Roivant Sciences Ltd.: Q3 FY2025 earnings call

What management said about Q3 FY2025, from the documents filed with the SEC on 6 February 2026: press release. Guidance figures: 2 new, 5 kept. The quarter’s numbers.

Key takeaways

Loss from continuing operations widened: Loss from continuing operations, net of tax, was $313.7 million, against $208.9 million a year earlier and $166.0 million in the second quarter. Diluted loss per share was $0.38. Source
Sarcoidosis Phase 2 reached primary endpoint: The 45 mg arm showed a 22.3-point mean CSAMI-A improvement at Week 16, against 0.7 points for placebo. The company described it as the first positive placebo-controlled trial for any therapy in this disease. Source
Dermatomyositis filing now submitted: The NDA for brepocitinib in dermatomyositis has been submitted to the FDA. The prior release had planned that filing for the first half of calendar year 2026. Source
Sarcoidosis moves to pivotal study: Priovant plans a pivotal Phase 3 study in cutaneous sarcoidosis following FDA engagement. It would be the third indication with a pivotal program for brepocitinib. Source
R&D expense rose $23.8 million: GAAP R&D expense was $165.4 million, up from $141.6 million a year earlier. Program costs rose $11.3 million and share-based compensation rose $8.4 million. Source
Cash and securities total $4.5 billion: Consolidated cash, cash equivalents, restricted cash and marketable securities were about $4.5 billion at December 31, 2025, up from $4.4 billion at September 30, 2025. Source
Immunovant raised about $550 million: A financing led by Roivant, with key institutional investors, brought gross proceeds to Immunovant of approximately $550 million. Source
Favorable Moderna summary judgment ruling: A summary judgment decision in the U.S. Moderna case affirmed Genevant’s view on section 1498, placing most liability in the current case against Moderna. Source

“2025 was a transformative year for Roivant, driven by the quality of our clinical execution and its resulting data.”
Matt Gline, CEO of Roivant

Guidance

Area	Period	Figure	Against last quarter
Cutaneous sarcoidosis (brepocitinib) program Source	calendar year 2026	Phase 3 study starting in calendar year 2026	New
Non-infectious uveitis (brepocitinib) Phase 3 topline Source	second half of calendar year 2026	second half of calendar year 2026
IMVT-1402 difficult-to-treat rheumatoid arthritis topline Source	second half of calendar year 2026	second half of calendar year 2026
IMVT-1402 cutaneous lupus erythematosus proof-of-concept topline Source	second half of calendar year 2026	second half of calendar year 2026
Mosliciguat Phase 2 topline (PH-ILD) Source	second half of calendar year 2026	second half of calendar year 2026	Kept
Batoclimab thyroid eye disease Phase 3 topline Source	first half of calendar year 2026	first half of calendar year 2026	Kept
IMVT-1402 Graves’ disease and myasthenia gravis topline Source	calendar year 2027	calendar year 2027	Kept
Genevant LNP litigation, U.S. Moderna case Source	March 2026	March 2026	Kept
Genevant LNP litigation, international proceedings Source	first half of calendar year 2026	first half of calendar year 2026	Kept
Immunovant cash runway Source	through launch of IMVT-1402 in Graves’ disease	runway to the launch of IMVT-1402 in Graves’ disease	New

What changed from last quarter

New: Brepocitinib NDA for dermatomyositis was submitted to the FDA. The prior release had planned filing in the first half of calendar year 2026. Source
New: Priovant reported positive Phase 2 results for brepocitinib in cutaneous sarcoidosis in February 2026. The prior release had a proof-of-concept readout expected in the second half of calendar year 2026. Source
New: Cutaneous sarcoidosis moves to a pivotal program with a Phase 3 study planned to start in calendar year 2026. Source
New: Roivant-led financing at Immunovant raised gross proceeds to Immunovant of approximately $550 million. Source
New: The company recorded a $17.1 million impairment loss tied to relocating the U.S. corporate headquarters of Roivant Sciences, Inc. Source

Quarter results and losses

Loss from continuing operations widened: Loss from continuing operations, net of tax, was $313.7 million, against $208.9 million a year earlier and $166.0 million in the second quarter. Diluted loss per share was $0.38. Source
Non-GAAP loss narrowed from second quarter: Non-GAAP loss from continuing operations was $167.0 million, compared with $143.7 million a year earlier and $187.8 million in the second quarter. Source
Revenue remained minimal: Revenue was $1,999 thousand for the quarter, against $9,018 thousand a year earlier and $1,571 thousand in the second quarter. Source
Diluted loss per share reported: Basic and diluted loss from continuing operations was $0.38 per common share, compared with $0.22 a year earlier and $0.17 in the second quarter. Source

