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Jun 30, 2025
Immunovant Q1 2026 Earnings Report
Immunovant posted a wider net loss in Q1 2026 due to increased R&D and G&A expenses tied to expanded clinical trial activity.
Key Takeaways
Immunovant reported a Q1 2026 net loss of $120.6M, compared to $87.2M a year earlier, driven by higher expenses related to its IMVT-1402 clinical programs and personnel costs. The company ended the quarter with $598.9M in cash and equivalents, maintaining runway through 2027 for announced indications.
Net loss widened to $120.6M from $87.2M in the prior-year quarter.
R&D expenses rose to $101.2M, reflecting increased trial and manufacturing activity for IMVT-1402.
G&A expenses grew to $26.0M due to higher personnel-related costs.
Cash and cash equivalents totaled $598.9M, providing runway into 2027.
Forward Guidance
Immunovant will continue advancing IMVT-1402 across six indications, with multiple key clinical readouts expected between 2025 and 2027, supported by its strong cash position.
Positive Outlook
- Initiated potentially registrational trials of IMVT-1402 in Graves’ disease and Sjögren’s disease.
- All other clinical trials across six indications remain on track.
- Remission data from batoclimab proof-of-concept study in GD expected in September 2025.
- Multiple top-line results for IMVT-1402 anticipated between 2026 and 2027.
- Cash runway expected to extend through 2027 GD readout.
Challenges Ahead
- Net loss widened significantly year over year.
- R&D expenses increased sharply due to expanded trials and manufacturing costs.
- G&A expenses rose on higher personnel-related costs.
- Ongoing dependence on successful clinical outcomes for future growth.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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