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Immunovant (IMVT) investor relations material
Immunovant Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary10 Nov, 2025
Executive summary
Achieved significant clinical milestones, including first-ever potentially disease-modifying outcome in uncontrolled Graves' disease with six-month off-treatment data and positive phase III VALOR data for brepocitinib in dermatomyositis, meeting all 10 ranked endpoints and demonstrating robust efficacy and steroid-sparing benefits.
Advanced a broad late-stage pipeline with 11 potentially registration-enabling trials across multiple autoimmune indications, including GD, myasthenia gravis, CIDP, D2T RA, Sjögren's, CLE, and TED, with IMVT-1402 and batoclimab as lead assets.
Maintained strong capital positions, with $4.4 billion and $521.9 million in cash and cash equivalents reported by different entities, supporting pipeline progression and clinical milestones through 2027.
No revenue generated to date; business model centers on R&D and clinical advancement of product candidates.
Share buybacks and capital return authorizations continue, with a $500 million program in place.
Financial highlights
Reported net loss from continuing operations of $166 million for the quarter for one entity, and $126.5 million for the quarter and $247.1 million for the six months ended September 30, 2025, for another, driven by higher R&D expenses.
Cash and cash equivalents stood at $4.4 billion and $521.9 million at quarter-end, with no outstanding debt.
Operating expenses and R&D spending increased due to new clinical trial initiations and personnel costs.
General and administrative expenses decreased year-over-year, reflecting cost management.
Weighted-average shares outstanding: 173.6 million for the quarter.
Outlook and guidance
NDA filing for brepocitinib in DM remains on track for the first half of next year, with potential to be the first novel oral therapeutic in DM.
Data readouts expected in 2026–2027 for multiple indications, including D2T RA, CLE, Graves, MG, Sjögren's, CIDP, and TED.
Cash positions are expected to fund operations and clinical programs through key readouts in 2027, but additional capital may be required for future growth.
Investor Day scheduled for December 11, 2025, to provide a comprehensive business update.
Anticipates continued net losses and negative cash flows as clinical programs expand.
Graves'/TED competitive sequencing strategy
LNP litigation: next key milestones?
Pipeline expansion criteria for new assets?
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Next Immunovant earnings date
Q3 20266 Feb, 2026
Next Immunovant earnings date
Q3 20266 Feb, 2026
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Frequently asked questions
Immunovant, Inc. (IMVT) is a clinical-stage biopharmaceutical company focused on the development of innovative treatments for patients with autoimmune diseases. Leveraging advanced anti-FcRn technology, Immunovant aims to create targeted therapies designed to address the complex and variable nature of autoimmune conditions. The company's approach is centered on improving the lives of patients by developing treatments that can potentially modify or halt the autoimmune response without compromising the immune system's ability to fight infections. Immunovant's research pipeline includes promising investigational products that embody the company's commitment to advancing the field of immunology and providing new options for individuals affected by autoimmune diseases. The company is headquartered in New York, NY, and its shares are listed on the Nasdaq.
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