Immunovant (IMVT) Q1 2027 earnings summary

Executive summary

• Significant pipeline progress with brepocitinib launch in DM imminent, multiple registrational programs ongoing, and IMVT-1402 clinical development advancing across six autoimmune indications, with key data readouts expected from 2026 to 2028.

• Discontinued all development of batoclimab in April 2026 to focus resources on IMVT-1402 after Phase 3 trials in thyroid eye disease failed to meet primary endpoints.

• Received $950 million upfront from Moderna settlement, with further litigation and potential payments ongoing.

Financial highlights

• R&D expenses were about $200 million for the quarter, with IMVT-1402-related R&D at $142.6 million, up from $101.2 million year-over-year.

• Net loss for the quarter ended June 30, 2026, was $153.2 million ($0.75 per share), compared to $120.6 million ($0.71 per share) a year earlier.

• Non-GAAP adjusted G&A was just under $100 million; GAAP G&A was $166 million, while IMVT-1402-related G&A decreased to $17.7 million.

• Cash and cash equivalents were just under $4 billion before Moderna settlement receipt for one entity, and $797.8 million as of June 30, 2026, for another.

• Significant share repurchase activity, totaling about $200 million in the quarter, with over $1.5 billion bought back through mid-2025.

Outlook and guidance

• Anticipates a busy second half of 2026 with multiple clinical data readouts and potential launches, including topline data for IMVT-1402 in D2T RA and CLE, and further data in 2027–2028.

• Guidance for brepocitinib DM launch is “slow and steady,” focusing on long-term success across multiple indications.

• Current cash runway expected to last through the potential launch of IMVT-1402 in Graves' disease.