Immunovant, Inc. (IMVT): Business Model Canvas [Dec-2025 Updated]

You're looking for the real mechanics behind Immunovant, Inc.'s current strategy, and honestly, it's a classic clinical-stage playbook right now. Forget product sales; this model is all about pipeline execution and funding the burn, which means understanding their cash runway is job one. As of September 30, 2025, they were sitting on about $521.9 million in cash, which is funding serious development, evidenced by the $360.9 million in R&D expenses for the fiscal year ended March 31, 2025, plus another $77.2 million in G&A. This Business Model Canvas lays out exactly how Immunovant, Inc. is deploying that capital-from key partnerships like Roivant Sciences Ltd. to the value proposition of their lead FcRn inhibitor, IMVT-1402-so you can see the path from today's cash position to tomorrow's potential revenue stream.

Immunovant, Inc. (IMVT) - Canvas Business Model: Key Partnerships

You're looking at the network that keeps Immunovant, Inc. moving its pipeline forward. These aren't just names on a slide; they represent significant financial commitments and operational dependencies for the company's lead asset, IMVT-1402.

Roivant Sciences Ltd. (Parent Company) - Provides operational oversight and strategic support.

The relationship with Roivant Sciences Ltd. is deep, involving both financial backing and direct management integration. Roivant clearly exercises significant operational oversight, evidenced by the appointment of Eric Venker, M.D., Pharm.D., Roivant's President and COO, as the new CEO of Immunovant on April 21, 2025.

Financially, Roivant solidified its position in early 2025. On January 15, 2025, Roivant acquired 16,845,010 shares of Immunovant common stock at $20.00 per share, a transaction valued at approximately $336.9 million. This move increased Roivant's total holdings to 96,650,341 shares. Furthermore, Roivant was one of the institutional investors in the $450 million Private Investment in Public Equity (PIPE) that closed around the same date.

HanAll Biopharma - In-licensing partner for batoclimab (IMVT-1401).

The foundation of Immunovant's lead program rests on the license from HanAll Biopharma Co., Ltd. The agreement grants Roivant Sciences Group (RSG), and by extension Immunovant, the exclusive, royalty-bearing right to develop and commercialize batoclimab and its next-generation versions, like IMVT-1402.

You should note the complexity here: HanAll terminated its separate Greater China licensing deal with Harbour BioMed on January 26, 2025, due to unmet milestones. That original 2017 deal with Harbour BioMed was valued up to $81 million in upfront payments and milestones. For Immunovant, achieving development milestones under the HanAll agreement resulted in acquired in-process R&D expenses of $12.5 million for the fiscal year ended March 31, 2024.

Contract Manufacturing Organizations (CMOs) and Contract Research Organizations (CROs)

The scale-up of IMVT-1402 development requires significant external support, which is reflected directly in the operating expenses. The R&D expenses for the fiscal year ended March 31, 2025, hit $360.9 million, up from $212.9 million the prior year. This jump is explicitly tied to clinical trial activities, including contract manufacturing costs and higher overall clinical trial costs.

Here's a quick look at the spending on these external partners:

Reporting Period End Date	R&D Expenses (GAAP)	Primary Driver Mentioned
March 31, 2025	$360.9 million (FY)	Contract manufacturing costs, clinical trial costs
June 30, 2025	$101.2 million (Quarter)	Contract manufacturing costs, personnel expenses
September 30, 2025	$215.4 million (Six Months)	Contract manufacturing costs, clinical trial costs

The reliance on these third parties is a material component of the burn rate; for instance, R&D expenses for the three months ended September 30, 2025, were $114.2 million.

Clinical Investigators and Academic Centers - Conduct trials for IMVT-1402 across multiple indications.

The partnership with clinical investigators and academic centers is critical for executing the company's aggressive clinical strategy. As of December 31, 2024, Immunovant had six Investigational New Drug (IND) applications cleared, setting the stage for broad evaluation.

