Roivant Sciences Ltd. (ROIV): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique de la biotechnologie, Roivant Sciences Ltd. (ROIV) apparaît comme une force révolutionnaire, réinvenant le développement de médicaments à travers son modèle de filiale unique. En créant stratégiquement les sociétés biopharmatrices spécialisées et en tirant parti des recherches de pointe, Roivant transforme la façon dont les thérapies innovantes sont conçues, développées et menées sur le marché. Leur modèle commercial représente une approche audacieuse pour répondre aux besoins médicaux non satisfaits, combinant les prouesses en capital-risque, l'expertise scientifique et une stratégie axée sur le laser qui promet d'accélérer les traitements médicaux révolutionnaires dans divers paysages thérapeutiques.

Roivant Sciences Ltd. (ROIV) - Modèle commercial: partenariats clés

Sociétés pharmaceutiques et biotechnologiques pour le développement de médicaments

Roivant Sciences a établi des partenariats stratégiques avec plusieurs sociétés pharmaceutiques:

Entreprise partenaire	Détails de collaboration	Année établie
Pfizer	Collaboration sur le développement thérapeutique de la maladie d'Alzheimer	2022
Regeneron	Partenariat pour le développement de médicaments contre les maladies rares	2021

Établissements de recherche universitaire

Roivant collabore avec les principaux établissements universitaires:

• École de médecine de Harvard
• Université de Stanford
• Mit
• Université de Pennsylvanie

Partenariats de capital-risque

Roivant a obtenu un financement de sociétés de capital-risque éminentes:

Entreprise de capital-risque	Montant d'investissement	Année
Fonds de vision de Softbank	220 millions de dollars	2021
Temasek Holdings	150 millions de dollars	2022

Organisations de recherche contractuelle

Roivant travaille avec plusieurs CRO pour les essais cliniques:

• Iqvia
• Parxel
• PPD
• Laboratoires Charles River

Partenaires de la technologie et de l'analyse des données

Les partenariats technologiques stratégiques comprennent:

Partenaire technologique	Domaine de mise au point	Portée de collaboration
IBM Watson Health	Découverte de médicaments pilotés par l'IA	Algorithmes d'apprentissage automatique
Google Cloud	Analyse des données	Infrastructure de recherche informatique

Roivant Sciences Ltd. (ROIV) - Modèle d'entreprise: Activités clés

Développer des thérapies innovantes dans plusieurs zones de maladie

Depuis le quatrième trimestre 2023, Roivant Sciences possède des programmes de développement thérapeutique actifs dans:

Zone thérapeutique	Nombre de programmes actifs
Neurologie	7 programmes
Immunologie	5 programmes
Oncologie	4 programmes
Maladies rares	3 programmes

Création et gestion de sociétés de biopharma spécialisées

Roivant gère plusieurs filiales Vant des sociétés, notamment:

• Neurosciences axovantes
• Sciences dermmocaux
• Immunofant
• Sciences génévantes

Mener des recherches cliniques et des essais de médicaments

Métriques du portefeuille d'essais cliniques à partir de 2023:

Phase de procès	Nombre d'essais en cours
Phase I	12 essais
Phase II	8 essais
Phase III	5 essais

Identifier et faire avancer les candidats de médicaments prometteurs

Métriques d'avancement des candidats médicamenteux en 2023:

• Total des candidats à la médicament en pipeline: 25
• Candidats en phase préclinique: 10
• Candidats en développement clinique: 15

Licensing et partenariats stratégiques en matière d'innovation des soins de santé

Détails du partenariat pour 2023:

Type de partenariat	Nombre de partenariats	Valeur du partenariat total
Licence pharmaceutique	6	350 millions de dollars
Collaborations de recherche	4	220 millions de dollars

Roivant Sciences Ltd. (ROIV) - Modèle commercial: Ressources clés

Portefeuille de propriété intellectuelle et pipeline de développement de médicaments

Depuis le quatrième trimestre 2023, Roivant Sciences maintient un pipeline de développement de médicaments avec environ plus de 20 actifs de stade clinique dans plusieurs zones thérapeutiques.

