IMVT Posts Narrower-Than-Expected Q3 Loss, Pipeline in Focus

Core Insights - Immunovant, Inc. (IMVT) reported a narrower net loss of 61 cents per share for Q3 fiscal 2026, compared to a loss of 76 cents per share in the same quarter last year, and better than the Zacks Consensus Estimate of a loss of 72 cents [1][6] - The company currently has no approved products and has not generated any revenues [1] Financial Performance - Research and development expenses increased to $98.9 million, a rise of 4.6% year-over-year, primarily due to clinical study activities for IMVT-1402, including higher contract manufacturing and personnel-related costs [2] - General and administrative expenses decreased to $15.4 million, down 22% year-over-year, attributed to lower personnel-related expenses, market research, and IT costs [2] Cash Position - As of December 30, 2025, Immunovant's cash and cash equivalents were approximately $994.5 million, up from $521.9 million as of September 30, 2025 [3] - The company raised approximately $550 million in gross proceeds through an underwritten financing in December 2025, extending its cash runway through the commercial launch of IMVT-1402 for Graves' disease [3] Stock Performance - Over the past year, Immunovant shares have increased by 38.6%, outperforming the industry growth of 20.3% [4] Pipeline Developments - IMVT-1402 is designated as the lead asset, with potential across multiple indications [7] - The company is advancing IMVT-1402 in various indications, including registrational studies in Graves' disease, difficult-to-treat rheumatoid arthritis, myasthenia gravis, chronic inflammatory demyelinating polyneuropathy, and Sjögren's disease, with a proof-of-concept trial in cutaneous lupus erythematosus [8] - Enrollment in the open-label portion of the registrational trial for IMVT-1402 in difficult-to-treat rheumatoid arthritis has been completed, with top-line data expected in the second half of 2026 [9] - Top-line data for IMVT-1402 in Graves' disease and myasthenia gravis is anticipated in 2027, and data from the proof-of-concept study in cutaneous lupus erythematosus is expected in the second half of 2026 [9] - The company is also evaluating batoclimab in mid-to-late-stage studies for Graves' disease and thyroid eye disease, with top-line data expected in the first half of 2026 [10]