Revenue emerged at $7.1M in 2027Q1 with a 100% gross margin, but R&D expenses surged to $142.6M, driving operating losses to -$153.2M and a net margin of -21.6%.
Immunovant, Inc. (IMVT) annual income statement — 9-year revenue, gross profit & net income history
| Metric | TTM | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 |
|---|
| Sales/Revenue | 7.09M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 206K | 409K | 0 | 0 | 0 | 0 | 0 | 21K | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 6.89M | -409K | 0 | 0 | 0 | 0 | 0 | -21K | 0 | 0 |
| Gross Margin % | 97.1% | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | - | - | - | - | 100% | - | - | - |
| Operating Expenses | 566M | 532.9M | 438.15M | 270.21M | 208.28M | 156.03M | 108.12M | 59.66M | 448 | 136.74M |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 67.91M | 76.24M | 77.23M | 57.28M | 48.02M | 54.23M | 39.51M | 11.73M | 448 | 1.48M |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Research & Development | 498.09M | 456.66M | 360.92M | 212.93M | 160.26M | 101.81M | 68.6M | 47.93M | 25.73M | 135.26M |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -558.91M | -532.9M | -438.15M | -270.21M | -208.28M | -156.03M | -108.12M | -59.68M | -450 | -136.74M |
| Operating Margin % | -7877.46% | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | -21.62% | -62.15% | -29.74% | -33.48% | -44.32% | -81.17% | -13261677.78% | 100% | - |
| EBITDA | -558.51M | -532.49M | -437.77M | -269.98M | -208.08M | -155.91M | -108.05M | -59.66M | 9.55K | 0 |
| EBITDA Margin % | -7871.91% | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | -18.66% | -21.64% | -62.15% | -29.75% | -33.47% | -44.29% | -81.12% | -624780.63% | - | - |
| D&A (Non-Cash Add-back) | 394K | 409K | 377K | 231K | 193K | 126K | 65K | 21K | 10K | 136.74M |
| EBIT | -538.91M | -505.39M | -412.95M | -258.77M | -198.47M | -156.81M | -108.12M | -65.67M | -448 | -136.74M |
| Net Interest Income | 18.99M | 25.33M | 24.73M | 24.95M | -4.9M | 0 | 0 | -624.38K | 0 | 0 |
| Interest Income | 18.99M | 25.33M | 24.73M | 24.95M | 7.58M | 0 | 0 | 625 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 12.48M | 0 | 0 | 625K | 0 | 0 |
| Other Income/Expense | 19.99M | 27.51M | 25.2M | 11.44M | -2.67M | -781K | 328K | -6.61M | 0 | 116 |
| Pretax Income | -538.91M | -505.39M | -412.95M | -258.77M | -210.95M | -156.81M | -107.79M | -66.29M | -448 | -136.74M |
| Pretax Margin % | -7595.7% | - | - | - | - | - | - | - | - | - |
| Income Tax | -698K | 215K | 891K | 567K | 9K | -84K | -358K | 97K | 0 | 0 |
| Effective Tax Rate % | 0.13% | -0.04% | -0.22% | -0.22% | -0% | 0.05% | 0.33% | -0.15% | 0% | 0% |
| Net Income | -538.22M | -505.61M | -413.84M | -259.34M | -210.96M | -156.73M | -107.43M | -66.39M | -448 | -136.74M |
| Net Margin % | -7585.86% | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | -20.32% | -22.17% | -59.58% | -22.93% | -34.6% | -45.89% | -61.82% | -14818650% | 100% | - |
| Net Income (Continuing) | -538.22M | -505.61M | -413.84M | -259.34M | -210.96M | -156.73M | -107.43M | -66.39M | -448 | -136.74M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.62 | -2.77 | -2.73 | -1.88 | -1.71 | -1.43 | -1.22 | -1.54 | 0.00 | -13.67 |
| EPS Growth % | 1.05% | -1.47% | -45.21% | -9.94% | -19.58% | -17.21% | 20.78% | - | 100% | - |
| EPS (Basic) | - | -2.77 | -2.73 | -1.88 | -1.71 | -1.43 | -1.22 | -1.54 | 0.00 | -13.68 |
| Diluted Shares Outstanding | 205.55M | 182.42M | 151.57M | 138.1M | 123.08M | 109.68M | 87.76M | 43.2M | 14.38M | 10M |
| Basic Shares Outstanding | 205.55M | 182.42M | 151.57M | 138.1M | 123.08M | 109.68M | 87.76M | 43.2M | 14.38M | 10M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying IMVT stock.