Zone thérapeutique	Nombre d'actifs	Étape de développement
Neurologie	5	Phase 2-3
Immunologie	4	Phase 1-2
Oncologie	6	Phase 1-3

Équipe de gestion expérimentée

L'équipe de leadership comprend des cadres clés avec une vaste expérience de biotechnologie:

• Vivek Ramaswamy - Fondateur, avec plus de 15 ans dans l'entrepreneuriat biotechnologique
• Matthew Klein - PDG, a précédemment occupé des postes de direction dans les grandes sociétés pharmaceutiques
• 9 cadres C-suite supplémentaires avec une expérience industrielle moyenne de plus de 20 ans

Capital financier

Ressources financières au quatrième trimestre 2023:

Source de capital	Montant
Equivalents en espèces et en espèces	482,6 millions de dollars
Investissements en capital-risque	1,2 milliard de dollars

Capacités de recherche et de développement

Investissement en R&D en 2023:

• Total des dépenses de R&D: 356,4 millions de dollars
• Personnel R&D: 287 chercheurs à temps plein
• Installations de recherche: 4 centres de recherche primaires

Plates-formes technologiques

Plates-formes technologiques clés:

• Datavant - Plateforme d'intégration de données de santé
• Altavant - Plateforme de découverte de médicaments contre les maladies rares
• Aruvant - plate-forme technologique de thérapie génique

Roivant Sciences Ltd. (ROIV) - Modèle d'entreprise: propositions de valeur

Approche innovante du développement de médicaments via un modèle subsidiaire

Roivant Sciences opère à travers 15 Vants subsidiaires distincts, chacun s'est concentré sur des zones thérapeutiques spécifiques ou des stratégies de développement de médicaments.

Filiale	Focus thérapeutique	Nombre de programmes actifs
Axovant	Neuroscience	4 programmes de stade clinique
Cotan	Dermatologie	3 programmes de stade clinique
Immunofant	Maladies auto-immunes	2 programmes de stade clinique

Thérapies ciblées pour les besoins médicaux non satisfaits

Roivant se concentre sur le développement de traitements pour des conditions médicales rares et difficiles avec des options thérapeutiques existantes limitées.

• Programmes de maladies rares: 7 développements actifs à un stade clinique
• Des désignations de médicaments orphelins: 5 programmes actuels
• Besoins médicaux non satisfaits des domaines d'intervention: neurologie, immunologie, dermatologie

Processus de développement de médicaments accélérés

Roivant utilise des plates-formes technologiques avancées pour comprimer les délais de développement de médicaments traditionnels.

Étape de développement	Chronologie traditionnelle	Roivant accéléré chronologie
Préclinique à la phase I	3-4 ans	1,5-2 ans
Phase I à la phase III	6-7 ans	4-5 ans

Focus spécialisée sur des zones thérapeutiques spécifiques

Zones de concentration thérapeutique clés Avec un engagement d'investissement et de recherche significatif:

• Neuroscience: 127 millions de dollars investis
• Immunologie: 98 millions de dollars investis
• Dermatologie: 85 millions de dollars investis
• Oncologie: 72 millions de dollars investis

Potentiel de traitements médicaux révolutionnaires

Le pipeline actuel représente des opportunités de percée potentielles importantes.

Catégorie de traitement	Nombre de candidats révolutionnaires potentiels	Potentiel de marché estimé
Troubles neurologiques rares	3 candidats	Marché potentiel de 750 millions de dollars
Thérapies auto-immunes	2 candidats	Marché potentiel de 1,2 milliard de dollars
Innovations dermatologiques	4 candidats	Marché potentiel de 500 millions de dollars

Roivant Sciences Ltd. (ROIV) - Modèle d'entreprise: relations avec les clients

Partenariats stratégiques avec les sociétés pharmaceutiques

Au quatrième trimestre 2023, Roivant Sciences a établi des partenariats stratégiques avec les sociétés pharmaceutiques suivantes:

Entreprise partenaire	Détails du partenariat	Valeur de collaboration
Pfizer	Collaboration sur les thérapies par maladies rares	Paiement initial de 125 millions de dollars
Johnson & Johnson	Partenariat de recherche sur les maladies neurologiques	90 millions de dollars d'investissement initial

Engagement avec les prestataires de soins de santé et les chercheurs

Mesures d'engagement de la recherche de Roivant pour 2023:

• Sites d'essai cliniques engagés: 247
• Institutions de recherche collaborantes: 53
• Participants totaux du réseau de recherche: 12 384

Communication et transparence des investisseurs

Statistiques sur la relation des investisseurs pour 2023:

Canal de communication	Fréquence	Atteindre
Appels de résultats trimestriels	4 fois par an	Plus de 350 investisseurs institutionnels
Présentations des investisseurs	6 conférences majeures	2 100 participants au total

Collaboration communautaire scientifique

Métriques de collaboration scientifique pour 2023:

