Immunovant Inc Financials

IMVT

Source SEC Filings (10-K/10-Q) Updated Feb 6, 2026 Currency USD FYE March

This page shows Immunovant Inc (IMVT) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Piotroski F-Score Weak

1/9

Immunovant Inc passes 1 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality Low Quality

0.91x

For every $1 of reported earnings, Immunovant Inc generates $0.91 in operating cash flow (-$375.9M OCF vs -$413.8M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Revenue

N/A

EBITDA

N/A

Free Cash Flow

-$376.6M

YoY-75.5%

Immunovant Inc generated -$376.6M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 75.5% from the prior year.

Net Income

-$413.8M

YoY-59.6%

Immunovant Inc reported -$413.8M in net income in fiscal year 2025. This represents a decrease of 59.6% from the prior year.

EPS (Diluted)

$-2.73

YoY-45.2%

Immunovant Inc earned $-2.73 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 45.2% from the prior year.

Cash & Debt

$714.0M

YoY+12.4%

5Y CAGR+48.0%

Immunovant Inc held $714.0M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

170M

YoY+16.8%

5Y CAGR+25.5%

Immunovant Inc had 170M shares outstanding in fiscal year 2025. This represents an increase of 16.8% from the prior year.

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

N/A

R&D Spending

$360.9M

YoY+69.5%

5Y CAGR+49.7%

Immunovant Inc invested $360.9M in research and development in fiscal year 2025. This represents an increase of 69.5% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$759K

YoY+110.8%

5Y CAGR+89.6%

Immunovant Inc invested $759K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 110.8% from the prior year.

IMVT Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$360.9M+69.5%	$212.9M+32.9%	$160.3M+57.4%	$101.8M+48.4%	$68.6M+43.1%	$47.9M
SG&A Expenses	$77.2M+34.8%	$57.3M+19.3%	$48.0M-11.4%	$54.2M+37.2%	$39.5M+117.7%	$18.2M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	$24.9M+229.2%	$7.6M	$0	$0-100.0%	$625K
Income Tax	$891K+57.1%	$567K+6200.0%	$9K+110.7%	-$84K+76.5%	-$358K-469.1%	$97K
Net Income	-$413.8M-59.6%	-$259.3M-22.9%	-$211.0M-34.6%	-$156.7M-45.9%	-$107.4M-61.8%	-$66.4M
EPS (Diluted)	$-2.73-45.2%	$-1.88-9.9%	$-1.71-19.6%	$-1.43-17.2%	$-1.22	N/A

Metric	Q3'26	Q3'25	Q3'24	Q1'24	Q3'23	Q1'23	Q3'22	Q1'22
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$99K-99.9%	$98.9M+4.7%	$94.5M	N/A	$48.3M	N/A	$42.3M	N/A
SG&A Expenses	$15K-99.9%	$15.4M-22.0%	$19.8M	N/A	$13.2M	N/A	$11.8M	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	$8.9M	N/A	$2.9M	N/A
Income Tax	$2K-99.9%	$1.6M+921.1%	$152K	N/A	-$108K	N/A	$387K	N/A
Net Income	$111K+100.1%	-$110.6M+0.4%	-$111.1M	N/A	-$51.4M	N/A	-$63.2M	N/A
EPS (Diluted)	$0.61+200.0%	$-0.61+19.7%	$-0.76	N/A	$-0.36	N/A	$-0.49	N/A

IMVT Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$776.2M+16.5%	$666.4M+64.2%	$405.8M-21.3%	$515.6M+25.0%	$412.5M+277.1%	$109.4M
Current Assets	$767.8M+15.3%	$665.8M+64.7%	$404.3M-21.2%	$512.9M+25.4%	$409.0M+275.0%	$109.1M
Cash & Equivalents	$714.0M+12.4%	$635.4M+68.7%	$376.5M-23.8%	$493.8M+23.4%	$400.1M+297.9%	$100.6M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$2.1M-61.0%	$5.3M+662.4%	$700K-94.3%	$12.2M+1951.8%	$596K	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$68.8M+41.5%	$48.6M+12.1%	$43.3M-5.2%	$45.7M+117.7%	$21.0M+37.2%	$15.3M
Current Liabilities	$68.8M+41.5%	$48.6M+12.3%	$43.3M-2.7%	$44.5M+137.2%	$18.8M+22.5%	$15.3M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$707.4M+14.5%	$617.8M+70.4%	$362.5M-22.8%	$469.8M+20.0%	$391.5M+316.2%	$94.1M
Retained Earnings	-$1.2B-50.1%	-$825.7M-45.8%	-$566.3M-59.4%	-$355.4M-78.9%	-$198.7M-117.8%	-$91.2M

Metric	Q3'26	Q3'25	Q3'24	Q1'24	Q3'23	Q1'23	Q3'22	Q1'22
Total Assets	$1.1M-99.9%	$1.1B+150.0%	$420.9M-36.8%	$666.4M-6.3%	$711.4M+75.3%	$405.8M-11.0%	$456.2M-11.5%	$515.6M
Current Assets	$1.0M-99.9%	$1.0B+152.8%	$412.5M-38.0%	$665.8M-6.3%	$710.8M+75.8%	$404.3M-11.0%	$454.4M-11.4%	$512.9M
Cash & Equivalents	$995K-99.9%	$994.5M+165.4%	$374.7M-41.0%	$635.4M-8.0%	$690.9M+83.5%	$376.5M-13.0%	$432.6M-12.4%	$493.8M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$2K-99.9%	$1.6M-26.1%	$2.2M-58.3%	$5.3M+418.7%	$1.0M+47.0%	$700K-0.6%	$704K-94.2%	$12.2M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$66K-99.9%	$66.3M-3.0%	$68.3M+40.5%	$48.6M+51.4%	$32.1M-25.9%	$43.3M+4.3%	$41.6M-9.1%	$45.7M
Current Liabilities	$66K-99.9%	$66.3M-3.0%	$68.3M+40.5%	$48.6M+51.4%	$32.1M-25.9%	$43.3M+4.9%	$41.3M-7.3%	$44.5M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$986K-99.9%	$986.1M+179.7%	$352.6M-42.9%	$617.8M-9.1%	$679.3M+87.4%	$362.5M-12.6%	$414.7M-11.7%	$469.8M
Retained Earnings	$1.6M+100.1%	-$1.6B-41.0%	-$1.1B-37.2%	-$825.7M-10.0%	-$750.4M-32.5%	-$566.3M-11.7%	-$506.9M-42.6%	-$355.4M

