STOCK TITAN

Roivant Sciences' LISRAYA nets $31M in launch sales

Genevant and Arbutus received a $950 million initial payment from Moderna in July under a global $2.25 billion settlement.

Available on EDGAR Accepted by SEC EDGAR Learn about SEC filing dates
(High)

Sentiment and the balance of points

Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.

Form Type
8-K

Rhea-AI Filing Summary

Roivant Sciences Ltd. reported $31.0 million in LISRAYA net product revenue during its first five launch weeks and $4.2 billion in cash, cash equivalents and marketable securities as of September 30, 2026. Loss from continuing operations was $153.0 million versus $166.0 million a year earlier; net loss attributable to Roivant was $191.6 million versus $113.5 million, including $95.9 million in dividend-equivalent distributions on Genevant restricted stock units and options from Moderna settlement proceeds. Roivant repurchased 2.1 million common shares for approximately $72.5 million.

IMVT-1402 at 600 mg met the primary endpoint in D2T RA: Week 28 ACR20 response was 92.5% versus 75.6% on placebo; FDA discussions are planned later this year. Brepocitinib met the primary and all key secondary endpoints in two Phase 3 NIU trials, with an sNDA filing expected in the first half of 2027. Mosliciguat met the Phase 2 PH-ILD primary endpoint with a -56.3% placebo-adjusted PVR reduction at Week 16; its Phase 3 study has started. Roivant expects it is unlikely to advance IMVT-1402 further in Sjögren’s disease beyond the ongoing, fully enrolled Phase 2 trial.

3 points · 2 major

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

0 major · 1 point

How the balance works

Positive

  • Major pointIMVT-1402 D2T RA response: 92.5% at Week 28 versus 75.6% placebo.
  • Major pointMosliciguat PVR: 56.3% placebo-adjusted reduction at Week 16.
  • Moderate pointQuarterly revenue: $35.121 million versus $1.571 million a year earlier.

Negative

  • Minor pointNet loss attributable: $191.619 million versus $113.519 million a year earlier.

Filing Explained

Genevant and Arbutus received $950 million from Moderna in July as the settlement’s initial payment; a further $1.3 billion is contingent on a resolution favorable to them in Moderna’s Section 1498 appeal, with oral arguments held November 5, 2026.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Revenue, net $35.121 million Three months ended September 30, 2026; $1.571 million in 2025
Net product revenue $30.969 million Three months ended September 30, 2026
Cash, cash equivalents and marketable securities $4.2 billion As of September 30, 2026
Research and development expenses $145.7 million Three months ended September 30, 2026; $164.6 million in 2025
Selling, general and administrative expenses $154.1 million Three months ended September 30, 2026; $143.1 million in 2025
Loss from continuing operations, net of tax $153.0 million Three months ended September 30, 2026; $166.0 million in 2025
Net loss attributable to Roivant Sciences Ltd. $191.6 million Three months ended September 30, 2026; $113.5 million in 2025
ACR20 response medical
"met the primary endpoint of ACR20 response at Week 28"
randomized withdrawal design medical
"Period 2 (randomized withdrawal design following open-label lead-in)"
A randomized withdrawal design is a clinical trial format where all participants first receive the active treatment during an initial open or single-arm run-in; participants who meet predefined response or tolerance criteria are then randomly assigned, usually in a double-blind way, to continue the active treatment or switch to placebo (or another comparator). The design tests whether treatment effects are maintained and measures relapse, time to loss of response, or long‑term safety in those who initially benefit, but it selects only responders for the randomized phase and therefore does not measure initial efficacy in treatment‑naive patients.
supplemental New Drug Application regulatory
"intends to file a supplemental New Drug Application (sNDA)"
A supplemental new drug application is a request submitted to regulatory authorities to make changes to an existing approved medication, such as adding new uses, strengths, or formulations. For investors, it signals that a pharmaceutical company is seeking approval for new product developments or expanded applications, which can impact the company's future sales, market potential, and stock value.
placebo-adjusted reduction in pulmonary vascular resistance medical
"placebo-adjusted reduction in pulmonary vascular resistance (PVR)"
Adjusted loss from continuing operations, net of tax (Non-GAAP) financial
"Adjusted loss from continuing operations, net of tax (Non-GAAP)"
Revenue, net $35.121 million $1.571 million in the three months ended September 30, 2025
Product revenue, net $30.969 million No product revenue in the three months ended September 30, 2025
Loss from continuing operations, net of tax $152.974 million loss $166.039 million loss in the three months ended September 30, 2025
Net loss attributable to Roivant Sciences Ltd. $191.619 million loss $113.519 million loss in the three months ended September 30, 2025

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much cash did ROIV have as of September 30, 2026?

