Immunovant Reports Fiscal Year 2025 Results and Advances Clinical Pipeline

**Immunovant, Inc. Reports Fiscal Year 2025 Results, Advances Clinical Pipeline**

Immunovant, Inc. (IMVT), a clinical-stage immunology company, reported its financial results for the fiscal year ended March 31, 2025, showcasing significant investment in its research and development programs. The company reported a net loss of $413.8 million, compared to a net loss of $259.3 million for the previous fiscal year. This increase in net loss is primarily attributed to a substantial rise in research and development expenses, which totaled $360.9 million for fiscal year 2025, compared to $212.9 million in fiscal year 2024. General and administrative expenses also increased, reaching $77.2 million, up from $57.3 million in the prior year.

The company's increased spending reflects its strategic focus on advancing its clinical pipeline, particularly its lead candidate, IMVT-1402. Immunovant initiated potentially registrational trials for IMVT-1402 in Graves' disease (GD), difficult-to-treat rheumatoid arthritis (D2T RA), myasthenia gravis (MG), and chronic inflammatory demyelinating polyneuropathy (CIDP), as well as a proof-of-concept trial in cutaneous lupus erythematosus (CLE). The company also plans to initiate a potentially registrational trial evaluating IMVT-1402 in Sjögren's disease (SjD) and a second potentially registrational trial in GD in the summer of 2025. These activities have led to increased therapeutic area-specific research and development costs, as well as higher personnel-related expenses and other unallocated research and development costs.

Operationally, Immunovant announced top-line results from its Phase 3 trial of batoclimab in MG, meeting its primary endpoint. Initial results from Period 1 of the Phase 2b study of batoclimab in CIDP were also announced, demonstrating a mean improvement in the aINCAT disability score. These data are being leveraged to inform and potentially accelerate the development programs for IMVT-1402. As of March 31, 2025, Immunovant had 362 full-time employees, with a significant portion dedicated to research and development activities.

Looking ahead, Immunovant anticipates that its existing cash and cash equivalents of $714.0 million as of March 31, 2025, will be sufficient to fund its operating expenses and capital expenditure requirements for announced indications to date through its GD readout expected in 2027. The company expects to continue to incur significant operating losses and negative cash flows for the foreseeable future as it progresses its clinical trials and prepares for potential regulatory submissions and commercialization activities. Immunovant's future success is contingent upon the successful development, regulatory approval, and commercialization of its product candidates, as well as its ability to manage competition and maintain intellectual property protection.