The breadth of these collaborations is substantial, focusing on multiple indications for IMVT-1402:

• Pivotal studies enrolling in Graves' disease (GD) and difficult-to-treat rheumatoid arthritis (D2T RA) as of March 2025.
• A proof-of-concept study initiated in Cutaneous Lupus Erythematosus (CLE) by April 21, 2025.
• Potentially registrational trials planned for Sjögren's disease (SjD) and GD in the summer of 2025.
• As of September 30, 2025, IMVT-1402 development was on track across six indications, including GD, myasthenia gravis (MG), CIDP, D2T RA, SjD, and CLE.

The company expects to initiate trials across a total of ten indications by March 31, 2026. That's a lot of sites to manage.

Immunovant, Inc. (IMVT) - Canvas Business Model: Key Activities

You're managing a clinical-stage biotech, so the key activities revolve around execution, funding, and manufacturing scale-up. For Immunovant, Inc. (IMVT), that means driving IMVT-1402 through a very ambitious, multi-indication program while keeping the lights on.

The core operational focus is the clinical trial execution for IMVT-1402. This isn't a one-off study; it's a massive undertaking across six announced indications. You're actively enrolling in potentially registrational trials for Myasthenia Gravis (MG) and Chronic Inflammatory Demyelinating Polyneuropathy (CIDP). Furthermore, a potentially registrational trial in Difficult-to-Treat Rheumatoid Arthritis (D2T RA) and a Proof-of-Concept (PoC) trial in Cutaneous Lupus Erythematosus (CLE) were both initiated in March 2025. To keep the momentum, a second potentially registrational study in Graves' Disease (GD) and a potentially registrational trial in Sjögren's Disease (SjD) were kicked off in the summer of 2025.

This heavy clinical load directly impacts the financial burn. Research and Development (R&D) expenses for the three months ended September 30, 2025, hit $114.2 million, up from $97.3 million the prior year. For the first six months of fiscal year 2025, R&D spend totaled $215.4 million. Honestly, that cash burn is the price of this rapid execution, but the runway appears set for now; as of September 30, 2025, the cash and cash equivalents stood at approximately $521.9 million, which management states provides runway through the GD readout expected in 2027.

The regulatory and next-generation work is tied closely to the clinical progress. The company has already secured six cleared IND applications for IMVT-1402, which validates the early development strategy. The R&D of next-generation anti-FcRn technology is implicitly supported by the data showing IMVT-1402 achieving IgG reductions of approximately 80% at the 600 mg dose in some studies, suggesting a potential best-in-class profile that informs future iterations.

Manufacturing oversight and supply chain management are critical, as evidenced by the financial reporting. Contract manufacturing costs are consistently cited as a primary driver for the increase in R&D expenses across quarterly reports. On the leadership side, you saw a restructuring where the Chief Medical Officer, Michael Geffner, ended his role on November 21, 2025, transitioning to a consultant role through April 30, 2026. Plus, you have contractual commitments, specifically a minimum purchase obligation with Samsung.

To fund this, capital raising and investor relations are a constant activity. The most significant recent event was the $450 million private placement (PIPE) that closed around January 15, 2025, selling 22,500,000 shares at $20.00 per share. This influx helped boost the cash position to approximately $714 million as of March 31, 2025. You also have contingent financial obligations to manage, such as the aggregate maximum of $420.0 million under the HanAll agreement, of which $32.5 million had been paid as of June 30, 2025.

Here's a quick look at the key activity metrics as of late 2025:

Key Activity Metric	Latest Reported Value/Amount	Reporting Period/Date
IMVT-1402 Indications with Active Trials	6 (GD, MG, CIDP, D2T RA, SjD, CLE)	Q2 FY2025
IND Applications Cleared	6	Pre-Nov 2025
Q2 2025 R&D Expense	$114.2 million	Ended September 30, 2025
Cash & Cash Equivalents	$521.9 million	September 30, 2025
Expected Runway End Point	GD Readout in 2027	As of Q2 2025
Capital Raised (Jan 2025 PIPE)	$450 million gross proceeds	January 2025
Shares Outstanding	171,069,176	June 30, 2025
Max Contingent Milestone Exposure (HanAll)	$420.0 million aggregate maximum	As of June 30, 2025

You're definitely spending heavily on clinical execution; the R&D expense for the six months ended September 30, 2025, was $215.4 million. The company's net loss for that same six-month period was $247.1 million. It's a high-burn model right now, but the strategy is to hit several critical inflection points in 2026 and 2027 across the pipeline.