Brepocitinib cutaneous sarcoidosis data

Sarcoidosis Phase 2 reached primary endpoint: The 45 mg arm showed a 22.3-point mean CSAMI-A improvement at Week 16, against 0.7 points for placebo. The company described it as the first positive placebo-controlled trial for any therapy in this disease. Source
Response rates higher than placebo: All 45 mg patients reached a 10-point CSAMI-A improvement, against 14% of placebo. Functional remission was 62% against 0%, and 69% reached clear or almost clear on IGA. Source
Small trial of 31 patients: The BEACON study enrolled 31 patients at 15 U.S. sites, randomized 3:2:2 to 45 mg, 15 mg or placebo over 16 weeks. The 15 mg arm also improved against placebo. Source
No serious adverse events reported: No serious adverse events occurred during the treatment period, and all adverse events were mild or moderate. More than 1,500 patients and subjects have been evaluated. Source

“I’m proud of our continued execution elsewhere in our pipeline, including with today's announcement of the NDA filing for brepocitinib in dermatomyositis”
Matt Gline, CEO of Roivant

Brepocitinib filings and pipeline

Dermatomyositis filing now submitted: The NDA for brepocitinib in dermatomyositis has been submitted to the FDA. The prior release had planned that filing for the first half of calendar year 2026. Source
Sarcoidosis moves to pivotal study: Priovant plans a pivotal Phase 3 study in cutaneous sarcoidosis following FDA engagement. It would be the third indication with a pivotal program for brepocitinib. Source
Other brepocitinib indications still explored: The company said it continues to look at other indications for brepocitinib beyond the programs it has named. Source

Immunovant anti-FcRn programs

Lupus and rheumatoid arthritis readouts later in 2026: The difficult-to-treat rheumatoid arthritis trial is fully enrolled, and the lupus proof-of-concept readout is also expected in the second half of 2026. Source
Thyroid eye disease readouts in early 2026: Immunovant anticipates topline data from both batoclimab Phase 3 thyroid eye disease studies in the first half of calendar year 2026. Source
Graves’ disease and myasthenia gravis in 2027: Topline data from the potentially registrational trials of IMVT-1402 in Graves’ disease and myasthenia gravis are expected in calendar year 2027. Source

“We are entering 2026 with early momentum across our late stage pipeline with ambitions of another groundbreaking year.”
Matt Gline, CEO of Roivant

Research and development spending

R&D expense rose $23.8 million: GAAP R&D expense was $165.4 million, up from $141.6 million a year earlier. Program costs rose $11.3 million and share-based compensation rose $8.4 million. Source
Mosliciguat and brepocitinib drove program costs: Program-specific costs rose $5.7 million for mosliciguat and $5.3 million for brepocitinib, which the company tied to program progression. Source
Non-GAAP R&D below second quarter: Non-GAAP R&D expense was $146.7 million, against $131.2 million a year earlier and $152.9 million in the second quarter. Source

General and administrative costs

G&A rose to $175.1 million: GAAP G&A expense was $175.1 million, up from $141.5 million a year earlier. Non-GAAP G&A was $71.0 million, against $71.1 million a year earlier. Source
Headquarters relocation impairment: The G&A increase was primarily due to a $17.1 million impairment loss tied to the relocation of the U.S. corporate headquarters. Source
Share-based pay rose from exchange offer: Share-based compensation in G&A rose $17.5 million, which the company primarily attributed to the Priovant Exchange Offer. Source
Retention award expense ended: Personnel-related expense fell $5.3 million, mainly because one-time cash retention awards under the Cash Bonus Program concluded. Source

Cash, investments and financing

Cash and securities total $4.5 billion: Consolidated cash, cash equivalents, restricted cash and marketable securities were about $4.5 billion at December 31, 2025, up from $4.4 billion at September 30, 2025. Source
Marketable securities rose, cash fell: Cash and restricted cash were $1.49 billion and marketable securities were $3.05 billion at December 31, 2025, against $2.73 billion and $2.17 billion at March 31, 2025. Source
Immunovant raised about $550 million: A financing led by Roivant, with key institutional investors, brought gross proceeds to Immunovant of approximately $550 million. Source

