Immunovant, Inc.

Roivant said quarterly R&D expense was about $200 million, non-GAAP adjusted G&A was just under $100 million, GAAP G&A was $166 million, and cash was just under $4 billion before receipt of the $772 million from the Moderna settlement. Management also said it spent about $200 million on share repurchases in the quarter, and that the shares bought in the second round were purchased at an average price in the high 20s, versus around $10 a share in the first round. Forward-lookingly, the company expects brexpiprazole to launch by the end of September, top-line brexpiprazole NIU data in the second half of 2026, top-line PH-ILD data in the second half of 2026, D2GRA updates and FDA discussion in the second half of 2026, and CLE proof-of-concept data in the second half of 2026. The cutaneous sarcoidosis Phase III study is enrolling now, with top-line data expected in 2028.

Matt Gline framed the quarter as “a little bit of a time before the storm,” emphasizing that the business is entering a much busier stretch with multiple launches and readouts ahead. He said brexpiprazole is positioned to be a “big and different” therapy in dermatomyositis, supported by strong clinical data and physician enthusiasm, and described the launch approach as intentionally “slow and steady” to build the broader franchise across DM, NIU, cutaneous sarcoidosis, and LPP. He also highlighted the company’s litigation progress and said Roivant has a very full catalyst calendar into 2027 and 2028.

No separate CFO spoke on the call. From management’s financial update, Roivant reported about $200 million of R&D expense in the quarter, just under $100 million of non-GAAP adjusted G&A, $166 million of GAAP G&A, and cash just under $4 billion before the $772 million Moderna settlement receipt. Management also emphasized capital return through roughly $200 million of share repurchases in the quarter and said it intends to continue buybacks under existing authorization.

Analysts pressed on what early DM launch metrics would be visible, but management said it does not plan to give much early detail beyond quarterly financials and will focus first on learning launch dynamics and supporting access. On PH-ILD, questions centered on PVR, 6-minute walk, emphysema, and differences versus PAH; Gline said the study was designed carefully around emphysema, that a clear PVR signal is the main goal, and that 6-minute walk is not essential for the go/no-go decision. On brepocitinib safety in DM, he said the JAK black-box concern should be less of an issue because DM has few alternatives and patients are already exposed to steroids and other immunosuppressants. On D2GRA/RA, management said the second-half update will ideally include randomized withdrawal data plus FDA feedback together, but that the trial bar is higher because of strong open-label response rates.