01—Abstract
Summary
Summary of the 10-Q filed August 11, 2025. Cited figures are marked; the original filing is the authoritative source.
Roivant Sciences Ltd. reported a net loss from continuing operations of $273.9 milliona for the three months ended June 30, 2025, compared with a net loss from continuing operations of $31.6 million a year earlier.
Revenue was $2.2 millionb, down from $8.0 million, and research and development expenses rose to $152.9 million from $120.5 million, while general and administrative expenses rose to $134.0 million from $99.9 million, driven largely by share-based compensation tied to the 2024 Senior Executive Compensation Program. The prior-year quarter included a $110.4 million gain on the sale of Telavant net assets and $89.1 million of income from discontinued operations (Dermavant). The company had cash, cash equivalents and marketable securities of approximately $4.5 billion at June 30, 2025, down from $4.9 billion at March 31, 2025 as shown in Note 3, and an accumulated deficit of $315.6 million.
Shareholders' equity attributable to Roivant was $4.35 billionc. During the quarter, Roivant repurchased 20,269,450 common shares for approximately $208.3 million and completed its $1.5 billion repurchase program; the board authorized a new $500 million program on June 24, 2025, with no purchases made under it as of June 30, 2025. The filing states that management believes existing cash will fund operations for the foreseeable future, while noting that it may need additional capital.
Key pipeline items cited in the filing include Phase 3 topline data for brepocitinib in dermatomyositis expected in the second half of 2025, Phase 3 thyroid eye disease data for batoclimab in the second half of 2025, and additional Graves' disease data from Immunovant in September 2025. The filing also discloses ongoing patent litigation against Moderna and Pfizer/BioNTech, with a Moderna jury trial scheduled for March 2026, and notes that Roivant has no commercial-stage products following the Dermavant sale.
02—Key points
Key Highlights
- Net loss from continuing operations of $273.9 million for the quarter ended June 30, 2025, versus $31.6 million a year earlier.
- Revenue fell to $2.2 million from $8.0 million, primarily license revenue at Genevant.
- R&D expense rose to $152.9 million and G&A expense rose to $134.0 million, including $71.1 million of G&A share-based compensation.
- Cash, cash equivalents and marketable securities of approximately $4.5 billion as of June 30, 2025; accumulated deficit of $315.6 million.
- Repurchased $208.3 million of common shares in the quarter, completing the $1.5 billion program; a new $500 million program was authorized June 24, 2025 with no purchases yet made.
- Prior-year quarter included a $110.4 million gain on the Telavant sale and $89.1 million of discontinued-operations income from Dermavant.
- Near-term catalysts include brepocitinib Phase 3 DM topline data and batoclimab Phase 3 thyroid eye disease topline data, both expected in the second half of 2025.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ1 FY2026filed August 11, 2025Financial Statements
Q1 FY2026 against Q1 FY2025
| Line item | Q1 FY2026Q1 FY2025 | Change |
|---|---|---|
| Revenue | $2.17M$7.99M | −72.8% |
| R&D Expenses | $152.92M$120.51M | +26.9% |
| Operating Expenses | $287.09M$220.61M | +30.1% |
| Operating Income | -$284.92M-$102.23M | −178.7% |
| Net Income | -$223.35M$95.30M | −334.4% |
| EPS (Basic) | $-0.33$0.13 | −353.8% |
| EPS (Diluted) | $-0.33$0.12 | −375.0% |
| Shares Outstanding (Basic) | 680.29M735.82M | −7.5% |
| Shares Outstanding (Diluted) | 680.29M781.63M | −13.0% |
05—Questions
Frequently Asked Questions
How did Roivant's net loss change compared with the prior-year quarter?
Loss from continuing operations was $273.9 million for the three months ended June 30, 2025, compared with $31.6 million for the same period in 2024. The prior-year quarter benefited from a $110.4 million gain on the sale of Telavant net assets, and the current quarter reflects higher R&D and G&A expenses.
How much cash does Roivant have and how is it being returned to shareholders?
The company reported approximately $4.5 billion of cash, cash equivalents and marketable securities at June 30, 2025. During the quarter it repurchased 20,269,450 shares for about $208.3 million and completed its $1.5 billion repurchase program. A new $500 million repurchase authorization was approved on June 24, 2025, with no purchases made as of June 30, 2025.
What drove the increase in G&A expenses?
G&A expenses increased by $34.1 million to $134.0 million, primarily due to a $34.2 million increase in share-based compensation, largely from long-term equity incentive awards under the 2024 Senior Executive Compensation Program.
Does Roivant expect to need additional capital?
The filing states that existing cash, cash equivalents and marketable securities are expected to be sufficient to fund operating expenses and capital expenditures for the foreseeable future. It also notes that projections are inherently uncertain and the company may need to raise additional capital, which could cause dilution.
What are the key upcoming catalysts disclosed in the filing?
The filing lists brepocitinib Phase 3 topline data in dermatomyositis and batoclimab Phase 3 topline data in thyroid eye disease, both expected in the second half of 2025, along with batoclimab Graves' disease 6-month remission data expected in September 2025. Other catalysts include Genevant litigation milestones, including a Moderna jury trial scheduled for the first quarter of 2026.
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