Genevant LNP litigation

Favorable Moderna summary judgment ruling: A summary judgment decision in the U.S. Moderna case affirmed Genevant’s view on section 1498, placing most liability in the current case against Moderna. Source
Pfizer/BioNTech discovery and hearings: International hearings are expected in the first half of 2026, and the Pfizer/BioNTech case remains in discovery. Source

Strategy and leadership view

CEO calls 2025 transformative: The CEO described 2025 as a transformative year, driven by clinical execution and its resulting data. Source
Pipeline built through separate subsidiaries: The company advances its pipeline through subsidiaries it calls Vants, which develop and commercialize its medicines and technologies. It also incubates discovery-stage and health technology companies. Source
2026 expected to bring further readouts: The CEO said the company enters 2026 with early momentum across its late-stage pipeline and expects another year of progress. Source

Coming up, as management said on 6 February 2026

Jury trial in U.S. Moderna case: The jury trial in the U.S. Moderna LNP case is scheduled for March 2026. Source
International LNP hearings: First major hearings in international LNP proceedings are expected in the first half of calendar year 2026. Source
Batoclimab thyroid eye disease topline: Topline data from both batoclimab Phase 3 thyroid eye disease studies are expected in the first half of calendar year 2026. Source
Sarcoidosis Phase 3 study start: Priovant plans a Phase 3 study in cutaneous sarcoidosis starting in calendar year 2026, following FDA engagement. Source

Figures management reported

Figure	Reported
R&D expenses (GAAP), quarter Source	$165.4 million
Non-GAAP R&D expenses, quarter Source	$146.7 million
Trial readout: brepocitinib Phase 2, cutaneous sarcoidosis Source	Positive; 22.3-point mean CSAMI-A improvement at Week 16 for 45 mg versus 0.7 for placebo
Regulatory submission: brepocitinib NDA, dermatomyositis Source	Submitted
Trial enrollment: IMVT-1402 difficult-to-treat rheumatoid arthritis, potentially registrational trial Source	Fully enrolled

Risks management discussed

Regulatory: The planned sarcoidosis Phase 3 study depends on engagement with the FDA before it starts in calendar year 2026. Source
External: The U.S. Moderna jury trial is scheduled for March 2026, and international LNP proceedings are at an early stage, so the litigation outcome remains open. Source
Operational: The company recorded an impairment tied to relocating its U.S. corporate headquarters during the quarter. Source
Financial: Loss from continuing operations was $313.7 million for the quarter, compared with $208.9 million a year earlier. Source

Earlier plans management reported on

On track: Management said all other IMVT-1402 timelines across announced indications remain on track. Source
Not stated: The prior release planned this filing for the first half of 2026. The current release says the NDA was submitted.
Not stated: The prior release said topline results from both TED studies would be shared together in the first half of 2026. The current release repeats that timing.

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

Roivant Announces Positive Phase 2 Results for Brepocitinib in Cutaneous Sarcoidosis (CS) and Reports Financial Results for the Third Quarter Ended December 31, 2025

Brepocitinib 45 mg significantly improved cutaneous sarcoidosis disease activity, achieving a 22.3-point improvement in mean CSAMI-A at Week 16 versus a 0.7-point improvement in placebo (Δ21.6 p<0.0001). Brepocitinib demonstrated rapid, deep and sustained improvements across all other efficacy endpoints measured with consistent safety profile
Priovant plans to progress CS to a pivotal program with a Phase 3 study starting in calendar year 2026 following engagement with the FDA, representing the third indication with a pivotal program for brepocitinib
New Drug Application (NDA) was submitted to the FDA for brepocitinib in dermatomyositis (DM). Topline data from Phase 3 studies in non-infectious uveitis (NIU) are expected in the second half of calendar year 2026. Roivant continues to actively explore other indications for brepocitinib
IMVT-1402 potentially registrational trial in difficult-to-treat rheumatoid arthritis (D2T RA) fully enrolled, with topline data expected in the second half of calendar year 2026; topline data from the proof-of-concept trial in cutaneous lupus erythematous (CLE) expected in the second half of calendar year 2026
Mosliciguat Phase 2 trial in pulmonary hypertension associated with interstitial lung disease (PH-ILD) fully enrolled, with topline data expected in the second half of calendar year 2026
LNP litigation continues to progress, with favorable summary judgment decision in U.S. Moderna case affirming Genevant's view of section 1498: the significant majority of liability belongs in the current case against Moderna. Jury trial in the U.S. Moderna case scheduled for March 2026 and first major hearings in international proceedings expected in the first half of calendar year 2026
Roivant-led Immunovant financing alongside key institutional investors generated gross proceeds to Immunovant of approximately $550 million, extending Immunovant’s cash runway to the launch of IMVT-1402 in Graves’ disease (GD)
Roivant reported consolidated cash, cash equivalents, restricted cash and marketable securities of $4.5 billion as of December 31, 2025, supporting cash runway into profitability
Roivant will host a live conference call and webcast at 8:00 a.m. ET on Friday, February 6, 2026, to discuss positive Phase 2 results for brepocitinib in CS and report its financial results for the third quarter ended December 31, 2025

