Immunovant (IMVT) Q4 2026 earnings summary

Executive summary

• Strong execution and momentum across the development portfolio, with significant clinical and commercial progress over the past year.

• IMVT-1402 demonstrated strong efficacy in D2T RA, with ACR20/50/70 response rates of 73%, over 50%, and over 33% at Week 16 in a heavily refractory patient population; further CLE topline data expected in H2 2026.

• Brepocitinib awarded breakthrough and rare therapy designations for cutaneous sarcoidosis; new indications and studies enrolling.

• Mosliciguat phase II PHocus study in PH-ILD completed enrollment, with top-line data expected in the second half of the year.

• Batoclimab development discontinued after Phase 3 studies in TED failed to meet primary endpoints; focus shifted to IMVT-1402.

Financial highlights

• Cash and cash equivalents stood at $4.3 billion as of March 31, 2026, prior to the Moderna settlement; $902.1 million reported in another disclosure.

• No debt and continued share repurchases during the quarter.

• Q4 R&D expenses were $142.3M (non-GAAP: $136.0M), up from $93.7M (non-GAAP: $87.2M) YoY, mainly due to IMVT-1402 trials and $39M in batoclimab discontinuation costs.

• Q4 net loss was $147.9M ($0.73/share), up from $106.4M ($0.64/share) YoY; non-GAAP net loss was $137.0M vs. $94.9M YoY.

• FY26 R&D expenses were $456.7M (non-GAAP: $426.9M), up from $360.9M (non-GAAP: $333.9M) YoY.

Outlook and guidance

• Brepocitinib launch in dermatomyositis expected by end of September, pending FDA approval.

• Topline data for IMVT-1402 in CLE expected in H2 2026; registrational trial data in GD and MG anticipated in 2027.

• Mosliciguat phase II-B PHocus top-line data expected in the second half of the year.

• CLE PoC top-line data and further D2T RA updates anticipated later this year.

• Cash runway expected to support operations through potential IMVT-1402 launch in GD.