Immunovant reported a net loss of $97.25 million for the three months ended Sep 30, 2026.

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For the quarterly period ended June September 30, 2026

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As of August November 3, 2026, there were 206,552,682 206,947,758 shares of the Registrant's common stock, $0.0001 par value per share, outstanding.

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FOR THE QUARTERLY PERIOD ENDED JUNE SEPTEMBER 30, 2026

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Financial Statements (unaudited) 5 changes

Condensed Consolidated Balance Sheets as of June September 30, 2026 and March 31, 2026

Condensed Consolidated Statements of Operations for the Three and Six Months Ended June September 30, 2026 and 2025

Condensed Consolidated Statements of Comprehensive Loss for the Three and Six Months Ended June September 30, 2026 and 2025

Condensed Consolidated Statements of Stockholders' Equity for the Three and Six Months Ended June September 30, 2026 and 2025

Condensed Consolidated Statements of Cash Flows for the Three Six Months Ended June September 30, 2026 and 2025

Financial statements 173 changes

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Total assets $ 852,490 $ 957,014

June September 30, 2026 March 31, 2026

Cash and cash equivalents $ 797,798 722,274 $ 902,110

Accounts receivable 697 138 1,133

Prepaid expenses and other current assets 52,683 37,634 45,576

Total current assets 851,178 760,046 948,819

Property and equipment, net 351 262 443

Total assets $ 760,967 $ 957,014

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Accounts payable $ 10,138 $ 7,541

Accounts payable $ 6,787 $ 7,541

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Total liabilities 117,102 104,422

Total current liabilities 117,102 104,022 104,422

Total liabilities 104,022 104,422

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Series A preferred stock, par value $0.0001 per share, 10,000 shares authorized, issued and outstanding at June September 30, 2026 and March 31, 2026

Preferred stock, par value $0.0001 per share, 10,000,000 shares authorized, no shares issued and outstanding at June September 30, 2026 and March 31, 2026

Common stock, par value $0.0001 per share, 500,000,000 shares authorized, 206,264,878 206,785,540 shares issued and outstanding at June September 30, 2026 and 500,000,000 shares authorized, 203,940,353 shares issued and outstanding at March 31, 2026

Additional paid-in capital 2,632,996 2,652,005 2,596,971

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Accumulated deficit (1,898,353) (1,995,599) (1,745,129)

Total stockholders' equity 735,388 656,945 852,592

Total liabilities and stockholders' equity $ 852,490 760,967 $ 957,014

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September 30, Six Months Ended

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Total operating expenses 160,323 127,224

Total operating expenses 104,155 131,762 264,478 258,986

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Other income, net (4) (1,187)

Other income, net (12) (250) (16) (1,437)

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Net loss $ (153,224) $ (120,613)

Net loss $ (97,246) $ (126,502) $ (250,470) $ (247,115)

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Net loss $ (153,224) $ (120,613)

Other comprehensive income (loss):

Total other comprehensive income (loss)

Comprehensive loss $ (153,229) $ (120,335)

September 30, Six Months Ended

Net loss $ (97,246) $ (126,502) $ (250,470) $ (247,115)

Other comprehensive loss:

Foreign currency translation adjustments (5) 278 (206) (287) (211) (9)

Total other comprehensive loss (206) (287) (211) (9)

Comprehensive loss $ (97,452) $ (126,789) $ (250,681) $ (247,124)

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Balance at June 30, 2026 10,000 $ — 206,264,878 $ 20 $ 2,632,996 $ 725 $ (1,898,353) $ 735,388 preferred stock Common stock Additional paid-in capital Accumulated other comprehensive income Accumulated deficit Total stockholders' equity

Stock options exercised and restricted stock units vested and settled — — 520,662 — 5,728 — — 5,728

Capital contribution – stock-based compensation — — — — 386 — — 386

Stock-based compensation — — — — 12,895 — — 12,895

Foreign currency translation adjustments — — — — — (206) — (206)

Net loss — — — — — — (97,246) (97,246)

Balance at September 30, 2026 10,000 $ — 206,785,540 $ 20 $ 2,652,005 $ 519 $ (1,995,599) $ 656,945 preferred stock Common stock Additional paid-in capital Accumulated other comprehensive income (loss) Accumulated deficit Total stockholders' equity

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Stock options exercised and restricted stock units vested and settled

Capital contribution – stock-based compensation — — — — 172 — — 172

Stock-based compensation

Foreign currency translation adjustments

Net loss — — — — — — (126,502) (126,502)

Balance at September 30, 2025 10,000 $ — 174,532,710 $ 17 $ 2,004,876 $ 1,450 $ (1,486,638) $ 519,705

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Three Months Ended June 30,

Six Months Ended September 30,

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Net loss $ (153,224) $ (120,613)

Net loss $ (250,470) $ (247,115)

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Stock-based compensation 13,774 18,510

Stock-based compensation 27,055 31,868

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Non-cash lease expense 27 24 54 48

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Accounts receivable 436 129

Accounts payable 2,597 (9,401)

Accounts receivable 994 104

Prepaid expenses and other current assets (4,953) 498 7,934 1,662

Accounts payable (754) (10,466)

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Net cash used in operating activities (124,405) (117,411) (207,620) (219,926)

1 unchanged paragraph

Proceeds from stock options exercised 20,097 2,918 27,979 27,513

Net cash provided by financing activities 20,097 2,918 27,979 27,513

Effect of exchange rate changes on cash and cash equivalents (4) (566) (195) 312

Net change in cash and cash equivalents (104,312) (115,059) (179,836) (192,101)

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Non-cash financing activity

Issuance of common stock upon stock option exercises, cash not yet received $ 2,154 $ —

Cash and cash equivalents – end of period $ 797,798 722,274 $ 598,912 521,870

Supplemental disclosure of cash paid:

Income taxes $ 177 $ 801

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The Company has incurred significant losses and negative cash flows from operations since its inception. As of June September 30, 2026, the Company's cash and cash equivalents totaled $797.8 $722.3 million and its accumulated deficit was $1,898.4 $1,995.6 million.

