Immunovant (Nasdaq: IMVT) posts Q3 loss but boosts cash with $550M raise

Rhea-AI Filing Summary

Immunovant, Inc. reported a fiscal third-quarter 2025 net loss of $110.6 million, or $0.61 per share, driven mainly by research and development spending as it advances its autoimmune pipeline.

For the quarter ended December 31, 2025, R&D expenses were $98.9 million and general and administrative expenses were $15.4 million, with non-GAAP R&D and G&A at $91.1 million and $10.6 million, respectively. Nine-month net loss totaled $357.8 million, or $2.04 per share, with non-GAAP net loss of $312.9 million.

Cash and cash equivalents reached $994.5 million as of December 31, 2025, supported by an underwritten financing that generated approximately $550 million in gross proceeds, which the company believes extends its cash runway to the potential launch of IMVT-1402 in Graves’ disease. Key programs include a fully enrolled potentially registrational trial of IMVT-1402 in difficult-to-treat rheumatoid arthritis, with topline data expected in the second half of 2026, additional potentially registrational IMVT-1402 trials across several autoimmune indications, and Phase 3 batoclimab data in thyroid eye disease expected in the first half of 2026.

Insights

Biotech equity analyst

Large cash raise strengthens Immunovant’s position as it funds multiple late-stage autoimmune trials while continuing to post sizable losses.

Immunovant remains a clinical-stage company, with net loss of $110.6 million in the quarter and $357.8 million over nine months as it invests heavily in IMVT-1402 and batoclimab. R&D of $98.9 million this quarter underscores its development-heavy cost structure.

The underwritten financing that generated about $550 million in gross proceeds lifted cash and equivalents to $994.5 million as of December 31, 2025. Management states this provides runway through the potential commercial launch of IMVT-1402 in Graves’ disease, reducing near-term funding risk while implying prior equity dilution.

Value inflection is tied to clinical milestones: Phase 3 batoclimab thyroid eye disease topline data are anticipated in the first half of 2026, IMVT-1402 data in difficult-to-treat rheumatoid arthritis and cutaneous lupus in the second half of 2026, and additional potentially registrational IMVT-1402 readouts in Graves’ disease and myasthenia gravis in 2027.

0001764013FALSE00017640132026-02-062026-02-06

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 6, 2026

IMMUNOVANT, INC.

(Exact name of Registrant as specified in its Charter)

Delaware						001-38906			83-2771572
(State or other jurisdiction of incorporation or organization)						(Commission File Number)			(IRS Employer Identification No.)
1000 Park Forty Plaza, Suite 210
Durham,			NC						27713
(Address of principal executive offices)									(Zip Code)

Registrant’s telephone number, including area code: (917) 410-3120

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐        Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐        Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐        Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐        Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.0001 par value per share

IMVT

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On February 6, 2026, Immunovant, Inc. (“the Company”) issued a press release announcing its financial results for its fiscal third quarter and nine months ended December 31, 2025. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

The information contained in this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. The information in this Item 2.02 shall not be incorporated by reference in any filing with the U.S. Securities and Exchange Commission, or the SEC, made by the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.						Description
99.1						Press release, dated February 6, 2026.
104						Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			IMMUNOVANT, INC.
			By:						/s/ Tiago Girao
									Tiago Girao
									Chief Financial Officer
Date: February 6, 2026

Exhibit 99.1

Immunovant Provides Corporate Updates and Reports Financial Results for the Third Quarter Ended December 31, 2025

•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. February 6, 2026 – 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 $550 million in gross proceeds, extending Immunovant’s cash runway to the potential launch of IMVT-1402 in GD.

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 $994.5 million, providing runway for announced indications through the potential commercial launch of IMVT-1402 in GD.

Research and Development Expenses: Research and development (R&D) expenses were $98.9 million for the three months ended December 31, 2025, compared to $94.5 million for the three months ended December 31, 2024. The increase was primarily due to activities related to our clinical trials of IMVT-1402, including contract manufacturing costs, and elevated personnel-related expenses. The increase was partially offset by lower overall costs related to our batoclimab pivotal clinical trials.

Non-GAAP R&D expenses were $91.1 million for the three months ended December 31, 2025, compared to $87.9 million for the three months ended December 31, 2024.

General and Administrative Expenses: General and administrative (G&A) expenses were $15.4 million for the three months ended December 31, 2025, compared to $19.8 million for the three months ended December 31, 2024. The decrease was primarily due to lower personnel-related expenses, market research costs and information technology costs.

