Immunovant Provides Corporate Updates and Reports Financial Results for the Second Quarter Ended September 30, 2025
Immunovant (Nasdaq: IMVT) reported Q2 results for the period ended September 30, 2025, and provided clinical program updates.
Key points: cash and cash equivalents $521.9 million (runway through the Graves’ disease readout expected in 2027); an uncontrolled Graves’ disease study of IMVT-1402 showed a potentially disease-modifying six‑month off‑treatment outcome; IMVT-1402 development continues across GD, MG, CIDP, D2T RA and Sjögren’s with multiple readouts in 2026–2027. Financials: Q2 R&D $114.2M, Q2 net loss $126.5M ($0.73/sh), six‑month net loss $247.1M ($1.43/sh).
Immunovant (Nasdaq: IMVT) ha riportato i risultati del secondo trimestre per il periodo terminato il 30 settembre 2025 e fornito aggiornamenti sul programma clinico.
Punti chiave: cassa e equivalenti di cassa 521,9 milioni di dollari (pianificazione della disponibilità fino al test di Graves’ disease previsto nel 2027); uno studio non controllato su Graves’ disease di IMVT-1402 ha mostrato un esito potenzialmente modificante la malattia a sei mesi senza trattamento; lo sviluppo di IMVT-1402 prosegue in GD, MG, CIDP, D2T RA e Sjögren con molte letture nel 2026–2027. Dati finanziari: R&D nel secondo trimestre 114,2 milioni, perdita netta del secondo trimestre 126,5 milioni di dollari (0,73$/azione), perdita netta nei primi sei mesi 247,1 milioni di dollari (1,43$/azione).
Immunovant (Nasdaq: IMVT) informó resultados del segundo trimestre para el periodo que terminó el 30 de septiembre de 2025 y proporcionó actualizaciones del programa clínico.
Puntos clave: efectivo y equivalentes de efectivo 521,9 millones de dólares (política para la lectura de Graves’ disease prevista para 2027); un estudio no controlado de Graves’ disease de IMVT-1402 mostró un resultado potencialmente modificador de la enfermedad a seis meses sin tratamiento; el desarrollo de IMVT-1402 continúa en GD, MG, CIDP, D2T RA y Sjögren con múltiples lecturas en 2026–2027. Finanzas: I+D del 2T 114,2 millones, pérdida neta del 2T 126,5 millones de dólares (0,73$/acción), pérdida neta de los primeros seis meses 247,1 millones de dólares (1,43$/acción).
이뮨노반(Immunovant, 나스닥: IMVT)은 2025년 9월 30일로 마감된 2분기 실적을 발표했고 임상 프로그램 업데이트를 제공했습니다.
주요 요점: 현금 및 현금등가자산 5억2190만 달러 (2027년으로 예상되는 Graves’ 질환 읽기까지의 런웨이); IMVT-1402의 Graves’ 질환에 대한 비통제 연구는 치료 중단 없이 6개월 동안 질환을 변화시킬 수 있는 잠재적 결과를 보여주었습니다; IMVT-1402 개발은 GD, MG, CIDP, D2T RA 및 Sjögren 증후군에서 2026–2027년에 여러 읽기를 계속합니다. 재무: 2분기 R&D 114.2백만 달러, 2분기 순손실 1억2650만 달러(주당 0.73달러), 상반기 순손실 2억4710만 달러(주당 1.43달러).
Immunovant (Nasdaq: IMVT) a publié les résultats du deuxième trimestre pour la période se terminant le 30 septembre 2025 et a fourni des mises à jour sur le programme clinique.
Points clés : trésorerie et équivalents de trésorerie 521,9 millions de dollars (une runway jusqu’au reading de Graves' disease prévu en 2027) ; une étude non contrôlée sur Graves’ disease d’IMVT-1402 a montré un résultat potentiellement modifiant la maladie sur six mois sans traitement ; le développement d’IMVT-1402 se poursuit dans GD, MG, CIDP, D2T RA et Sjögren’s avec plusieurs readouts en 2026–2027. Finances : R&D du 2e trimestre 114,2 M$, perte nette du 2e trimestre 126,5 M$ (0,73$/action), perte nette sur six mois 247,1 M$ (1,43$/action).
Immunovant (Nasdaq: IMVT) meldete die Q2-Ergebnisse für den Zeitraum bis zum 30. September 2025 und gab Updates zum klinischen Programm.