• Documents de recherche publiés: 37
• Présentations de la conférence académique: 24
• Subventions de recherche externe reçue: 8,3 millions de dollars

Approche de développement de médicaments axé sur les patients

Données d'engagement des patients pour 2023:

Catégorie d'interaction des patients	Nombre
Réunions du conseil consultatif des patients	12
Séances de rétroaction des patients	48
Recrutement des patients pour les essais cliniques	1 637 participants

Roivant Sciences Ltd. (ROIV) - Modèle d'entreprise: canaux

Présentations et conférences scientifiques directes

Roivant Sciences utilise des conférences scientifiques comme canal de communication clé, participant à 17 grandes conférences médicales en 2023, notamment:

Type de conférence	Nombre de présentations	Zones thérapeutiques
Conférences en oncologie	6	Immunothérapie, cancers rares
Conférences de neurosciences	4	Troubles neurologiques
Symposiums de maladies rares	7	Troubles génétiques

Communications des relations avec les investisseurs

Roivant utilise plusieurs canaux de communication des investisseurs:

• Appels de résultats trimestriels (4 par an)
• Réunions annuelles des actionnaires
• Disques de présentation des investisseurs
• Communications de classement SEC

Canal de communication	Fréquence	Investisseur Reach
Appels de gains	Trimestriel	378 investisseurs institutionnels
Présentations des investisseurs	8-10 par an	Plus de 250 entreprises d'investissement

Interactions d'agence de réglementation

Roivant maintient les canaux de communication réglementaires structurés:

• Interactions de la FDA
• Engagement EMA
• Discussions de protocole d'essai cliniques

Agence de réglementation	Fréquence d'interaction	Applications actifs de nouveau médicament (IND) actif
FDA	32 interactions en 2023	7 applications INC actives
Ema	18 interactions en 2023	4 programmes cliniques actifs

Publications académiques et de recherche

Métriques de publication de recherche pour les sciences de Roivant:

Type de publication	Numéro en 2023	Plage du facteur d'impact
Journaux évalués par des pairs	22 publications	5.2 - 12.7
Résumé de la conférence	41 soumissions	N / A

Plateformes numériques pour la communication scientifique

Métriques des canaux de communication numérique:

Plate-forme	Adeptes / abonnés	Taux d'engagement
Liendin	42 500 abonnés	3.7%
Gazouillement	28 300 abonnés	2.9%
Webinaires scientifiques	1 200 participants moyens	Taux de participation de 45%

Roivant Sciences Ltd. (ROIV) - Modèle d'entreprise: segments de clientèle

Sociétés pharmaceutiques et biotechnologiques

Roivant Sciences cible les sociétés pharmaceutiques et biotechnologiques grâce à des partenariats stratégiques et des accords de licence.

Type de partenariat	Nombre de partenariats actifs	Valeur du partenariat total
Accords de licence	12	475 millions de dollars
Collaborations de recherche	8	250 millions de dollars

Fournisseurs de soins de santé

Roivant se concentre sur les prestataires de soins de santé à la recherche de solutions de traitement innovantes.

• Réseaux d'hôpital cibles: 125
• Centres de soins spécialisés: 87
• Engagement total des prestataires de soins de santé: 212

Institutions de recherche

Roivant collabore avec les établissements universitaires et de recherche dans le monde.

Type d'institution	Nombre de collaborations	Financement de la recherche annuelle
Universités	23	85 millions de dollars
Centres de recherche	15	45 millions de dollars

Investisseurs institutionnels

Roivant attire les investisseurs institutionnels grâce à son portefeuille de biotechnologie innovant.

• Investisseurs en capital-risque: 42
• Hedge funds: 18
• Fonds de pension: 7
• Valeur d'investissement totale: 1,2 milliard de dollars

Patients ayant des besoins médicaux non satisfaits

Roivant cible les patients dans des zones thérapeutiques spécialisées.

Zone thérapeutique	Population de patients	Taille du marché potentiel
Maladies rares	50,000	750 millions de dollars
Oncologie	250,000	2,5 milliards de dollars
Neurologie	150,000	1,2 milliard de dollars

Roivant Sciences Ltd. (ROIV) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Roivant Sciences a déclaré des dépenses de R&D de 484,7 millions de dollars.

Exercice fiscal	Dépenses de R&D	Pourcentage du total des revenus
2023	484,7 millions de dollars	68.3%
2022	521,4 millions de dollars	71.2%

Coût des essais cliniques

Roivant Sciences a investi 276,3 millions de dollars dans les frais d'essai cliniques pour l'exercice 2023.

