Executive Summary

Immunovant delivered a clean Q1 FY2026 print as a clinical-stage company: no revenue, higher R&D to drive six active IMVT‑1402 indications, and a net loss of $120.6M ($0.71/share) as trials ramped; cash and equivalents were $598.9M at quarter-end, with runway “through GD readout expected in 2027.”
Execution advanced: the company initiated a second potentially registrational GD study and a potentially registrational Sjögren’s (SjD) study in June 2025; all six IMVT‑1402 programs remain on track, with multiple readouts slated across 2026–2027.
Near-term catalysts (set during/around Q1): batoclimab GD remission data at the ATA meeting in September 2025 and continued enrollment progress across registrational programs.
Estimates context: S&P Global consensus for IMVT revenue/EPS was unavailable this quarter (pre‑revenue biotech); therefore, no vs‑consensus comparison is provided.

What Went Well and What Went Wrong

What Went Well

Initiation of key registrational trials: second GD and SjD studies (June 2025), keeping the six‑indication plan for IMVT‑1402 on track. Quote (CEO): “We remain laser‑focused on executing on our development plans, and all ongoing trials remain on track as we progress IMVT‑1402 through the clinic.”
Funding runway intact: Cash and equivalents were $598.9M at 6/30/25; management reiterated runway “through GD readout expected in 2027,” supporting planned studies without immediate financing.
Clear 2026–2027 roadmap: management reiterated 2026 open‑label D2T RA and CLE POC readouts, and 2027 toplines across GD, MG, and D2T RA, anchoring a multi‑indication path to value.

What Went Wrong

Operating expenses rose materially as studies scaled: R&D increased to $101.2M vs $75.5M YoY; G&A rose to $26.0M vs $18.8M YoY, widening GAAP net loss to $120.6M vs $87.2M YoY.
Continued dilution from share growth as the company funds pipeline: common shares outstanding increased to 171.1M at 6/30/25 from 170.1M at 3/31/25 and 147.2M at 12/31/24.
No revenue and ongoing losses (typical for clinical stage): net loss per share of $0.71 and non‑GAAP net loss of $102.1M underscore the heavy investment period ahead of efficacy readouts.

Financial Results

Quarterly P&L and Cash (Oldest → Newest)

Metric	Q3 2025 (Dec 31, 2024)	Q4 2025 (Mar 31, 2025)	Q1 2026 (Jun 30, 2025)
Research & Development Expense ($M)	$94.5	$93.7	$101.2
General & Administrative Expense ($M)	$19.8	$20.2	$26.0
Net Loss ($M)	$111.1	$106.4	$120.6
Net Loss per Share (GAAP)	$(0.76)	$(0.64)	$(0.71)
Cash & Cash Equivalents (Period End, $M)	$374.7	$714.0	$598.9
Weighted Avg Shares (Basic & Diluted)	146.9M	166.7M	170.9M
Common Shares Outstanding (End of Period)	147.2M	170.1M	171.1M

Notes:

Company reported no product revenue; statements of operations list operating expenses and other income/expense without a revenue line for the periods shown.
Non‑GAAP Q1 2026: Adjusted net loss $102.1M; non‑GAAP R&D $93.3M; non‑GAAP G&A $15.4M.

KPIs (Program Execution)

KPI	Q3 2025	Q4 2025	Q1 2026
IMVT‑1402 Indications in Active Development	6 (plan reiterated)	6 (maintained)	6 (maintained)
New Trials Initiated	—	Planned to start second GD and SjD in summer 2025	Initiated second GD and SjD (June 2025)
Near‑Term Milestones	MG/CIDP toplines by 3/31/25	GD remission data summer 2025; TED Phase 3 topline 2H 2025	GD remission data at ATA Sept 2025; 2026 D2T RA open‑label and CLE POC; 2027 GD/MG/D2T RA

Guidance Changes

Metric/Topic	Period	Previous Guidance	Current Guidance (Q1 FY26)	Change
Batoclimab TED Phase 3 topline timing	CY2025	“2H 2025” topline expected	“2H 2025” topline still expected	Maintained in Q1
Batoclimab GD remission data	CY2025	“Summer 2025”	ATA Annual Meeting in September 2025	Narrowed/dated
Cash runway	Through GD readout	“Through GD readout expected in 2027”	“Through GD readout expected in 2027”	Maintained
IMVT‑1402 study starts (GD #2; SjD)	Summer 2025	Expected to start in summer 2025	Initiated June 2025	Achieved

Subsequent update (post‑Q1): On Nov 10, 2025, management said due to evolving competitive dynamics they anticipate reporting topline from both TED studies together in H1 2026 (instead of reporting the first study alone in late 2025).