Roivant reported $4.2 billion in consolidated cash, cash equivalents and marketable securities as of September 30, 2026, including the cash payment received from Moderna in July.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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false000163508800016350882026-11-092026-11-09

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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): November 9, 2026
Roivant Sciences Ltd.
(Exact Name of Registrant as Specified in Charter)
Bermuda001-4078298-1173944
(State or Other Jurisdiction of Incorporation)(Commission File Number)(I.R.S. Employer Identification No.)
7th Floor
50 Broadway
London SW1H 0DB
United Kingdom

(Addresses of Principal Executive Offices, and Zip Code)
+44 207 400 3347
Registrant’s Telephone Number, Including Area Code
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
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 (see General Instruction A.2. below):
oWritten communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
oPre-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 classTrading Symbol(s)Name of each exchange on which registered
Common Shares, $0.0000000341740141 per shareROIV
The Nasdaq Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2 of this chapter).
Emerging growth company o
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. o



Item 2.02    Results of Operations and Financial Condition.
On November 9, 2026, Roivant Sciences Ltd. (the “Company”) issued a press release announcing its financial results for the fiscal quarter ended September 30, 2026. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.
The information set forth under this “Item 2.02 Results of Operations and Financial Condition” (including Exhibit 99.1) shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be incorporated by reference in any filing made by the Company pursuant to the Securities Act of 1933, as amended, other than to the extent that such filing incorporates by reference any or all of such information by express reference thereto.
Item 9.01    Financial Statements and Exhibits.
(d)Exhibits.
Exhibit No.Description of Exhibit
99.1
Roivant Science Ltd. Press Release, dated November 9, 2026
104Cover Page Interactive Data File (embedded with 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.
ROIVANT SCIENCES LTD.
By: /s/ Keyur Parekh
Name: Keyur Parekh
Title: Authorized Signatory
Dated: November 9, 2026