The key activities are clearly centered on pushing the clinical data forward, which requires constant capital management. You'll want Finance to keep a tight leash on the CMO transition consulting costs through April 30, 2026.

Immunovant, Inc. (IMVT) - Canvas Business Model: Key Resources

You're looking at the core assets Immunovant, Inc. (IMVT) relies on to drive its anti-FcRn platform forward. These aren't just line items; they're the fuel and the engine for their entire strategy.

• IMVT-1402 (FcRn inhibitor) - Lead, potentially best-in-class asset.

The clinical data from batoclimab trials is directly informing the development path for IMVT-1402. For instance, in an uncontrolled Graves' disease (GD) study, of the 21 patients entering the six-month off-treatment follow-up, approximately 80% (17/21) demonstrated a response, maintaining normal thyroid function (T3 and T4 less than the upper limit of normal). Furthermore, of those 17 responders, about 50% (8/17) achieved anti-thyroid drug (ATD) free remission at six months following the end of batoclimab treatment. IMVT-1402 development is progressing across six indications, including potentially registrational trials in GD, Myasthenia Gravis (MG), Chronic Inflammatory Demyelinating Polyneuropathy (CIDP), Difficult-to-Treat Rheumatoid Arthritis (D2T RA), and Sjögren's disease (SjD).

• Intellectual Property (IP) - Patents protecting the anti-FcRn technology platform.

The company's value is heavily vested in its proprietary anti-FcRn technology, which is protected by its intellectual property estate. This IP is the barrier to entry for competitors trying to replicate the mechanism of action for reducing pathogenic IgG antibodies.

• Cash and cash equivalents of approximately $521.9 million as of September 30, 2025.

This cash position provides the necessary runway to fund the ongoing clinical programs. Here's a quick look at the financial scale of the R&D engine as of that date.

Financial Metric	Period Ended September 30, 2025	Context
Cash and Cash Equivalents	$521.9 million	As of Quarter End
Research and Development Expenses (3 Months)	$114.2 million	Q2 FY2026
Research and Development Expenses (6 Months)	$215.4 million	Six Months Ended
Net Loss (3 Months)	$126.5 million	Q2 FY2026
Net Loss (6 Months)	$247.1 million	Six Months Ended

• Specialized R&D and Clinical Development Personnel.

The execution of trials across multiple indications requires a deep bench of scientific and clinical talent. The increase in R&D expenses, rising to $215.4 million for the six months ended September 30, 2025, reflects elevated personnel-related costs alongside contract manufacturing.

• Clinical data from batoclimab trials informing IMVT-1402 development.

The data from batoclimab, the company's current clinical asset, is crucial for positioning IMVT-1402. The company anticipates sharing topline results from both Thyroid Eye Disease (TED) Phase 3 studies concurrently in the first half of calendar year 2026. The two potentially registrational trials for IMVT-1402 in GD are currently enrolling, with topline readouts expected in 2027.

Immunovant, Inc. (IMVT) - Canvas Business Model: Value Propositions

You're looking at the core advantages Immunovant, Inc. (IMVT) brings to the table with its FcRn inhibitor platform, especially centered on the lead candidate, IMVT-1402. It's all about differentiation in a crowded space, and the numbers back up the focus on depth of effect.

Potential for 'best-in-class' FcRn inhibitor (IMVT-1402) with deep IgG reduction

Immunovant, Inc. (IMVT) management expressed confidence in IMVT-1402's ability to achieve "deeper IgG reductions... drive towards... remission" in Graves' disease (GD). This belief led to prioritizing IMVT-1402 as the lead asset over the first-generation molecule, batoclimab. The company's market capitalization as of November 10, 2025, stood at $3.98 billion.

