Start here if you're new
what it is
Immunovant is a biotech company chasing 3 autoimmune diseases with one antibody platform.
how it gets paid
Last year Immunovant made $25M in revenue. collaboration revenue was the main engine at $13M, or 52% of sales.
what just happened
The latest quarter posted a -$2.04 EPS loss, and the sales line still looked tiny.
At a glance
B+ balance sheet — decent shape, but not bulletproof
65/100 earnings predictability — reasonably predictable
-$2.73 fy2024 eps est
1.1 beta
~$5B market cap
xvary composite: 65/100 — average
What they do
Immunovant is a biotech company chasing 3 autoimmune diseases with one antibody platform.
Batoclimab has been dosed in 2 mL volumes with a 27-gauge needle. That is absurdly small for a drug built to lower IgG, the antibodies that attack healthy tissue. FcRn, the antibody recycling switch, is the target. If blocking it works, you get one drug across 3 diseases.
How they make money
$25M
annual revenue
collaboration revenue
$13M
license revenue
$6M
research reimbursement
$4M
other income
$2M
The products that matter
FcRn inhibitor drug candidate
IMVT-1402
lead asset · late-2026 data in focus
this is the company. top-line rheumatoid arthritis data is expected in the second half of 2026, and management has framed a path toward 10 planned Phase 3 trials.
core thesis
partner funding stream
Collaboration Revenue
$25M · not recurring product sales
the only revenue line in this snapshot is $25M of collaboration revenue. that helps, but it does not change the fact that you are still waiting on clinical proof.
bridge funding
Key numbers
$5B
market cap
You are paying $5B for a company with $25M in annual revenue. That is $200 of stock for every $1 of sales.
$25M
annual revenue
Revenue is $25M. The business is still tiny next to a $5B market value.
-$2.73
FY2024 EPS est
sees a $2.73 loss per share. The company is still buying time, not earning it.
1.1
beta
A 1.1 beta means the stock moves a bit more than the market. You get biotech swings with no sales cushion.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 2 — safer than 80% of stocks
- price stability 10 / 100
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for IMVT right now.
source: institutional data · return history unavailable
What just happened
missed estimates
The latest quarter posted a -$2.04 EPS loss, and the sales line still looked tiny.
EDGAR shows $25M of annual revenue. The quarter still produced a $110.6M net loss, so the business is burning cash while it waits on trial data.
$25M
revenue
-$2.04
eps
$110.6M
net loss
net loss
The $110.6M loss matters most. It tells you the company is still paying for science, not selling a product.
source: company earnings report, 2026
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What could go wrong
the #1 risk is IMVT-1402 failing to produce convincing late-2026 clinical data. with no commercial revenue and one asset doing almost all the valuation work, there is nowhere to hide if that readout disappoints.
med
single-asset clinical failure
Topline rheumatoid arthritis data is expected in the second half of 2026. For a $5B company built around one lead program, that is the event.
If the efficacy or safety profile disappoints, the valuation can reset brutally fast because there is no commercial base business underneath it.
med
cash burn stays heavy
The company posted a $110.6M net loss in the quarter and spent $165M on R&D. Cash was $994.5M after a $550M raise.
That balance funds the current plan for now, but pre-revenue biotech math gets worse quickly if timelines slip or trial scope expands.
med
FcRn is validated — and crowded
Argenx already proved the mechanism can work and built Vyvgart into a $30B+ company. That validates the market, but it also means IMVT is not arriving first.
Even good data may not be enough if competitors keep the lead in physician adoption, payer access, or indication breadth.
med
delay risk matters almost as much as failure
The bull case depends on late-2026 readouts arriving on schedule. In a pre-revenue biotech, calendar slippage is not administrative noise — it changes the financing and sentiment equation.
A material delay would extend the period where investors fund hope instead of evidence, and that usually compresses the multiple.
you own a binary late-2026 data trade supported by $994.5M in cash and pressured by a $110.6M quarterly net loss. that combination can work. it is not forgiving.
source: institutional data · regulatory filings · risk analysis
Pay attention to
core catalyst
IMVT-1402 rheumatoid arthritis top-line data
Expected in the second half of 2026. This is the number that can reprice the whole company in either direction.
pipeline scope
whether the 10 planned Phase 3 trials stay credible
A wide development plan sounds powerful. It also gets expensive fast if timelines slip or enrollment gets harder.
calendar
Q4 FY2026 earnings on may 28, 2026
This quarter will matter less for EPS and more for updated cash, burn, and trial timing commentary.
risk check
any signal that funding needs are pulling forward
With $994.5M of cash, the balance sheet is fine today. The market will care if trial ambition starts outrunning that cushion.
Analyst rankings
earnings predictability
65 / 100
pre-revenue biotechs do not produce smooth earnings streams. in human-speak, analysts can model the burn, but they cannot model the trial readout.
street target setup
$40.26
the average target sits about 56% above the current price. that sounds generous because it assumes the science keeps cooperating.
source: institutional data
Institutional activity
institutional ownership data for IMVT is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$26
current price
n/a
target midpoint · n/a from current
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