The IMVT-1402 D2T RA data is the key catalyst — the 72.7% ACR20 in a highly refractory population is clinically meaningful and supports the FcRn mechanism. However, the batoclimab TED failure and $39M termination cost are real negatives. Watch for CLE topline data in H2 2026 and GD/MG registrational data in CY2027 as the next major value inflection points. The $902M cash runway through potential GD launch provides a long no-dilution window.
Price Chart
Executive Summary
Immunovant reported fiscal Q4 2026 results with a net loss of $147.9M ($0.73/share), wider than the $106.4M loss a year ago, driven by $142.3M in R&D expenses including $39M in batoclimab discontinuation costs. The key positive was encouraging preliminary Week 16 data from the IMVT-1402 D2T RA trial showing 72.7% ACR20 response rates in a difficult-to-treat population, though the batoclimab Phase 3 TED failure and subsequent discontinuation represent a setback. Cash of $902.1M provides runway through potential IMVT-1402 launch in GD.
Key Financial Metrics
Key Facts
- Net loss of $147.9M ($0.73/share) for Q4 FY2026, vs $106.4M ($0.64/share) in Q4 FY2025
- Cash and equivalents of $902.1M as of March 31, 2026, down from $994.5M at December 31, 2025
- IMVT-1402 D2T RA trial showed 72.7% ACR20, 54.5% ACR50, 35.8% ACR70 at Week 16 in open-label period
- Batoclimab Phase 3 TED studies failed primary endpoint; development discontinued across all indications
- R&D expenses of $142.3M included $39.0M in contractual costs from batoclimab discontinuation
- Topline data from IMVT-1402 CLE trial expected H2 2026; GD and MG registrational data expected in CY2027
Financial Impact
Net loss widened by $41.5M YoY in Q4; cash burn of ~$92.4M in the quarter (from $994.5M to $902.1M)
Risk Factors
- Batoclimab failure raises execution risk for IMVT-1402 program despite different molecule profile
- Open-label D2T RA data may not replicate in blinded Period 2 primary endpoint at Week 28
- No revenue or near-term approval timeline — stock remains binary on pipeline readouts
- Cash burn rate of ~$92M/quarter implies ~2.5 years of runway, but R&D costs may increase with registrational trials
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001764013-26-000062 |
| Document: imvt-20260520.htm | 0001764013-26-000062 |
| Document: 0001764013-26-000062-index-headers.html | 0001764013-26-000062 |
| Document: 0001764013-26-000062-index.html | 0001764013-26-000062 |
| Document: 0001764013-26-000062.txt | 0001764013-26-000062 |
| 8-K Data (Synthetic) | 0001764013-26-000062 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 6, 2026 11w ago | 8-K | $39.74 $39.12 | ▲ +1.56% | ▲ +2.16% | $27.68 (+30.35%) |
Jul 24, 2026 13w ago | Insider Cluster | $40.09 $43.32 | ▲ +8.06% | ▲ +4.76% | $27.68 (−30.96%) |
Jun 26, 2026 17w ago | Insider Cluster | $38.51 $39.41 | ▲ +2.34% | ▲ +2.62% | $27.68 (−28.12%) |
Jun 26, 2026 17w ago | Insider Cluster | $38.51 $39.41 | ▲ +2.34% | ▲ +2.62% | $27.68 (−28.12%) |
Jun 26, 2026 17w ago | 144 | $38.51 $39.41 | ▲ +2.34% | ▲ +2.62% | $27.68 (−28.12%) |
Jun 26, 2026 17w ago | 144 | $38.51 $39.41 | ▲ +2.34% | ▲ +2.62% | $27.68 (−28.12%) |
Jun 15, 2026 18w ago | 144 | $33.61 $38.77 | ▲ +15.35% | ▲ +15.15% | $27.68 (−17.64%) |
May 28, 2026 21w ago | 144 | $33.30 $38.51 | ▲ +15.65% | ▲ +17.44% | $27.68 (−16.88%) |
May 20, 2026 22w ago | 8-K | $35.56 $35.34 | ▼ −0.62% | ▼ −1.36% | $27.68 (−22.16%) |
May 20, 2026 22w ago | Press Release | $35.56 $35.34 | ▼ −0.62% | ▼ −1.36% | $27.68 (−22.16%) |
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