imvt-20250630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 001-38906

IMMUNOVANT, INC.

(Exact name of registrant as specified in its charter)


Delaware		83-2771572
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

320 West 37th Street		10018
New York,	NY
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (917) 580-3099

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading
Symbol(s)

Name of each exchange
on which registered

Common Stock, $0.0001 par value per share

IMVT

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated Filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of August 4, 2025, there were 174,316,841 shares of the Registrant’s common stock, $0.0001 par value per share, outstanding.



		Page

PART I.	FINANCIAL INFORMATION
Item 1.	Financial Statements (unaudited)	2
	Condensed Consolidated Balance Sheets as of June 30, 2025 and March 31, 2025	2
	Condensed Consolidated Statements of Operations for the Three Months Ended June 30, 2025 and 2024	3
	Condensed Consolidated Statements of Comprehensive Loss for the Three Months Ended June 30, 2025 and 2024	4
	Condensed Consolidated Statements of Stockholders’ Equity for the Three Months Ended June 30, 2025 and 2024	5
	Condensed Consolidated Statements of Cash Flows for the Three Months Ended June 30, 2025 and 2024	6
	Notes to Condensed Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	17
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	27
Item 4.	Controls and Procedures	27
PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	28
Item 1A.	Risk Factors	28
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	29
Item 3.	Defaults Upon Senior Securities	29
Item 4.	Mine Safety Disclosures	29
Item 5.	Other Information	29
Item 6.	Exhibits	30
SIGNATURES		31


	June 30, 2025		March 31, 2025
Assets
Current assets:
Cash and cash equivalents	$	598,912	$	713,971
Accounts receivable	1,936		2,084
Prepaid expenses and other current assets	50,915		51,705


Total current assets	651,763		767,760

Property and equipment, net	737		844
Other assets	8,940		7,618

Total assets	$	661,440	$	776,222
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	7,843	$	17,656
Accrued expenses and other current liabilities	45,057		51,119



Total current liabilities	52,900		68,775

Total liabilities	52,900		68,775
Commitments and contingencies (Note 10)
Stockholders’ equity:
Series A preferred stock, par value $0.0001 per share, 10,000 shares authorized, issued and outstanding at June 30, 2025 and March 31, 2025	—		—
Preferred stock, par value $0.0001 per share, 10,000,000 shares authorized, no shares issued and outstanding at June 30, 2025 and March 31, 2025	—		—
Common stock, par value $0.0001 per share, 500,000,000 shares authorized, 171,069,176 shares issued and outstanding at June 30, 2025 and 500,000,000 shares authorized, 170,111,593 shares issued and outstanding at March 31, 2025	16		16
Additional paid-in capital	1,966,923		1,945,495
Accumulated other comprehensive income	1,737		1,459
Accumulated deficit	(1,360,136)		(1,239,523)
Total stockholders’ equity	608,540		707,447
Total liabilities and stockholders’ equity	$	661,440	$	776,222


	Three Months Ended June 30,
	2025		2024
Operating expenses:
Research and development	$	101,200	$	75,473

General and administrative	26,024		18,808
Total operating expenses	127,224		94,281

Interest income, net	(6,337)		(7,180)
Other income, net	(1,187)		(28)
Loss before provision for income taxes	(119,700)		(87,073)
Provision for income taxes	913		77
Net loss	$	(120,613)	$	(87,150)
Net loss per common share – basic and diluted	$	(0.71)	$	(0.60)
Weighted-average common shares outstanding – basic and diluted	170,872,994		146,085,729


	Series A preferred stock			Common stock			Additional paid-in capital		Accumulated other comprehensive income		Accumulated deficit		Total stockholders’ equity
	Shares	Amount		Shares	Amount
Balance at March 31, 2025	10,000	$	—	170,111,593	$	16	$	1,945,495	$	1,459	$	(1,239,523)	$	707,447
Stock options exercised and restricted stock units vested and settled	—	—		957,583	—		2,918		—		—		2,918
Capital contribution – stock-based compensation	—	—		—	—		115		—		—		115
Stock-based compensation	—	—		—	—		18,395		—		—		18,395
Foreign currency translation adjustments	—	—		—	—		—		278		—		278
Net loss	—	—		—	—		—		—		(120,613)		(120,613)
Balance at June 30, 2025	10,000	$	—	171,069,176	$	16	$	1,966,923	$	1,737	$	(1,360,136)	$	608,540


