Biotech company Roivant Sciences (NASDAQ: ROIV) saw its stock slide by over 3% after reporting a fiscal first-quarter revenue of around $2.2 billion, down significantly from last year’s nearly $8 billion. The company also reported a GAAP net loss of over $223 million, a steep decline from the previous year’s profit of $95 million. Analyst expectations were not met, with revenue projections at nearly $7.7 billion and a narrower net loss. Roivant’s unique business model divides its operations into subsidiaries, with cash and equivalents totaling around $4.5 billion, down from $4.9 billion last year.

Read more at Nasdaq, Inc.: Why Roivant Sciences Stock Was Slipping on Monday