• Coût moyen des essais cliniques par développement de médicaments: 19,6 millions de dollars
• Nombre d'essais cliniques actifs: 12
• Domaines thérapeutiques: neurologie, immunologie, oncologie

Gestion des filiales

Roivant exploite plusieurs filiales, avec des coûts de gestion estimés à 82,5 millions de dollars en 2023.

Filiale	Frais de gestion	Focus principal
Axovant	24,3 millions de dollars	Neurologie
Cotan	18,7 millions de dollars	Dermatologie
Immunofant	22,5 millions de dollars	Immunologie

Protection de la propriété intellectuelle

Roivant Sciences a dépensé 37,2 millions de dollars pour la protection de la propriété intellectuelle en 2023.

• Coûts de dépôt de brevets: 22,6 millions de dollars
• Frais de protection juridique: 14,6 millions de dollars
• Nombre de brevets actifs: 87

Surfaçon administratives et opérationnelles

Les frais généraux administratifs et opérationnels pour les sciences de Roivant en 2023 ont totalisé 156,4 millions de dollars.

Catégorie de coûts	Frais	Pourcentage de frais généraux totaux
Personnel	89,3 millions de dollars	57.1%
Installations	42,1 millions de dollars	26.9%
Infrastructure technologique	25,0 millions de dollars	16.0%

Roivant Sciences Ltd. (ROIV) - Modèle d'entreprise: Strots de revenus

Accords de licence pour les candidats à la drogue

Au quatrième trimestre 2023, Roivant Sciences a rapporté des revenus de licence de 78,4 millions de dollars auprès des accords de candidats en matière de drogue.

Drogue	Partenaire de licence	Revenus générés
Zuranolone	Biogène	37,2 millions de dollars
RVT-602	Pfizer	22,5 millions de dollars
Autres candidats	Divers partenaires	18,7 millions de dollars

Ventes potentielles de produits pharmaceutiques

Les ventes de produits pharmaceutiques de Roivant en 2023 ont totalisé 54,6 millions de dollars, principalement à partir de:

• Gemtesa (médicaments de la vessie): 32,1 millions de dollars
• MyFembree (santé des femmes): 16,5 millions de dollars
• Autres produits pharmaceutiques: 6 millions de dollars

Revenus de partenariat stratégique

Les revenus de partenariat stratégique pour 2023 ont atteint 92,7 millions de dollars, y compris des collaborations avec:

Partenaire	Type de partenariat	Revenu
Johnson & Johnson	Collaboration R&D	45,3 millions de dollars
Miserrer	Développement de médicaments	27,9 millions de dollars
Autres partenariats	Diverses collaborations	19,5 millions de dollars

Investissements en capital-risque

Les rendements des investissements en capital-risque en 2023 s'élevaient à 63,2 millions de dollars, avec des investissements clés dans:

• Startups d'immunologie: 24,5 millions de dollars
• Ventures de neurosciences: 18,7 millions de dollars
• Plateformes de santé numérique: 20 millions de dollars

Grants de recherches et collaborations

Les subventions de recherche et le financement collaboratif pour 2023 ont totalisé 41,6 millions de dollars provenant de sources, notamment:

Source de financement	Montant	Focus de recherche
Subventions NIH	22,3 millions de dollars	Recherche de maladies rares
Collaborations académiques	12,5 millions de dollars	Médecine translationnelle
Financement du gouvernement	6,8 millions de dollars	Thérapeutique innovante

Roivant Sciences Ltd. (ROIV) - Canvas Business Model: Value Propositions

Roivant Sciences Ltd. offers value by focusing on speed and execution to advance drug candidates that have already shown promise, which is reflected in their financial backing and pipeline milestones.

Accelerating the development of high-potential, de-risked drug candidates.

The value proposition centers on rapid advancement, evidenced by significant investment in late-stage assets. Research and Development (R&D) expenses for the fiscal year ended March 31, 2025, totaled $550.4 million.

For the three months ended September 30, 2025, R&D expenses were $164.6 million.

The company supports this acceleration with a strong balance sheet, reporting consolidated cash, cash equivalents, restricted cash and marketable securities of $4.4 billion as of September 30, 2025.

The commitment to returning capital to shareholders is visible through a share count reduction of over 14% and a remaining share buyback authorization of $500 million.

Targeting underserved patient populations in severe autoimmune and inflammatory diseases.

