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]

Financial Data and Key Metrics Changes - The company reported a non-GAAP net loss of $167 million for the quarter, with R&D expenses at $165 million and G&A expenses at $175 million [30] - The company maintains a strong cash position with $4.5 billion in consolidated cash, providing ample capital to reach profitability [30] Business Line Data and Key Metrics Changes - The NDA for brepocitinib in dermatomyositis has been submitted, and the phase 2b study for 1402 in D2T-RA has fully enrolled [6][7] - The phase 2 study for mosliciguat in PH-ILD has also fully enrolled, with top-line data expected in the second half of the year [7][8] Market Data and Key Metrics Changes - The company is targeting a large addressable patient population for brepocitinib, particularly in orphan inflammatory diseases with high unmet needs [25][36] - The potential market for cutaneous sarcoidosis is estimated to be slightly smaller than dermatomyositis, with around 40,000 eligible patients [79] Company Strategy and Development Direction - The company is focused on expanding the development of brepocitinib into additional indications, emphasizing its potential as a first-in-class therapy for sarcoidosis [35][36] - The company plans to leverage insights from the phase 2 study to inform the design of the phase 3 trial, aiming for a similar size and endpoint duration [79] Management's Comments on Operating Environment and Future Outlook - Management expressed enthusiasm about the strong phase 2 data for brepocitinib, highlighting its potential to address significant patient needs [25][36] - The company anticipates a busy year ahead with multiple pivotal study readouts and potential commercial launches [30][31] Other Important Information - The jury trial against Moderna is scheduled for March 9, with recent favorable decisions regarding summary judgment [29] - The company is exploring further development opportunities for brepocitinib, including other forms of sarcoidosis and related conditions [35][36] Q&A Session Summary Question: What are the further development opportunities for brepocitinib? - Management is enthusiastic about expanding brepocitinib's development, particularly in large orphan markets with high unmet needs [35][36] Question: Can you provide more details on the baseline characteristics of the CSAMI numbers? - There were significant differences in baseline characteristics, including disease duration and morphology, which may have influenced the results [42][43] Question: What is the pricing strategy for brepocitinib? - Pricing has not been finalized, but it is expected to be positioned within the orphan drug pricing envelope [48][50] Question: What are the expectations for the phase 3 trial design? - The phase 3 trial is expected to be similar in size to the phase 2 trial, with final details to be discussed with the FDA [58][79] Question: What percentage of patients in the Beacon study had organ involvement? - Approximately 60% of patients had pulmonary involvement, and exploratory endpoints related to organ involvement were collected but not analyzed yet [83][84]

Financial Data and Key Metrics Changes - The company reported a non-GAAP net loss of $167 million for the quarter, with R&D expenses at $165 million and G&A expenses at $175 million [30] - The company maintains a strong cash position with $4.5 billion in consolidated cash, providing ample capital to reach profitability and pursue additional opportunities [30] Business Line Data and Key Metrics Changes - The NDA for brepocitinib in dermatomyositis has been submitted, and the phase IIb study for 1402 in D2T-RA has fully enrolled [6][7] - The phase II study for mosliciguat in PH-ILD has also fully enrolled, with top-line data expected in the second half of the year [7][28] Market Data and Key Metrics Changes - The company is targeting a large addressable patient population for brepocitinib, particularly in orphan inflammatory diseases with high unmet needs [25][36] - The company estimates around 40,000 eligible patients for cutaneous sarcoidosis, indicating a significant market opportunity [77] Company Strategy and Development Direction - The company is focused on expanding the development of brepocitinib into additional indications, emphasizing its potential as a first-in-class therapy for sarcoidosis [35][36] - The company plans to leverage insights from the phase II study to inform the design of the phase III trial, aiming for a similar size and endpoint duration [79] Management's Comments on Operating Environment and Future Outlook - Management expressed enthusiasm about the strong phase II data for brepocitinib, highlighting its potential to address significant patient needs in various indications [25][36] - The company anticipates a catalyst-rich period ahead, with multiple NDA and BLA filings expected in the coming years [31] Other Important Information - The jury trial against Moderna is scheduled for March 9, with recent favorable decisions regarding summary judgment [29] - The company is exploring further development opportunities for brepocitinib, including potential expansion into other forms of sarcoidosis [36][84] Q&A Session Summary Question: What are the further development opportunities for brepocitinib? - Management is enthusiastic about further development and is considering additional indications, emphasizing the strong data supporting brepocitinib's efficacy [35] Question: Can you provide more details on the baseline characteristics of the CSAMI numbers? - Management noted that there were some significant differences in baseline characteristics, including disease duration and morphology, which may have influenced the results [42][43] Question: What is the pricing strategy for brepocitinib? - Management has not finalized pricing but indicated it will be positioned as an orphan-priced drug, with considerations based on existing therapies [48][50] Question: What is the expected size and design of the phase III study? - Management indicated that the phase III study would likely be similar in size to the DM trial, with final details to be determined after discussions with the FDA [59][79] Question: What percentage of patients in the Brepo study had organ involvement? - Approximately 60% of patients had pulmonary involvement, and around 30% had other organ involvement, primarily ocular [84]

