Immunovant reported a Q3 net loss of $0.61 per share, beating the $0.72 consensus and improving from $0.76 a year ago. Excluding stock-based compensation, the adjusted loss was $0.54 per share. Research and development expenses rose 4.6% to $98.9 million, while general and administrative costs declined 22% to $15.4 million.

As of December 30, 2025, cash and cash equivalents totaled $994.5 million, up from $521.9 million as of September 30. The company completed a $550 million underwritten financing in December to support clinical programs. This capital infusion extends the cash runway through the anticipated commercial launch of IMVT-1402 for Graves’ disease.

IMVT-1402, a next-generation FcRn inhibitor, remains the lead asset with potential registrational studies in Graves’ disease, difficult-to-treat rheumatoid arthritis, myasthenia gravis, chronic inflammatory demyelinating polyneuropathy and Sjögren’s disease, plus a proof-of-concept trial in cutaneous lupus erythematosus. Enrollment in the D2T RA trial’s open-label arm is complete, with top-line data expected in H2 2026. Registrational data for Graves’ disease and myasthenia gravis are anticipated in 2027. The second candidate, batoclimab, is in mid-to-late-stage trials for Graves’ disease and thyroid eye disease, with data due in H1 2026.