Immunovant reported financial results for the third quarter ended December 31, 2025 and provided corporate updates.

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: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.

http://www.datamonitor.com
Republication or redistribution, including by framing or similar means,
is expressly prohibited without prior written consent. Datamonitor shall 
not be liable for errors or delays in the content, or for any actions 
taken in reliance thereon
COMTEX_474860696/2227/2026-03-08T01:22:56