Immunovant Provides Corporate Updates and Reports Financial Results for the Third Quarter Ended December 31, 2025
Rhea-AI Summary
Immunovant (Nasdaq: IMVT) reported clinical and corporate updates and Q3 fiscal results for the period ended December 31, 2025. Key points: IMVT-1402 D2T RA trial is fully enrolled with topline data expected in H2 2026, and CLE topline data also expected in H2 2026.
The company completed an underwritten financing that raised approximately $550 million, and held $994.5 million in cash and equivalents as of December 31, 2025, supporting runway toward a potential GD launch. Multiple IMVT-1402 registrational programs remain on track.
Positive
- D2T RA trial fully enrolled; topline data expected H2 2026
- Underwritten financing raised approximately $550 million gross proceeds
- Cash and cash equivalents of $994.5 million as of Dec 31, 2025
- Phase 3 batoclimab TED topline data expected in H1 2026
Negative
- Nine-month R&D expense increased to $314.4 million (up 17.6%)
- Nine-month net loss rose to $357.8 million (up 16.4%)
- Quarterly net loss remained high at $110.6 million for Q3
Key Figures
Market Reality Check
Peers on Argus
IMVT fell 4.33% with elevated volume, while key biotech peers like SLNO, MLYS, SRRK, VKTX, and APLS also traded lower (-3% to -8%). However, the momentum scanner did not flag a coordinated sector move, pointing to a primarily stock-specific reaction to the earnings and corporate update.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 10 | Quarterly earnings | Positive | +0.1% | Q2 2025 results and IMVT-1402 clinical updates with strong cash balance. |
| Aug 11 | Quarterly earnings | Positive | -4.5% | Q2 2025 progress, new registrational trials, and higher R&D spending. |
| May 29 | Annual & Q4 results | Positive | +5.6% | FY2025 results, leadership changes, and positive IMVT-1402 MG and CIDP data. |
| Feb 06 | Quarterly earnings | Positive | -9.6% | Q3 2024 results with rising R&D and net loss despite ample cash. |
| Nov 07 | Quarterly earnings | Positive | -4.7% | Q2 2024 results highlighting expanding IMVT-1402 program and higher R&D. |
Earnings and update days have often seen negative moves despite generally constructive clinical and cash updates, with 3 of the last 5 earnings events selling off same day.
Over the past five earnings cycles, Immunovant has repeatedly paired clinical progress on IMVT-1402 with sizeable R&D spend and net losses. Cash balances have remained substantial, from $472.9M in Q2 2024 to $714M by FY2025 and $521.9M in Q2 2025, funding multiple registrational programs. Market reactions have been mixed, with several negative moves around updates, so today’s pullback on Q3 FY2026 results and trial timelines is consistent with prior trading behavior.
Historical Comparison
Across the last five earnings-related releases, IMVT’s average same-day move was -2.63%. Today’s -4.33% decline is somewhat larger but directionally consistent with its typical reaction pattern to quarterly updates.
Earnings updates have tracked a steady build-out of IMVT-1402 across multiple autoimmune indications, backed by growing R&D investment and sustained cash balances to fund registrational programs.
Market Pulse Summary
This announcement combines Q3 FY2026 financials with confirmation that IMVT-1402 programs remain on track, including fully enrolled D2T RA and multiple potentially registrational studies across GD, MG, CIDP, and SjD. Cash and equivalents of $994.5M, bolstered by a $550M financing, support an extended runway, but R&D-driven net losses of $110.6M for the quarter and $357.8M year-to-date highlight execution and spending as key metrics to monitor against upcoming 2026–2027 readouts.
Key Terms
proof-of-concept trial medical
Phase 3 medical
non-GAAP financial
gross proceeds financial
cash runway financial
stock-based compensation financial
restricted stock units financial
AI-generated analysis. Not financial advice.