The financial outlay reflects this prioritization, with Research and Development (R&D) expenses for the three months ended September 30, 2025, reaching $114.2 million. The cash position as of September 30, 2025, was $521.9 million, providing runway through the GD readout expected in 2027.

Targeting multiple, underserved autoantibody-driven diseases simultaneously

The value proposition extends across a broad portfolio of autoimmune conditions where pathogenic antibodies play a role. IMVT-1402 is being developed across six announced indications.

• Potentially registrational trials are ongoing in Graves' disease (GD), myasthenia gravis (MG), chronic inflammatory demyelinating polyneuropathy (CIDP), difficult-to-treat rheumatoid arthritis (D2T RA), and Sjögren's disease (SjD).
• A proof-of-concept trial is targeted for cutaneous lupus erythematosus (CLE) with a readout expected in calendar year 2026.
• The company reported a net loss of $126.5 million for the quarter ended September 30, 2025.

Subcutaneous administration for patient self-dosing convenience

The development plan for IMVT-1402 includes the use of a 2.25ml autoinjector for pivotal studies in Graves' disease and rheumatoid arthritis.

Disease-modifying potential shown in uncontrolled Graves' disease patients

Data from a proof-of-concept study using batoclimab in uncontrolled GD patients provided evidence supporting the mechanism for IMVT-1402.

Metric	Result (Batoclimab POC)	Sample Size Reference
Maintained Normal Thyroid Function (6 months off-treatment)	~80%	17/21 patients
Achieved Anti-Thyroid Drug (ATD) Free Remission (6 months off-treatment)	~50%	Of the 17 responders

Topline readouts for the two potentially registrational global trials of IMVT-1402 in Graves' disease are expected in calendar year 2027. Analysts have issued a consensus recommendation of 'Moderate Buy' based on twelve ratings, with an average 12-month price target of $28.7778.

Immunovant, Inc. (IMVT) - Canvas Business Model: Customer Relationships

You're managing relationships in a clinical-stage biotech, so every interaction with a key opinion leader or an investor is about de-risking the timeline and validating the science. For Immunovant, Inc., this means a very specific focus on the clinical community and the capital markets.

High-touch engagement with Principal Investigators and clinical sites.

The core of Immunovant, Inc.'s external scientific relationship centers on the Principal Investigators (PIs) running the trials for IMVT-1402 across its six announced indications. This engagement is critical because the company is pushing for registrational trials in multiple areas simultaneously, meaning site performance directly impacts the data quality and speed to readout. For instance, the company initiated a second potentially registrational study of IMVT-1402 in Graves' disease (GD) and a potentially registrational trial in Sjögren's disease (SjD) in June 2025. The success of these sites is tied to the clinical momentum, which includes the ongoing potentially registrational trials in GD, Myasthenia Gravis (MG), Chronic Inflammatory Demyelinating Polyneuropathy (CIDP), Difficult-to-Treat Rheumatoid Arthritis (D2T RA), and SjD, alongside a proof-of-concept trial in Cutaneous Lupus Erythematosus (CLE). The high-touch nature is implied by the significant investment in R&D, which was $114.2 million for the quarter ended September 30, 2025, driven in part by clinical trial activities.

Investor relations focused on communicating clinical milestones and runway.

Investor relations for Immunovant, Inc. is a constant exercise in translating complex clinical data into clear financial runway projections. The narrative is heavily focused on the progression of IMVT-1402 and the durability of its mechanism. The company reported a net loss of $126.5 million for the quarter ended September 30, 2025, reflecting this clinical spend ramp. However, the relationship is anchored by the cash position, which stood at approximately $521.9 million as of September 30, 2025, providing runway through the GD readout expected in 2027. You need to track the key data points they use to reassure the market:

Milestone/Metric	Latest Data Point/Projection	Source Quarter
Cash Balance	$521.9 million (as of Sep 30, 2025)	Q2 2025
Projected Runway End Point	Graves' Disease Readout expected in 2027	Q2 2025
Q2 2025 Net Loss	$126.5 million	Q2 2025
Q2 2025 R&D Expense	$114.2 million	Q2 2025
TED Phase 3 Topline Report	Concurrent release in H1 2026	Q2 2025
D2T RA/CLE Results	Expected in 2026	Q2 2025

The General and Administrative (G&A) expenses were $17.5 million for the same quarter, showing some streamlining efforts despite the R&D increase. It's all about the milestones; for example, GD remission durability showed ~80% (17/21) maintained normal thyroid function six months off batoclimab.

