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Immunovant maintains a healthy liquidity profile with $902.1 million in cash and a negligible debt-to-equity ratio of 0.00 as of 2026Q4.
| Total Current Assets | 851.18M | 948.82M | 767.66M | 665.77M | 404.33M | 512.93M | 409.01M | 109.08M | 325K | 113.17K |
| Cash & Short-Term Investments | 797.8M | 902.11M | 713.97M | 635.37M | 376.53M | 493.82M | 400.15M | 100.57M | 325K | 0 |
| Cash Only | 797.8M | 902.11M | 713.97M | 635.37M | 376.53M | 493.82M | 400.15M | 100.57M | 325K | 0 |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 697K | 3.95M | 2.51M | 5.5M | 885K | 12.86M | 1.14M | 3.04M | 0 | 0 |
| Days Sales Outstanding | 106.18 | - | - | - | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 52.68M | 42.76M | 51.18M | 24.9M | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 1.31M | 8.75M | 8.56M | 942K | 1.5M | 2.63M | 3.48M | 311K | 80K | 0 |
| Property, Plant & Equipment | 351K | 515K | 942K | 595K | 1.5M | 2.63M | 3.48M | 65K | 0 | 0 |
| Fixed Asset Turnover | 13.99x | - | - | - | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 961K | 7.68M | 7.62M | 0 | 0 | 0 | 0 | 246K | 79.95K | 0 |
| Total Assets | 852.49M | 957.57M | 776.22M | 666.71M | 405.84M | 515.56M | 412.49M | 109.39M | 405K | 113.17K |
| Asset Turnover | 0.01x | - | - | - | - | - | - | - | - | - |
| Asset Growth % | 215.23% | 23.36% | 16.43% | 64.28% | -21.28% | 24.99% | 277.09% | 26909.14% | 257.87% | - |
| Total Current Liabilities | 117.1M | 104.42M | 68.78M | 48.61M | 43.3M | 44.52M | 18.77M | 15.32M | 380.45K | 1.61M |
| Accounts Payable | 10.14M | 7.54M | 17.66M | 7.16M | 1.35M | 18.63M | 2.43M | 1.19M | 0 | 1.14M |
| Days Payables Outstanding | 14.71K | 6.73K | - | - | - | - | - | 20.68K | - | - |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.19M | 300K | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -206 | 0 |
| Other Current Liabilities | 117.1M | 16.77M | 15.62M | 14.74M | 350K | 171K | 3.14M | 10.94M | -206 | 0 |
| Current Ratio | 7.27x | 9.09x | 11.16x | 13.70x | 9.34x | 11.52x | 21.79x | 7.12x | 0.85x | 0.07x |
| Quick Ratio | 7.27x | 9.09x | 11.16x | 13.70x | 9.34x | 11.52x | 21.79x | 7.12x | 0.85x | 0.07x |
| Cash Conversion Cycle | -14.61K | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 0 | 553K | 0 | 347K | 47K | 1.22M | 2.24M | 0 | 300K | 0 |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 47K | 1.22M | 2.24M | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 553K | 0 | 347K | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 117.1M | 104.97M | 68.78M | 48.95M | 43.34M | 45.74M | 21.01M | 15.32M | 380.45K | 1.61M |
| Total Debt | 0 | 72K | 98K | 138K | 1.22M | 2.36M | 3.42M | 3.19M | 300K | 0 |
| Net Debt | -797.8M | -902.04M | -713.87M | -635.23M | -375.31M | -491.45M | -396.73M | -97.38M | -25K | 0 |
| Debt / Equity | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.01x | 0.01x | 0.03x | 12.22x | - |
| Debt / EBITDA | -0.00x | - | - | - | - | - | - | - | 31.41x | - |
| Net Debt / EBITDA | 1.43x | - | - | - | - | - | - | - | -2.62x | - |
| Interest Coverage | - | - | - | - | -15.90x | - | - | -105.07x | - | - |
| Total Equity | 735.39M | 852.59M | 707.45M | 617.76M | 362.49M | 469.82M | 391.48M | 94.07M | 24.55K | -1.5M |
| Equity Growth % | 236.76% | 20.52% | 14.52% | 70.42% | -22.84% | 20.01% | 316.16% | 383041.9% | 101.64% | - |
| Book Value per Share | 3.58 | 4.67 | 4.67 | 4.47 | 2.95 | 4.28 | 4.46 | 2.18 | 0.00 | -0.15 |
| Total Shareholders' Equity | 735.39M | 852.59M | 707.45M | 617.76M | 362.49M | 469.82M | 391.48M | 94.07M | 24.55K | -1.5M |
| Common Stock | 20K | 20K | 16K | 14K | 13K | 12K | 10K | 5K | 288 | 0 |
| Retained Earnings | -1.9B | -1.75B | -1.24B | -825.68M | -566.35M | -355.39M | -198.66M | -91.23M | -448 | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 725K | 730K | 1.46M | 1.91M | 852K | 404K | -298K | -16K | 343K | -1.5M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial execution failure
According to recent SEC filings, Immunovant maintains a robust liquidity position with $902.1 million in cash as of 2026Q4, providing a significant buffer to fund its intensive Phase 3 clinical trial programs despite the company's ongoing, pre-revenue status and escalating quarterly operating cash flow deficits.
The current ratio of 9.09 indicates that the company is well-positioned to meet its short-term obligations without immediate reliance on external financing. However, investors should monitor how the burn rate evolves as clinical trial enrollment accelerates, as this cash pile represents the primary lifeline for the company's long-term viability.
Based on reported financial statements, Immunovant's equity base of $852.6 million in 2026Q4 reflects a history of capital raises used to offset a cumulative deficit of $1.7 billion, highlighting the persistent reliance on equity-linked financing to sustain the company's research-heavy business model over the last ten quarters.
The consistent expansion of the accumulated deficit underscores the high cost of drug development and the lack of commercial revenue to date. Future equity quality will likely remain sensitive to further dilution, as the company may need to tap capital markets again to bridge the gap toward potential commercialization.
As reported in recent quarterly filings, Immunovant maintains a negligible debt profile with only $72.0 thousand in total debt as of 2026Q4, which suggests that the company has successfully avoided interest-bearing obligations while relying almost exclusively on equity financing to fund its clinical development pipeline.
The absence of meaningful debt is a strategic advantage for a pre-revenue biotech, as it eliminates interest rate risk and covenant constraints during the volatile clinical trial phase. This clean balance sheet provides management with maximum flexibility to pursue future financing or strategic partnerships without the burden of servicing debt.
Data from recent SEC filings reveals that while the headline cash position appears strong, the company's reliance on intercompany service agreements with Roivant Sciences may obscure the true standalone cost of operations, warranting further investigation into potential future consolidation or shared service cost adjustments for minority shareholders.
The potential for future impairment of capitalized R&D costs related to the older batoclimab asset remains a non-obvious risk that could impact the book value of assets. Investors should remain cautious, as the current asset valuation assumes the successful transition to the IMVT-1402 platform without significant write-downs.
Quick answers to the most common questions about buying IMVT stock.
As of 2026, Immunovant, Inc. (IMVT) had total assets of $957.6M including $948.8M in current assets.
Immunovant, Inc. (IMVT) carries total debt of $0.1M, offset by $902.1M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Immunovant, Inc. (IMVT) has total shareholders' equity (book value) of $852.6M ($4.67 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Immunovant, Inc. (IMVT) reported a current ratio of 9.09x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.