01—Abstract
Summary
Summary of the 10-Q filed February 6, 2026. Cited figures are marked; the original filing is the authoritative source.
Roivant Sciences Ltd. (ROIV) reported a net loss from continuing operations of $753.7 milliona for the nine months ended December 31, 2025, compared with $477.4 million a year earlier, and a net loss attributable to Roivant of $602.8 million versus net income of $34.5 million in the prior-year period.
For the three months ended December 31, 2025, net loss attributable to Roivant Sciences Ltd. was $265.9 millionb. Revenue was small, at $2.0 million for the quarter and $5.7 million for the nine months, primarily from Genevant license agreements. Research and development expense rose to $482.9 million for the nine months, driven by program-specific costs for the anti-FcRn franchise, brepocitinib and mosliciguat, while general and administrative expense was $452.2 million, including large share-based compensation charges.
The balance sheet remains substantial. As of December 31, 2025, cash, cash equivalents and marketable securities totaled approximately $4.5 billionc, against an accumulated deficit of $695.0 million. The company stated that it does not currently need additional capital under its current liquidity position, though it may require capital in the future.
Its $500 milliond 2025 share repurchase authorization had not been used as of December 31, 2025. Immunovant's December 2025 offering generated net proceeds of approximately $543.6 million, and Roivant's ownership of Immunovant rose to approximately 56%.
Key near-term catalysts include a March 2026 jury trial in the U.S. Moderna case, topline Phase 3 thyroid eye disease data for batoclimab in the first half of 2026, and several second-half 2026 readouts, including brepocitinib in non-infectious uveitis and mosliciguat in pulmonary hypertension associated with interstitial lung disease. The company also reported a February 2026 Phase 2 cutaneous sarcoidosis result for brepocitinib and that a New Drug Application for brepocitinib in dermatomyositis had been submitted.
02—Key points
Key Highlights
- Net loss attributable to Roivant Sciences Ltd. was $265.9 million for the three months ended December 31, 2025, versus net income of $169.4 million a year earlier, which included discontinued operations income.
- Nine-month net loss from continuing operations rose to $753.7 million from $477.4 million, with R&D expense of $482.9 million and G&A expense of $452.2 million.
- Cash, cash equivalents and marketable securities were approximately $4.5 billion as of December 31, 2025, and the accumulated deficit was $695.0 million.
- Revenue was $2.0 million for the quarter and $5.7 million for the nine months, primarily from Genevant license agreements.
- Immunovant completed a December 2025 offering of 26.2 million shares at $21.00 per share, with net proceeds of approximately $543.6 million; Roivant's ownership rose to approximately 56%.
- A $500 million share repurchase program authorized in June 2025 had no purchases as of December 31, 2025, and $400.0 million remained available under the ATM facility.
- Upcoming catalysts include a March 2026 Moderna jury trial, 1H 2026 batoclimab thyroid eye disease Phase 3 data, and 2H 2026 readouts for brepocitinib, mosliciguat and IMVT-1402.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ3 FY2026filed February 6, 2026Financial Statements
Q3 FY2026 against Q3 FY2025
| Line item | Q3 FY2026Q3 FY2025 | Change |
|---|---|---|
| Revenue | $2.00M$9.02M | −77.8% |
| R&D Expenses | $165.38M$141.59M | +16.8% |
| Operating Expenses | $341.15M$283.40M | +20.4% |
| Operating Income | -$339.15M-$274.38M | −23.6% |
| Net Income | -$265.89M$169.38M | −257.0% |
| EPS (Basic) | $-0.38$0.23 | −265.2% |
| EPS (Diluted) | $-0.38$0.23 | −265.2% |
| Shares Outstanding (Basic) | 696.86M722.72M | −3.6% |
| Shares Outstanding (Diluted) | 696.86M722.72M | −3.6% |
05—Questions
Frequently Asked Questions
How large were Roivant's losses in the latest period?
For the nine months ended December 31, 2025, the net loss from continuing operations was $753.7 million, compared with $477.4 million in the prior-year period. For the three months ended December 31, 2025, the net loss attributable to Roivant Sciences Ltd. was $265.9 million. The filing attributes the increase mainly to higher research and development spending and share-based compensation.
How much cash does Roivant have, and does it need more capital?
As of December 31, 2025, cash, cash equivalents and marketable securities totaled approximately $4.5 billion. The company states that its current liquidity supports its operations, and that it does not currently need additional capital under its current operating plans, but it may require additional capital in the future.
What drove the increase in R&D and G&A expenses?
For the nine months, R&D rose $77.7 million to $482.9 million, led by increases in anti-FcRn franchise, brepocitinib and mosliciguat program costs and personnel expenses. G&A rose $7.9 million to $452.2 million, mainly due to higher share-based compensation, including the Priovant Exchange Offer and long-term incentive awards, partly offset by lower personnel expense from prior-year cash retention awards.
What are the key upcoming events for investors?
The filing lists a jury trial in the U.S. Moderna case scheduled for March 2026 and first major ex-U.S. hearings in 1H 2026. It also lists topline data from two batoclimab Phase 3 thyroid eye disease trials in 1H 2026, and 2H 2026 readouts for brepocitinib in non-infectious uveitis, mosliciguat in pulmonary hypertension associated with interstitial lung disease, and IMVT-1402 in difficult-to-treat rheumatoid arthritis and cutaneous lupus erythematosus.
Are there share repurchases or dilution to be aware of?
In the nine months ended December 31, 2025, the company repurchased $208.3 million of its common shares, all in the June 2025 quarter. The $500 million 2025 repurchase authorization had no purchases as of December 31, 2025. Equity issuance and share-based compensation continue to add dilution, and Immunovant's offering raised about $543.6 million in net proceeds.
06—Continue