Exhibit 99.1
Roivant Reports Financial Results for the Second Quarter Ended September 30, 2026, and Provides Business Update
•LISRAYA™ (brepocitinib) generated net product revenue of $31.0 million in its first 5 weeks of launch following FDA approval in August 2026
•IMVT-1402 600 mg met the primary endpoint of ACR20 response at Week 28 (92.5% vs. 75.6% placebo, p=0.0139) in Period 2 (randomized withdrawal design following open-label lead-in) of the potentially registrational trial in patients with difficult-to-treat rheumatoid arthritis (D2T RA); FDA discussions planned for later this year to determine the path forward regarding the registrational program for IMVT-1402 in D2T RA
•Brepocitinib met the primary and all key secondary endpoints in the Phase 3 CLARITY-1 and CLARITY-2 trials in non-infectious uveitis (NIU); sNDA submission for NIU expected in the first half of calendar year 2027
•Mosliciguat demonstrated positive topline data in the Phase 2 PHocus study in pulmonary hypertension associated with interstitial lung disease (PH-ILD); Phase 3 PHrontier study initiated
•In light of the evolving Sjögren’s disease (SjD) landscape and recent data in the field, we expect it is unlikely that we will advance IMVT-1402 further in SjD beyond the ongoing, fully enrolled Phase 2 trial
•Roivant reported consolidated cash, cash equivalents and marketable securities of $4.2 billion as of September 30, 2026, including the cash payment received from Moderna in July, supporting cash runway into profitability
•Roivant will host a live conference call and webcast at 8:00 a.m. ET on Monday, November 9, 2026, to report its financial results for the second quarter ended September 30, 2026, and provide a business update
•Roivant will also host an Investor Day in New York City and virtually on December 9, 2026
BASEL, Switzerland and LONDON and NEW YORK, November 9, 2026 – Roivant (Nasdaq: ROIV) today reported its financial results for the second quarter ended September 30, 2026, and provided a business update.
“This quarter has marked a major transition for Roivant. LISRAYA is now commercially available to patients and we are off to a strong start, with $31.0 million in net product revenue in the first 5 weeks of launch – reflecting strong early patient and prescriber demand,” said Matt Gline, CEO of Roivant. “It has also been an exciting quarter in terms of progress in the clinic. Today we are thrilled to announce that IMVT-1402 succeeded in Immunovant’s study in difficult-to-treat late line rheumatoid arthritis – IMVT-1402 at the 600 mg dose met the primary endpoint in Period 2, and the broader data support its potential to maintain and deepen responses in patients who have failed multiple advanced therapies and who are in need of new options. This builds on what was already an incredible quarter in terms of delivery for patients, with phenomenal data both in our brepocitinib Phase 3 studies in NIU as well as our Phase 2 study of mosliciguat in PH-ILD. I couldn’t be happier with the execution of our team in every domain.”
Recent Developments
•Priovant: LISRAYA became commercially available in the U.S. in August 2026 and generated net product revenue of $31.0 million in its first 5 weeks of launch.
Brepocitinib 45 mg once-daily achieved statistically significant benefit compared to placebo on the primary and all key secondary endpoints for each of CLARITY-1 and CLARITY-2, the two identical Phase 3 trials comprising the CLARITY program in NIU. Median time to treatment failure for brepocitinib patients was greater than 48 weeks in both studies, compared with ~12 weeks on placebo in each study (p<0.0001 in both studies), including 40 weeks of steroid-free treatment, setting a new bar for time to failure and steroid-sparing benefit in NIU. Pooled across the CLARITY studies, 62% of patients on brepocitinib achieved steroid-free quiescence at Week 48, compared with 20% on placebo (p<0.0001), with similar results in each study. Of patients that entered the CLARITY studies (pooled) with macular edema, 42% of eyes on brepocitinib achieved resolution of macular edema at Week 48, compared with 4.8% on placebo (p<0.0001), with similar results in each study. The magnitude and breadth of benefit observed across every ranked endpoint, compared with results reported in registrational



