Detailed financial statements for Immunovant, Inc. (IMVT): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Immunovant, Inc. is a biopharmaceutical firm in the clinical development phase, dedicated to advancing novel monoclonal antibody therapies for the treatment of various autoimmune conditions. The company's primary focus is batoclimab, a pioneering, fully human monoclonal antibody. This antibody is engineered to specifically target and block the neonatal fragment crystallizable receptor (FcRn), a key mechanism in certain autoimmune diseases.
Analysis Summary
Trailing-twelve-month margins: gross margin 97.1%, operating margin -78.8%, net margin -75.9%.
At $29.04 (closing price, November 3, 2026), IMVT has negative trailing earnings (P/E not meaningful) and an ROE of -69.59%. Market capitalisation stands at $6.0B.
Balance sheet quality for IMVT: debt-to-equity ratio of 0.00, current ratio of 7.27 over the last 12 months, net cash position of $902.0M at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cost of Revenue | 0 | 0 | $21,000 | 0 | 0 | 0 | 0 | 0 | $409,000 |
| Gross Profit | 0 | 0 | -$21,000 | 0 | 0 | 0 | 0 | 0 | -$409,000 |
| Research & Development | $135.3M | $25.7M | $47.9M | $68.6M | $101.8M | $160.3M | $212.9M | $360.9M | $456.7M |
| Selling, General & Admin | $1.5M | $448 | $11.7M | $39.5M | $54.2M | $48.0M | $57.3M | $77.2M | $76.2M |
| Operating Expenses | $136.7M | $448 | $59.7M | $108.1M | $156.0M | $208.3M | $270.2M | $438.2M | $532.9M |
| Operating Income | -$136.7M | -$450 | -$59.7M | -$108.1M | -$156.0M | -$208.3M | -$270.2M | -$438.2M | -$532.9M |
| EBITDA | 0 | $9,552 | -$65.6M | -$108.1M | -$156.7M | -$198.3M | -$258.5M | -$412.6M | -$505.0M |
| Interest Expense | 0 | 0 | $625,000 | 0 | 0 | $12.5M | 0 | 0 | 0 |
| Pre-tax Income | -$136.7M | -$448 | -$66.3M | -$107.8M | -$156.8M | -$211.0M | -$258.8M | -$412.9M | -$505.4M |
| Income Tax | 0 | 0 | $97,000 | -$358,000 | -$84,000 | $9,000 | $567,000 | $891,000 | $215,000 |
| Net Income | -$136.7M | -$448 | -$66.4M | -$107.4M | -$156.7M | -$211.0M | -$259.3M | -$413.8M | -$505.6M |
| EPS | -$13.68 | -$0.00 | -$1.54 | -$1.22 | -$1.43 | -$1.71 | -$1.88 | -$2.73 | -$2.77 |
| EPS (Diluted) | -$13.67 | -$0.00 | -$1.54 | -$1.22 | -$1.43 | -$1.71 | -$1.88 | -$2.73 | -$2.77 |
| Shares Outstanding (Diluted) | 10.0 M | 14.4 M | 43.2 M | 87.8 M | 109.7 M | 123.1 M | 138.1 M | 151.6 M | 182.4 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | 0 | 0 | $7.1M |
| Gross Profit | -$105,000 | -$101,000 | 0 | $7.1M |
| Operating Income | -$131.8M | -$114.4M | -$159.6M | -$153.2M |
| EBITDA | -$125.8M | -$109.0M | -$150.6M | -$153.1M |
| Net Income | -$126.5M | -$110.6M | -$147.9M | -$153.2M |
| EPS | -$0.73 | -$0.61 | -$0.73 | -$0.75 |
| EPS (Diluted) | -$0.73 | -$0.61 | -$0.73 | -$0.75 |
Balance Sheet (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Cash & Equivalents | 0 | $325,000 | $100.6M | $400.1M | $493.8M | $376.5M | $635.4M | $714.0M | $902.1M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | 0 | 0 | $3.0M | $1.1M | $12.9M | $885,000 | $5.5M | $2.5M | $3.9M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $113,170 | $325,000 | $109.1M | $409.0M | $512.9M | $404.3M | $665.8M | $767.7M | $948.8M |
| Property, Plant & Equipment | 0 | 0 | $65,000 | $3.5M | $2.6M | $1.5M | $595,000 | $942,000 | $515,000 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $113,170 | $405,000 | $109.4M | $412.5M | $515.6M | $405.8M | $666.7M | $776.2M | $957.6M |
| Accounts Payable | $1.1M | 0 | $1.2M | $2.4M | $18.6M | $1.4M | $7.2M | $17.7M | $7.5M |
