Executive Summary
Immunovant reported a material quarterly loss with no revenue disclosed for QQ3 2025. The operating loss was $114.3 million, and net income came in at $(111.1) million, translating to an EPS of $(0.76) for the quarter. The company also reported EBITDA of $(110.9) million. With R&D spend of $94.5 million and G&A of $19.8 million, Immunovant continues to burn cash at a high rate as it advances batoclimab through Phase II development for autoimmune indications. Importantly, the balance sheet remains liquidity-rich, with $374.7 million of cash and cash equivalents and no outstanding debt, supporting the company’s ability to fund its pipeline absent a near-term revenue contribution.
From a cash-flow perspective, the company generated negative operating cash flow of $(100.4) million in the period and finished with a net decrease in cash of $(98.3) million, driving ending cash to $374.7 million. The current ratio and quick ratio stand at 6.04x, underscoring strong short-term liquidity despite the meaningful quarterly losses. No revenue is reported for QQ3 2025, and management commentary on timing of potential revenue catalysts or partnerships remains a key overhang on the stock’s near-term investment thesis.
Strategically, Immunovant continues to position batoclimab as its primary value driver, but investors should calibrate expectations against the likelihood of data readouts, potential regulatory milestones, and the possibility of future financings or collaborations to sustain operations until material revenue opportunities materialize.
Key Performance Indicators
QoQ: 1.24% | YoY:-121.83%
QoQ: -1.84% | YoY:-116.11%
QoQ: -2.70% | YoY:-111.11%
Key Insights
Revenue: Not disclosed for QQ3 2025 (no reported figure in the quarter). YoY/QoQ revenue data not provided in the supplied dataset.
Operating income: $(114,302,000) in QQ3 2025; YoY change shown as -121.83%, QoQ change +1.24%.
Net income: $(111,122,000) in QQ3 2025; YoY change -116.11%, QoQ change -1.84%.
EBITDA: $(110,871,000); QoQ/YoY not explicitly stated in the dataset.
Earnings per share (EPS): $(0.76); YoY -111.11%, QoQ -2.70%.
R&D expense: $94.52 million; General & Administra...
Financial Highlights
Revenue: Not disclosed for QQ3 2025 (no reported figure in the quarter). YoY/QoQ revenue data not provided in the supplied dataset.
Operating income: $(114,302,000) in QQ3 2025; YoY change shown as -121.83%, QoQ change +1.24%.
Net income: $(111,122,000) in QQ3 2025; YoY change -116.11%, QoQ change -1.84%.
EBITDA: $(110,871,000); QoQ/YoY not explicitly stated in the dataset.
Earnings per share (EPS): $(0.76); YoY -111.11%, QoQ -2.70%.
R&D expense: $94.52 million; General & Administrative: $19.78 million; Selling, General & Administrative combined: $19.78 million.
Operating expenses: $(114,302,000); Cost and expenses: $(114,302,000).
Cash flow: Net cash provided by operating activities $(100.39) million; Depreciation & amortization $(99,000); Stock-based compensation not disclosed as a separate line here; Free cash flow $(100.57) million.
Balance sheet: Cash and cash equivalents $374.69 million; Total assets $420.93 million; Total liabilities $68.32 million; Total stockholders’ equity $352.62 million; Net debt position: $(374.66) million (net cash).
Liquidity metrics: Current ratio 6.04x; Quick ratio 6.04x; Cash ratio 5.48x; Net cash position supports a meaningful runway given the current burn rate.
Capital structure: No long-term debt reported; total debt reported as $23k; Enterprise value multiple reported as negative, consistent with a net cash position and negative EBITDA.
Cash efficiency: Free cash flow to operating cash flow ratio is negative given the lack of revenue, indicating that operating cash outflows are not offset by operating inflows in the period.
Valuation indicators: Price-to-book around 10.3x; Enterprise value multiple negative; price fair value reported at $10.32 (per the provided data). These imply a biotech stock with zero/low revenue and a large development runway, where valuation hinges on pipeline success and potential future data milestones.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Operating Income |
-114.30M |
-121.83% |
1.24% |
| Net Income |
-111.12M |
-116.11% |
-1.84% |
| EPS |
-0.76 |
-111.11% |
-2.70% |
Key Financial Ratios
operatingCashFlowPerShare
$-0.68
freeCashFlowPerShare
$-0.69
Management Commentary
Note on transcript availability: The provided dataset includes an earnings transcript field but contains no transcript text. As such, management quotes or call themes could not be extracted from the supplied data.
If you provide the earnings-call transcript or a summary, I can extract management themes (strategy, operations, market conditions) and format them into actionable highlights with quotes and context.
Forward Guidance
No explicit forward guidance was provided in the supplied data. Immunovant’s near-term revenue trajectory appears contingent on batoclimab readouts and potential regulatory milestones across indications such as myasthenia gravis, thyroid eye disease, and warm autoimmune hemolytic anemia. Absent visible revenue, the company will likely depend on additional financing, licensing agreements, or partnerships to fund ongoing phase progression and higher-runway R&D.
Catalysts to watch include: (1) topline data from batoclimab in Phase II/IIa/IIb studies across autoimmune indications, (2) updates on enrollment progress or readouts for warm autoimmune hemolytic anemia, and (3) potential partnering discussions or licensing deals that could provide non-dilutive or minimal-dilutive funding. Management commentary on timing of readouts and potential partnerships would be critical for assessing achievability of any implied milestones.