BASEL,

Switzerland and LONDON and NEW YORK, February 6, 2026 - Roivant (Nasdaq: ROIV) today announced positive Phase 2 results for brepocitinib in cutaneous sarcoidosis (CS) and reported its financial results for the third quarter ended December 31, 2025.

"2025 was a transformative year for Roivant, driven by the quality of our clinical execution and its resulting data. We are entering 2026 with early momentum across our late stage pipeline with ambitions of another groundbreaking year. The positive data for brepocitinib in CS represents a breakthrough for the field, generating clinically meaningful outcomes for patients in need in the first ever positive placebo-controlled trial for any therapy in CS," said Matt Gline, CEO of Roivant. "Together with this data, I’m proud of our continued execution elsewhere in our pipeline, including with today's announcement of the NDA filing for brepocitinib in dermatomyositis and the completion of enrollment in multiple large studies setting the stage for the year ahead."

BEACON Study Results

The BEACON study enrolled 31 patients across 15 sites in the United States, randomized 3:2:2 to once daily brepocitinib 45 mg, 15 mg, or placebo with a 16-week treatment period. The brepocitinib 45 mg arm comprised the most treatment-refractory group, with the highest percentage of patients with longstanding disease, damage, and difficult-to-treat plaque-predominant morphology. Despite this, patients in the 45 mg arm achieved meaningful clinical improvement compared to placebo, including 100% response rates on multiple endpoints. Brepocitinib 15 mg patients also improved considerably, with numerically similar improvement to the 45 mg arm on lower-bar endpoints and evidence of dose-dependent benefit seen on higher bar endpoints and patient reported outcomes. Placebo patients experienced almost no improvement, consistent with natural disease course.

On the Cutaneous Sarcoidosis Activity and Morphology Instrument - Activity score (CSAMI-A), brepocitinib 45 mg achieved a 22.3-point mean improvement at Week 16 versus a 0.7-point improvement in placebo (Δ21.6 P<0.0001). Statistically significant separation was observed as early as Week 4 and maintained at all timepoints thereafter. One hundred percent of brepocitinib 45 mg patients achieved at least a 10-point improvement on CSAMI-A compared to 14% of placebo patients, and 62% of brepocitinib 45 mg patients achieved CSAMI-A <5 (functional remission), compared to 0% of placebo patients.

Treatment Arm	Mean CSAMI-A Change from Baseline at Week 16	Achievement of CSAMI-A ≥ 10-point Reduction at Week 16	Achievement of CSAMI-A < 5 (Functional Remission) at Week 16
45 mg (n = 13)	-22.3	100%	62%
15 mg (n = 11)	-22.2	73%	46%
Placebo (n = 7)	-0.7	14%	0%
45 mg vs. placebo	∆ -21.6; P<0.0001	∆ 86%; P=0.0002	∆ 62%; P=0.0147
15 mg vs. placebo	∆ -21.5; P<0.0001	∆ 58%; P=0.0498	∆ 46%; P=0.1013

On the Investigator’s Global Assessment (IGA), 69% of brepocitinib 45 mg patients achieved the gold standard two-point improvement to Clear (0) / Almost Clear (1), compared to 0% of placebo patients (Δ 69% P=.0047). Brepocitinib 45 mg also demonstrated statistically significant improvement over placebo on key patient reported outcomes, including the King’s Sarcoidosis Questionnaire (KSQ) Skin Domain, the Skindex-16, and the Patient’s Global Impression of Change (PGI-C). On PGI-C, 100% of patients receiving the 45 mg dose reported improvement from baseline, compared to 29% of placebo patients (Δ 71% P=.0014).

Brepocitinib was well tolerated during the study treatment period, with no Serious Adverse Events (SAEs) and all Adverse Events (AEs) graded mild or moderate in severity. Brepocitinib has been evaluated in more than 1,500 patients and subjects, with an observed safety profile consistent with approved JAK1 and TYK2 inhibitors.