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In the opinion of management, the unaudited condensed consolidated financial statements include all normal and recurring adjustments that are considered necessary for the fair statement of results for the interim periods. The results for the three and six months ended June September 30, 2026 are not necessarily indicative of those expected for the year ending March 31, 2027 or for any future period. The condensed consolidated balance sheet as of March 31, 2026 included herein was derived from the audited consolidated financial statements as of that date. These unaudited condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements included in the Company's Annual Report on Form 10-K filed with the SEC on May 20, 2026.

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Additionally, the Company assessed the impact of macroeconomic and geopolitical factors on its operations and financial results as of June September 30, 2026 and through the issuance of these unaudited condensed consolidated financial statements. The Company's analysis was informed by the facts and circumstances as they were known to the Company. This assessment considered the impact that these uncertainties may have on financial estimates and assumptions that affect the reported amounts of assets and liabilities and expenses.

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Financial instruments that potentially subject the Company to concentration of credit risk include cash and cash equivalents. As of June September 30, 2026, the cash and cash equivalents balance is kept in banking institutions that the Company believes are of high credit quality and are in excess of federally insured levels. The Company maintains its cash and cash equivalents with accredited financial institutions and accordingly, such funds are subject to minimal credit risk. The Company has not experienced any losses on its cash and cash equivalents.

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The Company considers all highly liquid investments with original maturities of three months or less from the date of purchase to be cash equivalents. At June September 30, 2026 and March 31, 2026, cash and cash equivalents included $750.3 $697.0 million and $877.8 million, respectively, of money market funds invested in high-quality, short-term securities that are issued and guaranteed by the U.S. government and its agencies that are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices.

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Three Months Ended June 30,

Six Months Ended September 30,

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Restricted stock units 4,042,726 4,723,316

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and 93 more changes in the filing

Forward-looking statements 101 changes

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In April 2026, we announced top-line results from two Phase 3 clinical studies evaluating batoclimab as an investigational treatment for adults with active, moderate-to-severe thyroid eye disease ("TED"), neither of which met the primary endpoint. The safety profile observed in these studies was consistent with prior batoclimab studies, with no new safety signals identified. Following these results, we made a decision to discontinue further development of batoclimab across all indications to focus fully on IMVT-1402. Learnings from the batoclimab program, including clinical data, operational trial experience, and relationships with investigators, have been and continue to be leveraged to inform the development of IMVT-1402.

Consistent evidence observed observations across the class in eight indications in Phase 2 and 3 trials with FcRn inhibitors has indicated have provided evidence that deeper IgG reductions correlate correlated with meaningful improvements in clinical outcomes. This has also been validated with Immunovant's own Phase 2 and 3 studies evaluating its first-generation anti-FcRn antibody, batoclimab, in Graves' disease ("GD"), myasthenia gravis ("MG") and chronic inflammatory demyelinating polyneuropathy ("CIDP") which showed that IgG reductions of greater than or equal to 70% led to meaningfully better outcomes compared to reductions below 70% across a range of clinical measures.

In a Phase 1 clinical trial, healthy adults dosed with IMVT-1402 showed deep, dose-dependent IgG reductions. We expect to be able to reach approximately up to 80% IgG reductions with continued weekly dosing of 600 mg of IMVT-1402, offering deeper IgG reductions than observed with other competitor anti-FcRn programs, therefore representing a potential best-in-class opportunity. In the Phase 1 clinical trial, across all evaluated doses, IMVT-1402 demonstrated no or minimal reductions in albumin and no or minimal increases in LDL cholesterol levels, which are off-target effects observed in some anti-FcRn antibodies, including batoclimab. We believe IMVT-1402's profile has the potential to offer best-in-class efficacy, in addition to its potentially favorable safety profile and convenient administration with a simple self-administered auto-injector expected at launch.

We are currently progressing a broad set of programs for IMVT-1402, and have with ongoing studies in six indications, including potentially registrational trials in GD, difficult-to-treat rheumatoid arthritis ("D2T RA"), MG, CIDP and Sjögren's disease ("SjD"), and a proof-of-concept trial in cutaneous lupus erythematosus ("CLE"). CIDP. Our primary focus is to execute these six indications first, with plans to assess new indications for IMVT-1402 in the future. All studies evaluating IMVT-1402 are being conducted using the intended commercial drug formulation and delivery device, the YpsoMate® autoinjector developed by Ypsomed AG, which is utilized for multiple approved products.