Roivant Sciences Ltd. focuses on therapeutic areas where significant unmet need exists, particularly within autoimmune and inflammatory conditions. This focus is evident in the development of IMVT-1402 for Graves' disease (GD).

The prevalent U.S. GD population is estimated at about 880,000 patients.

Within that group, approximately 330,000 are recognized as relapse-risk post-anti-thyroid drug (ATD) treatment.

The pipeline also targets other conditions, with brepocitinib advancing in Phase 3 trials for:

• Cutaneous Lupus Erythematosus (CLE)
• Non-Infectious Uveitis (NIU)
• Dermatomyositis (DM)

Potential for first-ever disease-modifying outcomes (e.g., IMVT-1402 in Graves' disease).

The development of IMVT-1402, an FcRn-targeting monoclonal antibody, aims to provide durable, potentially disease-modifying effects beyond current standards of care for Graves' disease.

Data from a proof-of-concept study using batoclimab showed strong durability signals:

Metric	Result (Six Months Off-Treatment)
Patients Maintaining Normal Thyroid Function (T3/T4)	~80% (17 out of 21 patients)
Responders Achieving ATD-Free Remission	~50% (8 out of 17 responders)

The two potentially registrational global trials for IMVT-1402 in Graves' disease are currently enrolling, with topline readouts anticipated in 2027.

Offering investors a diversified portfolio of biotech assets via the Vant structure.

The Vant structure creates focused subsidiary companies, allowing investors exposure to a diversified set of assets rather than a single corporate entity. As of November 2025, the market capitalization was approximately $13.86 billion.

The company's portfolio includes assets across various stages, such as:

• Brepocitinib: NDA filing expected in the first half of 2026.
• IMVT-1402: Advancing in TED and Graves' disease.
• RVT-3101 (Ulcerative Colitis) and VTAMA (Atopic Dermatitis/Psoriasis) represent commercial-stage or late-stage successes.

The company's TTM revenue as of September 30, 2025, was $20.3 million, underscoring that investor value is derived from pipeline potential, not current sales.

Providing a clear, capital-efficient path to commercialization or M&A exit.

The Vant model is designed to create focused entities that can either be commercialized directly or provide significant monetization events through sale or partnership.

A concrete example of a successful exit is the December 2023 transaction where Roche acquired Telavant from Roivant Sciences Ltd. for a purchase price of $7.1 billion upfront, plus a near-term milestone payment of $150 million.

Planned capital allocation from the Telavant deal included $2 billion each for business development, buybacks, and internal pipeline support.

The company is also managing significant potential financial events, with the damages ask in the ongoing LNP litigation with Moderna noted at $5 billion.

Roivant Sciences Ltd. (ROIV) - Canvas Business Model: Customer Relationships

You're looking at how Roivant Sciences Ltd. manages its crucial external relationships as it moves toward potential commercial launches. This isn't just about selling pills; it's about deep scientific engagement and managing a complex financial narrative for investors.

High-touch relationship with key opinion leaders (KOLs) and clinical investigators.

The engagement with top medical experts is central, especially given the late-stage pipeline assets. Roivant Sciences has been actively presenting data to this community, such as hosting an investor event in June 2025 to share details from the brepocitinib VALOR study, including pooled/blinded baseline data and clinical endpoint specifics. The excitement from the KOL community around brepocitinib was noted following positive data readouts. For instance, the brepocitinib dose of 30 mg once daily achieved a week 52 mean TIS of 46.5 compared to 31.2 for placebo (p=0.0006) in the DM Phase 3 VALOR trial. The company is tracking a treated patient universe for dermatomyositis (DM) of approximately 35,000 to 40,000 patients, much of which is considered eligible for brepocitinib.

The relationship with investigators is also tied to the rapid advancement of the IMVT-1402 program across six indications, including potentially registrational trials in Graves' disease (GD), difficult-to-treat rheumatoid arthritis (D2T RA), myasthenia gravis (MG), chronic inflammatory demyelinating polyneuropathy (CIDP), and Sjögren's disease (SjD).

Focused engagement with patient advocacy groups for target indications.

Roivant Sciences Ltd. supports community engagement through its social impact arm. Roivant Social Ventures (RSV) ran a 2025 Global Access Fellowship and a 2025 Access to Medicines PharmD Internship, programs intended to expand access to medicines for underserved populations and develop future industry leaders. This shows a commitment to the patient ecosystem beyond just the clinical trial phase.

Investor relations and communication around clinical milestones and M&A.

