Outlook
Commercial preparations for brepocitinib in dermatomyositis (DM) are progressing well and on track for launch by the end of September 2026; topline data from Phase 3 study in non-infectious uveitis (NIU) expected in the second half of calendar year 2026
Corporate events
First patients enrolled in the Phase 3 study of brepocitinib in cutaneous sarcoidosis (CS), with topline data expected in calendar year 2028; enrollment in Part 1 of the Phase 2b/3 study in lichen planopilaris (LPP) is progressing well
Outlook
IMVT-1402 proof-of-concept trial in cutaneous lupus erythematosus (CLE) topline data expected in the second half of calendar year 2026; all clinical development timelines remain on track for IMVT-1402
Mosliciguat Phase 2 study in pulmonary hypertension associated with interstitial lung disease (PH-ILD) remains on track, with topline data expected in the second half of calendar year 2026
Corporate events
Genevant and Arbutus received $950 million from Moderna in July 2026 under $2.25 billion settlement, with additional $1.3 billion contingent on favorable resolution of Moderna’s § 1498 appeal; filed new international lawsuits against Pfizer and BioNTech covering 21 jurisdictions
Results
Roivant reported consolidated cash, cash equivalents, restricted cash and marketable securities of $3.9 billion as of June 30, 2026, excluding the cash payment received from Moderna in July, supporting cash runway into profitability
Management commentary
“ This quarter has been a moment of relative quiet between our incredibly busy last twelve months and our even busier year ahead, ” said Matt Gline, CEO of Roivant.
“ Our teams are deep in preparation for the potential launch of brepocitinib in dermatomyositis, we have enrolled the first patients in a new Phase 3 trial in cutaneous sarcoidosis, and we expect topline readouts from our NIU, PH-ILD and CLE studies before year end.
We remain focused on delivering for patients across each of these programs, and if we are successful across even some of these endeavors, we will look radically different on the other side. ”
Corporate events
Priovant : Commercial preparations for brepocitinib in dermatomyositis (DM) are progressing well and on track for launch by the end of September 2026.
The first patients have been enrolled in the Phase 3 study of brepocitinib in cutaneous sarcoidosis (CS).
This follows brepocitinib’s Phase 2 study, the first positive placebo-controlled study in CS, which led to FDA Breakthrough Therapy Designation.
The Phase 3 study (BEACON+) will be conducted as a Part B to the positive Phase 2 BEACON trial.
BEACON+ will enroll approximately 140 patients with CS across approximately 70 sites globally.
Patients will be randomized 3:2 between brepocitinib 45mg once daily and placebo.
The primary endpoint is the proportion of patients achieving a 50% or greater reduction in the Cutaneous Sarcoidosis Activity and Morphology Instrument – Activity Score (CSAMI-A) at Week 16.
1In Phase 2, 77% of brepocitinib 45mg patients achieved this endpoint compared to 0% of placebo patients.
Management commentary
CS is an inflammatory granulomatous skin disease affecting approximately 40,000 adults in the United States.
The condition disproportionately impacts Black Americans.
Unlike many inflammatory skin diseases, inadequately treated cutaneous sarcoidosis can rapidly cause permanent scarring and destruction of bone, cartilage and hair follicles.
Despite this significant unmet therapeutic need, there are currently no FDA-approved therapies for CS.
Additionally, enrollment in Part 1 of the Phase 2b/3 study in lichen planopilaris (LPP) is progressing well.
Immunovant : All clinical development timelines remain on track for IMVT-1402 across announced indications, including potentially registrational trials in Graves’ disease (GD), myasthenia gravis (MG), chronic inflammatory demyelinating polyneuropathy (CIDP), difficult-to-treat rheumatoid arthritis (D2T RA) and Sjögren’s disease (SjD), and a proof-of-concept trial in cutaneous lupus erythematosus (CLE).
Pulmovant : Phase 2 study of mosliciguat in pulmonary hypertension associated with interstitial lung disease (PH-ILD) remains on track.
Corporate events
Genevant : In July 2026, Genevant Sciences GmbH (Genevant) and Arbutus received $950 million from Moderna, the initial payment under the global $2.25 billion patent infringement settlement, and filed new international lawsuits against Pfizer and BioNTech.