trials of existing NIU therapies, suggest brepocitinib has the potential to be the most effective systemic, non-steroid treatment option for NIU. Safety data consistent with prior brepocitinib clinical trials; no new safety signals or findings. Priovant intends to file a supplemental New Drug Application (sNDA) for brepocitinib for the treatment of NIU in the first half of calendar year 2027.
Additionally, the Phase 3 study in cutaneous sarcoidosis (CS) and Phase 2b/3 study in lichen planopilaris (LPP) are progressing well.
•Immunovant: Following the open-label lead-in in Period 1 of the potentially registrational trial in patients with D2T RA, where a total of 170 participants were enrolled to receive IMVT-1402 600 mg for 16 weeks, study participants meeting the criteria for an ACR20 response at Weeks 14 and 16 were eligible to advance to Period 2 of the trial. A total of 117 participants were included in the Period 2 efficacy analysis and randomized to IMVT-1402 600 mg (n=40), IMVT-1402 300 mg (n=36), or placebo (n=41). IMVT-1402 600 mg met the primary endpoint of ACR20 response at Week 28 (92.5% vs. 75.6% placebo, p=0.0139). Participants randomized to IMVT-1402 300 mg did not show a difference from placebo, with 75.0% maintaining an ACR20 response at Week 28 (p=0.9426). The secondary endpoints, change in Clinical Disease Activity Index (CDAI) and Simplified Disease Activity Index (SDAI) from Period 2 baseline to Week 28, numerically favored IMVT-1402 600 mg over placebo (p=0.1096 and p=0.1299, respectively). In exploratory analyses, ACR50 response rates at Week 28 were 80.0% for IMVT-1402 600 mg vs. 56.1% for placebo (nominal p=0.0117), and ACR70 response rates were 52.5% vs. 36.6% (nominal p=0.1674); the trial was not powered to detect differences in these measures. IMVT-1402 was generally well tolerated in Period 2, with no serious adverse events, Grade 3 or higher treatment-emergent adverse events, or adverse events leading to treatment discontinuation reported in any arm. FDA discussions are planned for later this year to determine the path forward for the registrational program of IMVT-1402 in D2T RA.
In light of the evolving SjD landscape and recent data in the field, we expect it is unlikely that we will advance IMVT-1402 further in SjD beyond the ongoing, fully enrolled Phase 2 trial.
IMVT-1402 clinical development timelines remain on track across the potentially registrational trials in Graves’ disease (GD), myasthenia gravis (MG) and chronic inflammatory demyelinating polyneuropathy (CIDP).
•Pulmovant: Mosliciguat demonstrated positive topline data in the Phase 2 PHocus study in PH-ILD; the study met its primary endpoint, demonstrating a clinically meaningful and statistically significant placebo-adjusted reduction in pulmonary vascular resistance (PVR) of -56.3% (p<0.0001) at Week 16, the highest ever reported PVR reduction in any randomized controlled PH trial. The study also met its secondary endpoints at Week 16 with a +35.2-meter placebo-adjusted improvement in six-minute walk distance (6MWD, p=0.0027) and a -53.2% (-357.7 pg/mL) placebo-adjusted reduction in N-terminal pro–B-type natriuretic peptide (NT-proBNP, p=0.0002), both clinically meaningful and statistically significant. Pre-specified exploratory Week 24 results showed continued placebo-adjusted improvements in 6MWD to +52.7m (nominal p<0.0001) and NT-proBNP to -75.9% (-487.1 pg/mL, nominal p<0.0001). Mosliciguat was observed to be well tolerated with a favorable safety profile, and compared with placebo, a lower proportion of patients experienced cough (12.1% mosliciguat vs. 18.2% placebo), a common tolerability challenge with inhaled prostacyclins.
The Phase 3 PHrontier study of mosliciguat in patients with PH-ILD has been initiated, with enrollment underway.
•Genevant: In July 2026, Genevant Sciences GmbH (Genevant) and Arbutus received $950 million from Moderna, the initial payment under the global $2.25 billion patent infringement settlement. Oral arguments on Moderna’s Section 1498 appeal took place on November 5, 2026.
•Roivant: Roivant reported consolidated cash, cash equivalents and marketable securities of $4.2 billion as of September 30, 2026, including the cash payment received from Moderna in July, supporting cash runway into profitability. For the three months ended September 30, 2026, Roivant repurchased 2.1 million common shares for an aggregate repurchase price of approximately $72.5 million.



