Immunovant Fully Enrolls RA Trial, Raises $550M to Fuel 2027 GD Launch
Immunovant’s Phase 3 trial of IMVT-1402 in difficult-to-treat rheumatoid arthritis is fully enrolled, with topline data expected in H2 2026, and development across Graves’ disease, myasthenia gravis, CIDP, Sjögren’s disease and cutaneous lupus remains on track. A December financing generated about $550 million, increasing cash to $994.5 million, and extends runway to support a potential IMVT-1402 launch in Graves’ disease in 2027.
1. Trial Enrollment and Pipeline Progress
The company announced full enrollment of its potentially registrational IMVT-1402 study in difficult-to-treat rheumatoid arthritis, with topline results anticipated in the second half of 2026. Additional potentially registrational trials in Graves’ disease, myasthenia gravis, chronic inflammatory demyelinating polyneuropathy and Sjögren’s disease, along with a proof-of-concept study in cutaneous lupus erythematosus, are progressing on schedule, underpinning a diversified autoimmune pipeline.
2. Financing and Cash Position
In December 2025, Immunovant completed an underwritten financing with key institutional investors and Roivant, generating approximately $550 million in gross proceeds. As of December 31, 2025, the company held $994.5 million in cash and equivalents, providing funding to support clinical development and a potential product launch of IMVT-1402 in Graves’ disease in 2027.
3. Q3 Financial Results
For the quarter ended December 31, 2025, Immunovant reported R&D expenses of $98.9 million, up from $94.5 million a year earlier, driven by ongoing IMVT-1402 trial activities. G&A expenses decreased to $15.4 million, while net loss was $110.6 million ($0.61 per share), compared with a $111.1 million loss ($0.76 per share) in the prior year period.