Capital return
Roivant : Roivant reported consolidated cash, cash equivalents, restricted cash and marketable securities of $3.9 billion as of June 30, 2026, excluding the cash payment received from Moderna in July, supporting cash runway into profitability.
For the three months ended June 30, 2026, Roivant repurchased 7.3 million common shares for an aggregate repurchase price of approximately $208.7 million.
Outlook
Priovant expects the commercial launch of brepocitinib in DM by the end of September 2026 and topline data from the Phase 3 study in NIU and Phase 3 study in CS in the second half of calendar year 2026 and calendar year 2028, respectively.
Roivant continues to actively explore other indications for brepocitinib.
Immunovant expects to report topline data from the proof-of-concept trial of IMVT-1402 in CLE and provide an update on the potentially registrational program of IMVT-1402 in D2T RA in the second half of calendar year 2026.
In calendar year 2027, topline data are expected across potentially registrational trials of IMVT-1402 in GD and MG.
In calendar year 2028, topline data are expected across potentially registrational trials of IMVT-1402 in CIDP and SjD.
Pulmovant expects to report topline data from the ongoing Phase 2 trial of mosliciguat in PH-ILD in the second half of calendar year 2026.
Corporate events
Genevant LNP litigation continues to progress.
An additional $1.3 billion payment under the Moderna settlement is contingent upon a resolution of Moderna's Section 1498 appeal favorable to Genevant and Arbutus.
Separately, in July 2026 they filed three international lawsuits against Pfizer and BioNTech — one in Canada and two before the UPC — seeking to enforce patents protecting their innovative lipid nanoparticle technology.
The actions seek relief across 20 European countries (including France, Germany, Italy and the Netherlands) which, together with the Canadian action, cover 21 jurisdictions in total.
The discovery phase of the U.S. Pfizer/BioNTech case is ongoing.
Results
Cash Position and Marketable Securities
As of June 30, 2026, the Company had consolidated cash, cash equivalents, restricted cash and marketable securities of $3.9 billion.
Research and Development Expenses
8Research and development (R&D) expenses increased by $49.1 million to $202.0 million for the three months ended June 30, 2026, compared to $152.9 million for the three months ended June 30, 2025.
This increase was primarily driven by an increase in program-specific costs of $49.4 million and personnel-related expenses of $3.8 million.
The increase of $49.4 million in program-specific costs was primarily driven by increases of $44.8 million related to the anti-FcRn franchise and $4.7 million related to mosliciguat, reflecting the progression of our programs.
4The increase of $3.8 million in personnel-related expenses was primarily driven by $4.1 million in employee bonuses related to the global settlement reached with Moderna in March 2026.
The majority of share-based compensation and personnel-related expenses, which are unallocated internal costs, were related to the anti-FcRn franchise activities at Immunovant during the three months ended June 30, 2026 and 2025.
Non-GAAP R&D expenses were $192.9 million for the three months ended June 30, 2026, compared to $141.0 million for the three months ended June 30, 2025.
General and Administrative Expenses
General and administrative (G&A) expenses increased by $31.5 million to $165.5 million for the three months ended June 30, 2026, compared to $134.0 million for the three months ended June 30, 2025.
5This increase was primarily due to an increase in personnel-related expense of $26.1 million, largely resulting from $18.8 million in employee bonuses related to the global settlement reached with Moderna in March 2026 and $6.3 million of employer payroll taxes associated with equity award activity.
7Non-GAAP G&A expenses were $90.7 million for the three months ended June 30, 2026, compared to $62.6 million for the three months ended June 30, 2025.
Net Loss
6Net loss was $290.6 million for the three months ended June 30, 2026, compared to $273.9 million for the three months ended June 30, 2025.
2On a per common share basis, net loss was $0.26 and $0.33, respectively, for the three months ended June 30, 2026 and 2025.
3Non-GAAP net loss was $243.7 million for the three months ended June 30, 2026, compared to $170.1 million for the three months ended June 30, 2025.
Selected Balance Sheet Data
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