Major Upcoming Milestones
•Priovant intends to file an sNDA for brepocitinib for the treatment of NIU in the first half of calendar year 2027 and expects topline data from the Phase 3 study in CS in calendar year 2028. Roivant continues to actively explore other indications for brepocitinib.
•Immunovant plans to meet with the FDA later this year to determine the path forward for the registrational program of IMVT-1402 in D2T RA. Immunovant expects to report topline data across potentially registrational trials of IMVT-1402 in GD and MG in calendar year 2027. In calendar year 2028, topline data are expected for the potentially registrational trial of IMVT-1402 in CIDP.
•Pulmovant Phase 3 PHrontier study of mosliciguat and Phase 2 PHactor study of mosliciguat in combination with inhaled treprostinil in PH-ILD are ongoing. Roivant continues to actively explore other indications for mosliciguat.
•Genevant LNP litigation continues to progress. An additional $1.3 billion payment under the Moderna settlement is contingent upon a resolution of Moderna’s Section 1498 appeal favorable to Genevant and Arbutus. The Pfizer/BioNTech case is ongoing.
Second Quarter Ended September 30, 2026 Financial Summary
Cash Position and Marketable Securities
As of September 30, 2026, the Company had consolidated cash, cash equivalents, and marketable securities of $4.2 billion.
Product Revenue, Net
Product revenue, net was $31.0 million for the three months ended September 30, 2026, consisting of net product revenue from sales of LISRAYA in its first 5 weeks of launch following FDA approval in August 2026. We did not have product revenue for the three months ended September 30, 2025.
Research and Development Expenses
Research and development (R&D) expenses decreased by $18.8 million to $145.7 million for the three months ended September 30, 2026, compared to $164.6 million for the three months ended September 30, 2025. This decrease was primarily driven by decreases in personnel-related expense of $7.4 million, program-specific costs of $6.4 million and share-based compensation of $3.0 million.
The decrease of $6.4 million in program-specific costs was primarily driven by a decrease of $18.3 million related to the anti-FcRn franchise. This decrease reflected lower costs for the IMVT-1402 study in cutaneous lupus erythematosus, which was discontinued in September 2026, the wind-down of batoclimab clinical trials and the timing of contract manufacturing costs. These decreases were partially offset by higher costs for ongoing clinical trials of IMVT-1402 in Graves’ disease, and further offset by an increase of $11.6 million related to mosliciguat, reflecting the progression of the program.
The majority of share-based compensation and personnel-related expenses, which are unallocated internal costs, were related to the anti-FcRn franchise activities at Immunovant during the three months ended September 30, 2026 and 2025. The decreases in Immunovant’s share-based compensation and personnel-related expenses compared to the same period in 2025 primarily resulted from lower headcount.
Adjusted R&D expenses (Non-GAAP) were $137.4 million for the three months ended September 30, 2026, compared to $152.9 million for the three months ended September 30, 2025.
Selling, General and Administrative Expenses
Selling, general and administrative (SG&A) expenses increased by $11.0 million to $154.1 million for the three months ended September 30, 2026, compared to $143.1 million for the three months ended September 30, 2025. This increase was primarily due to higher selling, general and administrative expenses as a result of the commercial launch of LISRAYA. This was partially offset by a decrease of $11.2 million due to expense recognized for one-time cash retention awards from the Senior Executive Compensation Program during the three months ended September 30, 2025.



Adjusted SG&A expenses (Non-GAAP) were $82.5 million for the three months ended September 30, 2026, compared to $72.1 million for the three months ended September 30, 2025.
Loss from continuing operations, net of tax
Loss from continuing operations, net of tax was $153.0 million for the three months ended September 30, 2026, compared to $166.0 million for the three months ended September 30, 2025. On a basic and diluted per share basis, loss from continuing operations, net of tax was $0.29 and $0.17 for the three months ended September 30, 2026 and 2025, respectively. Adjusted loss from continuing operations, net of tax (Non-GAAP) was $133.4 million for the three months ended September 30, 2026, compared to $187.8 million for the three months ended September 30, 2025.
Net loss attributable to Roivant Sciences Ltd.
Net loss attributable to Roivant was $191.6 million for the three months ended September 30, 2026, compared to $113.5 million for the three months ended September 30, 2025. On a basic and diluted per share basis, net loss attributable to Roivant was $0.27 and $0.17 for the three months ended September 30, 2026 and 2025, respectively. Net loss attributable to Roivant during the three months ended September 30, 2026 includes $95.9 million related to the distributions on outstanding restricted stock units and options of Genevant Sciences Ltd., Genevant’s parent, which participated through dividend-equivalent rights in the distribution of Moderna settlement proceeds. These distributions increased both basic and diluted net loss per common share by $0.13 for the period.
ROIVANT SCIENCES LTD.
Selected Balance Sheet Data
(unaudited, in thousands)
September 30, 2026March 31, 2026
Cash and cash equivalents$1,642,266 $1,419,232 
Marketable securities2,565,320 2,872,601 
Litigation settlement receivable— 770,235 
Total assets4,975,824 5,708,687 
Total liabilities380,104 416,275 
Total shareholders’ equity4,595,720 5,292,412 
Total liabilities and shareholders’ equity4,975,824 5,708,687 