	Three Months Ended June 30,
	2025		2024
Cash flows from operating activities
Net loss	$	(120,613)	$	(87,150)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	18,510		13,455
Depreciation on property and equipment	107		80
Non-cash lease expense	24		66




Changes in operating assets and liabilities:
Accounts receivable	129		2,927
Prepaid expenses and other current assets	498		(1,849)


Other assets	(1,361)		—
Accounts payable	(9,401)		3,879
Accrued expenses and other current liabilities	(5,304)		(7,607)



Net cash used in operating activities	(117,411)		(76,199)
Cash flows from investing activities
Purchase of property and equipment	—		(182)
Net cash used in investing activities	—		(182)
Cash flows from financing activities





Proceeds from stock options exercised	2,918		686


Net cash provided by financing activities	2,918		686
Effect of exchange rate changes on cash and cash equivalents	(566)		335
Net change in cash and cash equivalents	(115,059)		(75,360)
Cash and cash equivalents – beginning of period	713,971		635,365
Cash and cash equivalents – end of period	$	598,912	$	560,005


	June 30, 2025		March 31, 2025
Research and development expenses	$	35,444	$	32,622

Accrued bonuses	4,909		15,618
Legal and other professional fees	794		789
Employee severance	1,072		263
Due to Roivant Sciences Ltd.	862		273
Other expenses	1,976		1,554
Total accrued expenses and other current liabilities	$	45,057	$	51,119


	June 30, 2025	March 31, 2025
Conversion of Series A preferred stock	10,000	10,000
Stock options outstanding	14,783,964	12,963,834
Restricted stock units outstanding	5,507,546	4,043,674
Equity awards available for future grants	8,589,913	6,027,035
Total	28,891,423	23,044,543


	Number of Stock Options	Weighted- Average Exercise Price		Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in thousands)
Balance - March 31, 2025	12,963,834	$	12.00	6.25	$	88,960
Granted	2,838,551	$	15.28
Exercised	(433,635)	$	6.97
Forfeited	(584,983)	$	16.40
Expired	(6,894)	$	24.88
Balance - June 30, 2025	14,776,873	$	12.62	5.43	$	73,814
Exercisable - June 30, 2025	9,619,053	$	9.97	4.22	$	65,233


	Number of RSUs	Weighted- Average Grant Date Fair Value
Nonvested as of March 31, 2025	3,239,901	$	21.70
Issued	2,462,153	$	15.23
Vested	(511,496)	$	21.80
Forfeited	(467,242)	$	17.66
Nonvested as of June 30, 2025	4,723,316	$	18.71


	Three Months Ended June 30,				Change
	2025		2024*		$
Therapeutic area-specific costs:
Endocrine diseases	$	19,329	$	15,913	$	3,416
Neurological diseases	20,937		18,479		2,458
Rheumatology diseases	8,209		—		8,209
Dermatology diseases	5,145		—		5,145
Other clinical and nonclinical	2,392		6,401		(4,009)
Total therapeutic area-specific costs	56,012		40,793		15,219
Unallocated costs:
Personnel-related expenses including stock-based compensation	34,503		24,520		9,983
Other	10,685		10,160		525
Total research and development expenses	$	101,200	$	75,473	$	25,727


	Three Months Ended June 30,
	2025	2024
Risk-free interest rate	3.97%	4.38%
Expected term, in years	6.06	6.11
Expected volatility	78.52%	83.22%
Expected dividend yield	—%	—%



	Immunovant, Inc.

Date: August 11, 2025	By:	/s/ Eric Venker, M.D., Pharm.D.
		Eric Venker, M.D., Pharm.D.
		Chief Executive Officer

	By:	/s/ Tiago Girao
		Tiago Girao
		Chief Financial Officer

SEC Form 10-Q filed by Immunovant Inc.