Roivant Sciences Reports $172 Million Net Loss for Fiscal Year 2025

Roivant Sciences Ltd. (ROIV) reported a net loss of $172 million for the fiscal year ended March 31, 2025, a significant decrease compared to the net income of $4.35 billion in the previous fiscal year. This downturn was primarily attributed to a substantial decrease in the gain on the sale of Telavant net assets, which plummeted from $5.35 billion in fiscal year 2024 to $110.4 million in fiscal year 2025. Revenue also saw a slight decrease, falling from $32.7 million to $29.1 million, mainly derived from license agreements at Genevant.

Operating expenses increased significantly, rising from $884.1 million to $1.14 billion. Research and development expenses were a major contributor, climbing from $439.9 million to $550.4 million due to the progression of the anti-FcRn franchise and the addition of mosliciguat, a new pipeline program. General and administrative expenses also increased substantially, from $416.1 million to $591.4 million, driven by higher personnel-related expenses and share-based compensation, particularly related to a new senior executive compensation program. The company also repurchased 128.4 million common shares for $1.3 billion during the fiscal year, reducing common shares outstanding by 14% from the previous year.

Key operational developments included the completion of the sale of Dermavant to Organon for up to $1.2 billion, including milestone payments and royalties on VTAMA sales. Roivant also progressed its pipeline, reporting positive results from the Phase 2 NEPTUNE study of brepocitinib in non-infectious uveitis and initiating a Phase 3 program in the same indication. The anti-FcRn franchise also saw progress, with positive results from a Phase 3 study of batoclimab in myasthenia gravis and the initiation of multiple studies for IMVT-1402 across various autoimmune indications. Pulmovant initiated a Phase 2 study of mosliciguat in pulmonary hypertension associated with interstitial lung disease. The company's employee headcount stood at approximately 750 as of March 31, 2025.

Looking ahead, Roivant anticipates several near-term catalysts, including topline data from Phase 3 trials of brepocitinib in dermatomyositis and batoclimab in thyroid eye disease, as well as initial results from a potentially registrational trial of IMVT-1402 in difficult-to-treat rheumatoid arthritis. The company also plans to in-license multiple potentially category-leading drugs per year. Roivant's cash, cash equivalents, and marketable securities totaled $4.9 billion as of March 31, 2025, which the company believes will be sufficient to fund operations for the foreseeable future.