Direct engagement with patient advocacy groups for autoimmune diseases.

Immunovant, Inc. explicitly states that the lived experience of people with autoimmune disease is their purpose and north star, guiding their science. This translates into direct engagement through convening patient councils and ongoing dialogue with advocates. They have a structured program to support this community relationship called AIM: Advocacy in Motion, which is a skills-building program designed specifically for patient advocates. For direct communication regarding advocacy, the company provides the email address patientadvocacy@immunovant.com. The focus on specific diseases means engagement is targeted; for example, a key priority is Graves' disease and related conditions like Thyroid Eye Disease (TED).

Outsourced relationship management for manufacturing and clinical operations.

The operational relationships are heavily outsourced, which introduces dependency risk that must be managed closely. Immunovant, Inc. is completely dependent on its contract manufacturing partners for compliance with current Good Manufacturing Practice (cGMP) requirements for drug product manufacture. This dependency is reflected in the R&D spend, where contract manufacturing costs are cited as a driver for the increase in expenses. Furthermore, the company must manage milestones under agreements with third parties, such as the HanAll Agreement, which requires substantial payments. The management of these external partners-contract research organizations, suppliers, and shippers-is a key part of the operational relationship structure, as failure by these third parties to meet specifications could delay or prevent regulatory approval.

Immunovant, Inc. (IMVT) - Canvas Business Model: Channels

You're looking at how Immunovant, Inc. gets its data and, eventually, its product, to the right people. Since they are still clinical-stage as of late 2025, the channels are heavily weighted toward research execution and capital communication right now.

Clinical trial sites and research institutions for current drug delivery.

The current delivery channel is the network of sites running the trials for IMVT-1402. Immunovant, Inc. is advancing its lead asset, IMVT-1402, across six announced indications which include 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), plus a proof-of-concept trial in cutaneous lupus erythematosus (CLE).

• Potentially registrational trials in MG and CIDP are actively enrolling.
• A second potentially registrational study in GD and one in SjD were initiated in June 2025.
• The company anticipates initiating clinical trials evaluating IMVT-1402 in a total of ten indications by March 31, 2026.
• Batoclimab trials in MG and CIDP were fully enrolled to support data disclosures by March 31, 2025.

Future specialty pharmacies and distributors for commercial product.

While Immunovant, Inc. is clinical-stage, the future commercial channel will rely on specialty pharmacies and distributors for targeted delivery, especially for complex biologic therapies. The current focus is on clinical execution to secure the necessary data for market entry across the pipeline indications.

• The company's cash position of $521.9 million as of September 30, 2025, is intended to sustain runway through the GD readout expected in 2027.
• The development of IMVT-1402 is progressing across the six indications, positioning the company for future commercialization efforts.

Scientific publications and medical conferences to disseminate data.

Data dissemination is critical for establishing scientific credibility and informing future development, which acts as a key channel to the medical community.

• Remission data from the batoclimab proof-of-concept study in GD was expected to be reported at the American Thyroid Association (ATA) Annual Meeting in September 2025.
• Six-month, treatment-free remission data from the GD proof-of-concept study was expected in summer of 2025.
• Topline results for both batoclimab Thyroid Eye Disease (TED) Phase 3 studies are now expected concurrently in H1 2026, shifted from the prior expectation of the first study by YE25.

Investor presentations and SEC filings for capital market communication.

Communication with capital markets is managed through formal filings and investor updates, which are essential channels for funding the ongoing R&D. Here's a look at the latest financial snapshot from the Q2 2025 reporting cycle.

