Immunovant's Q1 Loss Narrower Than Expected, Pipeline in Focus

Core Insights - Immunovant, Inc. reported a first-quarter fiscal 2026 adjusted net loss of $0.60 per share, which is narrower than the Zacks Consensus Estimate of a loss of $0.69 and matches the loss from the same quarter last year [1][4] Financial Performance - Research and development expenses reached $101.2 million, reflecting a 34% increase from the previous year, driven by clinical study activities for IMVT-1402 and higher personnel costs, partially offset by reduced costs in batoclimab studies [2] - General and administrative expenses were $26 million, up 38% year over year, primarily due to increased personnel-related expenses [3] - As of June 30, 2025, the company had a cash balance of $598.9 million, down from $714 million as of March 31, 2025, with expectations to fund clinical activities through 2027 [3] Pipeline Developments - IMVT-1402 is the lead drug candidate, being studied for six indications, with key data readouts expected through 2027 [4][6] - The company plans to initiate clinical studies for IMVT-1402 in a total of 10 indications by March 31, 2026, leveraging existing data from batoclimab studies for financial efficiencies [5] - During the first quarter of fiscal 2026, Immunovant initiated a second potentially registrational study of IMVT-1402 for Graves' disease and a study for Sjögren's disease [7] Upcoming Milestones - In 2026, the company plans to share open-label data from its difficult-to-treat rheumatoid arthritis study and top-line results from the cutaneous lupus erythematosus proof-of-concept study [7] - Top-line results from potentially registrational studies in difficult-to-treat rheumatoid arthritis, Graves' disease, and myasthenia gravis are expected in 2027 [7] Additional Candidates - Immunovant is also evaluating batoclimab in mid-late-stage studies for Graves' disease and thyroid eye disease, with new proof-of-concept data expected to be reported in September 2025 [8][10]