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Immunovant, Inc. (IMVT)·Q4 2025 Earnings Summary

Executive Summary

  • Fiscal Q4 2025 was execution-heavy: IMVT reported expanded IMVT-1402 programs, positive batoclimab MG and CIDP data, and reiterated cash runway through the GD readout in 2027 .
  • Net loss was $106.4M with Diluted EPS of $(0.64); OpEx rose on IMVT-1402 clinical activity and higher personnel/IT/legal costs .
  • Guidance/milestones maintained: batoclimab TED top-line remains targeted for H2 2025; IMVT-1402 registrational trials in SjD and a second GD trial planned for summer 2025 .
  • Stock reaction catalysts: positive MG Phase 3 and CIDP efficacy signals, expanded registrational footprint for IMVT-1402, and Roivant’s increased operational involvement—plus strengthened liquidity positions supporting multi-indication execution .

What Went Well and What Went Wrong

What Went Well

  • Positive MG Phase 3 outcome: batoclimab met the primary endpoint in AChR+ patients at Week 12 with 5.6- and 4.7-point MG-ADL improvements for higher vs lower dose; deeper IgG reduction associated with deeper responses .
  • CIDP early results: 1.8-point improvement in aINCAT at Week 12 and an 84% responder rate when IgG lowering ≥70%, with consistent safety/tolerability .
  • Strengthened strategic alignment: Roivant increased operational involvement; Eric Venker appointed CEO and Tiago Girao CFO to drive rapid clinical execution across six announced IMVT-1402 indications .
  • Liquidity runway: ~$714M cash at 3/31/25; company reiterated runway through GD readout expected in 2027 .

What Went Wrong

  • Elevated OpEx: Q4 R&D $93.7M and G&A $20.2M, reflecting IMVT-1402 clinical work, manufacturing, and higher personnel/IT/legal/professional fees; net loss widened vs prior year .
  • No commercial revenue: remains pre-revenue; financial comparisons hinge on OpEx and net loss rather than top-line metrics .
  • Partial visibility on batoclimab path: company does not intend to seek MG/CIDP approval now; will await TED Phase 3 results before decisions, keeping batoclimab’s regulatory path contingent .

Financial Results

MetricQ4 FY2024 (3/31/24)Q3 FY2025 (12/31/24)Q4 FY2025 (3/31/25)
R&D Expenses ($USD Millions)$66.1 $94.5 $93.7
G&A Expenses ($USD Millions)$14.8 $19.8 $20.2
Total Operating Expenses ($USD Millions)$80.9 $114.3 $113.8
Net Loss ($USD Millions)$75.3 $111.1 $106.4
Diluted EPS ($)$(0.52) $(0.76) $(0.64)
Cash & Equivalents ($USD Millions)$635.4 $374.7 $714.0
Shares Outstanding (Millions)145.6 147.2 170.1

Consensus vs Actual (Q4 FY2025):

MetricConsensusActual
EPS ($)Unavailable*$(0.64)
Revenue ($USD Millions)Unavailable*n/a – pre-revenue

*Values retrieved from S&P Global.

Segment Breakdown: Not applicable; company is pre-commercial (clinical-stage immunology) .

Clinical KPIs (Q4 FY2025):

KPIQ4 FY2025
MG-ADL change (AChR+, Week 12): 680mg weekly5.6-point improvement
MG-ADL change (AChR+, Week 12): 340mg weekly4.7-point improvement
MSE at Week 12 (AChR+, %): Placebo/340mg/680mg7% / 31% / 42%
CIDP aINCAT change at Week 12 (run-in, pooled)1.8-point improvement
CIDP responder rate with IgG ≥70%84%

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Batoclimab MG top-lineBy 3/31/2025Expected by 3/31/2025 Reported 3/19/2025 Achieved/Disclosed
Batoclimab CIDP Period 1By 3/31/2025Expected by 3/31/2025 Announced 3/19/2025 Achieved/Disclosed
Batoclimab TED top-lineH2 2025H2 2025 H2 2025 Maintained
IMVT-1402 SjD trial initiationSummer 2025Planned Summer 2025 Planned Summer 2025 Maintained
IMVT-1402 second GD trial initiationSummer 2025Planned by CY-end or Summer follow-on Planned Summer 2025 Maintained
Cash runwayThrough GD readoutNot previously specifiedThrough GD readout expected in 2027 New/Clarified

