Shares of Immunovant, Inc. (IMVT) plummeted 8.01% in Monday's pre-market trading session following the release of its fiscal second-quarter financial results and updates on clinical trial timelines. The biopharmaceutical company, focused on developing treatments for autoimmune diseases, disappointed investors with a wider-than-expected loss and delays in reporting key study results.
For the fiscal second quarter ended September 30, 2025, Immunovant reported a net loss of $126.5 million, or $0.73 per share, compared to a loss of $109.1 million, or $0.74 per share, in the same period last year. The result missed analysts' expectations, with the consensus estimate calling for a loss of $0.72 per share. The company's operating expenses increased to $131.76 million, primarily due to higher research and development costs associated with its clinical trials.
Adding to investor concerns, Immunovant announced a delay in reporting results for its thyroid eye disease (TED) studies. While the company remains on track for the first of two batoclimab Phase 3 TED studies to read out before the end of 2025, it now anticipates sharing topline results from both TED studies concurrently in the first half of 2026. The company cited "evolving competitive dynamics" as the reason for this delay, which appears to have contributed significantly to the negative market reaction.
Despite the disappointing news, Immunovant highlighted some positive developments, including promising results from its study of uncontrolled Graves' disease patients and progress in its IMVT-1402 development program across multiple indications. The company also reported a strong cash position of $521.9 million as of September 30, 2025, which it believes will provide runway through the expected Graves' disease readout in 2027.
As investors digest the mixed news, the pre-market plunge reflects concerns about the company's near-term financial performance and the potential impact of delayed clinical trial results on its competitive position in key therapeutic areas. The market will be closely watching Immunovant's progress in the coming months as it continues to advance its pipeline of autoimmune disease treatments.