In November 2026, we reported positive top-line results from the randomized withdrawal period (Period 2) of our potentially registrational trial in D2T RA, in which IMVT-1402 600 mg arm met the primary endpoint, with 92.5% of participants maintaining ACR20 response at Week 28 compared to 75.6% on placebo (p=0.0139). The IMVT-1402 300 mg arm did not demonstrate a statistically significant difference from placebo, with 75.0% maintaining an ACR20 response at Week 28 (p=0.9426). Previously in May 2026, we reported positive preliminary open-label Week 16 (Period 1) results from our potentially registrational this trial, in D2T RA, in which IMVT-1402 600 mg showed response rates of 72.7% ACR20, 54.5% ACR50, and 35.8% ACR70 (each as defined below) in a heavily pretreated patient population. - the first efficacy data for IMVT-1402 in patients. These results are described further under "Recent Developments in Our Clinical Programs" below.

We previously initiated a proof-of-concept study evaluating IMVT-1402 for the treatment of cutaneous lupus erythematosus ("CLE"). In September 2026, we disclosed that the study did not achieve statistical significance on its primary endpoint, and accordingly, we discontinued further development of IMVT-1402 in CLE. More information about the trial is described further under "Recent Developments in Our Clinical Programs" below.

IMVT-1402 and our prior product candidate, batoclimab, for which we discontinued development in April 2026, are fully human monoclonal antibodies that target FcRn. These antibodies are the result of a multi-step, multi-year research program conducted in collaboration with HanAll to design highly potent anti-FcRn antibodies that may be optimized as a simple, subcutaneous injection with dosing that has been shown to deliver better efficacy at the high dose and similar efficacy at the low dose compared to standard FcRn inhibition by competitors.

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In June 2025, we initiated a potentially registrational trial (NCT06979531) evaluating IMVT-1402 in SjD. We expect to report top-line results from this trial in calendar year 2028.

In December 2024, we initiated a potentially registrational, multicenter, randomized withdrawal trial (NCT06754462) evaluating IMVT-1402 in adults with anti-citrullinated protein autoantibody ("ACPA") positive D2T RA who have had an inadequate response to two or more prior mechanisms of advanced therapy, including biologic and targeted synthetic disease-modifying antirheumatic drugs (DMARDs).

The trial is currently ongoing and enrolled a total of 170 participants in Period 1. At the completion of Period 1, 165 of the 170 enrolled patients were evaluable for ACR20 response to determine eligibility to continue to Period 2 and the primary efficacy analysis for the study. The enrollment inclusion criteria described above resulted in a heavily pretreated population: 86.7% (143/165) had failed two prior mechanisms of advanced therapies (i.e., biologic or targeted synthetic DMARDs), and the mean time from disease diagnosis was 12.8 years. Baseline disease activity was high, with a mean of 24.2 tender joints, 16.7 swollen joints, and DAS28-CRP score of 6.1. In Period 1, participants received open-label IMVT-1402 600 mg subcutaneously (SC) once weekly (QW) for 16 weeks.

At Week 16, As previously reported in May 2026, the ACR20, ACR50, and ACR70 response rates observed were 72.7%, 54.5%, and 35.8%, respectively among the 165 participants who were evaluable for ACR20 response; participants who discontinued prior to Week 16 were imputed as non-responders. Among the subset of participants who had failed at least a JAK inhibitor and an anti-TNF inhibitor (N=107), the ACR20, ACR50, and ACR70 response rates observed at Week 16 were 72.0%, 53.3%, and 37.4%, respectively. ACR20 response is defined as a ≥ 20% improvement from baseline in tender joint count and swollen joint count and a ≥ 20% improvement from baseline in at least 3 of 5 additional clinical parameters. Similarly, ACR50 and ACR70 responses are a calculation defined in the same manner, using thresholds of 50% or and 70% improvement, respectively. in the number of swollen and tender joints and 3 of 5 assessment parameters.

Period 1 was conducted in an open-label setting, with and joint assessments were performed throughout the entire study by independent assessors blinded to treatment status to control for the potential for assessor bias in the response measures. IMVT-1402 was observed to be safe and well-tolerated in Period 1, and no new drug-related safety signals were identified. Study participants meeting the criteria for an ACR20 response at Weeks 14 and 16 are were eligible to advance to Period 2 of the trial, where in which the primary endpoint will be was assessed at Week 28. Further updates on this program are expected in the second half of calendar year 2026.

A total of 118 participants were randomized in Period 2 to IMVT-1402 600 mg SC QW (n=40), IMVT-1402 300 mg SC QW (n=36) or placebo SC QW (n=41) (one participant in the 300mg arm having been excluded due to protocol non-compliance). Baseline characteristics were generally well balanced across the arms. The primary endpoint measured the proportion of participants who maintained an ACR20 response at Week 28.

In November 2026, we reported top-line results from Period 2. The IMVT-1402 600 mg arm (n=40) met the primary endpoint, with 92.5% of participants maintaining ACR20 response at Week 28, compared to 75.6% on placebo (n=41) (p=0.0139). Participants randomized to IMVT-1402 300 mg (n=36) did not show a difference from placebo, with 75.0% maintaining an ACR20 response at Week 28 (p=0.9426). In a post hoc analysis, among participants who had failed at least a JAK inhibitor and an anti-TNF inhibitor, ACR20 response rates maintained at Week 28 were 92.0% for 600 mg (n=25) and 74.1% for placebo (n=27). This subgroup analysis was not powered or tested for statistical significance.

