01—Abstract
Summary
Summary of the 10-K filed May 20, 2026. Cited figures are marked; the original filing is the authoritative source.
Roivant Sciences Ltd. reported a net loss attributable to Roivant Sciences Ltd. of $299.8 milliona for the fiscal year ended March 31, 2026, compared with a net loss of $172.0 million in fiscal 2025.
Results were driven by a $770.2 millionb gain on litigation settlement recognized for Genevant's expected share of Moderna's $950 million fixed payment, offset by research and development expense of $681.8 million and general and administrative expense of $610.5 million. Cash, cash equivalents and marketable securities totaled approximately $4.3 billion at March 31, 2026, and the company states it does not currently need additional capital under its current operating plans, though it may need capital in the future. The pipeline is centered on brepocitinib (Priovant), with an FDA decision in dermatomyositis expected in the third quarter of calendar 2026 under Priority Review and a commercial launch targeted by the end of September 2026 if approved.
IMVT-1402 (Immunovant) is the lead anti-FcRn program across several indications, while batoclimab was discontinued after two Phase 3 thyroid eye disease studies missed their primary endpoints. Mosliciguat (Pulmovant) has a Phase 2 PH-ILD readout expected in the second half of calendar 2026.
Key risks include the contingent $1.3 billionc Moderna payment tied to the Section 1498 appeal, a possible dispute with HanAll over batoclimab rights, the Vant structure and related dilution, BIOSECURE Act and tariff exposure, and an accumulated deficit of $501.8 million. The company also reported $890.3 million remaining authorization for share repurchases and repurchased $314.9 million of common shares over the twelve months ended March 31, 2026.
02—Key points
Key Highlights
- Net loss attributable to Roivant of $299.8 million for FY2026, versus $172.0 million in FY2025, with the $770.2 million litigation settlement gain offsetting higher operating expenses.
- Research and development expense rose to $681.8 million from $550.4 million, driven by program-specific costs, including $39.0 million of contractual costs from discontinuing batoclimab.
- General and administrative expense of $610.5 million, including $298.3 million of share-based compensation tied largely to the Senior Executive Compensation Program.
- Cash, cash equivalents and marketable securities of approximately $4.3 billion at March 31, 2026, with an accumulated deficit of $501.8 million.
- Brepocitinib dermatomyositis NDA accepted with Priority Review; FDA target action date in the third quarter of calendar 2026.
- Moderna settlement totaling $2.25 billion, including a $950 million fixed payment due by July 8, 2026 and up to $1.3 billion contingent on the Section 1498 appeal.
- Batoclimab discontinued after two Phase 3 TED studies failed their primary endpoints; IMVT-1402 is now the focus of Immunovant's anti-FcRn development.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-KFY2026filed May 20, 2026Financial Statements
FY2026 against FY2025
| Line item | FY2026FY2025 | Change |
|---|---|---|
| Revenue | $8.26M$29.05M | −71.6% |
| R&D Expenses | $681.81M$550.41M | +23.9% |
| Operating Expenses | $1.29B$1.14B | +13.2% |
| Operating Income | -$515.07M-$1.00B | +48.7% |
| Net Income | -$299.77M-$171.98M | −74.3% |
| EPS (Basic) | $-0.43$-0.24 | −79.2% |
| EPS (Diluted) | $-0.54$-0.24 | −125.0% |
| Shares Outstanding (Basic) | 693.86M725.40M | −4.3% |
| Shares Outstanding (Diluted) | 693.86M725.40M | −4.3% |
05—Questions
Frequently Asked Questions
Why did Roivant report a smaller net loss in fiscal 2026 despite higher R&D and G&A spending?
The company recognized a $770.2 million gain on litigation settlement for Genevant's expected share of Moderna's $950 million fixed payment. This gain more than offset operating expenses, so the net loss attributable to Roivant Sciences Ltd. was $299.8 million, compared with $172.0 million in the prior year. Interest income declined to $178.1 million from $258.4 million.
Does Roivant need to raise additional capital?
The filing states that Roivant does not currently have a need for additional capital under its current operating plans given its liquidity position of about $4.3 billion. It cautions, however, that it may require capital in the future for acquisitions, trials, or commercialization, and that its cash runway estimates rely on assumptions that may prove inaccurate.
What is the status of brepocitinib and when could it launch?
Brepocitinib in dermatomyositis is under FDA review with Priority Review and a target action date in the third quarter of calendar 2026. Priovant expects to launch by the end of September 2026 following approval. The Phase 3 VALOR study met its primary and all nine key secondary endpoints at the 30 mg dose.
What risks does the Moderna settlement carry for investors?
The $1.3 billion contingent payment depends on the outcome of Moderna's Section 1498 appeal at the Federal Circuit, with oral arguments expected in 2027. If the appellate outcome is later reversed, Genevant and Arbutus would have to return the contingent payment with interest. The gain on that payment has not been recognized.
What happened to batoclimab and what are the implications for HanAll?
Immunovant's two Phase 3 TED studies of batoclimab did not meet their primary endpoints in April 2026, and development was discontinued across all indications. Immunovant has begun discussions with HanAll about the future disposition of batoclimab, including possibly returning certain rights. The filing notes that HanAll may disagree with Immunovant's interpretation of the agreement, which could lead to arbitration or litigation.
06—Continue