Focus on upcoming catalysts: brepocitinib DM launch by Sept 2026, IMVT-1402 data in RA/CLE in H2 2026, and $950M Moderna payment in July 2026. The widening non-GAAP losses are offset by a strong cash position and pipeline momentum.
Price Chart
Executive Summary
Roivant reported Q4 FY2026 non-GAAP loss per share of -$0.317, beating consensus of -$0.38, but revenue of $2.5M missed $3.9M. Key catalysts include positive IMVT-1402 RA data, brepocitinib NDA acceptance with Priority Review, and a $2.25B Moderna settlement. However, operating losses widened as R&D spending increased, and revenue declined materially.
Key Financial Metrics
Key Facts
- Non-GAAP loss from continuing ops was $222.7M in Q4, vs $154.4M loss YoY, beating consensus on per-share basis.
- Revenue declined 67% YoY to $2.5M on lower licensing fees.
- IMVT-1402 showed 72.7% ACR20 in difficult-to-treat RA; further updates in H2 2026.
- Brepocitinib NDA for dermatomyositis accepted with Priority Review; launch expected by Sept 2026.
- Closed $2.25B Moderna settlement; $770M receivable recorded, $950M cash due July 2026.
- Cash & marketable securities of $4.3B provide runway into profitability.
- Two batoclimab Phase 3 TED trials missed endpoints, leading to discontinuation.
Financial Impact
Non-GAAP loss of $222.7M in Q4 vs $154.4M YoY; GAAP income of $355.7M due to one-time gain; revenue $2.5M vs $7.6M YoY.
Risk Factors
- Clinical trial failures (e.g., batoclimab TED) and regulatory setbacks.
- High cash burn rate; non-GAAP losses increasing.
- Dependence on successful commercialization of brepocitinib and IMVT-1402.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001635088-26-000060 |
| Document: 0001635088-26-000060-index-headers.html | 0001635088-26-000060 |
| Document: 0001635088-26-000060-index.html | 0001635088-26-000060 |
| Document: 0001635088-26-000060.txt | 0001635088-26-000060 |
| 8-K Data (Synthetic) | 0001635088-26-000060 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 21, 2026 5d ago | 8-K | $36.80 | awaiting T+20 | — | $36.05 (−2.04%) |
Oct 5, 2026 21d ago | Insider Cluster | $35.53 | awaiting T+20 | — | $36.05 (−1.46%) |
Sep 17, 2026 5w ago | Insider Cluster | $39.77 $33.53 | ▼ −15.69% | ▼ −15.89% | $36.05 (−9.35%) |
Sep 17, 2026 5w ago | Insider Cluster | $39.77 $33.53 | ▼ −15.69% | ▼ −15.89% | $36.05 (−9.35%) |
Sep 17, 2026 5w ago | Insider Cluster | $39.77 $33.53 | ▼ −15.69% | ▼ −15.89% | $36.05 (−9.35%) |
Sep 1, 2026 7w ago | Insider Cluster | $34.18 $36.57 | ▲ +6.99% | ▲ +7.32% | $36.05 (+5.47%) |
Aug 27, 2026 8w ago | Press Release | $37.58 $36.13 | ▼ −3.86% | ▼ −3.35% | $36.05 (−4.07%) |
Aug 27, 2026 8w ago | Press Release | $37.58 $36.13 | ▼ −3.86% | ▼ −3.35% | $36.05 (−4.07%) |
Aug 26, 2026 8w ago | Press Release | $36.75 $38.99 | ▲ +6.10% | ▲ +4.89% | $36.05 (−1.90%) |
Aug 6, 2026 11w ago | 8-K | $35.12 $34.41 | ▼ −2.02% | ▼ −2.62% | $36.05 (+2.65%) |
US Market Status
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