For fiscal year 2026, Immunovant, Inc. (IMVT) reported total revenue of $0.0M.
Immunovant, Inc. (IMVT) reported a net loss of $505.6M for the fiscal year ending 2026.
Key Metrics
Top Statement Risk
R&D escalation without revenue
Metrics are mathematically derived from official filings.
Nascent Revenue Emergence
Immunovant reported its first revenue of $7.1M in 2027Q1, a nascent commercial launch, while prior quarters show no revenue, indicating a transition from pure R&D to early commercialization.
The $7.1M in 2027Q1 represents the first reported revenue in the provided data, but with no prior comparable periods, growth trajectory is undefined. The company's revenue base is minimal relative to its expense structure, suggesting that the commercial ramp is in its infancy and will require significant investment to scale. Investors should monitor whether this revenue stream can expand meaningfully in subsequent quarters.
Gross Margin Halo with Minimal Revenue
Gross margin reached 100% in 2027Q1 on $7.1M revenue, but this reflects negligible COGS rather than pricing power, as the company's cost structure is dominated by R&D.
The 100% gross margin is a function of near-zero COGS, typical for a biotech with a single product in early launch. This metric is not indicative of sustainable profitability, as the company's operating losses are driven by R&D and SG&A. The absence of COGS suggests that manufacturing costs are either outsourced or not yet material, but as volume scales, gross margin may compress.
Negative Operating Leverage Intensifies
Operating losses widened from -$80.9M in 2024Q4 to -$153.2M in 2027Q1, with R&D expenses nearly doubling, indicating that the company is scaling costs faster than any revenue generation.
R&D expenses grew from $66.1M in 2024Q4 to $142.6M in 2027Q1, a 116% increase, while SG&A also rose from $14.8M to $17.7M. This has driven operating margin from -21.6% (on a revenue base that was zero) to -21.6% in 2027Q1, but the absolute losses are escalating. The company is clearly in a heavy investment phase, with no evidence of operating leverage as revenue is still negligible.
Losses Deepen with SBC Overhang
Net losses expanded to -$153.2M in 2027Q1, with stock-based compensation of $13.8M, representing about 9% of total expenses, which may understate the cash burn.
The reported net loss of -$153.2M includes SBC of $13.8M, which is a non-cash charge but dilutes shareholders. The EPS of -$0.75 reflects the growing share count, and the gap between net loss and cash burn is likely wider when considering working capital changes. Investors should note that the company's cash runway is being consumed by R&D, and the SBC component adds to dilution without immediate cash outflow.
R&D Escalation Drives Cost Structure
R&D expenses have surged from $66.1M in 2024Q4 to $142.6M in 2027Q1, accounting for roughly 89% of total operating costs, reflecting aggressive investment in clinical development.
The cost structure is overwhelmingly R&D-centric, with SG&A remaining relatively modest at $17.7M in 2027Q1. The doubling of R&D spend suggests the company is advancing multiple clinical programs, likely including late-stage trials. This level of expenditure is typical for a biotech approaching potential regulatory milestones, but it also implies that the company will continue to require substantial capital to fund operations.
2027Q1 Marks Commercial Inflection
The first reported revenue of $7.1M in 2027Q1, alongside a 100% gross margin, signals a shift from a pure development-stage company to one with initial commercial sales.
This quarter is pivotal as it is the first with revenue, indicating that the company has launched its first product. However, the revenue is minuscule relative to the expense base, and the company's ability to scale will depend on market adoption and reimbursement. The lasting impact is that the company now has a commercial infrastructure, but the financial profile remains heavily loss-making.
What Could Invalidate the Base Case
The absence of revenue in prior quarters and the reliance on a single product launch could expose Immunovant to significant downside if commercial uptake disappoints or R&D costs continue to escalate.
Short-sellers might argue that the $7.1M revenue is trivial and may not grow as expected, especially if the product faces competition or reimbursement hurdles. The company's operating losses are widening, and with no clear path to profitability, the need for additional capital could lead to dilution. Furthermore, the high R&D spend suggests that the company is still far from breakeven, and any clinical setbacks could severely impair the stock's value.