Roivant Sciences (ROIV) Q3 2026 earnings summary

Executive summary

• Positive Phase 2 results for brepocitinib in cutaneous sarcoidosis demonstrated strong efficacy and safety, with 100% of high-dose patients achieving clinically meaningful improvement and rapid, deep, sustained benefit in a disease with no approved therapies.

• NDA for brepocitinib in dermatomyositis submitted; multiple pivotal and late-stage studies fully enrolled or progressing, including for IMVT-1402 in D2T-RA and mosliciguat in PH-ILD.

• $550M Immunovant financing completed, extending cash runway to anticipated commercial launch of Graves' disease therapy.

• Consolidated cash, cash equivalents, restricted cash, and marketable securities totaled $4.5 billion as of December 31, 2025, supporting a runway into profitability.

• Report covers the quarter ended December 31, 2025, with a focus on biopharmaceutical R&D, pipeline progress, and significant clinical and regulatory milestones.

Financial highlights

• R&D expenses for the quarter were $165.4M (GAAP), with non-GAAP at $146.7M–$147M; G&A expenses were $175.1M (GAAP), with non-GAAP at $71M.

• Net loss from continuing operations was $313.7M–$314M for the quarter, with non-GAAP net loss at $167M.

• Revenue for the quarter was $2.0M, down from $9.0M year-over-year, primarily from license agreements.

• Cash, cash equivalents, and marketable securities totaled $4.5B as of December 31, 2025, with no debt.

• G&A expenses increased due to a $17.1M impairment loss from HQ relocation and higher share-based compensation.

Outlook and guidance

• Multiple pivotal study readouts and regulatory catalysts expected in 2026 and beyond, including Phase 3 for brepocitinib in cutaneous sarcoidosis and non-infectious uveitis, and topline data for IMVT-1402 and mosliciguat.

• Anticipated NDA filings and potential commercial launches across 7+ indications by end of 2028.

• Management expects existing liquidity to fund operations and capital expenditures for the foreseeable future.

• Commercial launches for brepocitinib in dermatomyositis and other indications targeted in the coming years.

• Jury trial against Moderna scheduled for March 2026.