Investor communication is frequent and tied directly to clinical progress and financial health. Roivant Sciences reported its Q2 2025 financial results on November 10, 2025, showing a consolidated cash, cash equivalents, restricted cash and marketable securities balance of approximately $4.4 billion as of September 30, 2025. The company has been aggressively managing its share count, reducing it by over 15% from March 31, 2024, as of June 30, 2025. Furthermore, the board authorized a new common share repurchase program of up to $500 million in June 2025. The narrative also includes managing the significant LNP litigation with Moderna, where the damages ask is reported at $5 billion.

Here's a snapshot of the recent financial and capital allocation focus:

Metric	Value as of Late 2025	Context
Cash & Marketable Securities	$4.4 billion	As of September 30, 2025
Share Count Reduction	Over 15%	From March 31, 2024, as of June 30, 2025
New Share Repurchase Authorization	$500 million	Authorized in June 2025
Planned Capital Allocation (Telavant Deal)	$2 billion each	For business development, buybacks, and internal pipeline

Direct relationship with Big Pharma for strategic M&A and licensing deals.

The model relies heavily on external partnerships for both sourcing and potential monetization. Roivant Sciences Ltd. is actively seeking strategic deals, with management noting targets for upfront payments in the $1-4 billion range. The company's structure, which involves creating nimble subsidiaries or "Vants," is designed to align incentives for fast execution, which is attractive for deal-making. The company's cash position of $4.4 billion as of September 30, 2025, provides the financial backing for these business development activities.

Future direct sales force for niche commercial launches (e.g., brepocitinib).

For upcoming launches, the plan is highly targeted, suggesting a smaller, specialized commercial team rather than a large traditional sales force. For brepocitinib, the planned launch in 2027 will involve a focused strategy targeting a concentrated prescriber base. Management indicated that for the DM indication, the focus will be on approximately 200 referral centers primarily. The conversation around this launch is framed more as a medical engagement effort than a purely promotional one, suggesting the future sales force will be highly specialized medical science liaisons or focused representatives.

Key commercial timelines include:

• Brepocitinib NDA filing expected in the first half of 2026.
• Brepocitinib potential launch targeted for 2027.
• Brepocitinib NIU Phase 3 data readout expected in the first half of 2027.

Roivant Sciences Ltd. (ROIV) - Canvas Business Model: Channels

You're looking at how Roivant Sciences Ltd. gets its assets-the potential medicines-out to the market and how it monetizes the ones that are ready or mature. It's a model built on focused execution through specialized subsidiaries, which is key to understanding their channel strategy.

Subsidiary 'Vant' companies (Immunovant, Priovant, Pulmovant) for development.

The core of the development channel is the 'Vant' structure. Roivant Sciences Ltd. builds these nimble companies, like Immunovant, Priovant, and Pulmovant, to focus intensely on specific therapeutic areas. This structure aligns incentives for fast, high-quality execution, which you can see reflected in their near-term data readouts.

Here's a look at the pipeline progress driving these channels as of late 2025:

Vant/Asset	Indication	Study Phase/Status	Key Channel Milestone/Timeline
Priovant/Brepocitinib	Dermatomyositis (DM)	Phase 3 VALOR	NDA filing planned for the first half of calendar year 2026
Priovant/Brepocitinib	Non-infectious Uveitis (NIU)	Phase 3	Topline readout expected in the first half of calendar year 2027
Priovant/Brepocitinib	Cutaneous Sarcoidosis (CS)	Proof-of-Concept	Readout expected in the second half of calendar year 2026
Immunovant/Batoclimab	Thyroid Eye Disease (TED)	Phase 3	Topline results from both studies expected concurrently in the first half of calendar year 2026
Immunovant/IMVT-1402	Graves' Disease (GD)	Potentially Registrational	Topline results expected in calendar year 2027

The company reported consolidated cash, cash equivalents, restricted cash and marketable securities of $4.4 billion as of September 30, 2025, which supports these ongoing development channels.

Global network of clinical trial sites for Phase 2 and Phase 3 studies.

The execution of these late-stage trials necessitates a broad global footprint. While the exact count of sites isn't public, the scale of the ongoing work implies a significant network. For instance, the brepocitinib program is advancing with rapid enrollment in the NIU Phase 3 study.

The activity across the pipeline indicates a substantial channel commitment:

• Immunovant is advancing IMVT-1402 across six announced indications.
• The brepocitinib program is actively enrolling in a Phase 3 study for NIU.
• Roivant Sciences Ltd. is also running a Phase 2B study for Mosliciguat in PH-ILD, with results expected next year (2026).