Immunovant (NasdaqGS:IMVT) Q3 2026 Earnings call February 06, 2026 08:00 AM ET Company ParticipantsAlex Thompson - Managing DirectorBen Zimmer - CEOCorinne Jenkins - Managing DirectorDavid Risinger - Senior Managing DirectorDerek Archila - Managing DirectorDouglas Tsao - Managing DirectorMatt Gline - CEOPrakhar Agrawal - Managing DirectorStephanie Lee - Head of Investor RelationsYatin Suneja - Senior Managing DirectorConference Call ParticipantsAshwani Verma - Research AnalystBrian Cheng - Executive Directo ...

Financial Data and Key Metrics Changes - The company reported a non-GAAP net loss of $167 million for the quarter, with R&D expenses of $165 million and G&A expenses of $175 million [35][36] - The company maintains a strong cash position with $4.5 billion in consolidated cash, providing ample capital to reach profitability [35][36] Business Line Data and Key Metrics Changes - The NDA for BREPA in dermatomyositis has been submitted, and the phase 2B study for 1402 in DGTRA has fully enrolled [6][7] - The phase 2 study for Moseley and PHLD has also fully enrolled, indicating strong progress across multiple programs [6][7] Market Data and Key Metrics Changes - The company highlighted a significant unmet need in the sarcoidosis market, with no approved therapies currently available for cutaneous sarcoidosis [13][14] - Approximately 40,000 patients are estimated to be eligible for BREPA therapy, indicating a substantial market opportunity [82] Company Strategy and Development Direction - The company is focused on expanding the development of BREPA into additional indications, emphasizing the strong efficacy demonstrated in clinical trials [40][41] - The strategic direction includes pursuing first-in-class therapies in orphan inflammatory diseases, which are areas of high unmet need [28][29] Management's Comments on Operating Environment and Future Outlook - Management expressed enthusiasm about the strong phase 2 data for BREPA, indicating a promising future for the drug in treating sarcoidosis [28][29] - The company anticipates a busy year ahead with multiple pivotal study readouts and potential commercial launches [36][37] Other Important Information - The company is preparing for a jury trial against Moderna scheduled for March 9, with recent favorable decisions regarding summary judgment [35][36] - The company is also exploring further development opportunities for brepocitinib in other forms of sarcoidosis and related conditions [88][99] Q&A Session Summary Question: What are the further development expansion opportunities for brepocitinib? - Management expressed enthusiasm for further development, highlighting the strong efficacy data and the potential for brepocitinib to address high unmet needs in various patient populations [40][41] Question: Can you provide more details on the baseline characteristics of the CSAMI numbers? - Management noted that there were significant differences in baseline characteristics, including disease duration and morphology, which may have influenced the results [48][49] Question: What is the expected pricing strategy for BREPA? - Management indicated that pricing has not been finalized but will likely be positioned as an orphan-priced drug, considering the existing market prices for similar therapies [54][55] Question: How broad is the opportunity for brepocitinib? - Management stated that there are many unexplored indications where JAK inhibitors could be beneficial, emphasizing the unique mechanism of TYK2 and JAK1 inhibition [99][100]