| Short-term Debt | 0 | $300,000 | $3.2M | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $1.6M | $380,448 | $15.3M | $18.8M | $44.5M | $43.3M | $48.6M | $68.8M | $104.4M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $1.6M | $380,448 | $15.3M | $21.0M | $45.7M | $43.3M | $49.0M | $68.8M | $105.0M |
| Retained Earnings | 0 | -$448 | -$91.2M | -$198.7M | -$355.4M | -$566.3M | -$825.7M | -$1.24B | -$1.75B |
| Total Equity | -$1.5M | $24,552 | $94.1M | $391.5M | $469.8M | $362.5M | $617.8M | $707.4M | $852.6M |
| Total Debt | 0 | $300,000 | $3.2M | $3.4M | $2.4M | $1.2M | $138,000 | $98,000 | $72,000 |
| Net Debt | 0 | -$25,000 | -$97.4M | -$396.7M | -$491.5M | -$375.3M | -$635.2M | -$713.9M | -$902.0M |
| Working Capital | -$1.5M | -$55,448 | $93.8M | $390.2M | $468.4M | $361.0M | $617.2M | $698.9M | $844.4M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $521.9M | $994.5M | $902.1M | $797.8M |
| Total Assets | $583.0M | $1.05B | $957.0M | $852.5M |
| Total Liabilities | $63.3M | $66.3M | $104.4M | $117.1M |
| Total Equity | $519.7M | $986.1M | $852.6M | $735.4M |
| Total Debt | 0 | 0 | $72,000 | 0 |
Cash Flow (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Net Income | -$136.7M | -$28.6M | -$66.4M | -$107.4M | -$156.7M | -$211.0M | -$259.3M | -$413.8M | -$505.6M |
| Depreciation & Amortization | $136.7M | $10,000 | $21,000 | $65,000 | $126,000 | $193,000 | $231,000 | $377,000 | $409,000 |
| Stock-based Compensation | $1.8M | $1.3M | $7.0M | 0 | $34.2M | $32.3M | $41.1M | $49.5M | $55.7M |
| Change in Working Capital | $1.4M | -$474,000 | $4.8M | $4.6M | $15.1M | -$10.9M | $2.6M | -$12.0M | $42.1M |
| Operating Cash Flow | -$128.3M | -$28.5M | -$53.4M | -$83.3M | -$106.1M | -$188.2M | -$214.2M | -$375.9M | -$407.3M |
| Capital Expenditure | 0 | -$52,000 | -$31,000 | -$210,000 | -$254,000 | -$197,000 | -$360,000 | -$759,000 | -$8,000 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$128.3M | -$28.6M | -$53.4M | -$83.5M | -$106.4M | -$188.4M | -$214.6M | -$376.6M | -$407.3M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$102.5M | -$92.3M | -$95.1M | -$124.4M |
| Capital Expenditure | 0 | 0 | -$8,000 | 0 |
| Free Cash Flow | -$102.5M | -$92.3M | -$95.1M | -$124.4M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $13.4M | $12.7M | $11.1M | $13.8M |
Growth & Margins (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Net Income Growth (YoY) | | +100.0% | -14,818,650.0% | -61.8% | -45.9% | -34.6% | -22.9% | -59.6% | -22.2% |
| EPS Growth (YoY) | | +100.0% | -4,941,309.0% | +20.8% | -17.2% | -19.6% | -9.9% | -45.2% | -1.5% |
| Shares Change (YoY) | | +43.8% | +200.5% | +103.1% | +25.0% | +12.2% | +12.2% | +9.8% | +20.4% |
| FCF Growth (YoY) | | +77.7% | -86.7% | -56.5% | -27.3% | -77.1% | -13.9% | -75.5% | -8.1% |
| Effective Tax Rate | -0.0% | -0.0% | -0.1% | 0.3% | 0.1% | -0.0% | -0.2% | -0.2% | -0.0% |
Per-Share Data (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| FCF Per Share | -$12.83 | -$1.99 | -$1.24 | -$0.95 | -$0.97 | -$1.53 | -$1.55 | -$2.48 | -$2.23 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 10.0 M | 14.4 M | 43.2 M | 87.8 M | 109.7 M | 123.1 M | 138.1 M | 151.6 M | 182.4 M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -69.59% |
| Return on Invested Capital | -75.90% |
| Return on Assets | -63.13% |
| Gross Margin | 97.10% |
| Operating Margin | -7,877.46% |
| Net Margin | -7,585.86% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 7.27 |
| Piotroski F-Score | 1 |
| Altman Z-Score | 22.57 |
Key Ratios (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| P/E | -0.73 | -319,266.36 | -10.11 | -13.15 | -3.85 | -9.07 | -16.81 | -6.26 | -8.97 |
| P/B | -66.47 | 5,825.65 | 7.15 | 3.60 | 1.29 | 5.27 | 7.07 | 3.66 | 5.31 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |