01—Abstract
Summary
Summary of the 10-Q filed August 6, 2026. Cited figures are marked; the original filing is the authoritative source.
Roivant Sciences Ltd. reported a net loss of $290.6 milliona for the three months ended June 30, 2026, compared with $273.9 million a year earlier.
Revenue was $1.4 millionb, against $2.2 million in the prior-year quarter. Research and development expenses rose to $202.0 million from $152.9 million, and general and administrative expenses rose to $165.5 million from $134.0 million. The filing attributes much of the G&A increase to $18.8 million in employee bonuses tied to the March 2026 Moderna settlement.
Net loss attributable to Roivant Sciences Ltd. was $189.8 millionc, against $223.4 million in the prior-year quarter. Cash, cash equivalents and marketable securities totaled approximately $3.8 billion at June 30, 2026, and the accumulated deficit was $900.4 million. The most significant recent event is the Moderna settlement.
Moderna agreed to pay a $950 milliond fixed payment, made July 8, 2026, plus up to an additional $1.3 billion contingent on the outcome of Moderna's appeal to the Federal Circuit. Genevant received $771.6 million of the fixed payment on July 8, 2026, which the company recorded as a litigation settlement receivable at quarter-end. Genevant's parent expects to distribute up to $188 million of the fixed payment to other GSL shareholders, including Arbutus.
The company also repurchased 7.3 million common shares for approximately $208.7 million during the quarter, leaving about $681.7 million available under its repurchase authorization. On the pipeline, the filing lists an FDA decision on brepocitinib in dermatomyositis expected in 3Q 2026, with launch preparations described as on track for the end of September 2026.
Several Phase 2 and Phase 3 readouts are expected in 2H 2026, and the filing states that cash and marketable securities support the company's runway. Operating cash outflow was $270.5 million for the quarter, up from $204.4 million a year earlier.
02—Key points
Key Highlights
- Net loss of $290.6 million for the quarter ended June 30, 2026, versus $273.9 million a year earlier; net loss attributable to Roivant Sciences Ltd. was $189.8 million versus $223.4 million.
- R&D expense rose to $202.0 million from $152.9 million, driven mainly by program-specific costs of $139.1 million, including increases in the anti-FcRn franchise and mosliciguat.
- G&A expense rose to $165.5 million from $134.0 million, including $18.8 million of employee bonuses related to the Moderna settlement.
- Moderna settlement: $950 million fixed payment made July 8, 2026, plus up to $1.3 billion contingent on the Federal Circuit appeal of Moderna's Section 1498 defense; Genevant's $771.6 million share was recorded as a receivable at June 30, 2026.
- Cash, cash equivalents and marketable securities of approximately $3.8 billion at June 30, 2026, against an accumulated deficit of $900.4 million.
- Repurchased 7,305,646 common shares for approximately $208.7 million in the quarter; approximately $681.7 million remains available under the repurchase authorization.
- Brepocitinib FDA decision in dermatomyositis expected in 3Q 2026, with commercial launch preparations described as on track for the end of September 2026.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ1 FY2027filed August 6, 2026Financial Statements
Q1 FY2027 against Q1 FY2026
| Line item | Q1 FY2027Q1 FY2026 | Change |
|---|---|---|
| Revenue | $1.44M$2.17M | −33.5% |
| R&D Expenses | $202.02M$152.92M | +32.1% |
| Operating Expenses | $367.83M$287.09M | +28.1% |
| Operating Income | -$365.99M-$284.92M | −28.5% |
| Net Income | -$189.84M-$223.35M | +15.0% |
| EPS (Basic) | $-0.26$-0.33 | +21.2% |
| EPS (Diluted) | $-0.26$-0.33 | +21.2% |
| Shares Outstanding (Basic) | 720.78M680.29M | +6.0% |
| Shares Outstanding (Diluted) | 720.78M680.29M | +6.0% |
05—Questions
Frequently Asked Questions
What drove the increase in Roivant's net loss this quarter?
Total operating expenses rose to $367.8 million from $287.1 million. R&D expense increased by $49.1 million, mainly from program-specific costs of the anti-FcRn franchise and mosliciguat, and G&A increased by $31.5 million, largely from personnel-related expenses including $18.8 million of Moderna-related employee bonuses. Partly offsetting these were a $36.6 million unrealized gain on investments, compared with a $19.1 million unrealized loss a year earlier.
How much of the Moderna settlement has Roivant received, and how will the rest be paid?
Genevant received $771.6 million of the $950 million fixed payment on July 8, 2026, after quarter-end, and the company recorded this as a litigation settlement receivable at June 30, 2026. Moderna will make the up-to-$1.3 billion contingent payment only if specified outcomes occur in its Federal Circuit appeal, and the filing states that Genevant would have to return the contingent payment, plus interest, if a favorable outcome is later overturned. The filing says oral arguments are expected in 2027.
Does Roivant have enough cash to fund its operations?
The filing states that management believes existing cash, cash equivalents and marketable securities will be sufficient to fund operating expenses and capital expenditures for the foreseeable future, while noting that projections are uncertain and the company may need to raise additional capital. At June 30, 2026, cash, cash equivalents and marketable securities were approximately $3.8 billion, and about $3.9 billion including restricted cash. The filing also lists $42.5 million of batoclimab discontinuation costs and $22.8 million of minimum contract manufacturing commitments as near-term obligations.
What are the key upcoming catalysts?
The filing lists an FDA decision on brepocitinib in dermatomyositis expected in 3Q 2026. Topline data are expected in 2H 2026 from the mosliciguat Phase 2 trial in pulmonary hypertension associated with interstitial lung disease, the brepocitinib Phase 3 trials in non-infectious uveitis, and the IMVT-1402 Phase 2 trial in cutaneous lupus erythematosus. Further IMVT-1402 updates in difficult-to-treat rheumatoid arthritis are also expected in 2H 2026.
How much capital has Roivant returned to shareholders, and what capacity remains?
During the quarter, Roivant repurchased 7,305,646 common shares for approximately $208.7 million, including fees and expenses, with about $681.7 million remaining under its repurchase authorization at June 30, 2026. The company also has $400.0 million of remaining capacity under its at-the-market equity offering program with Cowen, and it withheld 904,271 shares for tax withholding on equity award settlements during the quarter.
06—Continue