Immunovant, Inc. IMVT
Immunovant, Inc. ("Immunovant," "we" or the "Company") is a clinical-stage immunology company dedicated to enabling normal lives for people with autoimmune diseases. Our focus is on developing IMVT-1402 (imeroprubart), a potentially best-in-class inhibitor of the neonatal fragment crystallizable receptor ("FcRn"), to address autoimmune diseases driven by high levels of pathogenic immunoglobulin G ("IgG") antibodies. FcRn is involved in preventing the degradation of IgG antibodies, and inhibition of FcRn has been shown to reduce levels of total IgG and pathogenic IgG antibodies.
We believe that FcRn inhibition has broad therapeutic and commercial potential to address pathogenic IgG-mediated autoimmune diseases in several therapeutic areas, including but not limited to, endocrinology, neurology, rheumatology and dermatology. Third-party estimates suggest over four million patients in the United States and Europe could benefit from anti-FcRn treatments across more than 20 indications that have been publicly announced for research and development by multiple companies, with two indications that are already approved and launched quickly reaching multi-billions of dollars in global annual sales.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| R&D | — | — | — | — | $101.8M | $68.6M | $47.9M | $25.7M | — |
| SG&A | $76.2M | $77.2M | $57.3M | $48.0M | $54.2M | $39.5M | $18.2M | $2.7M | — |
| Total operating expenses | $532.9M | $438.2M | $282.7M | $218.3M | $156.0M | $108.1M | $66.1M | $28.4M | — |
| Interest expense | — | — | $24.9M | $7.6M | $0 | $0 | $625.0K | — | — |
| Pre-tax income | -$505.4M | -$412.9M | -$258.8M | -$211.0M | -$156.8M | -$107.8M | -$66.3M | -$28.6M | — |
| Income tax | $215.0K | $891.0K | $567.0K | $9.0K | $84.0K | $358.0K | $97.0K | $19.0K | — |
| Net income | -$505.6M | -$413.8M | -$259.3M | -$211.0M | -$156.7M | -$107.4M | -$66.4M | -$28.6M | — |
| EPS, basic | -2.77 | -2.73 | -1.88 | -1.71 | -1.43 | -1.22 | — | — | — |
| EPS, diluted | -2.77 | -2.73 | -1.88 | -1.71 | -1.43 | -1.22 | -1.54 | -1.29 | — |
| Shares, diluted (wtd. avg.) | $182.4M | $151.6M | $138.1M | $123.1M | $109.7M | $87.8M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $902.1M | $714.0M | $635.4M | $376.5M | $493.8M | $400.1M | $100.6M | $7.0M | — |
| Receivables | $1.1M | $2.1M | $5.3M | $700.0K | $12.2M | $596.0K | — | — | — |
| Total current assets | $948.8M | $767.7M | $665.8M | $404.3M | $512.9M | $409.0M | $109.1M | $12.6M | — |
| Property, plant and equipment | $443.0K | $844.0K | $462.0K | $333.0K | $330.0K | $201.0K | $65.0K | $54.0K | — |
| Total assets | $957.0M | $776.2M | $666.4M | $405.8M | $515.6M | $412.5M | $109.4M | $13.8M | — |
| Accounts payable | $7.5M | $17.7M | $7.2M | $1.4M | $18.6M | $2.4M | $1.2M | $206.0K | — |
| Total current liabilities | $104.4M | $68.8M | $48.6M | $43.3M | $44.5M | $18.8M | $15.3M | — | — |
| Total liabilities | $104.4M | $68.8M | $48.6M | $43.3M | $45.7M | $21.0M | $15.3M | $6.5M | — |
| Retained earnings | -$1.75B | -$1.24B | -$825.7M | -$566.3M | -$355.4M | -$198.7M | -$91.2M | -$24.8M | — |
| Total equity | $852.6M | $707.4M | $617.8M | $362.5M | $469.8M | $391.5M | $94.1M | $7.3M | -$1.5M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$407.3M | -$375.9M | -$214.2M | -$188.2M | -$106.1M | -$83.3M | -$53.4M | -$28.5M | — |
| Depreciation and amortisation | $409.0K | $377.0K | $231.0K | $193.0K | $126.0K | $65.0K | $21.0K | $10.0K | — |
| Stock-based compensation | $55.7M | $49.5M | $41.1M | $32.3M | $34.2M | $18.8M | $7.0M | $1.3M | — |
| Capital expenditure | $8.0K | $759.0K | $360.0K | $197.0K | $254.0K | $210.0K | $31.0K | $52.0K | — |
| Investing cash flow | -$8.0K | -$759.0K | -$360.0K | -$197.0K | -$254.0K | -$210.0K | -$31.0K | -$52.0K | — |
| Financing cash flow | $595.8M | $454.5M | $472.4M | $70.9M | $200.1M | $383.1M | $147.0M | $35.6M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001764013-26-000092.
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