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Sep 30, 2025
Immunovant Q2 2026 Earnings Report
Immunovant reported a wider net loss in Q2 2026 due to increased R&D expenses tied to clinical trials, but maintained a strong cash position.
Key Takeaways
Immunovant’s Q2 2026 saw increased R&D investment driving a higher net loss, while the company preserved over $521 million in cash to support upcoming trial milestones.
Net loss widened to $126.5M, driven by increased clinical development spend
R&D expenses reached $114.2M, primarily due to IMVT-1402 trial activity
Cash and cash equivalents stood at $521.9M at quarter-end
General and administrative expenses were slightly down YoY at $17.5M
Forward Guidance
Immunovant is progressing with registrational trials and expects multiple clinical readouts across 2026–2027, with sufficient funding through 2027.
Positive Outlook
- Six-month off-treatment data in GD shows potentially disease-modifying effects
- IMVT-1402 development continues across six indications
- First Phase 3 TED study still expected to read out by end of 2025
- Cash runway expected to last through GD readout in 2027
- Proof-of-concept CLE trial results expected in 2026
Challenges Ahead
- Net loss increased significantly YoY
- No revenue reported in the quarter
- Phase 3 TED results delayed for competitive reasons
- Higher clinical trial costs impacted bottom line
Historical Earnings Impact
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Avg. Return Before/After Earnings
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