Non-GAAP G&A expenses were $10.6 million for the three months ended December 31, 2025, compared to $14.7 million for the three months ended December 31, 2024.

Net Loss: Net loss was $110.6 million ($0.61 per common share) for the three months ended December 31, 2025, compared to $111.1 million ($0.76 per common share) for the three months ended December 31, 2024. Net loss for the three months ended December 31, 2025 and December 31, 2024 included $12.7 million and $11.7 million, respectively, related to non-cash stock-based compensation expense. Non-GAAP net loss was $97.5 million for the three months ended December 31, 2025, compared to $99.5 million for the three months ended December 31, 2024.

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 $314.4 million for the nine months ended December 31, 2025, compared to $267.3 million for the nine months ended December 31, 2024. The increase was primarily due to activities related to our clinical trials of IMVT-1402, including contract manufacturing costs, and elevated personnel-related expenses. The increase was partially offset by lower overall costs related to our batoclimab pivotal clinical trials and nonclinical studies.

Non-GAAP R&D expenses were $290.9 million for the nine months ended December 31, 2025, compared to $246.7 million for the nine months ended December 31, 2024.

General and Administrative Expenses: General and administrative expenses were $59.0 million for the nine months ended December 31, 2025 compared to $57.1 million for the nine months ended December 31, 2024. The increase was primarily due to higher personnel-related expenses, partially offset by lower market research costs and information technology costs.

Non-GAAP G&A expenses were $37.8 million for the nine months ended December 31, 2025, compared to $39.8 million for the nine months ended December 31, 2024.

Net Loss: Net loss was $357.8 million ($2.04 per common share) for the nine months ended December 31, 2025, compared to $307.4 million ($2.10 per common share) for the nine months ended December 31, 2024. Net loss for the nine months ended December 31, 2025 and December 31, 2024 included $44.6 million and $37.8 million, respectively, related to non-cash stock-based compensation expense. Non-GAAP net loss was $312.9 million for the nine months ended December 31, 2025, compared to $269.8 million for the nine months ended December 31, 2024.

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 $0.0001 per share, 10,000 shares authorized, issued and outstanding at December 31, 2025 and March 31, 2025			$	—					$	—
Preferred stock, par value $0.0001 per share, 10,000,000 shares authorized, no shares issued and outstanding at December 31, 2025 and March 31, 2025			—						—
Common stock, par value $0.0001 per share, 500,000,000 shares authorized, 203,316,885 shares issued and outstanding at December 31, 2025 and 500,000,000 shares authorized, 170,111,593 shares issued and outstanding at March 31, 2025			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

How did Immunovant (IMVT) perform financially in its fiscal Q3 2025?

Immunovant reported a fiscal third-quarter 2025 net loss of $110.6 million, or $0.61 per share. Operating expenses totaled $114.4 million, mainly from R&D, while non-GAAP net loss was $97.5 million, reflecting add-backs for non-cash stock-based compensation.

What is Immunovant’s cash position and runway after the recent financing?

As of December 31, 2025, Immunovant held $994.5 million in cash and cash equivalents. This includes about $550 million in gross proceeds from an underwritten financing, which the company believes extends its cash runway to the potential launch of IMVT-1402 in Graves’ disease.

What are the key upcoming clinical milestones for Immunovant (IMVT)?

Immunovant expects topline Phase 3 batoclimab data in thyroid eye disease in the first half of 2026. For IMVT-1402, topline data in difficult-to-treat rheumatoid arthritis and cutaneous lupus are anticipated in the second half of 2026, with additional Graves’ disease and myasthenia gravis readouts in 2027.

How are Immunovant’s research and development expenses trending?

R&D expenses rose to $98.9 million in the quarter from $94.5 million a year earlier, and to $314.4 million for the nine months from $267.3 million. The company attributes the increase mainly to IMVT-1402 clinical activities and related personnel costs.

What were Immunovant’s non-GAAP results for the quarter and nine months?

Non-GAAP net loss was $97.5 million for the quarter and $312.9 million for the nine months ended December 31, 2025. Non-GAAP R&D expenses were $91.1 million for the quarter and $290.9 million year-to-date, while non-GAAP G&A expenses were $10.6 million and $37.8 million, respectively.

How many Immunovant shares are outstanding after the financing?

Immunovant reported 203,316,885 shares of common stock issued and outstanding as of December 31, 2025. This compares with 170,111,593 shares at March 31, 2025, reflecting additional equity issued, including in connection with the underwritten financing completed in December 2025.