Immunovant Announces Pricing of $550 Million Common Stock Financing

Rhea-AI Summary

Immunovant (Nasdaq: IMVT) priced an underwritten common stock offering to raise approximately $550 million of gross proceeds by selling 26.2 million shares at $21.00 per share. The company said existing cash plus proceeds are expected to fund operating expenses and capital expenditures through a potential commercial launch of IMVT-1402 for Graves’ disease.

Roivant Sciences, the controlling stockholder, agreed to purchase shares. The offering is expected to close on or about December 12, 2025, subject to customary closing conditions, with Leerink Partners as sole underwriter.

Positive

• Gross proceeds of $550 million
• Funds expected to cover operations and capex through potential IMVT-1402 launch

Negative

• Issuance of 26.2 million new shares will dilute existing shareholders
• Net proceeds reduced by underwriting discounts, commissions and offering expenses

Key Figures

Gross proceeds $550 million Anticipated gross proceeds from underwritten common stock offering

Shares offered 26.2 million shares Common stock offered in current financing

Offering price $21.00 per share Price for the underwritten common stock offering

Runway scope Through potential GD launch Company states funding through potential IMVT-1402 Graves’ Disease commercial launch

Expected closing date December 12, 2025 Target closing date for the underwritten offering

Lead underwriter Leerink Partners Acting as sole underwriter for the offering

Roivant participation Roivant to purchase shares Controlling stockholder agreed to purchase shares in the offering

Lead asset IMVT-1402 Funding tied to potential Graves’ Disease commercial launch

Market Reality Check

$23.56 Last Close

Volume Volume 1,064,339 vs 20-day average 1,224,584 shares. normal

Technical Price $23.56 is trading above 200-day MA at $17.47.

Peers on Argus

Peers showed mixed moves: APLS +3.48%, VKTX +1.02%, SRRK +0.90%, SLNO +0.44%, while MLYS -0.71%, indicating stock-specific factors around IMVT’s offering.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Nov 10	Earnings and update	Positive	+0.1%	Quarterly results and IMVT-1402 clinical updates with strong cash position.
Oct 27	Earnings preview	Neutral	+2.6%	Announcement of upcoming Q2 results call and access details.
Sep 03	Clinical data update	Positive	+10.8%	Six-month Graves’ remission data and plans for registrational IMVT-1402 trials.
Aug 11	Earnings and pipeline	Neutral	-4.5%	Quarter results, new registrational studies, and higher R&D with wider net loss.

Pattern Detected

Recent positive clinical and earnings-related updates often saw modest to strong positive price reactions, but one earnings event coincided with a notable decline, suggesting mixed responses to financial updates.

Recent Company History

Over the past few months, Immunovant reported multiple milestones. On Aug 11, 2025, it highlighted strong cash of $598.9M alongside widening losses, with a -4.53% move. On Sep 3, 2025, Graves’ disease remission data drove a +10.82% reaction. The Nov 10, 2025 quarterly update detailed cash of $521.9M and significant R&D spend with a flat price response. Today’s common stock financing connects directly to this history of funding its GD and IMVT-1402 programs through key readouts and potential commercialization.

Market Pulse Summary

This announcement details a significant equity financing, with Immunovant pricing 26.2 million shares at $21.00 for anticipated gross proceeds of $550 million. The company states that existing cash plus these proceeds should fund operations through a potential IMVT-1402 Graves’ Disease commercial launch. Recent filings highlighted substantial R&D investment and strong cash balances, so observers may focus on how this incremental capital supports trial execution, commercialization planning, and future operating needs.

Key Terms

underwritten offering financial

"announced the pricing of an underwritten offering of its common stock"

An underwritten offering is when a bank or group of banks agrees to buy all of a company's new shares or bonds and then resell them to outside investors, guaranteeing the company will raise a specific amount of money. It matters to investors because it adds certainty that the funding will close while increasing the number of shares or debt in the market, which can lower the price per share and change each existing owner's ownership percentage—think of a wholesaler buying an entire shipment from a maker before it reaches stores.

gross proceeds financial

"anticipated gross proceeds to Immunovant of approximately $550 million"

The total amount of cash a company receives from a financing event or sale before any fees, expenses, taxes or deductions are taken out. Investors watch gross proceeds because it shows the raw scale of new capital being raised—think of it as the paycheck amount before withholdings—which helps assess how much funding is available for operations, growth, debt payoff or how much shareholder dilution might occur once costs are removed.

prospectus supplement regulatory

"a copy of the final prospectus supplement and the accompanying prospectus"

A prospectus supplement is an additional document provided alongside a company's main offering details, offering updated or extra information about a specific financial product being sold. It helps investors understand the latest terms, risks, and details of the investment, similar to how an update or revision clarifies or expands on original instructions, ensuring they have current and complete information before making a decision.

AI-generated analysis. Not financial advice.

