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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended December 31, 2022

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to _______

Commission file number 001-37929

Myovant Sciences Ltd.

(Exact name of registrant as specified in its charter)


Bermuda						98-1343578
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)
7th Floor
50 Broadway
London
SW1H 0DB
United Kingdom						Not Applicable
(Address of principal executive offices)						(Zip Code)

Registrant’s telephone number, including area code: +44 (207) 400 3351

Securities registered pursuant to Section 12(b) of the Act:

Title of each Class

Trading Symbol

Name of each exchange on which registered

Common Shares, $0.000017727 par value per share

MYOV

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of shares outstanding of the Registrant’s common shares, $0.000017727 par value per share, on January 20, 2023 was 97,235,316.


			Page
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements:
Condensed Consolidated Balance Sheets as of December 31, 2022 and March 31, 2022 (Unaudited)			6
Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three and Nine Months Ended December 31, 2022 and 2021 (Unaudited)			7
Condensed Consolidated Statements of Shareholders’ Deficit for the Three and Nine Months Ended December 31, 2022 and 2021 (Unaudited)			8
Condensed Consolidated Statements of Cash Flows for the Nine Months Ended December 31, 2022 and 2021 (Unaudited)			10
Notes to Condensed Consolidated Financial Statements (Unaudited)			11
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			31
Item 3. Quantitative and Qualitative Disclosures About Market Risk			48
Item 4. Controls and Procedures			49
PART II. OTHER INFORMATION
Item 1. Legal Proceedings			49
Item 1A. Risk Factors			50
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			90
Item 3. Defaults Upon Senior Securities			90
Item 4. Mine Safety Disclosures			90
Item 5. Other Information			90
Item 6. Exhibits			90

Signatures			92


	December 31, 2022		March 31, 2022
Assets
Current assets:
Cash and cash equivalents	$	250,590	$	406,704
Accounts receivable, net	41,021		23,296
Marketable securities	23,847		27,483
Inventories	30,084		7,584


Prepaid expenses and other current assets	38,047		22,498
Amount due from related party	2,997		580

Total current assets	386,586		488,145

Property and equipment, net	2,546		2,944
Operating lease right-of-use asset	7,098		7,961
Other assets	7,291		20,961
Total assets	$	403,521	$	520,011
Liabilities and shareholders’ deficit
Current liabilities:
Accounts payable	$	12,217	$	12,250


Accrued expenses and other current liabilities	87,333		68,594

Deferred revenue	117,231		100,564
Amounts due to Pfizer	25,768		32,563
Cost share advance from Pfizer	—		33,818
Operating lease liability	2,703		2,148
Amounts due to related parties	501		393


Total current liabilities	245,753		250,330

Deferred revenue, non-current	350,014		375,706

Long-term operating lease liability	5,480		7,041

Long-term debt, less current maturities (related party)	358,700		358,700
Other liabilities	1,717		1,711
Total liabilities	961,664		993,488
Commitments and contingencies (Note 9)
Shareholders’ deficit:
Common shares, par value $0.000017727 per share, 564,111,242 shares authorized, 97,028,258 and 94,858,446 issued and outstanding at December 31, 2022 and March 31, 2022, respectively	2		2

Additional paid-in capital	835,754		795,935
Accumulated other comprehensive loss	(17,285)		(17,285)
Accumulated deficit	(1,376,614)		(1,252,129)
Total shareholders’ deficit	(558,143)		(473,477)
Total liabilities and shareholders’ deficit	$	403,521	$	520,011


	Three Months Ended December 31,				Nine Months Ended December 31,
	2022		2021		2022		2021
Revenues:
Product revenue, net	$	61,422	$	29,268	$	152,720	$	61,885

Pfizer collaboration revenue	29,307		25,172		109,025		79,853
Accord license and milestone revenue	5,000		—		55,000		—
Richter license and milestone revenue	4,000		—		4,300		31,667
Other revenue	500		—		500		—
Total revenues	100,229		54,440		321,545		173,405
Operating costs and expenses:
Cost of product revenue	7,418		4,243		17,275		7,897
Collaboration expense to Pfizer	26,808		12,086		67,242		25,912
Selling, general and administrative (1)	86,380		72,125		249,671		192,118
Research and development	31,518		25,726		82,324		82,886
Total operating costs and expenses	152,124		114,180		416,512		308,813
Loss from operations	(51,895)		(59,740)		(94,967)		(135,408)
Interest expense (2)	6,118		3,479		15,131		10,478

Interest income	(1,591)		(70)		(3,095)		(248)

Loss before income taxes	(56,422)		(63,149)		(107,003)		(145,638)
Income tax expense	1,205		296		17,482		1,058
Net loss and comprehensive loss	$	(57,627)	$	(63,445)	$	(124,485)	$	(146,696)
Net loss per common share — basic and diluted	$	(0.59)	$	(0.68)	$	(1.29)	$	(1.59)
Weighted average common shares outstanding — basic and diluted	96,859,108		93,474,985		96,155,644		92,514,657