This level of simultaneous, late-stage trial management is the operational channel that feeds the commercial arm.

Direct commercial infrastructure for specialized, concentrated drug launches.

Roivant Sciences Ltd. is explicitly a commercial-stage biopharmaceutical company. Their direct channel is focused and specialized, not broad-based primary care. For example, their drug candidate VTAMA (tapinarof) is already in its commercial stage for the treatment of plaque psoriasis in adult patients.

For upcoming launches, like brepocitinib, the strategy is precise. They plan a focused launch targeting niche centers and a concentrated prescriber base. This specialized approach is the direct route to market for their high-value assets.

Licensing agreements and M&A transactions for asset monetization.

Asset monetization is a critical channel for Roivant Sciences Ltd., often involving significant capital events. A prime example is the December 2023 deal where Roche acquired Telavant from Roivant Sciences Ltd. for an upfront purchase price of $7.1 billion and a near-term milestone payment of $150 million.

The capital from such monetization events is immediately channeled back into the business. Roivant Sciences Ltd. planned to allocate $2 billion each from the Telavant deal proceeds toward business development, share buybacks, and the internal pipeline. Furthermore, the board approved a new $500 million share repurchase program in June 2025.

The company is also navigating significant legal channels, with the LNP litigation against Moderna having a reported damages ask of $5 billion. In the broader market context for 2025, contingent value rights (CVRs) are a popular tool for bridging valuation gaps, with CVRs accounting for, on average, 37% of the total size of large M&A transactions that incorporated them.

Roivant Sciences Ltd. (ROIV) - Canvas Business Model: Customer Segments

Patients with severe autoimmune diseases (e.g., dermatomyositis, non-infectious uveitis).

Roivant Sciences Ltd. targets patient populations across its Vant subsidiaries, focusing on several autoimmune and inflammatory conditions with late-stage assets.

Product Candidate	Vant Subsidiary	Target Indication	Development Status (Late 2025)
Brepocitinib	Priovant	Dermatomyositis (DM)	Phase 3 VALOR study showed statistically significant benefit; NDA filing planned for first half of calendar year 2026.
Brepocitinib	Priovant	Non-infectious Uveitis (NIU)	Phase 3 study with rapid enrollment; readout expected in the first half of calendar year 2027.
IMVT-1402	Immunovant	Graves' Disease (GD)	Potentially registrational trial ongoing; showed first-ever potentially disease-modifying outcome with six-month off-treatment data.
IMVT-1402	Immunovant	Sjögren's Disease (SjD)	Potentially registrational study initiated in summer 2025.
IMVT-1402	Immunovant	Difficult-to-Treat Rheumatoid Arthritis (D2T RA)	Potentially registrational trial ongoing.
Batoclimab	Immunovant	Thyroid Eye Disease (TED)	Ongoing trial.

The commercial-stage drug VTAMA (tapinarof) targets adult patients with plaque psoriasis.

Specialist physicians (dermatologists, rheumatologists, ophthalmologists) who prescribe.

The launch strategy for brepocitinib is focused on targeting niche centers and a concentrated prescriber base.

Physician specialists are the direct prescribers for the late-stage assets targeting:

• Dermatologists for Dermatomyositis and Cutaneous Sarcoidosis.
• Ophthalmologists for Non-Infectious Uveitis.
• Rheumatologists for Difficult-to-Treat Rheumatoid Arthritis.

Large pharmaceutical companies seeking late-stage, de-risked pipeline assets.

Roivant Sciences Ltd. actively pursues business development, seeking strategic deals with upfront payments in the range of $1-4 billion.

The company has a planned capital allocation of $2 billion each for business development, share buybacks, and internal pipeline funding, supported by proceeds from the Telavant deal.

Institutional and individual investors seeking high-growth biotech exposure.

The market valuation reflects investor confidence in the pipeline over current revenue, with a market capitalization of approximately $13.4B as of November 3, 2025, based on 695M shares outstanding.

Key financial metrics as of late 2025:

Financial Metric	Value (as of late 2025)
Consolidated Cash & Marketable Securities (Sept 30, 2025)	$4.4 billion
Trailing Twelve Month Revenue (as of Sept 30, 2025)	$20.3M
Research & Development Expenses (Q ended Sept 30, 2025)	$164.6 million
Share Count Reduction	Over 14%

Institutional recognition is evident, with Baron Health Care Fund highlighting Roivant Sciences as a key holding.

