Name: Immunovant, Inc. Q3 2025 Earnings Call
Start: 2025-02-06T00:00:00.000Z

Executive Summary

Fiscal Q2 2026 (calendar Q3 2025) results: net loss of $126.5M ($-0.73 EPS), driven by increased IMVT-1402 clinical spend; cash fell to $521.9M, sustaining runway through Graves’ disease readout expected in 2027 .
R&D rose versus prior year (to $114.2M vs $97.3M) while G&A fell (to $17.5M vs $18.5M), reflecting clinical execution and administrative streamlining .
Program update surprise: management will report topline for both Phase 3 TED studies concurrently in H1 2026 (vs prior expectation of first study by YE25), citing evolving competitive dynamics; LPLV imminent .
Clinical momentum: six‑month off‑treatment GD remission data showed ~80% responders (17/21) and ~50% ATD‑free remission among responders, underpinning IMVT-1402’s registrational path across multiple indications .

What Went Well and What Went Wrong

GD remission durability: ~80% (17/21) maintained normal thyroid function six months off batoclimab; ~50% (8/17) achieved ATD‑free remission, supporting disease‑modifying potential .
Strong pipeline execution: potentially registrational trials in GD, MG, CIDP, D2T RA, SjD on track; CLE proof‑of‑concept targeted for 2026 readout .
Management confidence in FcRn depth: “deeper IgG reductions… drive towards… remission” in GD, positioning 1402 at high dose for competitive differentiation .

Increased quarterly net loss as clinical spend ramped: net loss widened to $126.5M from $109.1M YoY; non‑GAAP net loss to $113.3M from $96.5M .
TED timing shift: topline reporting postponed to concurrent release of both Phase 3 studies in H1 2026 rather than first study by YE25, reflecting competitive dynamics; introduces timeline uncertainty for batoclimab TED decision .
Cash drawdown: cash declined to $521.9M from $598.9M in prior quarter as trials scaled, though runway remains adequate to GD 2027 .

Note: IMVT is clinical-stage with no product revenues disclosed; focus is on expenses, loss, cash.

Metric	Q4 FY2025 (Mar 31, 2025)	Q1 FY2026 (Jun 30, 2025)	Q2 FY2026 (Sep 30, 2025)
Net Loss ($USD Millions)	$106.4	$120.6	$126.5
Diluted EPS ($USD)	$-0.64	$-0.71	$-0.73
Total Operating Expenses ($USD Millions)	$113.8	$127.2	$131.8
R&D Expenses ($USD Millions)	$93.7	$101.2	$114.2
G&A Expenses ($USD Millions)	$20.2	$26.0	$17.5
Cash and Cash Equivalents ($USD Millions)	$714.0	$598.9	$521.9
Weighted‑Avg Shares (Millions)	166.7	170.9	173.6

KPIs

KPI	Current Quarter (Q2 FY2026)	Prior Quarter (Q1 FY2026)	Notes
Non‑GAAP Net Loss ($USD Millions)	$113.3	$102.1	Stock‑based comp add‑backs per reconciliations
Shares Outstanding (Period End)	174.53M	171.07M	Company-reported
GD Week‑48 Off‑Treatment Responders	17/21 (~80%)	N/A	Six‑month remission data
ATD‑Free Remission (Responders)	8/17 (~50%)	N/A	GD remission durability

Segment breakdown: Not applicable (no commercial segments disclosed).

Metric	Period	Previous Guidance	Current Guidance	Change
Batoclimab TED Phase 3 topline reporting	Calendar timeline	First of two TED studies to read out before YE2025	Share topline for both TED studies concurrently in H1 2026; LPLV near	Raised prudence; timing delayed/modified
IMVT‑1402 D2T RA (open‑label portion) topline	Calendar 2026	2026	2026	Maintained
IMVT‑1402 CLE POC topline	Calendar 2026	2026	2026	Maintained
IMVT‑1402 GD, MG registrational toplines	Calendar 2027	2027	2027	Maintained
Cash Runway	Through GD readout	Through 2027	Through 2027	Maintained

Topic	Previous Mentions (Q‑2 and Q‑1)	Current Period	Trend
Competitive intensity in GD/TED	Registrational starts; remit data to be presented at ATA	Delay topline to concurrent TED results; competitive landscape cited	Intensifying; strategy adapting
R&D execution across 1402 indications	Six announced indications on track	11 potentially registrational indications count referenced; stacked 36‑month catalyst view	Broadening execution cadence
GD remission durability and IgG depth	Planned remission data	Emphasis on deeper IgG suppression driving remission durability	Validating mechanism; dose strategy
Regulatory/legal (LNP litigation)	N/A in IMVT Q1 press	Q&A on Moderna/Pfizer cases; timelines and magnitudes discussed	Ongoing; investor focus persists
Cash and runway	$598.9M cash; runway to 2027	$521.9M cash; runway maintained	Runway intact despite burn

“We are going to hold off reporting the top-line data from that first [TED] study… and report it when we have it all [both studies]” — highlighting prudent approach amid competition .
“Remission is about TRAb getting normal for longer… deeper IgG reductions are going to drive towards exactly that outcome” — framing 1402 dose strategy .
On Graves’ market evolution: “FcRn has been… a pretty undisputed king… first FcRn to launch… has been a tremendous head start… we feel great about our position” .
“More than a third… [DM] patients were able to get… major TIFS responses and minimal or no steroid burden at week 52” — underscoring batoclimab’s clinical profile in DM context .

Competitive landscape in GD/TED: Management views deeper IgG suppression as key differentiator; will align TED disclosure to both studies given competitive shifts .
Litigation watch items: Summary judgment scope in Moderna case contextualized; Pfizer case scheduling seen as near‑term public milestone .
Sjögren’s opportunity: Potential to be best‑in‑class if deeper IgG yields superior ESSDAI outcomes; considering expedited pathways for BREPO in DM where appropriate .
DM launch cadence: No direct analogs; cautious launch guidance with large unmet need and oral convenience expected to aid adoption over time .

Wall Street consensus (S&P Global) for EPS and revenue was unavailable due to request limits; therefore, we cannot provide a vs‑estimates comparison this quarter.

TED disclosure strategy change is the main stock narrative this quarter; concurrent topline in H1 2026 reduces piecemeal risk but delays near‑term TED optics; watch for LPLV confirmation and calendar specifics .
GD remission durability and ATD‑free outcomes materially de‑risk 1402’s registrational path; depth of IgG suppression remains Immunovant’s core competitive thesis .
Expense ramp reflects accelerated multi‑indication execution; cash runway to 2027 remains intact but expect continued quarterly burn as programs scale .
Near‑term catalysts: CLE and D2T RA readouts in 2026; GD/MG toplines in 2027; investor day in December should refine commercial narratives and competitive positioning .
Trading lens: Expect sentiment tied to TED timing shift and competitive GD/TED headlines; durability data in GD supports medium‑term multiple expansion pending 1402 registrational progress .