Wichtige Punkte: Bargeld und Barmitteläquivalente 521,9 Millionen USD (Laufzeit bis zur Graves’ disease-Lesung, voraussichtlich 2027); Eine unkontrollierte Graves’ disease-Studie von IMVT-1402 zeigte ein potenziell krankheitsmodifizierendes sechs Monate off-treatment-Ergebnis; Die Entwicklung von IMVT-1402 geht weiter in GD, MG, CIDP, D2T RA und Sjögren’s mit mehreren Readouts in 2026–2027. Finanzen: Q2 F&E 114,2 Mio. USD, Q2 Nettoloss 126,5 Mio. USD (0,73 USD/Aktie), Nettoloss der ersten sechs Monate 247,1 Mio. USD (1,43 USD/Aktie).
إيمنوفانت (ناسداك: IMVT) أعلنت عن نتائج الربع الثاني للفترة المنتهية في 30 سبتمبر 2025، ووفرت تحديثات حول البرنامج السريري.
النقاط الرئيسية: النقد وما يعادله 521.9 مليون دولار (مدة التمويل حتى القراءة المتوقعة لـ Graves’ disease في 2027)؛ أظهرت دراسة Graves’ disease غير الخاضعة للتحكم لـ IMVT-1402 نتيجة تغير محتمل في المرض لمدة ستة أشهر بدون علاج؛ يستمر تطوير IMVT-1402 عبر GD وMG وCIDP وD2T RA وSjögren’s مع قراءات متعددة في 2026–2027. الشؤون المالية: بحث وتطوير الربع الثاني 114.2 مليون دولار، خسارة صافية للربع الثاني 126.5 مليون دولار (0.73 دولار للسهم)، الخسارة الصافية لنصف السنة 247.1 مليون دولار (1.43 دولار للسهم).
- Cash $521.9M provides runway through GD 2027 readout
- IMVT-1402 showed potentially disease-modifying six-month off-treatment result in uncontrolled GD
- Development advancing across six indications with multiple registrational programs
- Q2 R&D $114.2M, up from $97.3M (material increase)
- Q2 Net loss $126.5M vs $109.1M year-ago (wider loss)
- Six-month Net loss $247.1M, indicating elevated cash burn
Insights
Potentially material clinical signals and multiple registrational paths, balanced by timing shifts and competition.
IMVT-1402 showing a first-ever potentially disease-modifying outcome in uncontrolled Graves’ disease with six-month off-treatment data represents a rare efficacy signal that can support registrational claims if replicated in confirmatory trials.
Progress across planned indications (GD, MG, CIDP, D2T RA, SjD) increases optionality but creates execution risk; shifting to simultaneous topline disclosure for the two Phase 3 batoclimab TED studies delays competitive positioning despite the first study still on track for readout before the end of calendar year
Watchable items: reproducibility of the six-month off-treatment effect in randomized registrational cohorts, topline timing for both TED studies in H1
Cash runway and rising R&D spend imply funded development to key readouts but widen near-term losses.
Cash of approximately
R&D expense increased to
Concrete monitors: quarterly cash burn versus the stated runway, topline results for both TED studies in H1
- Study in uncontrolled Graves’ disease (GD) patients treated for 24 weeks showed first-ever potentially disease-modifying outcome with six-month off-treatment data
- IMVT-1402 development is progressing with potentially registrational studies in GD, myasthenia gravis (MG), chronic inflammatory demyelinating polyneuropathy (CIDP), difficult-to-treat rheumatoid arthritis (D2T RA) and Sjögren’s disease (SjD) remains on track
- Immunovant remains on track for the first of the two batoclimab Phase 3 thyroid eye disease (TED) studies to read out before the end of calendar year 2025. However, due to evolving competitive dynamics, the Company anticipates sharing topline results from both TED studies concurrently in the first half of calendar year 2026
- Current cash balance provides runway for announced indications through GD readout expected in 2027
NEW YORK, Nov. 10, 2025 (GLOBE NEWSWIRE) -- Immunovant (Nasdaq: IMVT), a clinical-stage immunology company dedicated to enabling normal lives for people with autoimmune diseases, today reported its financial results for the second quarter ended September 30, 2025.
Recent Highlights and Upcoming Milestones
The Immunovant study in uncontrolled GD patients treated for 24 weeks showed first-ever potentially disease-modifying therapy with six-month off-treatment data. IMVT-1402 is being developed in six indications, including ongoing potentially registrational trials in GD, MG, CIDP, D2T RA and SjD, and a proof-of-concept trial in cutaneous lupus erythematosus (CLE).
Immunovant expects to report results from the open-label portion of the potentially registrational trial of IMVT-1402 in D2T RA and topline results from the proof-of-concept trial of IMVT-1402 in CLE in calendar year 2026. In calendar year 2027, topline results are expected across three indications from the potentially registrational trials of IMVT-1402 in GD, MG and D2T RA. Immunovant remains on track for the first of the two batoclimab Phase 3 TED studies to read out before the end of calendar year 2025. However, due to evolving competitive dynamics, the Company anticipates sharing topline results from both TED studies concurrently in the first half of calendar year 2026.
