Immunovant (IMVT), a clinical-stage immunology company developing FcRn-targeted therapies for autoimmune diseases, reported its financial results for the third quarter ended December 31, 2025, and outlined key clinical milestones as it progresses IMVT-1402 and Batoclimab across a broad autoimmune pipeline.
The company's lead asset, IMVT-1402, is being advanced across multiple autoimmune indications. Its potentially registrational trial in difficult-to-treat rheumatoid arthritis is now fully enrolled, with topline data expected in the second half of 2026.
IMVT-1402 is also being evaluated in Graves' disease, myasthenia gravis, chronic inflammatory demyelinating polyneuropathy, and Sjögren's disease (SjD). A proof-of-concept readout in cutaneous lupus erythematosus is also expected in the second half of 2026.
Batoclimab, the company's second FcRn-targeted antibody, continues in two Phase 3 trials for thyroid eye disease, with topline data expected in the first half of 2026.
Immunovant said both programs remain on track and are supported by a strengthened balance sheet following a $550 million underwritten financing completed in December 2025, extending the company's cash runway through the potential launch of IMVT-1402 in Grave's disease. According to the company's pipeline update, additional readouts are expected in 2027, including potentially registrational data for IMVT-1402 in Graves' disease and myasthenia gravis, positioning the drug as a multi-indication autoimmune therapy candidate.
Net loss for the third quarter of 2025 was $110.6 million, a slight improvement from $111.1 million a year earlier. Net loss per share narrowed to $0.61 from $0.76. Non-GAAP net loss was $97.5 million, compared with $99.5 million in the prior-year period.
Immunovant ended the quarter with $994.5 million in cash and cash equivalents.
The company reported 203.3 million shares outstanding as of December 31, 2025.
IMVT has traded between $12.72 and $27.80 over the past year. The stock is currently trading at $25.58, up 6.30%.
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