Earnings Call Themes & Trends

TopicQ2 FY2025 (Sep 2024)Q3 FY2025 (Dec 2024)Q4 FY2025 (Mar 2025)Trend
IMVT-1402 program scaleFive INDs cleared; multi-registrational plans by 3/31/2025 Six INDs cleared; pivotal GD and D2T RA enrolling Six announced indications, SjD and CLE added Expanding indications, rapid execution
MG efficacy narrativeAwaiting MG top-line by 3/31/2025 Top-line expected by 3/31/2025 Primary endpoint met; deeper IgG → deeper responses Positive clinical validation
CIDP efficacy narrativeEnrollment for Period 1 completed Period 1 results by 3/31/2025 1.8 aINCAT improvement; 84% responders with IgG ≥70% Positive initial signal
TED timelineData shifted to H2 2025 H2 2025 reiterated H2 2025 reiterated Timing maintained
Leadership/IRCOO appointment —CEO/CFO changes; Roivant oversight; IR led by Roivant Increased operational involvement
LiquidityCash ~$472.9M at 9/30/24 Cash $374.7M at 12/31/24; pro forma ~$825M incl. Jan placement Cash ~$714M at 3/31/25; runway to 2027 Strengthened runway for execution

Management Commentary

  • “Immunovant’s new management team is focused on rapid clinical execution for the six announced indications for IMVT-1402… both expected to start in summer 2025” .
  • “Today’s results show that deeper IgG reduction leads to deeper responses in MG and CIDP… will apply to a wide range of auto-antibody mediated conditions” — Pete Salzmann, M.D. .
  • “I am incredibly excited to lead Immunovant into the next leg of its journey with a renewed focus on clinical execution across IMVT-1402 indications…” — Eric Venker, M.D. .
  • Financial drivers: R&D and G&A increases primarily due to IMVT-1402 trials, contract manufacturing, personnel, IT, legal/professional and market research costs .

Q&A Highlights

  • Earnings call transcript for fiscal Q4 FY2025 was not available in our document set. The company hosted investor webcasts on March 19, 2025 (MG/CIDP updates) and April 21, 2025 (management/strategy) .
  • No direct Q&A themes could be extracted without transcript access.

Estimates Context

  • Wall Street consensus estimates (S&P Global) for Q4 FY2025 were unavailable for EPS and revenue; IMVT remains pre-revenue and results are primarily driven by R&D progress and OpEx profile. Values retrieved from S&P Global.
  • Near-term estimate revisions likely hinge on clinical timelines (TED H2 2025, GD remission data summer 2025, SjD/GD registrational starts) rather than financial beats/misses .

Key Takeaways for Investors

  • Clinical validation: MG Phase 3 success and CIDP signals strengthen the thesis that deeper IgG reduction translates to better outcomes, supporting a potentially best-in-class profile for IMVT-1402 .
  • Execution ramp: Six IMVT-1402 indications (including SjD and CLE) and planned summer 2025 registrational starts in SjD and a second GD trial underscore accelerated development .
  • Liquidity support: ~$714M cash and stated runway to 2027 provide funding for multi-indication registrational programs and key readouts (TED H2 2025; GD remission data summer 2025) .
  • Strategy pivot: Focus is on IMVT-1402; batoclimab MG/CIDP approvals not pursued now, with TED results to inform batoclimab’s regulatory path and broader strategy .
  • Cost trajectory: Elevated R&D and G&A reflect increased trial activity; expect OpEx intensity to persist with ongoing registrational execution .
  • Stock catalysts: Continued IMVT-1402 trial initiations, TED Phase 3 top-line in H2 2025, GD remission data, and Roivant operational oversight are the key narrative drivers .
  • Risk watch: Regulatory timelines, enrollment dynamics (e.g., TED), and capital needs beyond current runway if scope expands further; management notes macro/regulatory uncertainties in forward-looking statements .