Immunovant Inc

Latest Results (18.05.2026):

Immunovant Inc’s third quarter ended December 31, 2025 report shows the company with a strong cash position ($994.5M) after a December 2025 underwritten financing (~$550M gross proceeds), continued advancement of its lead asset IMVT-1402 across multiple potentially registrational programs, and a Q3 net loss of $110.6M ($0.61 per share). Key clinical readouts are expected across 2026–2027 while operating spend remains driven by continued IMVT-1402 clinical activity.

Cash position & runway

Cash and cash equivalents were $994.5 million as of December 31, 2025. Immunovant Inc states this provides runway through the potential commercial launch of IMVT-1402 in Graves’ disease (GD).

Financing

In December 2025 the company completed an underwritten financing with institutional investors and Roivant that generated approximately $550 million in gross proceeds, materially strengthening the balance sheet.

Clinical development & milestones

IMVT-1402: the difficult-to-treat rheumatoid arthritis (D2T RA) potentially registrational trial is fully enrolled with topline data expected H2 2026; CLE proof-of-concept topline also expected H2 2026. Other IMVT-1402 programs (GD, MG, CIDP, SjD) remain on track, with GD and MG potentially registrational topline data expected in 2027. Batoclimab (two Phase 3 TED studies) topline data are expected in H1 2026.

Q3 (three months ended Dec 31, 2025) operating results

Research & development expense: $98.9M (up from $94.5M year-over-year), driven by IMVT-1402 clinical and manufacturing activity. General & administrative expense: $15.4M (down from $19.8M). Net loss: $110.6M, or $0.61 per share. Non-GAAP net loss for the quarter: $97.5M.

Nine-month results through Dec 31, 2025

R&D expense for the nine months was $314.4M (vs. $267.3M prior-year), G&A $59.0M, and net loss $357.8M ($2.04 per share). Non-GAAP nine-month net loss was $312.9M.

Non-GAAP adjustments

Non-GAAP adjustments are primarily removal of non‑cash stock‑based compensation: Q3 adjusted R&D $91.1M and adjusted G&A $10.6M. The company provides reconciliations and notes limitations of non‑GAAP measures.

Balance sheet & share count

Total assets were $1.052B at Dec 31, 2025. Common shares issued and outstanding were 203,316,885. Weighted-average shares used in Q3 EPS: 181,513,386.