Immunovant, Inc. (Nasdaq: IMVT) is a clinical-stage immunology company specializing in therapies for autoimmune diseases through its innovative anti-FcRn technology. The company reported its financial results for the fourth quarter and fiscal year ended March 31, 2025, indicating a decline in its financial performance year-over-year.

For the fiscal fourth quarter, Immunovant registered a net loss of $106.4 million, or $0.64 per share, compared to a net loss of $75.3 million, or $0.52 per share, for the same period in the previous year. Research and development (R&D) expenses surged to $93.7 million, a notable increase from $66.1 million in the fourth quarter of fiscal 2024. General and administrative (G&A) expenses also increased to $20.2 million, up from $14.8 million in the prior year.

For the full fiscal year, Immunovant reported a net loss of $413.8 million, or $2.73 per share, compared to a net loss of $259.3 million, or $1.88 per share, for fiscal 2024. R&D expenses rose significantly to $360.9 million from $212.9 million. G&A expenses for the fiscal year were $77.2 million, compared to $57.3 million a year earlier.

Immunovant’s cash and cash equivalents totaled approximately $714 million as of March 31, 2025, providing a financial runway sufficient to support ongoing development activities through the anticipated Graves’ disease readout in 2027. The increase in R&D and G&A expenses was attributed to costs related to clinical trials of the company’s leading candidate, IMVT-1402, including manufacturing and personnel costs.

The total operating expenses for the fourth quarter reached $113.8 million, compared to $80.9 million a year earlier. Interest income was recorded at $(6.9) million for the fourth quarter, down from $(8.4) million in the prior year. Other income or expense showed $(1.1) million compared to $2.6 million for the same quarter of the previous year.

Overall, the company’s total assets increased to $776.2 million as of March 31, 2025, from $666.4 million the previous year. Total liabilities remained at $68.8 million, consistent with the previous year’s figure. As of the quarterly reporting date, Immunovant had approximately 170.1 million shares of common stock issued and outstanding, up from approximately 145.6 million shares a year earlier.