In exploratory analyses, ACR50 and ACR70 response rates were observed to increase from baseline to Week 28 in the 600 mg SC QW treatment arm (n=40). The ACR50 response rates at Week 28 were 80.0% for 600 mg and 56.1% for placebo (nominal p=0.0117). The ACR70 response rates were 52.5% and 36.6%, respectively (nominal p=0.1674). The trial was not powered to detect differences in ACR50 or ACR70.

For each of two secondary endpoints, the least squares mean change from Period 2 baseline to Week 28 demonstrated numerical trends favoring IMVT-1402 600mg in Clinical Disease Activity Index (CDAI) and Simplified Disease Activity Index (SDAI) scores but did not reach statistical significance. Least squares mean CDAI changes (a decrease indicates improvement) were -0.3 for IMVT-1402 600 mg and +3.1 for placebo (p=0.1096), and least squares mean SDAI changes (a decrease indicates improvement) were +0.1 for IMVT-1402 600 mg and +3.5 for placebo (p=0.1299).

IMVT-1402 was observed to be well-tolerated in both Periods 1 and 2, and no new drug-related safety signals were identified. In Period 2, no serious adverse events, Grade 3 or higher treatment-emergent adverse events, or adverse events leading to treatment discontinuation were reported in any arm. We plan to hold an End of Phase 2 meeting with the FDA by the end of calendar year 2026 to discuss the path forward, including a second potentially registrational trial in D2T RA.

IMVT-1402 Trial in Sjögren's disease ("SjD")

In June 2025, we initiated a potentially registrational trial (NCT06979531) evaluating IMVT-1402 in SjD. In light of the evolving SjD landscape and recent data in the field, we expect it is unlikely that we will advance IMVT-1402 further in SjD beyond the ongoing, fully enrolled Phase 2 trial.

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In February 2025, we initiated a proof-of-concept trial (NCT06980805) evaluating IMVT-1402 in CLE. The trial is fully enrolled and we expect to report top-line results from this trial in the second half of calendar year 2026.

In February 2025, we initiated a proof-of-concept trial (NCT06980805) evaluating IMVT-1402 for the treatment of CLE. The study enrolled a total of 57 participants. Study participants were randomized 1:1 to IMVT-1402 or placebo for a 12-week treatment period. The primary endpoint was the percent change from baseline in Cutaneous Lupus Erythematosus Disease Area and Severity Index Activity (CLASI-A) score at Week 12 (Period 1). In September 2026, we announced that the study did not achieve statistical significance on the primary endpoint. IMVT-1402 was observed to be well-tolerated in this study, and no new drug-related safety signals were identified. Based on the results from Period 1, the study and further development of IMVT-1402 in CLE were discontinued to allow resources to be directed to the other development programs.

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Research and development activities will continue to be central to our business model. We expect to incur research and development expenses with respect to our IMVT-1402 development activities and we have ongoing clinical trials evaluating IMVT-1402 in GD, D2T RA, MG, CIDP SjD and CLE. SjD. We expect to continue to incur research and development expenses over the next several years as we execute IMVT-1402 trials, manufacture IMVT-1402 and prepare to seek regulatory approval. It is not possible to determine with certainty the duration and completion costs of any clinical trial we may conduct.

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Research and development $ 142,631 $ 101,200 $ 41,431

General and administrative 17,692 26,024 (8,332)

Total operating expenses 160,323 127,224 33,099

We anticipate that our general and administrative expenses will continue to support our ongoing research and development activities. These expenses will likely include patent-related costs, including legal and professional fees for filing, prosecution and maintenance of patents and patent applications claiming our product candidates and fees to outside consultants for professional services. In addition, if IMVT-1402 or any other product candidate obtains regulatory approval, we expect that we would incur significant additional expenses associated with market research and pre-commercial activities and building commercial teams.

Results of Operations for the Three Months Ended June September 30, 2026 and 2025

The following table sets forth our results of operations for the three months ended June September 30, 2026 and 2025 (in thousands):

Three Months Ended June September 30,

Research and development $ 85,011 $ 114,249 $ (29,238)

General and administrative 19,144 17,513 1,631

Total operating expenses 104,155 131,762 (27,607)

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Other income, net (4) (1,187) 1,183

Other income, net (12) (250) 238

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Net loss $ (153,224) $ (120,613) $ (32,611)

Net loss $ (97,246) $ (126,502) $ 29,256

Research and Development Expenses for the Three Months Ended June September 30, 2026 and 2025

The following table summarizes the period-over-period changes in research and development expenses for the three months ended June September 30, 2026 and 2025 (in thousands):

Three Months Ended June September 30,

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Rheumatology diseases 22,340 8,209 14,131

Rheumatology diseases 9,864 13,611 (3,747)

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Other 8,303 10,685 (2,382)

Total research and development expenses $ 142,631 $ 101,200 $ 41,431

Personnel-related expenses including stock-based compensation 33,497 34,503 (1,006) 24,093 32,638 (8,545)

Other 9,403 11,747 (2,344)

Total research and development expenses $ 85,011 $ 114,249 $ (29,238)

For the three months ended June September 30, 2026, research and development expenses increased $41.4 decreased $29.2 million as compared with the prior-year period.

