December 11, 2025 New York City Forward-Looking Statements This presentation includes forward-looking statements that are subject to substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. All statements other than statements of historical facts contained in this presentation, including statements regarding our future results of operations and financial position, business strategy, potential uses of cash and capital allocat ...

Core Insights - Roivant is at a transformational moment with opportunities for three major product launches, each representing a pipeline-in-a-product opportunity with blockbuster potential [2] - The company is hosting an Investor Day to discuss pipeline updates and long-term value creation strategies [1][9] Program-Specific Highlights and Updates - Brepocitinib is expected to have its NDA filing for dermatomyositis in early 2026, with a commercial launch anticipated in early 2027 [6][7] - The Phase 3 trial for brepocitinib in non-infectious uveitis is fully enrolled, with topline data expected in the second half of 2026 [6][7] - A proof-of-concept trial for brepocitinib in cutaneous sarcoidosis is also fully enrolled, with topline data expected in the first half of 2026 [6][7] - IMVT-1402's potentially registrational trial in difficult-to-treat rheumatoid arthritis is expected to provide topline data in 2026 [6][7] - The ongoing Phase 2 trial of mosliciguat in pulmonary hypertension associated with interstitial lung disease is on track, with topline data expected in the second half of 2026 [5][8] Financial and Strategic Developments - Roivant's financing efforts alongside key institutional investors generated approximately $550 million for Immunovant, extending its cash runway to the launch of IMVT-1402 in Graves' disease [6][7] - The company is well-positioned to generate shareholder value through its late-stage pipeline and long-term strategy [2][6]

Core Viewpoint - Immunovant, Inc. has announced an underwritten offering of common stock expected to raise approximately $550 million to support its operations and the potential commercial launch of IMVT-1402 for Graves' Disease [1][2]. Group 1: Offering Details - The company is offering 26.2 million shares at a price of $21.00 per share, with the offering expected to close around December 12, 2025, pending customary closing conditions [3]. - Roivant Sciences Ltd., the controlling stockholder of Immunovant, has agreed to purchase shares in this offering [1]. Group 2: Financial Implications - The proceeds from the offering, combined with existing cash and cash equivalents, are anticipated to be sufficient to fund operating expenses and capital expenditures through the potential commercial launch of IMVT-1402 [2].

Core Insights - Immunovant, Inc. (NASDAQ:IMVT) is identified as a strong candidate for short squeeze opportunities following its fiscal Q2 2026 financial results, with Oppenheimer maintaining an Outperform rating and a price target of $54 [1] - The company reported an earnings per share of -$0.73, which was below the consensus estimate of -$0.71, but it holds a robust capital position with $4.4 billion in cash and no debt [1] - Immunovant is advancing its drug candidates, including IMVT-1402 for cutaneous lupus and rheumatoid arthritis, and batoclimab for Graves' disease and thyroid eye disease, with expectations for significant upside as they approach commercialization [2][3] Company Overview - Immunovant, Inc. is a clinical-stage immunology company focused on developing therapies for autoimmune diseases, particularly through anti-FcRn antibodies aimed at reducing harmful IgG autoantibodies [4]