ROIVANT SCIENCES LTD.
Condensed Consolidated Statements of Operations
(unaudited, in thousands, except share and per share amounts)
Three Months Ended September 30,Six Months Ended September 30,
2026202520262025
Revenues:
Product revenue, net$30,969 $— $30,969 $— 
License, milestone and other revenue4,152 1,571 5,594 3,741 
Revenues, net35,121 1,571 36,563 3,741 
Operating expenses:
Cost of revenues3,347 111 3,631 265 
Research and development (includes $7,965 and $10,996 of share-based compensation expense for the three months ended September 30, 2026 and 2025 and $16,686 and $22,095 for the six months ended September 30, 2026 and 2025, respectively)
145,747 164,568 347,763 317,487 
Selling, general and administrative (includes $71,332 and $70,825 of share-based compensation expense for the three months ended September 30, 2026 and 2025 and $145,953 and $141,904 for the six months ended September 30, 2026 and 2025, respectively)
154,076 143,125 319,603 277,144 
Total operating expenses303,170 307,804 670,997 594,896 
Gain on litigation settlement— — 392 — 
Loss from operations(268,049)(306,233)(634,042)(591,155)
Change in fair value of investments(60,292)(128,501)(96,929)(109,376)
Change in fair value of liability instruments— 20,959 — 23,288 
Interest income(41,612)(45,341)(78,534)(93,663)
Other expense, net200 5,694 2,330 16,902 
Loss from continuing operations before income taxes(166,345)(159,044)(460,909)(428,306)
Income tax (benefit) expense(13,371)6,995 (17,329)11,644 
Loss from continuing operations, net of tax(152,974)(166,039)(443,580)(439,950)
Income from discontinued operations, net of tax15,763 — 15,763 — 
Net loss(137,211)(166,039)(427,817)(439,950)
Net income (loss) attributable to noncontrolling interests54,408 (52,520)(46,361)(103,076)
Net loss attributable to Roivant Sciences Ltd.$(191,619)$(113,519)$(381,456)$(336,874)
Amounts attributable to Roivant Sciences Ltd.:
Loss from continuing operations, net of tax$(207,382)$(113,519)$(397,219)$(336,874)
Income from discontinued operations, net of tax15,763 — 15,763 — 
Net loss attributable to Roivant Sciences Ltd.$(191,619)$(113,519)$(381,456)$(336,874)
Basic and diluted net loss per common share:
Loss from continuing operations, net of tax$(0.29)$(0.17)$(0.55)$(0.49)
Income from discontinued operations, net of tax$0.02 $— $0.02 $— 
Net loss per common share—basic and diluted$(0.27)$(0.17)$(0.53)$(0.49)
Weighted average shares outstanding—basic and diluted722,751,617 680,947,866 721,769,574 680,619,200 



ROIVANT SCIENCES LTD.
Reconciliation of GAAP to Non-GAAP Financial Measures
(unaudited, in thousands)
Three Months Ended September 30,Six Months Ended September 30,
Note2026202520262025
Loss from continuing operations, net of tax$(152,974)$(166,039)$(443,580)$(439,950)
Adjustments:
Research and development:
Share-based compensation(1)7,965 10,996 16,686 22,095 
Depreciation and amortization(2)347 676 693 1,462 
Selling, general and administrative:
Share-based compensation(1)71,332 70,825 145,953 141,904 
Depreciation and amortization(2)257 246 511 558 
Gain on litigation settlement(3)— — (392)— 
Other:
Change in fair value of investments(4)(60,292)(128,501)(96,929)(109,376)
Change in fair value of liability instruments(5)— 20,959 — 23,288 
Estimated income tax impact from adjustments(6)— 3,059 — 2,116 
Adjusted loss from continuing operations, net of tax (Non-GAAP)$(133,365)$(187,779)$(377,058)$(357,903)
Three Months Ended September 30,Six Months Ended September 30,
Note2026202520262025
Research and development expenses$145,747 $164,568 $347,763 $317,487 
Adjustments:
Share-based compensation(1)7,965 10,996 16,686 22,095 
Depreciation and amortization(2)347 676 693 1,462 
Adjusted research and development expenses (Non-GAAP)$137,435 $152,896 $330,384 $293,930 
Three Months Ended September 30,Six Months Ended September 30,
Note2026202520262025
Selling, general and administrative expenses$154,076 $143,125 $319,603 $277,144 
Adjustments:
Share-based compensation(1)71,332 70,825 145,953 141,904 
Depreciation and amortization(2)257 246 511 558 
Adjusted selling, general and administrative expenses (Non-GAAP)$82,487 $72,054 $173,139 $134,682 
Notes to non-GAAP financial measures:
(1)Represents non-cash share-based compensation expense.
(2)Represents non-cash depreciation and amortization expense.
(3)As a result of the global settlement with Moderna entered in March 2026, the Company recognized a gain during the year ended March 31, 2026 for Genevant’s expected portion of a non-contingent, non-creditable and non-refundable



