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

Immunovant Inc (IMVT) reported diluted earnings per share of $-2.77 for fiscal year 2026. This represents a -1.5% 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.

Immunovant Inc Financials

IMVT

Source SEC Filings (10-K/10-Q) Updated Mar 31, 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 8 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).

Rhea AI IMVT FY2025 2026-05-20

Immunovant’s financials show a research-heavy, equity-funded model where cash reserves, not product economics, currently drive operating capacity.

From FY2023 to FY2025, operating cash burn nearly doubled from $188.2M to $375.9M while cash still rose to $714.0M because financing added $472.4M in FY2024 and $454.5M in FY2025; the company’s balance-sheet strength therefore comes from external capital raising, not internal cash generation.

Since FY2023, R&D expansion added $200.7M of annual spend while SG&A rose only $29.2M, so the heavier cost base is tied mainly to advancing programs rather than building a large commercial support structure. That cost mix makes the expense ramp more about scientific progress than about maintaining a broad operating footprint.

FY2025 shows tight earnings-to-cash alignment: net loss was $413.8M, operating cash outflow was $375.9M, and free cash flow was -$376.6M because capital spending was just $759K. That means the burn is mostly the underlying operating model itself, not a capex burden or a temporary working-capital swing.

Financial Health Signals

Financial Profile 33/100

Based on FY2026 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Immunovant Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Leverage

100

Immunovant Inc carries a low D/E ratio of 0.12, meaning only $0.12 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

100

With a current ratio of 9.09, Immunovant Inc holds $9.09 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Returns

Immunovant Inc generates a -59.3% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -58.5% the prior year.

Piotroski F-Score Weak

2/9

Immunovant Inc passes 2 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality Low Quality

0.81x

For every $1 of reported earnings, Immunovant Inc generates $0.81 in operating cash flow (-$407.3M OCF vs -$505.6M 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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Earnings & Revenue

Revenue

N/A

EBITDA

N/A

Net Income

-$505.6M

YoY-22.2%

Immunovant Inc reported -$505.6M in net income in fiscal year 2026. This represents a decrease of 22.2% from the prior year.

EPS (Diluted)

$-2.77

YoY-1.5%

Immunovant Inc earned $-2.77 per diluted share (EPS) in fiscal year 2026. This represents a decrease of 1.5% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$407.3M

YoY-8.1%

Immunovant Inc generated -$407.3M in free cash flow in fiscal year 2026, representing cash available after capex. This represents a decrease of 8.1% from the prior year.

Cash & Debt

$902.1M

YoY+26.4%

5Y CAGR+17.7%

Immunovant Inc held $902.1M in cash against $0 in long-term debt as of fiscal year 2026.

Dividends Per Share

N/A

Shares Outstanding

205M

YoY+20.7%

5Y CAGR+15.9%

Immunovant Inc had 205M shares outstanding in fiscal year 2026. This represents an increase of 20.7% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

-59.3%

YoY-0.8pp

5Y CAGR-31.9pp

Immunovant Inc's ROE was -59.3% in fiscal year 2026, measuring profit generated per dollar of shareholder equity. This is down 0.8 percentage points from the prior year.

Capital Allocation

R&D Spending

$456.7M

YoY+26.5%

5Y CAGR+46.1%

Immunovant Inc invested $456.7M in research and development in fiscal year 2026. This represents an increase of 26.5% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$8K

YoY-98.9%

5Y CAGR-48.0%

Immunovant Inc invested $8K in capex in fiscal year 2026, funding long-term assets and infrastructure. This represents a decrease of 98.9% from the prior year.

IMVT Income Statement

Metric	FY26	FY25	FY24	FY23	FY22	FY21
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	$456.7M+26.5%	$360.9M+69.5%	$212.9M+32.9%	$160.3M+57.4%	$101.8M+48.4%	$68.6M
SG&A Expenses	$76.2M-1.3%	$77.2M+34.8%	$57.3M+19.3%	$48.0M-11.4%	$54.2M+37.2%	$39.5M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	$24.9M+229.2%	$7.6M	$0	$0
Income Tax	$215K-75.9%	$891K+57.1%	$567K+6200.0%	$9K+110.7%	-$84K+76.5%	-$358K
Net Income	-$505.6M-22.2%	-$413.8M-59.6%	-$259.3M-22.9%	-$211.0M-34.6%	-$156.7M-45.9%	-$107.4M
EPS (Diluted)	$-2.77-1.5%	$-2.73-45.2%	$-1.88-9.9%	$-1.71-19.6%	$-1.43-17.2%	$-1.22