• Funding to provide runway through potential Graves’ Disease commercial launch

NEW YORK, Dec. 11, 2025 (GLOBE NEWSWIRE) -- Immunovant, Inc. (Nasdaq: IMVT), a clinical-stage immunology company dedicated to enabling normal lives for people with autoimmune diseases, today announced the pricing of an underwritten offering of its common stock, with anticipated gross proceeds to Immunovant of approximately $550 million, before deducting underwriting discounts and commissions and other expenses payable by Immunovant in connection with the transaction. Roivant Sciences Ltd., the Company’s controlling stockholder, has agreed to purchase shares in the offering. All of the shares are to be sold by Immunovant.

Immunovant currently expects that its existing cash and cash equivalents, together with the proceeds from the transaction, will be sufficient to fund its operating expenses and capital expenditures through the potential commercial launch of IMVT-1402 in the Graves’ Disease indication.

Immunovant offered 26.2 million shares of its common stock in the offering at an offering price of $21.00 per share. The offering is expected to close on or about December 12, 2025, subject to satisfaction of customary closing conditions.

Leerink Partners is acting as the sole underwriter for the offering.

The shares in the offering are being offered by Immunovant pursuant to an automatic registration statement on Form S-3 previously filed with the SEC.

When available, a copy of the final prospectus supplement and the accompanying prospectus relating to the offering may also be obtained from: Leerink Partners LLC, Syndicate Department, 53 State Street, 40th Floor, Boston, MA 02109, or by telephone at (800) 808-7525 ext. 6105, or by email at syndicate@leerink.com.

This press release does not constitute an offer to sell or a solicitation of an offer to buy, nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation, or sale would be unlawful before registration or qualification under the securities laws of that state or jurisdiction.

Forward-Looking Statements

This press release contains forward-looking statements for the purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995 and other federal securities laws. The use of words such as “can,” “may,” “might,” “will,” “would,” “should,” “expect,” “believe,” “estimate,” “design,” “plan,” "intend," and other similar expressions are intended to identify forward-looking statements. Such forward-looking statements include, but are not limited to, the uncertainties related to the completion of the offering. All forward-looking statements are based on estimates and assumptions by Immunovant’s management that, although Immunovant believes to be reasonable, are inherently uncertain. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that Immunovant expected. Such risks and uncertainties include, among others: Immunovant may not be able to protect or enforce its intellectual property rights; initial results or other preliminary analyses or results of early clinical trials may not be predictive final trial results or of the results of later clinical trials; the timing and availability of data from clinical trials; the timing of discussions with regulatory agencies, as well as regulatory submissions and potential approvals; the continued development of Immunovant’s product candidates, including the number and timing of the commencement of additional clinical trials; Immunovant’s scientific approach, clinical trial design, indication selection, and general development progress; future clinical trials may not confirm any safety, potency, or other product characteristics described or assumed in this press release; any product candidate that Immunovant develops may not progress through clinical development or receive required regulatory approvals within expected timelines or at all; Immunovant’s product candidates may not be beneficial to patients, or even if approved by regulatory authorities, successfully commercialized; the potential impact of global factors, such as international trade tariffs, geopolitical tensions, and adverse macroeconomic conditions on Immunovant’s business operations and supply chain, including its clinical development plans and timelines; Immunovant’s business is heavily dependent on the successful development, regulatory approval, and commercialization of IMVT-1402; Immunovant is at various stages of clinical development for IMVT-1402 and batoclimab; and Immunovant will require additional capital to fund its operations and advance IMVT-1402 and batoclimab through clinical development. These and other risks and uncertainties are more fully described in Immunovant’s periodic and other reports filed with the Securities and Exchange Commission (SEC), including in the section titled “Risk Factors” in Immunovant’s Annual Report on Form 10-K filed with the SEC on May 29, 2025, and Immunovant’s subsequent filings with the SEC. Any forward-looking statement speaks only as of the date on which it was made. Immunovant undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Contact:
Investors
Keyur Parekh
keyur.parekh@roivant.com

Media
Stephanie Lee
stephanie.lee@roivant.com

FAQ

How much is Immunovant (IMVT) raising in the December 2025 stock offering?

Immunovant is raising approximately $550 million in gross proceeds.

How many shares did Immunovant (IMVT) offer and at what price?

The company offered 26.2 million shares at $21.00 per share.

When is the IMVT offering expected to close?

The offering is expected to close on or about December 12, 2025, subject to customary conditions.

Will the IMVT offering fund the Graves’ disease launch for IMVT-1402?

Immunovant expects existing cash plus proceeds to fund operating expenses and capex through the potential IMVT-1402 commercial launch.

Is Roivant participating in Immunovant’s (IMVT) December 2025 offering?

Yes, Roivant Sciences, the controlling stockholder, agreed to purchase shares in the offering.

Who is the underwriter for Immunovant’s (IMVT) $550M offering?

Leerink Partners is acting as the sole underwriter for the offering.