payment. The Company recognized an additional gain during the six months ended September 30, 2026, reflecting the final determination of actual litigation costs incurred.
(4)Represents the unrealized gains on equity investments in unconsolidated entities that are accounted for at fair value with changes in value reported in earnings.
(5)Represents the change in fair value of liability instruments, which is non-cash and primarily includes the loss relating to the measurement and recognition of fair value on a recurring basis of certain liabilities.
(6)Represents the estimated tax effect of the adjustments.



Investor Conference Call Information
Roivant will host a live conference call and webcast at 8:00 a.m. ET on Monday, November 9, 2026, to report its financial results for the second quarter ended September 30, 2026, and provide a business update.
To access the conference call by phone, please register online using this registration link. The presentation and webcast details will also be available under “Events & Presentations” in the Investors section of the Roivant website at https://investor.roivant.com/news-events/events. The archived webcast will be available on Roivant’s website after the conference call.
Roivant will also host an investor day on Wednesday, December 9, 2026. To attend the event in person or by webcast, please register online using this registration link.
About Roivant
Roivant (Nasdaq: ROIV) is a commercial-stage biopharmaceutical company that aims to improve the lives of patients by accelerating the development and commercialization of medicines that matter. Roivant’s pipeline includes LISRAYA™ (brepocitinib), a potent small molecule inhibitor of JAK1 and TYK2 FDA-approved for the treatment of dermatomyositis in adult patients and also in late-stage development for the treatment of non-infectious uveitis, cutaneous sarcoidosis and lichen planopilaris; IMVT-1402, a fully human monoclonal antibody targeting FcRn in development across several IgG-mediated autoimmune indications; and mosliciguat, an inhaled sGC activator in development for pulmonary hypertension associated with interstitial lung disease. We advance our pipeline by creating nimble subsidiaries or “Vants” to develop and commercialize our medicines and technologies. For more information, visit www.roivant.com.
Roivant Forward-Looking Statements
This press release contains forward-looking statements. Statements in this press release may include statements that are not historical facts and are considered forward-looking within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which are usually identified by the use of words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and variations of such words or similar expressions. The words may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Exchange Act.
Our forward-looking statements include, but are not limited to, statements regarding our or our management team’s expectations, hopes, beliefs, intentions or strategies regarding the future, and statements that are not historical facts, including statements about the clinical and therapeutic potential of our product and product candidates, the availability and success of topline results from our ongoing clinical trials, the timing of potential regulatory approvals for our product and product candidates, any commercial potential of our product and product candidates following applicable regulatory approvals and the outcome of any pending litigation. In addition, any statements that refer to projections, forecasts or other characterizations of future events, results or circumstances, including any underlying assumptions, are forward-looking statements. Actual results may differ materially from those contemplated in these statements due to a variety of risks, uncertainties and other factors.
Although we believe that our plans, intentions, expectations and strategies as reflected in or suggested by those forward-looking statements are reasonable, we can give no assurance that the plans, intentions, expectations or strategies will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a number of risks, uncertainties and assumptions, including, but not limited to, those risks set forth in the Risk Factors section of our filings with the U.S. Securities and Exchange Commission. Moreover, we operate in a very competitive and rapidly changing environment in which new risks emerge from time to time. These forward-looking statements are based upon the current expectations and beliefs of our management as of the date of this press release, and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Except as required by applicable law, we assume no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
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Investors



Keyur Parekh
keyur.parekh@roivant.com
Media
Stephanie Lee
stephanie.lee@roivant.com

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