Metric	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
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	N/A	$98.9M-13.4%	$114.2M+12.9%	$101.2M	N/A	$94.5M-2.8%	$97.3M+28.9%	$75.5M
SG&A Expenses	N/A	$15.4M-11.8%	$17.5M-32.7%	$26.0M	N/A	$19.8M+7.1%	$18.5M-1.8%	$18.8M
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	N/A	N/A	N/A	N/A
Income Tax	N/A	$1.6M+161.3%	$594K-34.9%	$913K	N/A	$152K+94.9%	$78K+1.3%	$77K
Net Income	N/A	-$110.6M+12.5%	-$126.5M-4.9%	-$120.6M	N/A	-$111.1M-1.8%	-$109.1M-25.2%	-$87.2M
EPS (Diluted)	N/A	$-0.61+16.4%	$-0.73-2.8%	$-0.71	N/A	$-0.76-2.7%	$-0.74-23.3%	$-0.60

IMVT Balance Sheet

Metric	FY26	FY25	FY24	FY23	FY22	FY21
Total Assets	$957.0M+23.3%	$776.2M+16.5%	$666.4M+64.2%	$405.8M-21.3%	$515.6M+25.0%	$412.5M
Current Assets	$948.8M+23.6%	$767.7M+15.3%	$665.8M+64.7%	$404.3M-21.2%	$512.9M+25.4%	$409.0M
Cash & Equivalents	$902.1M+26.4%	$714.0M+12.4%	$635.4M+68.7%	$376.5M-23.8%	$493.8M+23.4%	$400.1M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$1.1M-45.6%	$2.1M-61.0%	$5.3M+662.4%	$700K-94.3%	$12.2M+1951.8%	$596K
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$104.4M+51.8%	$68.8M+41.5%	$48.6M+12.1%	$43.3M-5.2%	$45.7M+117.7%	$21.0M
Current Liabilities	$104.4M+51.8%	$68.8M+41.5%	$48.6M+12.3%	$43.3M-2.7%	$44.5M+137.2%	$18.8M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$852.6M+20.5%	$707.4M+14.5%	$617.8M+70.4%	$362.5M-22.8%	$469.8M+20.0%	$391.5M
Retained Earnings	-$1.7B-40.8%	-$1.2B-50.1%	-$825.7M-45.8%	-$566.3M-59.4%	-$355.4M-78.9%	-$198.7M

Metric	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Total Assets	$957.0M-9.1%	$1.1B+80.5%	$583.0M-11.9%	$661.4M-14.8%	$776.2M+84.4%	$420.9M-18.4%	$515.7M-12.5%	$589.7M
Current Assets	$948.8M-9.0%	$1.0B+81.8%	$573.5M-12.0%	$651.8M-15.1%	$767.7M+86.1%	$412.5M-18.7%	$507.4M-13.9%	$589.0M
Cash & Equivalents	$902.1M-9.3%	$994.5M+90.6%	$521.9M-12.9%	$598.9M-16.1%	$714.0M+90.6%	$374.7M-20.8%	$472.9M-15.5%	$560.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$1.1M-31.0%	$1.6M-16.6%	$2.0M+1.8%	$1.9M-7.1%	$2.1M-6.3%	$2.2M+18.6%	$1.9M-22.4%	$2.4M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$104.4M+57.6%	$66.3M+4.7%	$63.3M+19.6%	$52.9M-23.1%	$68.8M+0.7%	$68.3M+2.5%	$66.7M+48.1%	$45.0M
Current Liabilities	$104.4M+57.6%	$66.3M+4.7%	$63.3M+19.6%	$52.9M-23.1%	$68.8M+0.7%	$68.3M+2.5%	$66.7M+48.1%	$45.0M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$852.6M-13.5%	$986.1M+89.7%	$519.7M-14.6%	$608.5M-14.0%	$707.4M+100.6%	$352.6M-21.5%	$449.1M-17.6%	$544.7M
Retained Earnings	-$1.7B-9.3%	-$1.6B-7.4%	-$1.5B-9.3%	-$1.4B-9.7%	-$1.2B-9.4%	-$1.1B-10.9%	-$1.0B-12.0%	-$912.8M