For the three months ended June September 30, 2026, therapeutic area-specific research and development costs, including contract manufacturing costs, increased $44.8 decreased $18.3 million as compared with the prior-year period. Research and development costs related to endocrine diseases, which include GD and thyroid eye disease ("TED"), increased $23.6 decreased $2.4 million. This increase decrease was primarily due to lower costs related to the timing of IMVT-1402 contract manufacturing costs and the wind-down of our ongoing batoclimab clinical trials, of IMVT-1402 in GD, partially offset by lower higher costs related to the wind-down of our batoclimab ongoing clinical trials of IMVT-1402 in GD. Research and development costs related to neurological diseases, which include MG and CIDP, increased $4.5 decreased $4.8 million, primarily due to higher costs related to our clinical trials of IMVT-1402 in neurological diseases, partially offset by lower costs related to the wind-down of our batoclimab clinical trials. Research and development costs related to rheumatology diseases increased $14.1 decreased $3.7 million, reflecting higher primarily due to lower costs related to the timing of IMVT-1402 contract manufacturing costs and lower expenses incurred with our ongoing clinical trials of IMVT-1402 in D2T RA and SjD. Research and development costs related to dermatology diseases increased $2.4 decreased $7.3 million, reflecting higher overall clinical trial lower costs for related to the timing of IMVT-1402 contract manufacturing costs and lower expenses incurred with our proof-of-concept trial of IMVT-1402 in CLE, for which we have recently discontinued further development.

For the three months ended June September 30, 2026, unallocated research and development costs decreased $3.4 $10.9 million as compared with the prior-year period. This decrease primarily reflected lower personnel-related expenses of $8.5 million aligned with a decrease in headcount, as well as lower costs that were not allocated to specific therapeutic areas as a result of $2.3 million resulting from the Company's focus on the development of IMVT-1402 of $2.4 million and a decrease in personnel-related expenses of $1.0 million aligned with a decrease in headcount. the therapeutic areas discussed above.

General and Administrative Expenses for the Three Months Ended June September 30, 2026 and 2025

For the three months ended June September 30, 2026, interest income general and administrative expenses increased $0.8 $1.6 million as compared with the prior-year period, primarily reflecting higher average money market fund balances, partially offset by lower average interest rates. investments in pre-commercial activities.

Interest Income, net for the Three Months Ended June September 30, 2026 and 2025

For the three months ended September 30, 2026, interest income increased $1.3 million as compared with the prior-year period, primarily reflecting higher average money market fund balances, partially offset by lower average interest rates.

Results of Operations for the Six Months Ended September 30, 2026 and 2025

The following table sets forth our results of operations for the six months ended September 30, 2026 and 2025 (in thousands):

Six Months Ended September 30,

Research and development $ 227,642 $ 215,449 $ 12,193

General and administrative 36,836 43,537 (6,701)

Total operating expenses 264,478 258,986 5,492

Interest income, net (13,992) (11,941) (2,051)

Other income, net (16) (1,437) 1,421

Loss before provision for income taxes (250,470) (245,608) (4,862)

Provision for income taxes — 1,507 (1,507)

Net loss $ (250,470) $ (247,115) $ (3,355)

Research and Development Expenses for the Six Months Ended September 30, 2026 and 2025

The following table summarizes the period-over-period changes in research and development expenses for the six months ended September 30, 2026 and 2025 (in thousands):

Six Months Ended September 30,

Therapeutic area-specific costs:

Endocrine diseases $ 65,346 $ 44,224 $ 21,122

Neurological diseases 43,729 44,024 (295)

Rheumatology diseases 32,204 21,820 10,384

Dermatology diseases 8,190 13,097 (4,907)

Other clinical and nonclinical 2,877 2,711 166

Total therapeutic area-specific costs 152,346 125,876 26,470

Personnel-related expenses including stock-based compensation 57,590 67,141 (9,551)

Other 17,706 22,432 (4,726)

Total research and development expenses $ 227,642 $ 215,449 $ 12,193

For the six months ended September 30, 2026, research and development expenses increased $12.2 million as compared with the prior-year period.

For the six months ended September 30, 2026, therapeutic area-specific research and development costs, including contract manufacturing costs, increased $26.5 million as compared with the prior-year period. Research and development costs related to endocrine diseases, which include GD and TED, increased $21.1 million. This increase was primarily due to our ongoing clinical trials of IMVT-1402 in GD, partially offset by lower costs related to the wind-down of our batoclimab clinical trials. Research and development costs related to neurological diseases, which include MG and CIDP, decreased $0.3 million, reflecting lower costs related to the wind-down of our batoclimab clinical trials, mostly offset by higher expenses incurred from our ongoing clinical trials of IMVT-1402. Research and development costs related to rheumatology diseases increased $10.4 million, reflecting higher expenses incurred with our ongoing clinical trials of IMVT-1402 in D2T RA and SjD. Research and development costs related to dermatology diseases decreased $4.9 million, reflecting lower overall expenses incurred with our proof-of-concept trial of IMVT-1402 in CLE, for which we have discontinued further development.

For the six months ended September 30, 2026, unallocated research and development costs decreased $14.3 million as compared with the prior-year period. This decrease primarily reflected lower personnel-related expenses of $9.6 million aligned with a decrease in headcount, as well as lower costs that were not allocated to specific therapeutic areas of $4.7 million resulting from the Company's focus on the development of IMVT-1402 in the therapeutic areas discussed above.