Summary of Roivant Sciences FY Conference Call Company Overview - **Company**: Roivant Sciences (NasdaqGS:ROIV) - **Date**: November 11, 2025 - **Key Personnel**: Richard Pulik, Chief Financial Officer Core Industry Insights - **Industry**: Biotechnology and Pharmaceuticals - **Focus Areas**: Development of innovative therapies for autoimmune diseases and rare conditions Key Points and Arguments Brepocitinib Developments - Brepocitinib is viewed as a significant commercial asset, with plans to file for approval next year and launch in 2027 [3][4] - Strong efficacy demonstrated in clinical trials for dermatomyositis and Graves' disease, with 10 statistically significant endpoints [3][4] - Anticipated readouts for additional indications in 2026, including difficult-to-treat rheumatoid arthritis (RA) and thyroid eye disease (TED) [4] Immunovant and Batoclimab - Batoclimab showed promising results in TED, with a doubling of response rates and significant IgG reduction [6][7] - Two phase three studies for TED are set to read out by mid-2026, with a focus on the competitive landscape [6][7] - The company is prioritizing 1402, a newer molecule, for Graves' disease, with a holistic approach to treatment [9][10] Clinical Data and Patient Population - The Graves' disease population is approximately 330,000 prevalent patients, with a significant unmet need for innovative treatments [11][12] - The company aims to provide disease-modifying treatments without reliance on antithyroid drugs (ATDs), which have not seen innovation in 20 years [12] Future Trials and Registrational Studies - Multiple ongoing trials for 1402, with potential registrational studies for myasthenia gravis (MG), Graves', and chronic inflammatory demyelinating polyneuropathy (CIDP) planned for 2027 [15] - Positive feedback from key opinion leaders (KOLs) regarding the potential of the NIU (non-infectious uveitis) study, which is also set to read out in 2027 [23] BREPO Launch and Market Strategy - The NDA filing for BREPO is expected in the first half of next year, targeting a patient population of approximately 40,000 [16][17] - The launch strategy will focus on niche centers with concentrated prescriber bases, indicating a tailored approach to market entry [19] Financial Position and Cash Deployment - Roivant has a cash balance of $4.4 billion, with plans to allocate funds across internal R&D, business development, and share buybacks [33][34] - The company has successfully reduced its share count by over 14%, indicating a commitment to shareholder value [34] Ongoing Litigation - The company is involved in ongoing litigation with Moderna and Pfizer regarding LNP technology, with a jury trial for the U.S. portion of the Moderna case scheduled for March [28][29] - The potential damages sought in the Moderna case are $5 billion, which could significantly impact the company's cash position [29] Additional Insights - The company is exploring additional indications for BREPO, including cutaneous sarcoidosis, with a small proof-of-concept study reading out next year [24] - The Mosley PH-ILD study is also anticipated to provide data next year, addressing a significant unmet need in pulmonary hypertension [26][27] This summary encapsulates the key insights and developments discussed during the Roivant Sciences FY Conference Call, highlighting the company's strategic direction, clinical advancements, and financial positioning.

Financial Data and Key Metrics Changes - The company reported a loss from continuing operations net of tax of $166 million for the quarter [24] - Cash and cash equivalents stood at $4.4 billion with no debt on the balance sheet, indicating a strong capital position [24][25] Business Line Data and Key Metrics Changes - The company highlighted significant progress in its late-stage pipeline, with 11 potentially registrational trials and indications with blockbuster potential [8][9] - Brepocitinib's data in dermatomyositis (DM) hit all 10 ranked endpoints, with an NDA filing planned for the first half of next year [5][10] - The Graves' disease trial for batoclimab demonstrated disease-modifying potential, with a significant portion of patients achieving remission [19][20] Market Data and Key Metrics Changes - The company noted a large patient population for Graves' disease, with approximately 880,000 diagnosed patients in the U.S., of which 330,000 are uncontrolled or intolerant to current therapies [19] - The unmet medical need in the DM landscape is significant, with 75% of patients currently on only steroids or immunosuppressive therapies [11][12] Company Strategy and Development Direction - The company is focused on expanding its pipeline and achieving profitability, with a strong emphasis on the upcoming investor day to discuss future strategies [8][25] - The management expressed excitement about the potential of their therapies in addressing significant unmet needs in various indications, including Graves' disease and DM [9][19] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the competitive landscape in Graves' disease and expressed confidence in their product's profile and the overall market opportunity [33][60] - The company is optimistic about the upcoming data readouts and the potential for their therapies to transform treatment paradigms in their target indications [16][78] Other Important Information - The company is involved in ongoing litigation related to LNP technology, with a jury trial in the Moderna case scheduled for March 2026 [24] - The company has a favorable marketing ruling in the Pfizer case, which is expected to progress in the near future [24] Q&A Session Summary Question: What should be watched next regarding Pfizer litigation? - Management indicated that the scheduling process for the Pfizer case is underway, and more information about the timeline, including a potential trial date, will be available soon [29] Question: Thoughts on Argenx entering the Graves' market? - Management acknowledged the competitive landscape but expressed confidence in their product's competitive profile and the overall patient population's needs [33][34] Question: What to expect from the investor day? - Management stated that the investor day will provide a comprehensive overview of the company's transformation and future opportunities, with potential new data to be shared [36][38] Question: Insights on remission data for Graves' disease? - Management emphasized that deeper IgG reductions are expected to drive remission rates and that they will learn more from ongoing studies [42][44] Question: Update on the competitive landscape in Graves' disease? - Management noted the increasing competition but expressed confidence in their FcRn mechanism's safety and efficacy, which positions them well in the market [60][62] Question: Status of the overseas study with 1402? - Management confirmed that several large registrational programs are ongoing, and they will share updates as they become available [99]

