Roivant Sciences Ltd (NASDAQ:ROIV) stock fell 0.37% (As on Nov 16, 11:12:48 AM UTC-4, Source: Google Finance) after the company in the third quarter of FY 21 has reported the Non-GAAP net loss was $169.2 million for the three months ended September 30, 2021 compared to $96.9 million for the three months ended September 30, 2020. As of September 30, 2021, the company had cash and cash equivalents of approximately $2.5 billion. The increase from cash and cash equivalents of approximately $2.0 billion as of June 30, 2021 reflects net cash proceeds of $213.4 million received at the closing of the business combination with MAAC and concurrent PIPE financing, approximately $320 million in cash proceeds from Datavant’s merger with Ciox Health and funding of the second $100.0 million payment to Proteovant Sciences under a subscription agreement entered into with SK, Inc. in December 2020. The gain on sale of investment resulted from the Datavant Merger in July 2021. At closing of the Datavant Merger, the company had received approximately $320 million in cash and a minority equity interest in the combined company, which resulted in a gain of $443.8 million.

Meanwhile, the company is preparing to launch potential blockbuster tapinarof in psoriasis, with registrational studies in atopic dermatitis also underway. In addition to the studies underway at Dermavant, the company expects at least four other programs will enter Phase 2 or Phase 3 trials in 2022, and the company is excited to continue advancing the protein degrader programs towards the clinic.

Moreover, Roivant closed its business combination with Montes Archimedes Acquisition Corp. (“MAAC”) and concurrent PIPE financing, and Roivant began trading on Nasdaq under the ticker “ROIV.” Roivant also announced the appointment of its new Chief Financial Officer, Richard Pulik, who previously served as the Global Head of Business Development & Licensing and Portfolio Management, Oncology at Novartis. Further, Aruvant released clinical data from the third and fourth patients dosed in its ongoing Phase 1/2 trial of ARU-1801 in sickle cell disease. These patients, the first to be dosed with Aruvant’s updated manufacturing process, have had zero vaso-occlusive events 18 and 12 months after dosing, respectively. Sio Gene Therapies announced positive interim safety and biomarker data from its ongoing Phase 1/2 clinical trial of AXO-AAV-GM1 in GM1 gangliosidosis, showing consistent dose-dependent improvements across biomarker measures and no overt disease progression in six out of seven patients treated across low- and high-dose cohorts.