Roivant Sciences(ROIV) - 2026 Q3 - Quarterly Results

Financial Performance - Revenue for the three months ended December 31, 2025, was $1,999 million, a decrease from $9,018 million in the same period of 2024 [29]. - Loss from continuing operations, net of tax was $313.7 million for the three months ended December 31, 2025, compared to $208.9 million for the same period in 2024 [24]. - The company reported a net loss attributable to Roivant Sciences Ltd. of $(265,891) million for the three months ended December 31, 2025, compared to a net income of $169,381 million in 2024 [29]. - Basic and diluted net loss per common share for the three months ended December 31, 2025, was $(0.38), compared to $0.23 in 2024 [29]. - Adjusted loss from continuing operations, net of tax (Non-GAAP) for the three months ended December 31, 2025, was $(167,034) million, compared to $(143,682) million in 2024 [31]. - The company has experienced a significant change in fair value of investments, reporting $(21,592) million for the three months ended December 31, 2025 [31]. Research and Development - Research and development (R&D) expenses increased by $23.8 million to $165.4 million for the three months ended December 31, 2025, compared to $141.6 million for the same period in 2024 [16]. - Research and development expenses for the three months ended December 31, 2025, were $165,380 million, up from $141,595 million in 2024, reflecting a 16.8% increase [31]. - The $11.3 million increase in program-specific costs was primarily driven by increases of $5.7 million related to mosliciguat and $5.3 million related to brepocitinib [17]. - Roivant's pipeline includes several product candidates, including brepocitinib and IMVT-1402, targeting various autoimmune conditions [35]. Clinical Trials and Studies - Brepocitinib 45 mg achieved a 22.3-point improvement in mean CSAMI-A at Week 16 versus a 0.7-point improvement in placebo (Δ21.6 p<0.0001) in the BEACON study [5]. - The BEACON study enrolled 31 patients across 15 sites in the United States, with a treatment period of 16 weeks [4]. - 100% of brepocitinib 45 mg patients achieved at least a 10-point improvement on CSAMI-A compared to 14% of placebo patients [7]. - New Drug Application (NDA) was submitted to the FDA for brepocitinib in dermatomyositis, with topline data from Phase 3 studies in non-infectious uveitis expected in the second half of calendar year 2026 [5]. - Topline data from the proof-of-concept trial in cutaneous lupus erythematous (CLE) is expected in the second half of calendar year 2026 [5]. Expenses - General and administrative (G&A) expenses increased by $33.5 million to $175.1 million for the three months ended December 31, 2025, compared to $141.5 million for the same period in 2024 [21]. - General and administrative expenses for the three months ended December 31, 2025, were $175,072 million, compared to $141,545 million in 2024, representing a 23.7% increase [31]. Cash Position - Roivant reported consolidated cash, cash equivalents, restricted cash, and marketable securities of approximately $4.5 billion as of December 31, 2025, supporting cash runway into profitability [15]. Upcoming Events - The company plans to host a live conference call on February 6, 2026, to report its financial results and provide a corporate update [33].