Immunovant Inc (IMVT) Q1 2025 Earnings Report

Immunovant reported QQ1 2025 results with no reported revenue and a material net loss driven by heavy R&D and operating expenses, consistent with a late-stage clinical-stage biotechnology company prioritizing pipeline advancement over near-term commercial activity. The quarter featured R&D outlays of approximately $75.5 million and SG&A around $18.7 million, contributing to total operating expenses of about $94.2 million and an EBITDA of -$94.2 million. Net income was -$87.15 million, or -$0.60 per diluted share, while cash burn from operations was -$76.2 million for the quarter, with capex of just $0.18 million and free cash flow at -$76.38 million. The company finished QQ1 2025 with a robust cash position of $560.0 million and net debt of approximately -$559.9 million, underscoring a strong liquidity runway largely supported by ongoing backing from its parent Roivant Sciences. In a biotech context, Immunovant’s equity value hinges on the progress and outcomes of its batoclimab programs, particularly in warm autoimmune hemolytic anemia (wAIHA), myasthenia gravis (MG), and thyroid eye disease (TED). The lack of near-term revenue means investors should focus on pipeline milestones, trial readouts, and the potential for partnering or milestone payments that could unlock value. Given the cash runway, management commentary (where available) will be pivotal for confirming cadence of Phase II readouts and potential uplifts in funding flexibility if portfolio data begin to show meaningful clinical signals.