Earnings Call Themes & Trends

Topic	Previous Mentions (Q3 FY2025, Q4 FY2025)	Current Period (Q1 FY2026)	Trend
R&D execution (INDs, trial starts)	Six INDs cleared and pivotal studies initiated/planned	Second GD and SjD registrational trials initiated; all six programs “on track”	Positive momentum
Graves’ disease strategy	Disease‑modifying potential indicated by batoclimab; GD trials progressing	GD remission data to be presented at ATA Sept 2025; multiple 2027 readouts planned	Building evidence/catalysts
TED Phase 3 timing	Topline 2H 2025 expected	2H 2025 maintained during Q1 ; later revised post‑Q1 to H1 2026 together	Initially steady; later consolidated timeline
Cash runway	Adequate cash for plan	Cash $598.9M; runway through 2027 reiterated	Stable
Portfolio breadth	Multi‑indication path across endocrinology/neurology/rheumatology	2026–2027 multi‑readout plan reiterated	Consistent

Management Commentary

“We remain laser‑focused on executing on our development plans, and all ongoing trials remain on track as we progress IMVT‑1402 through the clinic.” — Eric Venker, M.D., CEO (Q1 press release)
“In June 2025, Immunovant initiated a second potentially registrational trial … in GD and a potentially registrational trial … in SjD.”
Post‑Q1 update on TED: “Due to evolving competitive dynamics, the Company anticipates sharing topline results from both TED studies concurrently in the first half of calendar year 2026.”

Q&A Highlights

No Q1 FY2026 earnings call transcript was available in our document set. For context, themes from the subsequent Q2 FY2026 call (Nov 10, 2025) included:

Competitive landscape in Graves’/TED: deeper IgG suppression seen as key differentiator; decision to align TED readouts reflects evolving competition.
Sjögren’s positioning: opportunity to be near first‑in‑class with potential best‑in‑class FcRn profile if deeper IgG suppression translates into superior outcomes.
Commercial framing: large unmet need in Graves’ and DM; caution on launch cadence but confidence in peak opportunity.

Estimates Context

S&P Global consensus EPS/revenue estimates for IMVT were unavailable this quarter given its pre‑revenue status; as a result, no vs‑consensus beat/miss analysis can be provided.

Key Takeaways for Investors

Execution signal: Initiation of second GD and SjD registrational studies de‑risks timelines and supports the 2026–2027 readout cadence across multiple indications.
Cash runway intact: $598.9M cash at 6/30/25 with runway through 2027 underpins the program without near‑term financing, despite higher quarterly OpEx.
Expense trajectory: R&D and G&A rose sharply YoY as pivotal infrastructure scaled; monitor spending vs. milestones to gauge cash burn trajectory.
Catalysts: GD remission presentation at ATA (Sept 2025) and continued progress/enrollment across registrational trials; these are likely stock drivers near‑term.
TED expectations: While Q1 guidance held for 2H 2025, subsequent consolidation of toplines to H1 2026 reflects competitive positioning; watch final efficacy/safety and strategic implications.
Medium‑term thesis: If IMVT‑1402’s deeper IgG suppression translates across GD/MG/D2T RA/SjD/CIDP with clean tolerability, the multi‑indication profile could unlock substantial value through 2027.

Sources: Q1 FY2026 8‑K press release and financials (Aug 11, 2025) ; prior quarters Q4 FY2025 (May 29, 2025) and Q3 FY2025 (Feb 6, 2025) ; subsequent Q2 FY2026 updates (Nov 10, 2025) for context .

Immunovant, Inc. (IMVT)·Q1 2026 Earnings Summary