Immunovant Posts $97.2 Million Quarterly Loss, Reports Successful Dose in Arthritis Trial
Key Facts
Immunovant reported results on November 9 for its second fiscal quarter ended September 30, 2026, posting a net loss of $97.2 million, or $0.47 per share. The company said its net loss was $126.5 million, or $0.73 per share, in the same period of 2025. The announcement included updates on its clinical program, most notably that a dose of IMVT-1402 met the primary endpoint in a trial for difficult-to-treat rheumatoid arthritis. The financial results and trial put the drug at the forefront of the developments presented by the company, which remains in the clinical stage. The company also provided expected timelines for data from other trials in 2027 and 2028.
In the Phase 2 trial for difficult-to-treat rheumatoid arthritis, the ACR20 response rate among participants who received IMVT-1402 at a dose of 600 mg was 92.5% at Week 28, compared with 75.6% with placebo. Immunovant said the dose met the primary endpoint and reported a p-value of 0.0139. In the second-period efficacy analysis, the assessment included 117 participants assigned to the 600 mg and 300 mg doses and the placebo group. The 300 mg dose recorded an ACR20 response rate of 75.0% at Week 28, with no difference from placebo, according to the company. The company reported a p-value of 0.9426 for this comparison, making the reported results divergent between the two doses in the same trial.
Research and development expenses were $85.0 million in the three months ended September 30, 2026, down from $114.2 million in the corresponding period of 2025. Immunovant attributed the decline mainly to the conclusion of batoclimab trial activities and lower costs for some IMVT-1402 trials related to the timing of contract manufacturing expenses. General and administrative expenses, meanwhile, rose to $19.1 million from $17.5 million a year earlier. The company said the increase was mainly related to higher investment in pre-commercial activities. Reflecting differences in spending items, the quarterly net loss narrowed year over year, while non-GAAP net loss was $84.0 million, compared with $113.3 million in the same quarter of the previous year.
For the six months ended September 30, 2026, net loss was $250.5 million, compared with $247.1 million in the same period of 2025. Loss per share for the first half narrowed to $1.22 from $1.43. Cash and cash equivalents totaled $722.3 million as of September 30, 2026. Immunovant said this balance provides funding through the potential commercial launch of IMVT-1402 for Graves' disease under its current operating plan. This places the cash balance alongside spending and research activity in an assessment of the period, as the company continues developing its treatments before reaching commercial revenue. The company did not confirm revenue estimates or compare its loss per share with analyst expectations in the statement.
The company expects to report topline data from potentially registrational trials of IMVT-1402 in Graves' disease and myasthenia gravis during calendar year 2027. It also expects topline data from a trial of the drug in chronic inflammatory demyelinating polyneuropathy in 2028. In its November 9 update, Immunovant said it plans to meet with the U.S. Food and Drug Administration later that year to determine the regulatory path for the IMVT-1402 program in difficult-to-treat rheumatoid arthritis. IMVT shares closed at $30.53 on November 6, according to EL7 data. That closing price marks the share level before the results announcement and does not include any subsequent reaction to the update published on November 9.