IMVT Cash Flow Statement

Metric	FY26	FY25	FY24	FY23	FY22	FY21
Operating Cash Flow	-$407.3M-8.4%	-$375.9M-75.5%	-$214.2M-13.8%	-$188.2M-77.4%	-$106.1M-27.3%	-$83.3M
Capital Expenditures	$8K-98.9%	$759K+110.8%	$360K+82.7%	$197K-22.4%	$254K+21.0%	$210K
Free Cash Flow	-$407.3M-8.1%	-$376.6M-75.5%	-$214.6M-13.9%	-$188.4M-77.1%	-$106.4M-27.3%	-$83.5M
Investing Cash Flow	-$8K+98.9%	-$759K-110.8%	-$360K-82.7%	-$197K+22.4%	-$254K-21.0%	-$210K
Financing Cash Flow	$595.8M+31.1%	$454.5M-3.8%	$472.4M+566.5%	$70.9M-64.6%	$200.1M-47.8%	$383.1M
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	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Operating Cash Flow	-$95.1M-3.0%	-$92.3M+9.9%	-$102.5M+12.7%	-$117.4M-6.1%	-$110.6M-10.2%	-$100.4M-13.2%	-$88.6M-16.3%	-$76.2M
Capital Expenditures	$8K	$0	$0	$0-100.0%	$201K+11.7%	$180K-8.2%	$196K+7.7%	$182K
Free Cash Flow	-$95.1M-3.0%	-$92.3M+9.9%	-$102.5M+12.7%	-$117.4M-5.9%	-$110.8M-10.2%	-$100.6M-13.2%	-$88.8M-16.3%	-$76.4M
Investing Cash Flow	-$8K	$0	$0	$0+100.0%	-$201K-11.7%	-$180K+8.2%	-$196K-7.7%	-$182K
Financing Cash Flow	$3.6M-99.4%	$564.6M+2195.6%	$24.6M+742.9%	$2.9M-99.4%	$450.6M+18187.8%	$2.5M+237.5%	$730K+6.4%	$686K
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	FY26	FY25	FY24	FY23	FY22	FY21
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	-59.3%-0.8pp	-58.5%-16.5pp	-42.0%+16.2pp	-58.2%-24.8pp	-33.4%-5.9pp	-27.4%
Return on Assets	-52.8%+0.5pp	-53.3%-14.4pp	-38.9%+13.1pp	-52.0%-21.6pp	-30.4%-4.4pp	-26.0%
Current Ratio	9.09-2.1	11.16-2.5	13.70+4.4	9.34-2.2	11.52-10.3	21.79
Debt-to-Equity	0.12+0.0	0.10+0.0	0.08-0.0	0.12+0.0	0.10+0.0	0.05
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
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	N/A	-11.2%+13.1pp	-24.3%-4.5pp	-19.8%	N/A	-31.5%-7.2pp	-24.3%-8.3pp	-16.0%
Return on Assets	N/A	-10.5%+11.2pp	-21.7%-3.5pp	-18.2%	N/A	-26.4%-5.2pp	-21.2%-6.4pp	-14.8%
Current Ratio	9.09-6.7	15.74+6.7	9.07-3.3	12.32+1.2	11.16+5.1	6.04-1.6	7.61-5.5	13.08
Debt-to-Equity	0.12+0.1	0.07-0.1	0.12+0.0	0.09-0.0	0.10-0.1	0.19+0.0	0.15+0.1	0.08
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 -$505.6M in fiscal year 2026.

What is Immunovant Inc's return on equity (ROE)?

Immunovant Inc (IMVT) has a return on equity of -59.3% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.

What is Immunovant Inc's free cash flow?

Immunovant Inc (IMVT) generated -$407.3M in free cash flow during fiscal year 2026. This represents a -8.1% 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 -$407.3M in operating cash flow during fiscal year 2026, representing cash generated from core business activities.

What are Immunovant Inc's total assets?

Immunovant Inc (IMVT) had $957.0M in total assets as of fiscal year 2026, including both current and long-term assets.

What are Immunovant Inc's capital expenditures?

Immunovant Inc (IMVT) invested $8K in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.

How much does Immunovant Inc spend on research and development?

Immunovant Inc (IMVT) invested $456.7M in research and development during fiscal year 2026.

How many shares does Immunovant Inc have outstanding?

Immunovant Inc (IMVT) had 205M shares outstanding as of fiscal year 2026.

What is Immunovant Inc's current ratio?

Immunovant Inc (IMVT) had a current ratio of 9.09 as of fiscal year 2026, which is generally considered healthy.

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

Immunovant Inc (IMVT) had a debt-to-equity ratio of 0.12 as of fiscal year 2026, 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 -52.8% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.

What is Immunovant Inc's cash runway?

Based on fiscal year 2026 data, Immunovant Inc (IMVT) had $902.1M in cash against an annual operating cash burn of $407.3M. This gives an estimated cash runway of approximately 27 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 2 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 to 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 0.81x, 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.

How financially healthy is Immunovant Inc?

Immunovant Inc (IMVT) scores 33 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.