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and 21 more changes in the filing

Market risk 2 changes

As of June September 30, 2026, we had cash and cash equivalents of $797.8 $722.3 million, all of which are maintained in accredited financial institutions. Our cash equivalents consist of money market funds invested in high-quality, short-term securities that are issued and guaranteed by the U.S. government and its agencies. Our primary exposure to market risk is interest income volatility, which is sensitive to changes in the general level of interest rates; however, due to the nature of our account portfolio, an immediate hypothetical 10% change in interest rates would not have a material effect on our financial condition or consolidated financial statements.

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Inflation generally affects us by increasing our research and development and contract manufacturing costs. We do not believe that inflation had a material effect on our business, financial condition or consolidated financial statements as of June September 30, 2026.

Controls and procedures 2 changes

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Our management, with the participation of our Chief Executive Officer and our Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures as of June September 30, 2026, the end of the period covered by this Quarterly Report. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of June September 30, 2026, at the reasonable assurance level.

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There was no change in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the fiscal quarter ended June September 30, 2026 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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Risk factors 40 changes

Interim, preliminary or topline data from our clinical trials that we announce or publish from time to time may change as more patient data become available and are subject to audit and verification procedures that could result in material changes in the final data.

From time to time, we may publicly disclose interim, preliminary or topline data from our clinical trials, which are based on a preliminary analysis of then-available data. These results and related findings and conclusions are subject to change following a full analysis of all data related to the particular trial.

We also make assumptions, estimations, calculations and conclusions as part of our analyses of data, and we may not have received or had the opportunity to fully and carefully evaluate all data. As a result, the interim, preliminary and topline results that we report may differ from future results of the same trials, or different conclusions or considerations may qualify such results, once additional data have been received and fully evaluated. Topline data also remain subject to audit and verification procedures that may result in the final data being materially different from the topline data we previously reported. As a result, interim, preliminary and topline data should be viewed with caution until the final data are available. Interim data are subject to the risk that one or more of the clinical outcomes may materially change as patient enrollment continues and more patient data become available. Adverse differences between interim, preliminary or topline data and final data could significantly harm our business prospects. Further, disclosure of preliminary or interim data by us or by our competitors could result in increased volatility in the price of our shares.

Further, other parties, including our collaborators or regulatory agencies, may not accept or agree with our assumptions, estimates, calculations, conclusions or analyses or may interpret or weigh the importance of data differently, which could impact the value of the particular program, the approvability or commercialization of a particular product candidate and our business in general.

In addition, our analyses, interpretations and presentation of clinical trial data may evolve over time, including through changes to primary or secondary endpoints, statistical methods, endpoint hierarchies, or the methodologies used to calculate or present them. We may make these changes to ongoing studies. We may also conduct post-hoc, retrospective, subgroup or other modified data or statistical analyses after database lock or unblinding of a clinical trial. Regulatory authorities may give less weight to, or decline to accept, results based on such changes or analyses conducted thereafter, including on the basis that such changes in endpoints or analytical methodology are not adequately justified, which could adversely affect our ability to obtain regulatory approval.

In addition, the information we choose or are required to publicly disclose regarding a particular study or clinical trial is based on what is typically extensive information, and you or others may not agree with what we determine is the material or otherwise appropriate information to include in our disclosure. Any information we determine not to disclose may ultimately be deemed significant with respect to future decisions, conclusions, views, activities or otherwise regarding a particular product, product candidate or our business. If the interim, preliminary or topline data that we report differ from later, final or actual results, or if others, including our collaborators or regulatory authorities, disagree with the conclusions reached, our ability to obtain approval for and commercialize our product candidates and our business, operating results, prospects or financial condition may be harmed.

Clinical trials and preclinical studies are very expensive, time-consuming, difficult to design and implement and involve uncertain outcomes. We may encounter substantial delays in clinical trials, or may not be able to conduct or complete clinical trials or preclinical studies on the expected timelines, if at all.

Our biopharmaceutical product candidates that are in clinical development or preclinical studies will require, as applicable, extensive clinical testing before a New Drug Application ("NDA") or other similar application for regulatory approval, such as a Biologics License Application ("BLA") or an application for marketing authorization in the European Union ("E.U.") or United Kingdom ("U.K."), may be submitted, or extensive preclinical testing before an Investigational New Drug application ("IND") or an application for authorization to conduct a clinical trial in the E.U. or U.K. may be submitted, a Clinical Trial Application ("CTA"). We cannot provide any assurance that we will submit an IND, NDA, CTA or other similar application for regulatory approval for our product candidates within projected timeframes or whether any such application will be accepted for review or ultimately approved by the relevant regulatory authorities.

We cannot provide any assurance that any clinical trials will be conducted as planned or completed on schedule, if at all. Clinical trials and preclinical studies are very expensive, time-consuming and difficult to design and implement, in part because they are subject to rigorous regulatory requirements. The clinical trial process is also time-consuming and costly and is dependent upon collaboration with many contract research organizations ("CROs") and clinical trial sites. For instance, the FDA, an institutional review board ("IRB"), an Ethics Committee ("EC") or other regulatory authorities may not agree with the proposed analysis plans or trial design for the clinical trials of our product candidates, and during any such review, may identify unexpected efficacy or safety concerns, which may delay the effective date of an IND or approval of an NDA, BLA or similar application. The FDA, the European Medicines Agency ("EMA"), the European Commission, the Medicines and Healthcare products Regulatory Agency ("MHRA") or other relevant regulatory authority may also find that the benefits of any product candidate in any applicable indication do not outweigh its risks in a manner sufficient to grant regulatory approval.

