01—Abstract
Summary
Summary of the 10-Q filed November 10, 2025. Cited figures are marked; the original filing is the authoritative source.
Roivant Sciences Ltd. reported a net loss attributable to Roivant of $113.5 milliona for the three months ended September 30, 2025, compared with $230.2 million a year earlier, and $336.9 million for the six months, compared with $134.9 million.
Revenue fell to $1.6 millionb for the quarter from $4.5 million, while research and development expense rose to $164.6 million from $143.1 million. General and administrative expense fell to $143.1 million from $202.9 million, reflecting lower one-time cash retention awards recognized in the prior-year quarter. Net loss from continuing operations for the six months was $440.0 million, compared with $268.4 million.
Cash, cash equivalents and marketable securities totaled approximately $4.4 billionc at September 30, 2025, and the accumulated deficit was $429.1 million. Management states that existing resources are sufficient for operating expenses and capital expenditures for the foreseeable future, while noting that it may need additional capital in the future. The pipeline progressed during the quarter.
Priovant's brepocitinib met the primary endpoint and all nine key secondary endpoints in the Phase 3 VALOR study in dermatomyositis, with an NDA filing planned for the first half of calendar 2026. Immunovant expects to share topline results from both batoclimab Phase 3 thyroid eye disease studies concurrently in the first half of calendar 2026, and it continues to track its IMVT-1402 programs. Capital returns continued: the company repurchased 20,269,450 shares for approximately $208.3 milliond in the three months ended June 30, 2025, and the board authorized a new $500 million repurchase program in June 2025 under which no purchases had been made as of September 30, 2025.
Investors should note the company's lack of approved products following the October 2024 Dermavant sale, continued operating losses, reliance on the HanAll Agreement for IMVT-1402 and batoclimab rights, and ongoing patent litigation against Moderna and Pfizer/BioNTech. Interest income declined to $45.3 million for the quarter from $69.8 million as balances and rates fell.
02—Key points
Key Highlights
- Net loss attributable to Roivant Sciences Ltd. was $113.5 million for the three months ended September 30, 2025, versus $230.2 million in the prior-year period; for the six months it was $336.9 million versus $134.9 million.
- Cash, cash equivalents and marketable securities were approximately $4.4 billion at September 30, 2025, and the accumulated deficit was $429.1 million.
- Research and development expense rose to $164.6 million for the quarter from $143.1 million, driven by a $13.2 million increase in program-specific costs and a $7.1 million increase in personnel-related expenses.
- General and administrative expense decreased to $143.1 million for the quarter from $202.9 million, mainly due to lower personnel-related expense tied to one-time cash retention awards recognized in the prior-year quarter.
- Priovant's brepocitinib met the primary endpoint and all nine key secondary endpoints in the Phase 3 VALOR study in dermatomyositis, with an NDA filing planned for the first half of calendar 2026.
- Immunovant expects topline results from both batoclimab Phase 3 thyroid eye disease studies in the first half of calendar 2026.
- A $500 million share repurchase program authorized in June 2025 had no purchases as of September 30, 2025, and $400.0 million remained available under the at-the-market equity program.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ2 FY2026filed November 10, 2025Financial Statements
Q2 FY2026 against Q2 FY2025
| Line item | Q2 FY2026Q2 FY2025 | Change |
|---|---|---|
| Revenue | $1.57M$4.47M | −64.9% |
| R&D Expenses | $164.57M$143.07M | +15.0% |
| Operating Expenses | $307.80M$346.19M | −11.1% |
| Operating Income | -$306.23M-$341.71M | +10.4% |
| Net Income | -$113.52M-$230.18M | +50.7% |
| EPS (Basic) | $-0.17$-0.31 | +45.2% |
| EPS (Diluted) | $-0.17$-0.31 | +45.2% |
| Shares Outstanding (Basic) | 680.95M735.47M | −7.4% |
| Shares Outstanding (Diluted) | 680.95M735.47M | −7.4% |
05—Questions
Frequently Asked Questions
How much cash does Roivant have and how long will it last?
The company reported approximately $4.4 billion in cash, cash equivalents and marketable securities as of September 30, 2025. It states that these resources will be sufficient to fund operating expenses and capital expenditures for the foreseeable future, but that projections are inherently uncertain and it may need to raise additional capital.
Why did the net loss increase for the six-month period?
Net loss from continuing operations for the six months ended September 30, 2025 was $440.0 million, compared with $268.4 million a year earlier. Research and development expense increased to $317.5 million from $263.6 million, revenue declined to $3.7 million from $12.5 million, and the prior-year period included a $110.4 million gain on the Telavant milestone, while interest income fell to $93.7 million from $141.9 million.
What are the company's most important near-term catalysts?
The filing lists a brepocitinib NDA filing in dermatomyositis in the first half of 2026, batoclimab topline Phase 3 thyroid eye disease data in the first half of 2026, mosliciguat Phase 2 data in pulmonary hypertension associated with interstitial lung disease in the second half of 2026, and a jury trial in the U.S. Moderna case in the first quarter of 2026.
Is the company returning capital to shareholders?
Yes. The company repurchased 20,269,450 common shares for approximately $208.3 million in the three months ended June 30, 2025, completing its prior $1.5 billion program in June 2025. A new $500 million program was authorized on June 24, 2025, with no purchases made as of September 30, 2025.
What risks does the filing highlight for Immunovant's programs?
Immunovant depends on the HanAll Agreement for the core intellectual property for IMVT-1402 and batoclimab. The filing notes that HanAll could assert a breach or dispute Immunovant's development plans, which could lead to arbitration or litigation, and that the company does not believe there is a basis for such a claim.
06—Continue