Financial Highlights for Fiscal Second Quarter Ended September 30, 2025:
Cash Position: As of September 30, 2025, Immunovant’s cash and cash equivalents totaled approximately
Research and Development Expenses: Research and development (R&D) expenses were
Non-GAAP R&D expenses were
General and Administrative Expenses: General and administrative (G&A) expenses were
Non-GAAP G&A expenses were
Net Loss: Net loss was
Common Stock: As of September 30, 2025, there were 174,532,710 shares of common stock issued and outstanding.
Financial Highlights for Fiscal Six Months Ended September 30, 2025:
Research and Development Expenses: Research and development expenses were
Non-GAAP R&D expenses were
General and Administrative Expenses: General and administrative expenses were
Non-GAAP G&A expenses were
Net Loss: Net loss was
Non-GAAP Financial Measures: In addition to reporting the financial results in accordance with accounting principles generally accepted in the United States of America (GAAP), Immunovant reports certain financial results that differ from what is reported under GAAP. Immunovant believes these non-GAAP financial measures are useful to investors and others because they allow for additional information with respect to financial measures used by management in its financial and operational decision-making and they may be used by institutional investors and the analyst community to help them analyze the health of Immunovant’s business. However, there are a number of limitations related to the use of non-GAAP financial measures, and these non-GAAP measures should be considered in addition to, not as a substitute for or in isolation from, Immunovant’s financial results prepared in accordance with GAAP. Other companies, including companies in Immunovant’s industry, may calculate these non-GAAP financial measures differently or not at all, which reduces their usefulness as comparative measures.
About Immunovant, Inc.
Immunovant, Inc. is a clinical-stage immunology company dedicated to enabling normal lives for people with autoimmune diseases. As a trailblazer in anti-FcRn technology, the Company is developing innovative, targeted therapies to meet the complex and variable needs of people with autoimmune diseases. For additional information on the Company, please visit immunovant.com.
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 statements regarding Immunovant’s expectations regarding the timing, design, and results of clinical trials of IMVT-1402 and batoclimab; Immunovant’s plan to develop IMVT-1402 across a broad range of indications; the number and timing of potentially registrational programs and clinical trials Immunovant plans to initiate for IMVT-1402; and potential benefits of IMVT-1402’s unique product attributes and potential best-in-class and first-in-class profile. 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.
| IMMUNOVANT, INC. | |||||||||||||||
| Condensed Consolidated Statements of Operations | |||||||||||||||
| (Unaudited, in thousands, except share and per share data) | |||||||||||||||
| Three Months Ended September 30, | Six Months Ended September 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Operating expenses: | |||||||||||||||
| Research and development | $ | 114,249 | $ | 97,272 | $ | 215,449 | $ | 172,745 | |||||||
| General and administrative | 17,513 | 18,471 | 43,537 | 37,279 | |||||||||||
| Total operating expenses | 131,762 | 115,743 | 258,986 | 210,024 | |||||||||||
| Interest income, net | (5,604 | ) | (6,073 | ) | (11,941 | ) | (13,254 | ) | |||||||
| Other income, net | (250 | ) | (629 | ) | (1,437 | ) | (657 | ) | |||||||
| Loss before provision for income taxes | (125,908 | ) | (109,041 | ) | (245,608 | ) | (196,113 | ) | |||||||
| Provision for income taxes | 594 | 78 | 1,507 | 156 | |||||||||||
| Net loss | $ | (126,502 | ) | $ | (109,119 | ) | $ | (247,115 | ) | $ | (196,269 | ) | |||
| Net loss per common share – basic and diluted | $ | (0.73 | ) | $ | (0.74 | ) | $ | (1.43 | ) | $ | (1.34 | ) | |||
| Weighted-average common shares outstanding – basic and diluted | 173,643,829 | 146,468,991 | 172,295,320 | 146,313,696 | |||||||||||
| IMMUNOVANT, INC. | |||||||
| Condensed Consolidated Balance Sheets | |||||||
| (Unaudited, in thousands, except share and per share data) | |||||||
| September 30, 2025 | March 31, 2025 | ||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 521,870 | $ | 713,971 | |||