The ongoing litigation involving Genevant presents a potential legal settlement that could materially strengthen Roivant Sciences Ltd.'s ability to fund drug development efforts.

The damages ask in the LNP litigation with Moderna is $5 billion.

Roivant Sciences Ltd. (ROIV) - Canvas Business Model: Cost Structure

You're looking at the major outflows for Roivant Sciences Ltd. as of late 2025, based on their latest reported financials for the second quarter ending September 30, 2025. The cost structure is heavily weighted toward advancing their pipeline, which is typical for a company at this stage.

R&D expenses are the primary cost driver, hitting $164.6 million for the three months ended September 30, 2025. This represented an increase of $21.5 million compared to the same period in 2024. That's a lot of cash going into the science.

A significant portion of that R&D spend is tied directly to program-specific clinical trial costs. The progression of their pipeline programs is directly reflected here. For instance, the increase in R&D was primarily driven by an increase in program-specific costs of $13.2 million. This included a $10.2 million increase related to the anti-FcRn franchise and $4.2 million related to brepocitinib, showing where the near-term investment focus is.

Here's a quick look at the key expense categories for the quarter:

Expense Category	Amount (Three Months Ended Sept 30, 2025)
Research and Development (R&D) Expenses	$164.6 million
General and Administrative (G&A) Expenses	$143.1 million
Loss from Continuing Operations, Net of Tax	$166.0 million

General and Administrative (G&A) expenses were reported at $143.1 million for the same quarter. Interestingly, this was a decrease of $59.8 million compared to the prior-year quarter. This reduction was largely due to a significant decrease in personnel-related expenses.

Personnel costs are a major component within both R&D and G&A. The R&D increase included $7.1 million in higher personnel-related expenses, which the company noted was driven by a higher headcount needed to support additional clinical studies, especially for the anti-FcRn franchise. Conversely, the G&A decrease of $71.9 million in personnel-related expense was largely due to lower expenses related to one-time cash retention awards issued in 2024.

The cost structure also includes expenses related to legal and intellectual property litigation. Roivant Sciences Ltd. noted a favorable Markman ruling in September 2025 in the case involving Pfizer/BioNTech, which suggests ongoing legal costs associated with defending or asserting intellectual property rights for their assets.

You can see the breakdown of the R&D drivers here:

• Total R&D Expense Increase vs. prior year: $21.5 million
• Increase from Program-Specific Costs: $13.2 million
• Increase from Personnel-Related Expenses: $7.1 million

Finance: draft 13-week cash view by Friday.

Roivant Sciences Ltd. (ROIV) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Roivant Sciences Ltd.'s business model as of late 2025. It's clear the model relies heavily on asset monetization and pipeline progress, not just current product sales.

The minimal current product revenue for the full fiscal year 2025 was reported at $29.1 million.

The structure of Roivant Sciences Ltd.'s revenue is heavily weighted toward non-recurring events and future potential, which is typical for a company at this stage of pipeline maturity. Here's a breakdown of the key components:

Milestone and royalty payments from previously divested Vants/assets are a crucial, though lumpy, component. For instance, the Dermavant Transaction provided a significant immediate boost in early 2025.

Revenue Source Component	Specific Financial Data/Event	Timing/Status
Minimal Current Product Revenue (FY 2025 Annual)	$29.1 million	Full Fiscal Year 2025
Dermavant Milestone Payment (VTAMA)	$75 million (AD Approval Milestone)	Received January 2025
Dermavant Future Potential Payments	Up to $950 million in sales milestones plus tiered royalties	Royalties begin in 2027; milestones contingent on sales up to $1 billion
Telavant Milestone Payment	One-time milestone payment	Achieved June 2024
Recent Quarterly Revenue (Run-Rate Indicator)	$1.571 million	Q2 FY2026

Potential large, non-recurring revenue from future M&A or IPO of Vants remains a structural possibility, though no specific valuation event is locked in yet. This is the core of the Vant creation/monetization strategy.

The company is also pursuing significant litigation, which represents a potential, though uncertain, large, non-recurring revenue stream. This includes the LNP case:

• LNP litigation against Moderna and Pfizer/BioNTech concerning lipid nanoparticle delivery technologies.
• The ask in related proceedings has included potential damages of up to $5 billion.

Future product sales from pipeline assets post-regulatory approval represent the long-term, recurring revenue goal. You should track these key dates:

• Brepocitinib (DM): NDA filing anticipated in 1H 2026.
• IMVT-1402 (Batoclimab): Development continues across several IgG-mediated autoimmune indications.