Priovant plans to progress CS to a pivotal program with a Phase 3 study starting in calendar year 2026 following engagement with the FDA, representing the third indication with a pivotal program for brepocitinib.

“The BEACON study is a watershed moment for the sarcoidosis field, and most importantly, for our patients,” said Dr. Misha Rosenbach, MD, Professor of Dermatology and Rheumatology and Director of the Cutaneous Sarcoidosis Program at the Hospital of the University of Pennsylvania. “This is an incredible milestone for a historically neglected disease - the study drug showed a clear difference in patients who received the medication compared to placebo, both from the patient and the physician perspective, and appeared to be well tolerated. This is the sort of data you dream of seeing when you look at trial results - and I would call this a transformational moment for sarcoidosis.”

Recent Developments

Priovant: In February 2026, Priovant announced positive Phase 2 results for brepocitinib in cutaneous sarcoidosis (CS). Brepocitinib 45 mg significantly improved CS disease activity, achieving a 22.3-point improvement in mean CSAMI-A at Week 16 versus a 0.7-point improvement in placebo (Δ21.6 p<0.0001). Brepocitinib demonstrated rapid, deep and sustained improvements across all other efficacy endpoints measured with consistent safety profile. New Drug Application (NDA) was submitted to the FDA for brepocitinib in dermatomyositis (DM). Topline data from Phase 3 studies in non-infectious uveitis (NIU) are expected in the second half of calendar year 2026.
Immunovant: Potentially registrational trial for IMVT-1402 in difficult-to-treat rheumatoid arthritis (D2T RA) fully enrolled, with topline data expected in the second half of calendar year 2026. All other clinical development

timelines remain on track for IMVT-1402 across announced indications, including potentially registrational trials in Graves’ disease (GD), myasthenia gravis (MG), chronic inflammatory demyelinating polyneuropathy (CIDP), and Sjögren’s disease (SjD), and a proof-of-concept trial in cutaneous lupus erythematosus (CLE). Roivant-led Immunovant financing alongside key institutional investors generated gross proceeds to Immunovant of approximately $550 million, extending Immunovant’s cash runway to the launch of IMVT-1402 in GD.

Pulmovant: Phase 2 trial of mosliciguat in pulmonary hypertension associated with interstitial lung disease (PH-ILD) fully enrolled, with topline data expected in the second half of calendar year 2026.
Genevant: Favorable summary judgment decision in U.S. Moderna case affirms Genevant's view of section 1498: the significant majority of liability belongs in the current case against Moderna. Jury trial in U.S. Moderna case scheduled for March 2026 and international proceedings continue with first major hearings expected in the first half of calendar year 2026.
Roivant: Roivant reported consolidated cash, cash equivalents, restricted cash and marketable securities of $4.5 billion as of December 31, 2025, supporting cash runway into profitability.

Major Upcoming Milestones

Priovant plans to progress CS to a pivotal program with a Phase 3 study starting in calendar year 2026 following engagement with the FDA, representing the third indication with a pivotal program for brepocitinib. Topline data from the Phase 3 trial of brepocitinib in NIU are expected in the second half of calendar year 2026. Roivant continues to actively explore other indications for brepocitinib.
Immunovant expects to report topline data from the potentially registrational trial of IMVT-1402 in D2T RA and proof-of-concept trial of IMVT-1402 in CLE in the second half of calendar year 2026. Immunovant anticipates sharing topline data from both of its Phase 3 studies to evaluate batoclimab as a treatment for active moderate to severe thyroid eye disease (TED) in the first half of calendar year 2026. In calendar year 2027, topline data are expected across potentially registrational trials of IMVT-1402 in GD and MG.
Pulmovant expects to report topline data from the ongoing Phase 2 trial of mosliciguat in PH-ILD in the second half of calendar year 2026.
Genevant LNP litigation continues to progress, with summary judgment phase in the U.S. Moderna case ongoing and jury trial in the U.S. Moderna case scheduled for March 2026. First major hearings in international proceedings expected in the first half of calendar year 2026. Discovery phase of Pfizer/BioNTech case is ongoing.

Third Quarter Ended December 31, 2025 Financial Summary

Cash Position and Marketable Securities

As of December 31, 2025, the Company had consolidated cash, cash equivalents, restricted cash and marketable securities of approximately $4.5 billion.