| Accounts receivable | 1,970 | 2,084 | |||||
| Prepaid expenses and other current assets | 49,706 | 51,705 | |||||
| Total current assets | 573,546 | 767,760 | |||||
| Property and equipment, net | 632 | 844 | |||||
| Other assets | 8,781 | 7,618 | |||||
| Total assets | $ | 582,959 | $ | 776,222 | |||
| Liabilities and Stockholders’ Equity | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 6,916 | $ | 17,656 | |||
| Accrued expenses and other current liabilities | 56,338 | 51,119 | |||||
| Total current liabilities | 63,254 | 68,775 | |||||
| Total liabilities | 63,254 | 68,775 | |||||
| Commitments and contingencies | |||||||
| Stockholders’ equity: | |||||||
| Series A preferred stock, par value | — | — | |||||
| Preferred stock, par value | — | — | |||||
| Common stock, par value | 17 | 16 | |||||
| Additional paid-in capital | 2,004,876 | 1,945,495 | |||||
| Accumulated other comprehensive income | 1,450 | 1,459 | |||||
| Accumulated deficit | (1,486,638 | ) | (1,239,523 | ) | |||
| Total stockholders’ equity | 519,705 | 707,447 | |||||
| Total liabilities and stockholders’ equity | $ | 582,959 | $ | 776,222 | |||
| IMMUNOVANT, INC. | |||||||||||
| Reconciliation of GAAP to Non-GAAP Financial Measures | |||||||||||
| (Unaudited, in thousands) | |||||||||||
| Three Months Ended September 30, | |||||||||||
| Note | 2025 | 2024 | |||||||||
| Net loss: | $ | (126,502 | ) | $ | (109,119 | ) | |||||
| Adjustments | |||||||||||
| Research and development: | |||||||||||
| Stock-based compensation | (1) | 7,706 | 6,756 | ||||||||
| General and administrative: | |||||||||||
| Stock-based compensation | (1) | 5,652 | 5,937 | ||||||||
| Estimated income tax impact from adjustments | (164 | ) | (85 | ) | |||||||
| Adjusted net loss (Non-GAAP) | $ | (113,308 | ) | $ | (96,511 | ) | |||||
| Three Months Ended September 30, | |||||||||
| Note | 2025 | 2024 | |||||||
| Research and Development Expenses | $ | 114,249 | $ | 97,272 | |||||
| Adjustments: | |||||||||
| Stock-based compensation | (1) | 7,706 | 6,756 | ||||||
| Adjusted research and development expenses (Non-GAAP) | $ | 106,543 | $ | 90,516 | |||||
| Three Months Ended September 30, | |||||||||
| Note | 2025 | 2024 | |||||||
| General and Administrative Expenses | $ | 17,513 | $ | 18,471 | |||||
| Adjustments: | |||||||||
| Stock-based compensation | (1) | 5,652 | 5,937 | ||||||
| Adjusted general and administrative expenses (Non-GAAP) | $ | 11,861 | $ | 12,534 | |||||
(1) Represents non-cash stock-based compensation expense
| Six Months Ended September 30, | |||||||||||
| Note | 2025 | 2024 | |||||||||
| Net loss: | $ | (247,115 | ) | $ | (196,269 | ) | |||||
| Adjustments | |||||||||||
| Research and development: | |||||||||||
| Stock-based compensation | (1) | 15,571 | 13,941 | ||||||||
| General and administrative: | |||||||||||
| Stock-based compensation | (1) | 16,297 | 12,207 | ||||||||
| Estimated income tax impact from adjustments | (122 | ) | (198 | ) | |||||||
| Adjusted net loss (Non-GAAP) | $ | (215,369 | ) | $ | (170,319 | ) | |||||
| Six Months Ended September 30, | |||||||||
| Note | 2025 | 2024 | |||||||
| Research and Development Expenses | $ | 215,449 | $ | 172,745 | |||||
| Adjustments: | |||||||||
| Stock-based compensation | (1) | 15,571 | 13,941 | ||||||
| Adjusted research and development expenses (Non-GAAP) | $ | 199,878 | $ | 158,804 | |||||
| Six Months Ended September 30, | |||||||||
| Note | 2025 | 2024 | |||||||
| General and Administrative Expenses | $ | 43,537 | $ | 37,279 | |||||
| Adjustments: | |||||||||
| Stock-based compensation | (1) | 16,297 | 12,207 | ||||||
| Adjusted general and administrative expenses (Non-GAAP) | $ | 27,240 | $ | 25,072 | |||||
(1) Represents non-cash stock-based compensation expense
Contacts:
Investors
Keyur Parekh
keyur.parekh@roivant.com
Media
Stephanie Lee
stephanie.lee@roivant.com
FAQ
How much cash did Immunovant report on September 30, 2025 (IMVT)?
What was the Q2 2025 net loss for Immunovant (IMVT) and per share?
What clinical result did IMVT-1402 achieve in uncontrolled Graves’ disease (IMVT)?
When does Immunovant expect top-line readouts for batoclimab Phase 3 thyroid eye disease (IMVT)?
Which IMVT-1402 readouts are expected in 2026–2027 for Immunovant (IMVT)?
How many shares of common stock were outstanding as of September 30, 2025 for IMVT?
