Immunovant reported Q4 2025 results with a trivial revenue base of $0.16 million and gross profit of $0.08 million, against a substantial aggregate operating expense load primarily driven by research and development. R&D expenses totaled $93.652 million, with G&A of $20.174 million and selling/general and administrative expenses of $20.254 million, contributing to an operating outlay of $113.906 million. Despite a sizable operating income line in the reported data, the company posted a net loss of $106.449 million for the quarter, largely due to a heavy drag from non-operating items totaling approximately $430.191 million. Cash burn from operations was $110.6 million, while financing activities provided roughly $450.6 million, producing a year-end cash balance of $714.0 million and a net cash increase of $339.3 million for the period. Immunovant sustains a strong liquidity position with zero debt and an aggressive equity-raising component in financing, signaling runway to advance late-stage development or licensing discussions. The quarter underscores the company’s status as a clinical-stage biotech with minimal near-term revenue potential and significant reliance on Roivant’s backing for liquidity. Absent clear near-term commercial milestones, the key to value will be the progression and topline signals from batoclimab in Phase II in MG/TO or other autoimmune indications, alongside potential strategic collaborations. Management commentary from the earnings call is not provided in the supplied data; as such, quantitative performance and qualitative strategy must be interpreted with caution until transcripts are available.