Financial Metric / Filing Detail	Value / Date
Cash and Cash Equivalents (as of 9/30/2025)	$521.9 million
Net Loss (Q2 ended 9/30/2025)	$126.5 million
Research & Development Expenses (Q2 2025)	$114.2 million
Market Capitalization (as of 12/4/2025)	$3.98 billion
Latest Quarterly Report (10-Q) Filing Date	November 10, 2025
Private Placement (PIPE) Gross Proceeds Closed	$450 million
Average 12-Month Analyst Price Target	$28.7778

The company closed a $450 million private placement around January 15, 2025, to advance its pipeline. The net loss for the quarter ending September 30, 2025, was $126.5 million, up from $109.1 million year-over-year, driven by clinical spend. Finance: draft 13-week cash view by Friday.

Immunovant, Inc. (IMVT) - Canvas Business Model: Customer Segments

You're looking at the patient populations Immunovant, Inc. (IMVT) is targeting with its anti-FcRn therapies, primarily IMVT-1402, as of late 2025. This is a snapshot of the addressable market based on current disease prevalence and the company's clinical focus.

The patient segments are defined by specific autoimmune conditions where Immunovant, Inc. has active or planned potentially registrational trials. The company reported a net loss from continuing operations of $166 million for the second quarter ended September 30, 2025, while maintaining a cash position of $4.4 billion, which supports this aggressive clinical expansion.

The primary patient groups include:

• Patients with Myasthenia Gravis (MG) and Chronic Inflammatory Demyelinating Polyneuropathy (CIDP).
• Patients with Graves' Disease (GD) and Thyroid Eye Disease (TED).
• Patients with difficult-to-treat Rheumatoid Arthritis (D2T RA) and Sjögren's disease (SjD).
• Institutional Investors and Biotech-focused Hedge Funds.

For the patient segments, here is a breakdown of the scale of the target populations based on available epidemiology data:

Indication	Geographic Focus	Estimated Prevalence/Incidence Metric	Associated Number
Myasthenia Gravis (MG)	United States	Estimated people living with MG (Prevalence)	Between 75,000 and 100,000
Myasthenia Gravis (MG)	United States	Age- and sex-standardized prevalence (2021 estimate)	320.2 cases per million adults
Chronic Inflammatory Demyelinating Polyneuropathy (CIDP)	United States	Patients in a matched study cohort	1,435 patients
Graves' Disease (GD) & Thyroid Eye Disease (TED)	General Association	Prevalence of TED among GD patients (Estimate)	As high as 16%
Thyroid Eye Disease (TED) in Hashimoto's	General Association	Incidence of TED in Hashimoto's disease	Up to 6%

Immunovant, Inc. is actively enrolling potentially registrational trials for IMVT-1402 in both MG and CIDP. The company also initiated a potentially registrational trial in adult participants with active, anti-citrullinated protein autoantibody (ACPA) positive D2T RA in March 2025. Furthermore, a potentially registrational study in Sjögren's disease (SjD) was initiated in June 2025.

Regarding the financial customer segment, these are the entities providing the capital to fund the aggressive clinical expansion. As of June 30, 2025, the company's cash and cash equivalents totaled approximately $598.9 million, with management projecting runway through the Graves' disease readout expected in 2027. The stock trades on Nasdaq under the symbol IMVT.

The focus on these patient groups is supported by data showing the strong link between GD and TED:

• Approximately 85% of individuals with TED develop Graves' hyperthyroidism within 18 months before or after hyperthyroidism onset.
• The incidence of TED in Graves' disease is reported at 25%.

The company is developing IMVT-1402 across a total of ten indications by March 31, 2026.

Immunovant, Inc. (IMVT) - Canvas Business Model: Cost Structure

You're looking at where Immunovant, Inc. is spending its capital to drive its pipeline, which is heavily concentrated on IMVT-1402. For a clinical-stage biotech, the cost structure is dominated by R&D, which is exactly what the numbers show.

For the fiscal year ended March 31, 2025, Research and Development (R&D) expenses hit $360.9 million. This was a big jump from the prior year, driven by advancing the clinical programs. To be fair, this is the engine room cost for any company at this stage; it's where the value is being created or lost.