The FDA or other regulatory authorities may also not agree with the scope of our proposed investigational plan. For example, they may find that our proposed development program is not sufficient to support a marketing authorization application, or that the proposed indication is considered to be too broad. Moreover, the FDA or other regulatory authorities may also refuse or impose certain restrictions on our reliance on data supporting our clinical trial application or marketing authorization application should such data originate from studies outside of the relevant jurisdiction or be affected by regulatory non-compliance, including issues of data integrity. In the E.U., data derived from clinical trials that were conducted outside the E.U. cannot be used to support a CTA unless the clinical trial was registered on a relevant database. In each case, this could delay the clinical development and authorization timeline for a given product candidate.

Failures can occur at any stage of development, including clinical trials or preclinical studies, and we could encounter problems that cause us to abandon or repeat clinical trials or preclinical studies. In addition, results from clinical trials or preclinical studies may require further evaluation, delaying the next stage of development or submission of an IND or an NDA or similar application in the U.S. or another jurisdiction. Further, product candidates in later stages of clinical trials may fail to show the desired safety and efficacy results despite having successfully progressed through preclinical and earlier stage clinical trials. Such product candidates may exhibit safety signals in later stage clinical trials that they did not exhibit in earlier studies or trials. A number of companies in the biopharmaceutical industry have suffered significant setbacks in, or the discontinuation of, advanced clinical trials with a product candidate due to lack of efficacy or adverse safety findings, despite having promising results in earlier trials or studies. Likewise, the results of early clinical trials or preclinical studies of our product candidates may not be predictive of the results of current or future development programs. There can also be no assurance that the results of studies conducted by collaborators or other third parties with similar product candidates in similar indications will be viewed favorably or indicative of our own future trial results.

The commencement and completion of clinical trials and other studies may be delayed by several factors, including:

•the inability to generate sufficient data to support the initiation or continuation of clinical trials;

•difficulty identifying patients and enrolling them in clinical trials and other studies, including as a result of competing trials run by other pharmaceutical companies;

•the failure to add, or delays in activating, a sufficient number of clinical trial sites;

•the inability to reach agreement on acceptable terms with prospective CROs and clinical trial sites, the terms of which can be subject to extensive negotiation and may vary significantly among different CROs and trial sites;

•the failure by our CROs or other third parties to adhere to clinical trial agreements;

•the failure to manufacture or release sufficient quantities of our product candidates or failure to obtain sufficient quantities of active comparator medications for our clinical trials, if applicable, that in each case meet our quality standards, for use in clinical trials;

•the inability or unwillingness of clinical investigators or study participants to follow our clinical and other applicable protocols or applicable regulatory requirements;

•unforeseen safety issues, or subjects experiencing severe or unexpected adverse events;

•a lack of clinical benefit or effectiveness being demonstrated during clinical trials;

•the occurrence of serious adverse events in trials of the same class of agents conducted by other sponsors;

•premature discontinuation of study participants from clinical trials or missing data;

•the inability to monitor patients adequately during or after treatment;

•inappropriate unblinding of trial results;

•changes in the market that render continued development of a product candidate no longer reasonable or commercially attractive;

•the cost of clinical trials of our product candidates being greater than we anticipated;

•unanticipated impact from changes in or modifications to protocols or clinical trial design, including those that may be required by the FDA or other regulatory authorities;

•changes to our statistical analysis plans or the method of calculating primary or secondary endpoints, including changes required by, or subsequently rejected by, the FDA or other regulatory authorities;

•the failure to obtain regulatory authorization to commence a clinical trial or reach consensus with regulatory authorities regarding the design or implementation of our studies;

•resolving any dosing issues, including those raised by the FDA or other regulatory authorities;

•changes in regulatory requirements and guidance that require amending or submitting new clinical protocols;

•changes in the approval policies or regulations of the FDA or other regulatory authorities;

•an IRB or EC refusing to approve, suspending, or terminating the trial at an investigational site, precluding enrollment of additional subjects, or withdrawing their approval of the trial; or

•other regulatory issues, including the receipt of any inspectional observations on FDA's Form-483, Warning or Untitled Letters, clinical holds or complete response letters or similar communications/objections by other regulatory authorities.

We, the FDA or other regulatory authorities may suspend our clinical trials in an entire country at any time, or an IRB/EC may suspend our clinical trial sites within any country, if it appears that we or our collaborators, or the principal investigator, are failing to conduct a trial in accordance with the protocol, applicable regulatory requirements, including Good Clinical Practice ("GCP") regulations, that we are exposing participants to unacceptable health risks, or if the FDA or other regulatory authority finds deficiencies in our IND or equivalent applications for other countries or in the manner in which clinical trials are conducted. Such authorities may suspend or terminate a clinical trial due to a number of factors, including failure to conduct the clinical trial in accordance with regulatory requirements or our clinical protocols, inspection of the clinical trial operations or trial site by the FDA, the competent authorities of the E.U. Member States and the U.K. or other regulatory authorities resulting in the imposition of a clinical hold, unforeseen safety issues or adverse side effects, failure to demonstrate a clinical benefit from using a product candidate, changes in governmental regulations or administrative actions, developments on trials conducted by us or our competitors for related technology that raises regulatory concerns about risk to patients of the technology broadly, or lack of adequate funding to continue the clinical trial. Therefore, we cannot predict with any certainty the schedule for commencement and completion of future clinical trials.