Financial Data and Key Metrics Changes - The company reported a loss from continuing operations, net of tax, of $166 million for the quarter [23] - Cash and cash equivalents stood at $4.4 billion, with no debt on the balance sheet, indicating a strong capital position [23][24] Business Line Data and Key Metrics Changes - The company highlighted significant progress in its late-stage pipeline, with 11 potentially registration trials and indications with blockbuster potential [7][24] - Brepocitinib's NDA filing is on track for the first half of next year, with positive data from the VALOR study in dermatomyositis (DM) [4][15] Market Data and Key Metrics Changes - The company noted that 75% of DM patients are currently on either steroids or immunosuppressive therapies (ISTs), indicating a significant unmet need in the market [10][11] - In Graves' disease, there are approximately 880,000 diagnosed patients in the U.S., with a significant portion being uncontrolled or intolerant to current therapies [18][19] Company Strategy and Development Direction - The company is focused on expanding its pipeline and has initiated registrational trials in multiple indications, including Graves' disease and myasthenia gravis [6][8] - The management emphasized the importance of the upcoming Investor Day on December 11, 2025, to discuss the company's transformation and future opportunities [3][24] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the upcoming data readouts and the potential for brepocitinib and batoclimab to address significant unmet medical needs [15][19] - The competitive landscape in Graves' disease is evolving, with other companies entering the space, but management believes their FcRn mechanism provides a competitive advantage [32][62] Other Important Information - The company is involved in ongoing litigation related to LNP technology, with a jury trial in the Moderna case scheduled for March 2026 [23] - The company has a favorable marketing ruling in the Pfizer case, which is ongoing in discovery [23] Q&A Session Summary Question: What should be watched next regarding Pfizer litigation? - Management indicated that the scheduling process for the Pfizer case is underway, and more information about the timeline, including a potential trial date, will be available soon [28] Question: Impact of Argenx entering Graves' disease on strategy? - Management acknowledged the competitive landscape but expressed confidence in their data and the significant patient population, suggesting that increased interest in Graves' disease is beneficial for all [33][62] Question: Expectations for the upcoming Investor Day? - Management stated that the Investor Day will provide a comprehensive overview of the company's transformation and future opportunities, with potential new data to be shared [35][37] Question: Insights on remission data for Graves' disease? - Management emphasized that deeper IgG reductions are expected to drive remission rates, and they are optimistic about their data [41][43] Question: Update on the competitive landscape in Graves' disease? - Management noted the increasing number of companies entering the space but expressed confidence in their FcRn mechanism's safety and efficacy [62] Question: Thoughts on the competitive landscape in TED? - Management acknowledged the competitive intensity in TED but highlighted their focus on where they could play effectively [82]