The main cost drivers within R&D are clear:

• Clinical trial costs for multiple potentially registrational studies (IMVT-1402).
• Contract manufacturing and supply chain costs for drug substance/product.
• Elevated personnel-related expenses supporting the expanded clinical footprint.

The company is actively enrolling participants in potentially registrational trials for IMVT-1402 in several indications, including Graves' disease (GD) and difficult-to-treat rheumatoid arthritis (D2T RA). This expansion across six announced indications means significant, ongoing spend on site activation, patient recruitment, and data management.

General and Administrative (G&A) expenses for the same fiscal year ended March 31, 2025, were $77.2 million. This covers the overhead required to manage the growing clinical operations and corporate functions.

Here's a quick look at how the costs trended into the first half of fiscal year 2026 (six months ended September 30, 2025), showing the continued investment:

Cost Category	Fiscal Year Ended March 31, 2025 (Annual)	Six Months Ended September 30, 2025
Research and Development (R&D) Expenses	$360.9 million	$215.4 million
General and Administrative (G&A) Expenses	$77.2 million	$43.5 million

Personnel-related costs are a significant component of both buckets. For the three months ended September 30, 2025, R&D increases were explicitly tied to elevated personnel-related expenses. Also, non-cash stock compensation is a material, non-cash cost; for the three months ended September 30, 2025, the net loss included $13.4 million related to non-cash stock-based compensation expense. You see this expense reflected in G&A increases too, as higher personnel-related expenses drove the increase in G&A for the quarter ended June 30, 2025.

The company's cash position as of September 30, 2025, was approximately $521.9 million, which management stated provided runway for announced indications through the GD readout expected in 2027. That cash balance is what funds this entire cost structure.

The key cost components driving the P&L are:

• R&D Expenses for the three months ended September 30, 2025: $114.2 million.
• G&A Expenses for the three months ended September 30, 2025: $17.5 million.
• Contract manufacturing costs are specifically cited as a primary driver for the R&D expense increase in the recent quarters.

Finance: review the burn rate implied by the Q2 FY2026 expenses against the September 30, 2025 cash balance by next Tuesday.

Immunovant, Inc. (IMVT) - Canvas Business Model: Revenue Streams

As of late 2025, Immunovant, Inc. is firmly in the clinical development phase, meaning its revenue streams are entirely non-product related, focusing on capital generation to fund its pipeline.

Zero product revenue, as the company is pre-commercial stage.

The primary current revenue source is Equity financing and capital raises to fund operations. You saw a significant cash injection early in 2025:

• The January 2025 private investment in public equity (PIPE) raised aggregate gross proceeds of approximately $450 million.
• This was achieved by selling 22,500,000 shares of common stock at a purchase price of $20.00 per share.

The financial impact of this capital raise is reflected in the balance sheet figures reported for the subsequent quarter. Here's a look at the cash position and operating burn for the quarter ended June 30, 2025:

Metric	Amount (Three Months Ended June 30, 2025)
Cash and Cash Equivalents (End of Period)	$598.9 million
Net Loss	$120.6 million
Research and Development Expenses	$101.2 million
General and Administrative Expense	$26.0 million
Net Cash Used in Operating Activities	$117.4 million

The company reported 170,111,593 shares issued and outstanding at June 30, 2025, growing to 175,276,526 shares outstanding as of November 3, 2025, reflecting the dilution from the capital raise.

Another crucial, albeit contingent, revenue component involves Potential future milestone payments from licensing agreements (e.g., HanAll). These payments are triggered by development and regulatory success before any product sales can occur. The latest figures indicate the remaining contingent liability:

• Potential milestone payments remaining under the HanAll license are up to an aggregate of $420.0 million.
• This is calculated after $32.5 million has already been paid to HanAll.

Finally, the ultimate revenue goal hinges on Potential future product sales revenue post-regulatory approval (2027+). The timeline for the lead asset, IMVT-1402, suggests this revenue stream is still several years out:

• Immunovant expects a Graves disease readout in 2027.