Immunovant(IMVT) - 2025 Q4 - Annual Results

Financial Performance - As of March 31, 2025, Immunovant's cash and cash equivalents totaled approximately $714 million, providing runway for announced indications through GD readout expected in 2027[9]. - Research and development expenses for the fourth quarter ended March 31, 2025, were $93.7 million, a 42% increase from $66.1 million for the same period in 2024[10]. - General and administrative expenses for the fourth quarter ended March 31, 2025, were $20.2 million, up from $14.8 million in the prior year, reflecting a 36% increase[11]. - The net loss for the fourth quarter ended March 31, 2025, was $106.4 million ($0.64 per common share), compared to a net loss of $75.3 million ($0.52 per common share) for the same period in 2024, representing a 41% increase in net loss[12]. - For the fiscal year ended March 31, 2025, research and development expenses were $360.9 million, a 70% increase from $212.9 million in the previous fiscal year[13]. - The net loss for the fiscal year ended March 31, 2025, was $413.8 million ($2.73 per common share), compared to a net loss of $259.3 million ($1.88 per common share) for the fiscal year ended March 31, 2024, indicating a 59% increase in net loss[16]. Clinical Development - Immunovant plans to initiate a potentially registrational trial evaluating IMVT-1402 in Sjögren's disease and a second trial in Graves' disease in the summer of 2025[6]. - The company is developing IMVT-1402 in six announced indications, including potentially registrational trials in Graves' disease and difficult-to-treat rheumatoid arthritis[3]. - Immunovant's current management team is focused on rapid clinical execution for the six announced indications for IMVT-1402, with a second potentially registrational study in Graves' disease expected to start in summer 2025[7]. Study Results - Positive results from batoclimab studies showed a 5.6-point improvement in MG-ADL score in the higher dose arm and an 84% responder rate in CIDP patients achieving greater than 70% IgG reduction[4].