Financial Data and Key Metrics Changes - The company reported a loss from continuing operations, net of tax, of $166 million for the quarter [23] - Cash and cash equivalents stood at $4.4 billion, with no debt on the balance sheet, indicating a strong capital position [23][24] Business Line Data and Key Metrics Changes - The company has initiated potentially registrational trials in multiple indications, including Graves' disease, myasthenia gravis, CIDP, and others, indicating a robust pipeline [6][8] - The NDA filing for BREPO is on track for the first half of next year, which is expected to be the first novel oral therapeutic in dermatomyositis if approved [4][10] Market Data and Key Metrics Changes - The patient population for Graves' disease is significant, with approximately 880,000 diagnosed patients in the U.S., highlighting a large unmet medical need [18] - The company noted that 75% of dermatomyositis patients are currently on either steroids or immunosuppressive therapies, indicating a substantial market opportunity for new treatments [10][11] Company Strategy and Development Direction - The company is focused on expanding its late-stage pipeline, with 11 potentially registrational trials and indications with blockbuster potential [7][8] - The management emphasized the importance of addressing the unmet needs in various disease areas, particularly in Graves' disease and dermatomyositis, as part of their strategic direction [16][18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the upcoming investor day on December 11, where they plan to provide more insights into the company's future and strategic direction [3][24] - The competitive landscape in Graves' disease is evolving, with other companies entering the space, but management believes their product has a strong competitive profile [32][63] Other Important Information - The company has a favorable marketing ruling in the Pfizer case and is making progress in the LNP litigation, with a jury trial in the Moderna case scheduled for March 2026 [6][23] - The company is considering various strategies for FDA approval and patient access for BREPO, reflecting a proactive approach to market entry [56] Q&A Session Summary Question: What should be watched next regarding Pfizer litigation? - Management indicated that the scheduling process for the Pfizer case is underway, and more information about the timeline, including a potential trial date, will be available soon [27][28] Question: How does Argenx stepping into Graves affect the strategy for 1402? - Management acknowledged the competitive landscape but expressed confidence in their data and the significant patient population, suggesting that increased competition could benefit all players in the space [31][33] Question: What to expect from the investor day? - Management stated that the investor day will focus on the transformation of the business and may include new data or strategic updates [35][36] Question: Can you clarify the impact of high-dose batoclimab on remission rates in Graves' disease? - Management noted that deeper IgG reductions are expected to drive better outcomes, and they are optimistic about the data from the ongoing studies [41][44] Question: What is the status of the TED study and its competitive landscape? - Management highlighted the competitive intensity in TED and indicated that they are looking forward to data that will inform their development strategy [82][83]

Financial Data and Key Metrics Changes - The company reported a loss from continuing operations, net of tax, of $166 million for the quarter [26] - Cash and cash equivalents stood at $4.4 billion, with no debt on the balance sheet, indicating a strong capital position [26][27] Business Line Data and Key Metrics Changes - The company has initiated potentially registrational trials in multiple areas including Graves' disease, myasthenia gravis, CIDP, and others, indicating a robust pipeline [6][8] - The NDA filing for BREPO is on track for the first half of next year, which could be the first novel oral therapeutic in dermatomyositis if approved [5][7] Market Data and Key Metrics Changes - The company highlighted a significant unmet need in the dermatomyositis patient population, with 75% of patients currently on either steroids or immunosuppressive therapies [11][12] - In Graves' disease, there are approximately 880,000 diagnosed patients in the U.S., with a significant portion unable to achieve well-controlled status [20][21] Company Strategy and Development Direction - The company is focused on expanding its late-stage pipeline, with 11 potentially registrational trials and indications with blockbuster potential [7][8] - The management emphasized the importance of addressing the unmet medical needs in various diseases, particularly in Graves' disease and dermatomyositis [18][19] Management Comments on Operating Environment and Future Outlook - Management expressed excitement about the transformative data from recent trials and the potential for future growth [4][9] - The company plans to provide more detailed insights into its future strategy during the upcoming investor day on December 11, 2025 [27][28] Other Important Information - The company has a favorable marketing ruling in the Pfizer case and is making progress in ongoing litigation related to LNP [6][25] - The TED study is on track to conclude this year, with top-line data expected to be reported in conjunction with data from a second study [24] Q&A Session Summary Question: What should be watched next regarding Pfizer litigation? - Management indicated that the scheduling process for the Pfizer case is underway, and more information about the timeline, including a potential trial date, will be available soon [29] Question: Thoughts on Argenx entering the Graves' market? - Management acknowledged the competitive landscape but expressed confidence in their data and the potential for their treatment to be competitive [30][31] Question: Expectations for the upcoming investor day? - Management stated that the investor day will provide a comprehensive overview of the company's transformation and future opportunities [34] Question: Impact of high-dose batoclimab on remission rates in Graves' disease? - Management noted that deeper IgG reductions are expected to drive better outcomes, but they will be cautious in discussing specifics due to competition [36] Question: Update on the competitive landscape in Graves' disease? - Management highlighted the increasing competition but expressed confidence in their FcRn mechanism and the potential for their treatment to be a first-line option [44][45] Question: Plans for exploring other myositis subtypes with BREPO? - Management confirmed that they are considering various indications for BREPO and are excited about the potential opportunities [62]

