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IMVT

Immunovant, Inc.

IMVT

Immunovant, Inc. • NASDAQ
$24.15 ▲ 1.90% (+0.45)
Market Cap $4.23 B
52w High $29.49
52w Low $12.72
Dividend Yield 0%
P/E -8.56
Volume 393.75K
Outstanding Shares 175.28M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2026 $0 $131.762M ▲ $-126.502M ▼ 0% $-0.73 ▼ $-131.657M ▼
Q1-2026 $0 $127.224M ▲ $-120.613M ▼ 0% $-0.71 ▼ $-127.117M ▼
Q4-2025 $0 $113.825M ▼ $-106.449M ▲ 0% $-0.64 ▲ $-113.716M ▲
Q3-2025 $0 $114.302M ▼ $-111.122M ▼ 0% $-0.76 ▼ $-114.203M ▲
Q2-2025 $0 $115.743M $-109.119M 0% $-0.74 $-115.654M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2026 $521.87M ▼ $582.959M ▼ $63.254M ▲ $519.705M ▼
Q1-2026 $598.912M ▼ $661.44M ▼ $52.9M ▼ $608.54M ▼
Q4-2025 $713.971M ▲ $776.222M ▲ $68.775M ▲ $707.447M ▲
Q3-2025 $374.685M ▼ $420.932M ▼ $68.315M ▲ $352.617M ▼
Q2-2025 $472.941M $515.707M $66.653M $449.054M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2026 $-126.502M ▼ $-102.515M ▲ $0 $24.595M ▲ $-77.042M ▲ $-102.515M ▲
Q1-2026 $-120.613M ▼ $-117.411M ▼ $0 ▲ $2.918M ▼ $-115.059M ▼ $-117.411M ▼
Q4-2025 $-106.449M ▲ $-110.637M ▼ $-201K ▼ $450.612M ▲ $339.286M ▲ $-110.838M ▼
Q3-2025 $-111.122M ▼ $-100.391M ▼ $-180K ▲ $2.464M ▲ $-98.256M ▼ $-100.571M ▼
Q2-2025 $-109.119M $-88.647M $-196K $730K $-87.064M $-88.843M

Five-Year Company Overview

Income Statement

Income Statement Immunovant is still a pure research-stage biotech: it has no product revenue yet, so its income statement is all about spending rather than earnings. Research and development and related costs have been rising steadily as the company pushes multiple autoimmune programs through clinical trials. As a result, operating losses and net losses have grown each year, and losses per share have widened. This pattern is typical for an early-stage biotech that is investing heavily ahead of any commercial launch, but it also means the business is entirely dependent on external funding until a product is approved and generates sales.

Balance Sheet

Balance Sheet The balance sheet is dominated by cash, with very little else of significance and essentially no debt. Total assets have grown over time, mostly because the company has raised capital and kept a sizable cash cushion. Shareholders’ equity closely tracks the cash balance, showing that the company is financed almost entirely through equity rather than borrowing. This gives financial flexibility and removes the pressure of interest payments, but it also means that continued progress will likely depend on future equity raises if losses persist and no revenue appears.

Cash Flow

Cash Flow Cash flow reflects a classic clinical-stage profile: money flows out steadily to fund trials and operations, and none comes in from product sales. Operating cash outflows have increased as the pipeline has expanded and studies have become more ambitious. With essentially no spending on physical assets, free cash flow is almost the same as the operating burn. The key question over time will be whether the current cash balance is sufficient to carry the company through its major clinical milestones, or whether additional financing will be needed sooner than hoped. That timing risk is a central uncertainty for investors in a company like this.

Competitive Edge

Competitive Edge Immunovant operates in a crowded but fast-growing segment of autoimmune treatment focused on blocking the FcRn pathway. Larger players already have approved drugs in related areas, so Immunovant is not first to market. Its strategy instead is to be better: aiming for deeper and cleaner reductions of disease-causing antibodies, while avoiding side effects seen with earlier FcRn drugs, especially effects on albumin and cholesterol. A long patent life on its lead asset and support from its parent group provide important strategic advantages. Still, competition from established companies with commercial infrastructures is intense, and Immunovant must show clearly superior data to secure a durable position.

Innovation and R&D

Innovation and R&D The company’s value proposition is almost entirely tied to innovation. Its lead next-generation antibody, IMVT‑1402, is designed to reduce harmful antibodies while leaving other key blood components largely untouched, which could translate into a more favorable safety and tolerability profile. Immunovant is pursuing a broad “pipeline-in-a-product” strategy, testing this drug across many autoimmune diseases, from Graves’ disease and myasthenia gravis to difficult-to-treat rheumatoid arthritis and neuropathies. R&D is heavily outsourced for manufacturing, allowing management to focus on clinical design and regulatory strategy. The upside is meaningful if trials confirm best-in-class performance, but the usual clinical risks remain high: delays, mixed data, or safety issues could quickly change the outlook.

Summary

Immunovant is a classic high-risk, high-upside clinical-stage biotech: no revenue, growing losses, and a balance sheet dominated by cash raised from investors. Its financial strength lies in having no debt and a solid cash reserve, but it continues to burn cash to fund a broad and expensive development program. The company’s future hinges on the success of its FcRn inhibitor platform, particularly IMVT‑1402, and on proving that its safety and convenience advantages are real and meaningful versus larger competitors. Until pivotal data arrive over the next few years, the story is mostly about scientific promise, execution on clinical trials, and managing the cash runway in a highly competitive autoimmune landscape.

NEWS

November 10, 2025 · 7:00 AM UTC

Immunovant Provides Corporate Updates and Reports Financial Results for the Second Quarter Ended September 30, 2025

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October 27, 2025 · 4:10 PM UTC

Immunovant to Report Financial Results for the Second Quarter Ended September 30, 2025, and Provide Business Update on Monday, November 10, 2025

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September 3, 2025 · 1:01 PM UTC

Roivant Unveils Durability and Treatment-Free Six-month Remission Data with Potential to Change Treatment Paradigm for Uncontrolled Graves' Disease Patients

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September 3, 2025 · 12:57 PM UTC

Immunovant Unveils Durability and Treatment-Free Six-month Remission Data with Potential to Change Treatment Paradigm for Uncontrolled Graves' Disease Patients

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