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 with up to 20 years of history.
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%.
Balance sheet quality for IMVT: current ratio of 9.1, net cash position of $902.0M. 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 | $21000 | 0 | 0 | 0 | 0 | 0 | $409000 |
| Gross Profit | 0 | 0 | -$21000 | 0 | 0 | 0 | 0 | 0 | -$409000 |
| 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 | $9552 | -$65.6M | -$108.1M | -$156.7M | -$198.3M | -$258.5M | -$412.6M | -$505.0M |
| Interest Expense | 0 | 0 | $625000 | 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 | $97000 | -$358000 | -$84000 | $9000 | $567000 | $891000 | $215000 |
| 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) | $10.0M | $14.4M | $43.2M | $87.8M | $109.7M | $123.1M | $138.1M | $151.6M | $182.4M |
Balance Sheet (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 0 | $325000 | $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 | $885000 | $5.5M | $2.5M | $3.9M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $113170 | $325000 | $109.1M | $409.0M | $512.9M | $404.3M | $665.8M | $767.7M | $948.8M |
| Property, Plant & Equipment | 0 | 0 | $65000 | $3.5M | $2.6M | $1.5M | $595000 | $942000 | $515000 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $113170 | $405000 | $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 | $300000 | $3.2M | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $1.6M | $380448 | $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 | $380448 | $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 | $24552 | $94.1M | $391.5M | $469.8M | $362.5M | $617.8M | $707.4M | $852.6M |
| Total Debt | 0 | $300000 | $3.2M | $3.4M | $2.4M | $1.2M | $138000 | $98000 | $72000 |
| Net Debt | 0 | -$25000 | -$97.4M | -$396.7M | -$491.5M | -$375.3M | -$635.2M | -$713.9M | -$902.0M |
| Working Capital | -$1.5M | -$55448 | $93.8M | $390.2M | $468.4M | $361.0M | $617.2M | $698.9M | $844.4M |
Growth & Margins (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Net Income Growth (YoY) | +100.0% | -14818650.0% | -61.8% | -45.9% | -34.6% | -22.9% | -59.6% | -22.2% | |
| EPS Growth (YoY) | +100.0% | -4941309.0% | +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% | |
| Effective Tax Rate | -0.0% | -0.0% | -0.1% | 0.3% | 0.1% | -0.0% | -0.2% | -0.2% | -0.0% |
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
| Gross Margin | 97.10% |
| Operating Margin | -7877.46% |
| Net Margin | -7585.86% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 7.27 |
Key Ratios (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|
| P/E | -0.73 | -319266.36 | -10.11 | -13.15 | -3.85 | -9.07 | -16.81 | -6.26 | -8.97 |
| P/B | -66.47 | 5825.65 | 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% |
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