Financial Data and Key Metrics Changes - The company reported a loss from continuing operations net of tax of $166 million for the quarter [25] - Cash and cash equivalents stood at $4.4 billion with no debt on the balance sheet, indicating a strong capital position [25][6] - The company has authorized $500 million for potential capital return [6] Business Line Data and Key Metrics Changes - The company highlighted significant progress in its late-stage pipeline, with 11 potentially registrational trials and indications with blockbuster potential [6] - Brepocitinib's data in dermatomyositis (DM) hit all 10 ranked endpoints, with an NDA filing planned for the first half of next year [4][15] - Batoclimab showed disease-modifying potential in Graves' disease, with a significant portion of patients achieving remission [20][21] Market Data and Key Metrics Changes - The company noted a large patient population for Graves' disease, with 880,000 diagnosed patients in the U.S., of which 330,000 are uncontrolled or intolerant to current therapies [19] - The unmet need in DM is underscored by the fact that 75% of patients are on either steroids or immunosuppressive therapies, struggling to achieve well-controlled status [10][11] Company Strategy and Development Direction - The company is focused on expanding its pipeline and achieving profitability through its current projects [6][25] - There is an emphasis on the potential for blockbuster launches across multiple indications, particularly in DM and Graves' disease [7][8] - The management expressed excitement about the upcoming investor day on December 11, 2025, to discuss future strategies and developments [26] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a transformative moment for the business, with significant data releases and upcoming NDA submissions [4][8] - The competitive landscape in Graves' disease is evolving, with other companies entering the space, but management remains confident in their position and strategy [29][42] - The company is optimistic about the upcoming data readouts and their implications for future growth [48][51] Other Important Information - The company is involved in ongoing litigation related to LNP technology, with trials scheduled for March 2026 [25][24] - The TED study is on track to conclude this year, with data expected to be reported in conjunction with other studies [23] Q&A Session Summary Question: What should be watched next regarding Pfizer litigation? - Management indicated that the scheduling process for the Pfizer case is underway, and more information about the timeline, including a potential trial date, will be available soon [28] Question: Thoughts on Argenx entering Graves' disease? - Management acknowledged the competitive landscape but expressed confidence in their data and the potential for their treatment to stand out [29] Question: What to expect from the investor day? - Management stated that the investor day will provide a comprehensive overview of the company's transformation and future opportunities, with potential new data to be shared [32] Question: Impact of high-dose batoclimab on remission rates in Graves' disease? - Management noted that deeper IgG reductions are expected to drive better outcomes, and they are analyzing the data to understand the impact [34][35] Question: Update on the competitive landscape in Graves' disease? - Management highlighted the excitement around increased competition but emphasized their strong data and understanding of the FcRn mechanism as a competitive advantage [42][43] Question: Plans for exploring BREPO in other myositis subtypes? - Management confirmed that they are considering various indications for BREPO and are excited about its potential across multiple areas [56][58]