- IMVT-1402 potentially registrational trial in difficult-to-treat rheumatoid arthritis (D2T RA) fully enrolled, with topline data expected in the second half of calendar year 2026; topline data from the proof-of-concept trial in cutaneous lupus erythematosus (CLE) expected in the second half of calendar year 2026
- IMVT-1402 development is progressing with potentially registrational studies in Graves’ disease (GD), myasthenia gravis (MG), chronic inflammatory demyelinating polyneuropathy (CIDP) and Sjögren’s disease (SjD) remaining on track
- Underwritten financing with key institutional investors and Roivant generated approximately
$550 million in gross proceeds, extending Immunovant’s cash runway to the potential launch of IMVT-1402 in GD
DURHAM, N.C., Feb. 06, 2026 (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 third quarter ended December 31, 2025.
Recent Highlights and Upcoming Milestones:
The Company’s potentially registrational trial evaluating IMVT-1402 in D2T RA is fully enrolled, with topline data expected in the second half of calendar year 2026. Other clinical development timelines remain on track for IMVT-1402 across previously announced indications, including potentially registrational trials in GD, MG, CIDP, and SjD, and a proof-of-concept trial in CLE. In December 2025, the Company completed an underwritten financing with key institutional investors and Roivant, which generated approximately
Immunovant anticipates sharing topline data from its two Phase 3 studies evaluating batoclimab as a treatment for active, moderate to severe thyroid eye disease (TED) in the first half of calendar year 2026. In calendar year 2027, topline data are expected across potentially registrational trials of IMVT-1402 in each of GD and MG.
Financial Highlights for Fiscal Third Quarter Ended December 31, 2025:
Cash Position: As of December 31, 2025, Immunovant’s cash and cash equivalents totaled
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 December 31, 2025, there were 203,316,885 shares of common stock issued and outstanding.
Financial Highlights for Fiscal Nine Months Ended December 31, 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 progress towards developing IMVT-1402 across a broad range of indications; Immunovant’s expectations regarding the availability of results of clinical trials of IMVT-1402 and batoclimab; and the Company’s beliefs regarding the potential sufficiency of its cash runway. 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 December 31, | Nine Months Ended December 31, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Operating expenses: | |||||||||||||||
| Research and development | $ | 98,924 | $ | 94,520 | $ | 314,373 | $ | 267,266 | |||||||
| General and administrative | 15,438 | 19,782 | 58,975 | 57,061 | |||||||||||
| Total operating expenses | 114,362 | 114,302 | 373,348 | 324,327 | |||||||||||
| Interest income, net | (5,333 | ) | (4,590 | ) | (17,274 | ) | (17,844 | ) | |||||||
| Other (income) expense, net | 54 | 1,258 | (1,383 | ) | 600 | ||||||||||
| Loss before provision for income taxes | (109,083 | ) | (110,970 | ) | (354,691 | ) | (307,083 | ) | |||||||
| Provision for income taxes | 1,552 | 152 | 3,059 | 308 | |||||||||||
| Net loss | $ | (110,635 | ) | $ | (111,122 | ) | $ | (357,750 | ) | $ | (307,391 | ) | |||
| Net loss per common share – basic and diluted | $ | (0.61 | ) | $ | (0.76 | ) | $ | (2.04 | ) | $ | (2.10 | ) | |||
| Weighted-average common shares outstanding – basic and diluted | 181,513,386 | 146,922,338 | 175,414,491 | 146,560,414 | |||||||||||
| IMMUNOVANT, INC. Condensed Consolidated Balance Sheets (Unaudited, in thousands, except share and per share data) | |||||||
| December 31, 2025 | March 31, 2025 | ||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 994,525 | $ | 713,971 | |||
| Accounts receivable | 1,643 | 2,084 | |||||
| Prepaid expenses and other current assets | 46,771 | 51,705 | |||||
| Total current assets | 1,042,939 | 767,760 | |||||
| Property and equipment, net | 531 | 844 | |||||