Financial Data and Key Metrics Changes - The company reported a non-GAAP net loss of $167 million for the quarter, with R&D expenses at $165 million and G&A expenses at $175 million [28][29] - The company maintains a strong cash position with $4.5 billion in consolidated cash, providing ample capital to reach profitability and pursue additional opportunities [28][29] Business Line Data and Key Metrics Changes - The NDA for BREPA in dermatomyositis has been submitted, and the phase 2B study for IMVT-1402 in dermatomyositis has fully enrolled [5][25] - The phase 2 study for Moseley and PHLD has also fully enrolled, indicating strong progress across multiple programs [5][25] Market Data and Key Metrics Changes - The company highlighted a significant unmet need in the sarcoidosis market, with no approved therapies currently available for cutaneous sarcoidosis [10][11] - The potential market opportunity for BREPA in cutaneous sarcoidosis is estimated at around 40,000 eligible patients, although it may be slightly smaller than the dermatomyositis opportunity [76] Company Strategy and Development Direction - The company is focused on expanding the development of BREPA into additional indications, emphasizing the strong efficacy demonstrated in current studies [34][94] - The strategic direction includes pursuing first-in-class therapies for orphan inflammatory diseases, addressing high unmet needs in the market [24][25] Management's Comments on Operating Environment and Future Outlook - Management expressed enthusiasm about the strong phase 2 data for BREPA, indicating a robust pipeline and a busy year ahead with multiple pivotal readouts expected [6][24] - The company is optimistic about the upcoming jury trial against Moderna, with favorable developments in the case [27][28] Other Important Information - The company is preparing for multiple commercial launches in the coming years, with BREPA and dermatomyositis being the first expected [30] - The company has a strong focus on patient-centric outcomes, with 100% of patients in the BREPA 45 mg arm reporting improvement in their symptoms [19][20] Q&A Session Summary Question: What are the further development opportunities for brepocitinib? - Management expressed enthusiasm for further development, highlighting the strong efficacy data and the potential for brepocitinib to address high unmet needs in various patient populations [34][35] Question: Can you provide more details on the baseline characteristics of the CSAMI numbers? - Management noted that there were significant differences in baseline characteristics, including disease duration and morphology, which may have influenced the results [42][43] Question: What is the expected pricing strategy for BREPA? - Management indicated that pricing has not yet been finalized but will likely be positioned as an orphan-priced drug, considering the existing market prices for similar therapies [48][49] Question: How broad is the opportunity for brepocitinib? - Management stated that there are many indications with high unmet needs where TYK2 and JAK1 inhibition could be beneficial, indicating a broad exploration of potential opportunities [94][95] Question: What percentage of patients in the Beacon study had organ involvement? - Approximately 60% of patients had pulmonary involvement, and exploratory endpoints related to organ involvement were collected but not yet analyzed [82][83]