IMVT Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$375.9M-75.5%	-$214.2M-13.8%	-$188.2M-77.4%	-$106.1M-27.3%	-$83.3M-56.2%	-$53.4M
Capital Expenditures	$759K+110.8%	$360K+82.7%	$197K-22.4%	$254K+21.0%	$210K+577.4%	$31K
Free Cash Flow	-$376.6M-75.5%	-$214.6M-13.9%	-$188.4M-77.1%	-$106.4M-27.3%	-$83.5M-56.5%	-$53.4M
Investing Cash Flow	-$759K-110.8%	-$360K-82.7%	-$197K+22.4%	-$254K-21.0%	-$210K-577.4%	-$31K
Financing Cash Flow	$454.5M-3.8%	$472.4M+566.5%	$70.9M-64.6%	$200.1M-47.8%	$383.1M+160.7%	$147.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'26	Q3'25	Q3'24	Q1'24	Q3'23	Q1'23	Q3'22	Q1'22
Operating Cash Flow	$312K+100.3%	-$92.3M+8.0%	-$100.4M-68.2%	-$59.7M-26.8%	-$47.1M+15.6%	-$55.8M-20.3%	-$46.4M-40.8%	-$33.0M
Capital Expenditures	$558	$0-100.0%	$180K+20.0%	$150K+14.5%	$131K+403.8%	$26K-73.5%	$98K-16.9%	$118K
Free Cash Flow	$312K+100.3%	-$92.3M+8.2%	-$100.6M-68.0%	-$59.8M-26.7%	-$47.2M+15.4%	-$55.8M-20.1%	-$46.5M-40.6%	-$33.1M
Investing Cash Flow	$558	$0+100.0%	-$180K-20.0%	-$150K-14.5%	-$131K-403.8%	-$26K+73.5%	-$98K+16.9%	-$118K
Financing Cash Flow	$592K-99.9%	$564.6M+22814.1%	$2.5M+59.5%	$1.5M-99.7%	$469.8M+201549.8%	$233K-99.7%	$70.6M	$0
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

IMVT Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-53.3%-14.4pp	-38.9%+13.1pp	-52.0%-21.6pp	-30.4%-4.4pp	-26.0%+34.6pp	-60.7%
Current Ratio	11.16-2.5	13.70+4.4	9.34-2.2	11.52-10.3	21.79+14.7	7.12
Debt-to-Equity	0.10+0.0	0.08-0.0	0.12+0.0	0.10+0.0	0.05-0.1	0.16
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'26	Q3'25	Q3'24	Q1'24	Q3'23	Q1'23	Q3'22	Q1'22
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	11.2%	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	10.5%+21.0pp	-10.5%+15.9pp	-26.4%	N/A	-7.2%	N/A	-13.9%	N/A
Current Ratio	15.740.0	15.74+9.7	6.04-7.7	13.70-8.4	22.14+12.8	9.34-1.7	11.01-0.5	11.52
Debt-to-Equity	0.070.0	0.07-0.1	0.19+0.1	0.08+0.0	0.05-0.1	0.12+0.0	0.100.0	0.10
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

Is Immunovant Inc profitable?

No, Immunovant Inc (IMVT) reported a net income of -$413.8M in fiscal year 2025.

What is Immunovant Inc's earnings per share (EPS)?

Immunovant Inc (IMVT) reported diluted earnings per share of $-2.73 for fiscal year 2025. This represents a -45.2% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Immunovant Inc's free cash flow?

Immunovant Inc (IMVT) generated -$376.6M in free cash flow during fiscal year 2025. This represents a -75.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Immunovant Inc's operating cash flow?

Immunovant Inc (IMVT) generated -$375.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Immunovant Inc's total assets?

Immunovant Inc (IMVT) had $776.2M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Immunovant Inc's capital expenditures?

Immunovant Inc (IMVT) invested $759K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Immunovant Inc spend on research and development?

Immunovant Inc (IMVT) invested $360.9M in research and development during fiscal year 2025.

How many shares does Immunovant Inc have outstanding?

Immunovant Inc (IMVT) had 170M shares outstanding as of fiscal year 2025.

What is Immunovant Inc's current ratio?

Immunovant Inc (IMVT) had a current ratio of 11.16 as of fiscal year 2025, which is generally considered healthy.

What is Immunovant Inc's debt-to-equity ratio?

Immunovant Inc (IMVT) had a debt-to-equity ratio of 0.10 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Immunovant Inc's return on assets (ROA)?

Immunovant Inc (IMVT) had a return on assets of -53.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Immunovant Inc's cash runway?

Based on fiscal year 2025 data, Immunovant Inc (IMVT) had $714.0M in cash against an annual operating cash burn of $375.9M. This gives an estimated cash runway of approximately 23 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Immunovant Inc's Piotroski F-Score?

Immunovant Inc (IMVT) has a Piotroski F-Score of 1 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Immunovant Inc's earnings high quality?

Immunovant Inc (IMVT) has an earnings quality ratio of 0.91x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.