01—Abstract
Summary
Summary of the 8-K filed May 20, 2026. Cited figures are marked; the original filing is the authoritative source.
Roivant Sciences Ltd. (Nasdaq: ROIV) reported financial results for the fourth quarter and fiscal year ended March 31, 2026, and provided a business update.
As of March 31, 2026, consolidated cash, cash equivalents and marketable securities were $4.3 billiona. For the three months ended March 31, 2026, the company reported income from continuing operations, net of tax, of $355.7 million ($0.43 basic per share), driven mainly by a $770.2 million gain on litigation settlement tied to the Moderna settlement. For the full fiscal year, loss from continuing operations, net of tax, was $397.9 million, compared with $729.8 million a year earlier, and non-GAAP loss from continuing operations was $747.7 million.
Revenue for the year was $8.3 million, and R&D expenses rose to $681.8 millionb, reflecting higher program-specific costs across the anti-FcRn franchise, mosliciguat and brepocitinib. The filing highlights several clinical and regulatory catalysts. Immunovant's IMVT-1402 showed a 72.7% ACR20 response rate at Week 16 in the open-label Period 1 of its difficult-to-treat rheumatoid arthritis trial, and further updates are expected in the second half of calendar 2026.
Priovant's brepocitinib received Priority Review for dermatomyositis with a target action date in the third quarter of calendar 2026, with commercial launch expected by the end of September 2026, and it was granted Breakthrough Therapy Designation in cutaneous sarcoidosis. Pulmovant's mosliciguat Phase 2 PHocus study completed enrollment of 135 subjects, with topline data expected in the second half of 2026. The $2.25 billionc global settlement with Moderna ends pending patent-infringement litigation brought by Genevant and Arbutus.
Moderna is to pay $950 milliond in July 2026, with an additional $1.3 billion contingent on resolution of Moderna's Section 1498 appeal. The company also discontinued batoclimab after two Phase 3 studies in thyroid eye disease did not meet their primary endpoint in April 2026.
02—Key points
Key Highlights
- Cash, cash equivalents and marketable securities of $4.3 billion as of March 31, 2026; the company states this supports cash runway into profitability.
- Q4 FY2026 income from continuing operations, net of tax, of $355.7 million ($0.43 basic per share), including a $770.2 million gain on litigation settlement; non-GAAP loss from continuing operations was $222.7 million.
- Full-year FY2026 loss from continuing operations, net of tax, of $397.9 million, versus $729.8 million in FY2025; full-year R&D expense rose to $681.8 million from $550.4 million.
- Moderna settlement totaling $2.25 billion: $950 million payable in July 2026 and an additional $1.3 billion contingent on the outcome of Moderna's Section 1498 appeal.
- IMVT-1402 D2T RA Period 1 showed ACR20, ACR50 and ACR70 response rates of 72.7%, 54.5% and 35.8% at Week 16; updates expected in the second half of calendar 2026.
- Brepocitinib: FDA accepted the dermatomyositis NDA with Priority Review (target action date in Q3 calendar 2026), received Breakthrough Therapy Designation in cutaneous sarcoidosis, and expects DM launch by the end of September 2026.
- Batoclimab discontinued across all indications after two Phase 3 thyroid eye disease studies failed their primary endpoint; the company says the program's learnings are being applied to IMVT-1402.
03—Questions
Frequently Asked Questions
What were Roivant's financial results for the fourth quarter and fiscal year ended March 31, 2026?
For the three months ended March 31, 2026, income from continuing operations, net of tax, was $355.7 million, versus a loss of $252.4 million a year earlier. This result includes a $770.2 million gain on litigation settlement. For the full fiscal year, loss from continuing operations, net of tax, was $397.9 million, compared with $729.8 million in the prior year.
How much cash does Roivant have, and what does the company say about its runway?
As of March 31, 2026, Roivant had consolidated cash, cash equivalents and marketable securities of $4.3 billion. The company states this supports cash runway into profitability.
What is the status of the Moderna settlement and when will payments be made?
The $2.25 billion global settlement ends all pending U.S. and international patent-infringement litigation between Genevant, Arbutus and Moderna. Moderna is to pay $950 million in July 2026, and an additional $1.3 billion is contingent on resolution of Moderna's Section 1498 appeal in favor of Genevant and Arbutus.
What are the key upcoming catalysts for investors in the second half of 2026?
Brepocitinib is expected to launch in dermatomyositis by the end of September 2026, with an FDA target action date in Q3 2026. Topline Phase 3 data in non-infectious uveitis are expected in the second half of 2026. Updates on IMVT-1402 in D2T RA, topline data in cutaneous lupus erythematosus, and topline data from the mosliciguat Phase 2 PHocus study in PH-ILD are also expected in the second half of calendar 2026.
Why did R&D expenses increase, and what drove the change?
R&D expenses rose to $681.8 million for the year ended March 31, 2026, from $550.4 million, primarily due to a $101.1 million increase in program-specific costs. The largest contributors were the anti-FcRn franchise (up $79.1 million, including $39.0 million of contractual costs tied to the discontinuation of batoclimab), mosliciguat (up $16.3 million) and brepocitinib (up $15.1 million).
04—Continue