	Common Shares			Additional Paid-in Capital		Accumulated Other Comprehensive Loss		Accumulated Deficit		Total Shareholders’ Deficit
	Shares	Amount
Balance at March 31, 2022	94,858,446	$	2	$	795,935	$	(17,285)	$	(1,252,129)	$	(473,477)
Share-based compensation	—	—		10,001		—		—		10,001
Issuance of shares upon exercise of stock options and release of share awards	798,586	—		1,191		—		—		1,191
Net loss	—	—		—		—		(21,239)		(21,239)
Balance at June 30, 2022	95,657,032	2		807,127		(17,285)		(1,273,368)		(483,524)
Share-based compensation	—	—		11,901		—		—		11,901
Issuance of shares upon exercise of stock options and release of share awards	900,620	—		3,993		—		—		3,993
Net loss	—	—		—		—		(45,619)		(45,619)
Balance at September 30, 2022	96,557,652	2		823,021		(17,285)		(1,318,987)		(513,249)
Share-based compensation	—	—		11,203		—		—		11,203
Issuance of shares upon exercise of stock options and release of share awards	470,606	—		1,530		—		—		1,530
Net loss	—	—		—		—		(57,627)		(57,627)
Balance at December 31, 2022	97,028,258	$	2	$	835,754	$	(17,285)	$	(1,376,614)	$	(558,143)


	December 31,
	2022	2021
Stock options	5,148,789	7,512,729
Restricted stock units and performance stock units (unvested)	7,812,535	4,543,929
Warrants	73,710	73,710
Total	13,035,034	12,130,368


	Reserve -government and other incentives		Chargebacks and administrative fees		Returns		Sales Discounts		Total
Balance as of March 31, 2022	$	13,734	$	2,628	$	3,028	$	486	$	19,876
Provision related to sales in the current year	86,741		22,550		3,062		4,331		116,684
Adjustments related to prior year sales	891		(762)		—		—		129
Credits and payments made during the current year	(75,014)		(19,988)		(12)		(4,148)		(99,162)
Balance as of December 31, 2022	$	26,352	$	4,428	$	6,078	$	669	$	37,527


	December 31, 2022		March 31, 2022
Reduction of accounts receivable, net	$	669	$	486
Component of accrued expenses and other current liabilities	36,858		19,390
Total revenue-related reserves	$	37,527	$	19,876


	December 31, 2022		March 31, 2022
Raw materials	$	15,597	$	663
Work in process	6,410		3,737
Finished goods	8,077		3,184

Total inventories	$	30,084	$	7,584



	December 31, 2022		March 31, 2022
Accrued sales discounts, rebates, and allowances	$	36,858	$	19,390
Accrued compensation-related expenses	23,516		26,389
Accrued R&D expenses	10,244		6,955
Accrued commercial expenses	5,287		7,196
Accrued royalties payable to Takeda	4,400		2,470
Accrued other expenses	3,288		3,309
Accrued professional fees	3,265		1,340
Accrued income tax payable	475		720
Deferred product revenue	—		825
Total accrued expenses and other current liabilities	$	87,333	$	68,594


	Fair Value Measurement Using:
	Level 1		Level 2		Level 3		Total
As of December 31, 2022
Assets:
Money market funds (1)	$	154	$	—	$	—	$	154
Commercial paper (2)	—		155,635		—		155,635
U.S. treasury securities (3)	1,944		—		—		1,944
Total assets	$	2,098	$	155,635	$	—	$	157,733


			Number of Options








Options outstanding at March 31, 2022			6,130,680
Granted			204,808
Exercised			(826,331)
Forfeited			(360,368)
Options outstanding at December 31, 2022			5,148,789
Options vested and expected to vest at December 31, 2022			5,148,789
Options exercisable at December 31, 2022			3,830,313


			Number of Shares








Unvested balance at March 31, 2022			4,532,619
Granted			5,763,246
Vested			(1,343,481)
Forfeited			(1,139,849)
Unvested balance at December 31, 2022			7,812,535


Share-based compensation capitalized into inventory			$	347					$	184					$	1,035					$	510


	Three Months Ended December 31,
	2022		2021		Change
Program-specific costs:
Relugolix	$	6,902	$	6,537	$	365
MVT-602	503		171		332
Unallocated costs:
Personnel expense	17,202		13,266		3,936
Share-based compensation	3,682		3,026		656
Other expense	3,229		2,726		503
Total R&D expenses	$	31,518	$	25,726	$	5,792


	Balance at March 31, 2022		Additions		Imputed Interest		Deductions		Balance at December 31, 2022
Contract liabilities:
Deferred revenue (1)	$	476,270	$	100,000	$	—	$	(109,025)	$	467,245
Cost share advance from Pfizer (2)	$	33,818	$	—	$	568	$	(34,386)	$	—


			MYOVANT SCIENCES LTD.


			By:			/s/ Uneek Mehra
						Uneek Mehra (Duly Authorized Officer and Principal Financial Officer)

Myovant Sciences Ltd. 10-Q