Financial Data and Key Metrics Changes - The company reported a non-GAAP net loss of $167 million for the quarter, with R&D expenses at $165 million and G&A expenses at $175 million [27][28] - The company maintains a strong cash position with $4.5 billion in consolidated cash, providing ample capital to reach profitability [28] Business Line Data and Key Metrics Changes - The NDA for brepocitinib in dermatomyositis has been submitted, and the phase 2b study for 1402 in D2T-RA has fully enrolled [5][6] - The phase 2 study for mosliciguat in PH-ILD has also fully enrolled, with top-line data expected in the second half of the year [6][25] Market Data and Key Metrics Changes - The company is targeting a large addressable patient population for brepocitinib, particularly in orphan inflammatory diseases with high unmet needs [23][34] - The market opportunity for cutaneous sarcoidosis is estimated at around 40,000 eligible patients, which is slightly smaller than the dermatomyositis opportunity [75] Company Strategy and Development Direction - The company is focused on expanding the development of brepocitinib into additional indications, including other forms of sarcoidosis [33][94] - The company aims to leverage its unique TYK2 and JAK1 inhibition mechanism to explore new therapeutic areas with high unmet needs [93] Management's Comments on Operating Environment and Future Outlook - Management expressed enthusiasm about the strong phase 2 data for brepocitinib, indicating it could be a significant treatment option for patients with cutaneous sarcoidosis [9][23] - The company anticipates a busy year ahead with multiple pivotal study readouts and potential commercial launches [30][31] Other Important Information - The jury trial against Moderna is scheduled for March 9, with recent favorable decisions regarding summary judgment [26][27] - The company is preparing for pivotal data readouts in 2027 for its FcRn product, IMVT-1402, which is expected to have best-in-class efficacy [24] Q&A Session Summary Question: What are the further development opportunities for brepocitinib? - Management is enthusiastic about further development and sees brepocitinib as a strong agent for patient populations in need, with ongoing considerations for other forms of sarcoidosis [33] Question: Can you provide more details on the baseline characteristics of the CSAMI numbers? - Management noted that there were significant differences in baseline characteristics, including disease duration and morphology, which may have influenced the results [42] Question: What are the pricing considerations for brepocitinib? - Pricing has not been finalized, but management indicated it would be positioned as an orphan-priced drug, with considerations based on existing therapies [48] Question: What is the expected size and design of the phase 3 study? - Management indicated that the phase 3 study would likely be similar in size to the dermatomyositis trial, but final details will depend on discussions with the FDA [56][75] Question: What percentage of patients in the Beacon study had organ involvement? - Approximately 60% of patients had pulmonary involvement, and exploratory endpoints related to organ involvement were collected but not analyzed yet [82]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-38906 IMMUNOVANT, INC. (Exact name of registrant as specified in its charter) Delaware 83-2771572 (State or other jurisdiction of incorporati ...

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, provi ...

Core Insights - Immunovant reported its financial results for the third quarter ended December 31, 2025, highlighting significant developments in its clinical trials and financial position [1] Recent Highlights and Upcoming Milestones - The trial for IMVT-1402 in difficult-to-treat rheumatoid arthritis (D2T RA) is fully enrolled, with topline data expected in the second half of 2026 [2][9] - Other clinical developments for IMVT-1402 are on track, including trials in Graves' disease (GD), myasthenia gravis (MG), chronic inflammatory demyelinating polyneuropathy (CIDP), and Sjögren's disease (SjD) [2][9] - A financing round in December 2025 raised approximately $550 million, extending the company's cash runway to support the potential launch of IMVT-1402 in GD [2][9] Financial Highlights for Fiscal Third Quarter - As of December 31, 2025, cash and cash equivalents totaled $994.5 million, providing sufficient funds for ongoing clinical trials [4] - Research and development (R&D) expenses were $98.9 million for the quarter, up from $94.5 million in the same period of 2024, primarily due to clinical trial activities for IMVT-1402 [5] - General and administrative (G&A) expenses decreased to $15.4 million from $19.8 million year-over-year, attributed to lower personnel and market research costs [6] Net Loss - The net loss for the third quarter was $110.6 million ($0.61 per share), slightly down from $111.1 million ($0.76 per share) in the prior year [8] - Non-GAAP net loss was $97.5 million for the quarter, compared to $99.5 million in the same quarter of 2024 [8] Financial Highlights for Fiscal Nine Months - For the nine months ended December 31, 2025, R&D expenses totaled $314.4 million, an increase from $267.3 million in the same period of 2024 [11] - G&A expenses for the nine months were $59.0 million, up from $57.1 million year-over-year [13] - The net loss for the nine months was $357.8 million ($2.04 per share), compared to $307.4 million ($2.10 per share) in the previous year [15]