| Other assets | 8,922 | 7,618 | |||||
| Total assets | $ | 1,052,392 | $ | 776,222 | |||
| Liabilities and Stockholders’ Equity | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 8,616 | $ | 17,656 | |||
| Accrued expenses and other current liabilities | 57,641 | 51,119 | |||||
| Total current liabilities | 66,257 | 68,775 | |||||
| Total liabilities | 66,257 | 68,775 | |||||
| Commitments and contingencies | |||||||
| Stockholders’ equity: | |||||||
| Series A preferred stock, par value | $ | — | $ | — | |||
| Preferred stock, par value | — | — | |||||
| Common stock, par value | 20 | 16 | |||||
| Additional paid-in capital | 2,582,191 | 1,945,495 | |||||
| Accumulated other comprehensive income | 1,197 | 1,459 | |||||
| Accumulated deficit | (1,597,273 | ) | (1,239,523 | ) | |||
| Total stockholders’ equity | 986,135 | 707,447 | |||||
| Total liabilities and stockholders’ equity | $ | 1,052,392 | $ | 776,222 | |||
| IMMUNOVANT, INC. Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited, in thousands) | ||||||||||
| Three months ended December 31, | ||||||||||
| Note | 2025 | 2024 | ||||||||
| Net loss: | $ | (110,635 | ) | $ | (111,122 | ) | ||||
| Adjustments | ||||||||||
| Research and development: | ||||||||||
| Stock-based compensation | (1) | 7,861 | 6,604 | |||||||
| General and administrative: | ||||||||||
| Stock-based compensation | (1) | 4,854 | 5,048 | |||||||
| Estimated income tax impact from adjustments | 392 | (30 | ) | |||||||
| Adjusted net loss (Non-GAAP) | $ | (97,528 | ) | $ | (99,500 | ) | ||||
| Three months ended December 31, | ||||||||
| Note | 2025 | 2024 | ||||||
| Research and Development Expenses | $ | 98,924 | $ | 94,520 | ||||
| Adjustments: | ||||||||
| Stock-based compensation | (1) | 7,861 | 6,604 | |||||
| Adjusted research and development expenses (Non-GAAP) | $ | 91,063 | $ | 87,916 | ||||
| Three months ended December 31, | ||||||||
| Note | 2025 | 2024 | ||||||
| General and Administrative Expenses | $ | 15,438 | $ | 19,782 | ||||
| Adjustments: | ||||||||
| Stock-based compensation | (1) | 4,854 | 5,048 | |||||
| Adjusted general and administrative expenses (Non-GAAP) | $ | 10,584 | $ | 14,734 | ||||
(1) Represents non-cash stock-based compensation expense
| Nine Months Ended December 31, | ||||||||||
| Note | 2025 | 2024 | ||||||||
| Net loss: | $ | (357,750 | ) | $ | (307,391 | ) | ||||
| Adjustments | ||||||||||
| Research and development: | ||||||||||
| Stock-based compensation | (1) | 23,432 | 20,545 | |||||||
| General and administrative: | ||||||||||
| Stock-based compensation | (1) | 21,151 | 17,255 | |||||||
| Estimated income tax impact from adjustments | 270 | (228 | ) | |||||||
| Adjusted net loss (Non-GAAP) | $ | (312,897 | ) | $ | (269,819 | ) | ||||
| Nine Months Ended December 31, | ||||||||
| Note | 2025 | 2024 | ||||||
| Research and Development Expenses | $ | 314,373 | $ | 267,266 | ||||
| Adjustments: | ||||||||
| Stock-based compensation | (1) | 23,432 | 20,545 | |||||
| Adjusted research and development expenses (Non-GAAP) | $ | 290,941 | $ | 246,721 | ||||
| Nine Months Ended December 31, | ||||||||
| Note | 2025 | 2024 | ||||||
| General and Administrative Expenses | $ | 58,975 | $ | 57,061 | ||||
| Adjustments: | ||||||||
| Stock-based compensation | (1) | 21,151 | 17,255 | |||||
| Adjusted general and administrative expenses (Non-GAAP) | $ | 37,824 | $ | 39,806 | ||||
(1) Represents non-cash stock-based compensation expense
Contacts:
Investors
Keyur Parekh
keyur.parekh@roivant.com
Media
Stephanie Lee
stephanie.lee@roivant.com
FAQ
What did Immunovant (IMVT) announce about the IMVT-1402 D2T RA trial enrollment?
How much did Immunovant (IMVT) raise in its December 2025 financing and what is the impact?
What is Immunovant's cash position (IMVT) and how long does it provide runway?
When will Immunovant (IMVT) report topline data for batoclimab in thyroid eye disease (TED)?
How did Immunovant's (IMVT) expenses and losses change for the nine months ended December 31, 2025?