If we experience delays in the commencement or completion of our clinical trials, or if we terminate a clinical trial prior to completion, the commercial prospects of our product candidates could be harmed, and our ability to generate product revenue from any of our product candidates, if approved, may be delayed. In addition, any delays in our clinical trials could increase our costs, cause a decline in our share price, slow down the approval process, and jeopardize our ability to commence product sales and generate revenue. Any of these occurrences may harm our business, financial condition and results of operations. In addition, many of the factors that cause or lead to a termination or suspension of, or delay in the commencement or completion of clinical trials may also ultimately lead to the denial of regulatory approval of our product candidates. We may make formulation or manufacturing changes to our product candidates, in which case we may need to conduct additional preclinical or clinical studies to bridge our modified product candidates to earlier versions. Any delays to our clinical trials that occur as a result could shorten any period during which we may have the exclusive right to commercialize our product candidates and our competitors may be able to bring product candidates to market before we do, and the commercial viability of our product candidates could be significantly reduced.

Moreover, principal investigators for our clinical trials may serve as scientific advisors or consultants to us from time to time and receive compensation in connection with such services. Under certain circumstances, we may be required to report some of these relationships to the FDA or other regulatory authorities. The FDA or other regulatory authorities may conclude that a financial relationship between us and a principal investigator has created a conflict of interest or otherwise affected the integrity of the study. The FDA or other regulatory authorities may therefore question the integrity of the data generated at the applicable clinical trial site and the utility of the clinical trial itself may be jeopardized. This could result in a delay in approval, or rejection, of our marketing and authorization applications by the FDA or other regulatory authorities, as the case may be, and may ultimately lead to the denial of marketing approval of any of our product candidates.

In addition, for our product candidates that are in clinical development, prior to our acquisition of the rights to those product candidates we had no involvement with or control over the preclinical or clinical development of those product candidates. We are therefore dependent on our licensing and other transaction partners having conducted such research and development in accordance with the applicable protocols and legal, regulatory and scientific standards, having used appropriately regulated and compliant equipment and devices during the preclinical or clinical development, having accurately reported the results of all clinical trials and other research they conducted prior to our acquisition of the rights to those product candidates, having correctly collected and interpreted the data from these trials and other research and having supplied us with complete information, data sets and reports required to adequately demonstrate the results reported through the date of our acquisition of these product candidates. Problems associated with the pre-acquisition development of our product candidates could result in increased costs and delays in the commercialization or development of our product candidates, which could harm our ability to generate any future revenue from sales of our product candidates following regulatory approval.

Our business involves a high degree of risk. You should carefully consider the risks described in "Part I, Item 1A. Risk Factors" of our Annual Report filed with the SEC on May 20, 2026, together with the other information contained in this Quarterly Report, including our unaudited condensed consolidated financial statements and the related notes appearing elsewhere in this Quarterly Report. We cannot assure you that any of the events discussed in these risk factors will not occur. These risks could have a material and adverse impact on our business, results of operations, financial condition and cash flows and, if so, our future prospects would likely be materially and adversely affected. If any of such events were to happen, the trading price of shares of our common stock could decline, and you could lose all or part of your investment. During the quarter ended June September 30, 2026, our there have been no material changes to the risk factors have not changed materially from those described previously disclosed in our Annual Report except for the and Part II, Item 1A (Risk Factors) noted below. of our Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 filed with the SEC on August 6, 2026.

Other information 10 changes

Departure of Chief Technology Officer

On November 4, 2026, Jay Stout, a current named executive officer of the Company, notified the Company of his intention to retire from his position as Chief Technology Officer of the Company, effective on or around December 4, 2026. Dr. Stout's decision was not the result of any disagreement with us on any matter relating to the Company's operations, policies, or practices. The Company anticipates entering into a Separation Agreement with Dr. Stout that will include a standard release of claims in favor of the Company and include terms for certain consulting services to be provided by Dr. Stout to the Company to support the transition of his responsibilities.

1 unchanged paragraph

During the three months ended June September 30, 2026, none of our directors or Section 16 reporting officers adopted, modified or terminated any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of the SEC's Regulation S-K) with respect to the trading of Immunovant common stock. except as disclosed below.

Name and Title Action Date Duration of Trading Arrangement Rule 10b5-1 Trading Arrangement (Y/N)(1)

Number of Shares of Common Stock to be Sold

Christopher Van Tuyl, Chief Legal Officer

Adoption August 21, 2026 December 17, 2026 – August 20, 2027

Tiago Girao, Chief Financial Officer

Adoption August 21, 2026 November 20, 2026 – December 31, 2027

(1) Contract, instruction, or written plan to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act.

Exhibits 4 changes

2019 Incentive Plan Capped Value Appreciation Right Award Grant Notice with Eric Venker, dated as of July 28, 2025

7 unchanged paragraphs

† Indicates a management contract or compensatory plan, contract or arrangement

3 unchanged paragraphs

Date: August 6, 2026

Date: November 9, 2026

4 unchanged paragraphs