,493
Accounts receivable, net 23,296 3,570
Marketable securities 27,483 10,435
Inventories 7,584 2,611
Prepaid expenses and other current assets 22,498 13,536
Amount due from related party 580 —
Total current assets 488,145 704,645
Property and equipment, net 2,944 3,300
Operating lease right-of-use asset 7,961 9,655
Other assets 20,961 7,427
Total assets $ 520,011 $ 725,027
Liabilities and Shareholders’ Deficit
Current liabilities:
Accounts payable $ 12,250 $ 17,809
Accrued expenses and other current liabilities 68,594 44,612
Share-based compensation liabilities — 21,636
Deferred revenue 100,564 100,564
Amounts due to Pfizer 32,563 1,954
Cost share advance from Pfizer 33,818 92,415
Operating lease liability 2,148 1,807
Amounts due to related parties 393 543
Total current liabilities 250,330 281,340
Deferred revenue, non-current 375,706 397,369
Cost share advance from Pfizer, non-current — 29,447
Long-term operating lease liability 7,041 9,189
Long-term debt, less current maturities (related party) 358,700 358,700
Other liabilities 1,711 2,947
Total liabilities 993,488 1,078,992
Total shareholders’ deficit (473,477 ) (353,965 )
Total liabilities and shareholders’ deficit $ 520,011 $ 725,027
Investor Contact:
Uneek Mehra
Chief Financial Officer
Myovant Sciences, Inc.
[email protected]