Research and Development Expenses

Research and development (R&D) expenses increased by $23.8 million to $165.4 million for the three months ended December 31, 2025, compared to $141.6 million for the three months ended December 31, 2024. This increase was primarily driven by an increase in program-specific costs of $11.3 million and share-based compensation of $8.4 million.

The $11.3 million increase in program-specific costs was primarily driven by increases of $5.7 million related to mosliciguat and $5.3 million related to brepocitinib, reflecting the progression of our programs.

The $8.4 million increase in share-based compensation expense, which is an unallocated internal cost, was primarily driven by incremental share-based compensation expense as a result of the exchange of certain vested equity granted under the Priovant Holdings, Inc. (“Priovant”) 2021 Equity Incentive Plan for RSL common shares (the “Exchange Offer”).

Non-GAAP R&D expenses were $146.7 million for the three months ended December 31, 2025, compared to $131.2 million for the three months ended December 31, 2024.

General and Administrative Expenses

General and administrative (G&A) expenses increased by $33.5 million to $175.1 million for the three months ended December 31, 2025, compared to $141.5 million for the three months ended December 31, 2024. This increase was primarily due to an impairment loss of $17.1 million related to the relocation of the U.S. corporate headquarters of Roivant Sciences, Inc. and an increase of $17.5 million in share-based compensation expense, primarily driven by the Priovant Exchange Offer. These increases were partially offset by a decrease of $5.3 million in personnel-related expense, primarily due to the conclusion of one-time cash retention awards under the Cash Bonus Program.

Non-GAAP G&A expenses were $71.0 million for the three months ended December 31, 2025, compared to $71.1 million for the three months ended December 31, 2024.

Income from discontinued operations, net of tax

Income from discontinued operations, net of tax was $327.0 million for the three months ended December 31, 2024 and reflects the gain on sale of subsidiary interests resulting from the sale of our entire equity interest in our majority-owned subsidiary, Dermavant, to Organon in October 2024, partially offset by Dermavant’s net losses.

Loss from continuing operations, net of tax

Loss from continuing operations, net of tax was $313.7 million for the three months ended December 31, 2025, compared to $208.9 million for the three months ended December 31, 2024. On a basic and diluted per common share basis, loss from continuing operations, net of tax was $0.38 and $0.22, respectively, for the three months ended December 31, 2025 and 2024.

Non-GAAP loss from continuing operations, net of tax was $167.0 million for the three months ended December 31, 2025, compared to $143.7 million for the three months ended December 31, 2024.

Selected Balance Sheet Data

(unaudited, in thousands)

	December 31, 2025	March 31, 2025
Cash, cash equivalents and restricted cash	$1,488,770	$2,725,661
Marketable securities	3,051,708	2,171,480
Total assets	5,225,368	5,436,940
Total liabilities	251,144	249,742
Total shareholders’ equity	4,974,224	5,187,198
Total liabilities and shareholders’ equity	5,225,368	5,436,940

Condensed Consolidated Statements of Operations

(unaudited, in thousands, except share and per share amounts)

	Three Months Ended December 31,		Nine Months Ended December 31,
	2025	2024	2025	2024
Revenue	$1,999	$9,018	$5,740	$21,483
Operating expenses:
Cost of revenues	700	259	965	706
Research and development (includes $18,123 and $9,685 of share-based compensation expense for the three months ended December 31, 2025 and 2024 and $40,218 and $30,128 for the nine months ended December 31, 2025 and 2024, respectively)	165,380	141,595	482,867	405,175
General and administrative (includes $86,874 and $69,386 of share-based compensation expense for the three months ended December 31, 2025 and 2024 and $228,778 and $165,670 for the nine months ended December 31, 2025 and 2024, respectively)	175,072	141,545	452,216	444,318
Total operating expenses	341,152	283,399	936,048	850,199
Gain on sale of Telavant net assets	-	-	-	110,387
Loss from operations	(339,153)	(274,381)	(930,308)	(718,329)
Change in fair value of investments	(21,592)	21,314	(130,968)	(42,287)
Change in fair value of liability instruments	24,416	(2,147)	47,704	(1,632)
Interest income	(43,266)	(61,851)	(136,929)	(203,751)
Other (income) expense, net	(8,342)	2,816	8,560	7,877
Loss from continuing operations before income taxes	(290,369)	(234,513)	(718,675)	(478,536)
Income tax expense (benefit)	23,332	(25,568)	34,976	(1,147)
Loss from continuing operations, net of tax	(313,701)	(208,945)	(753,651)	(477,389)
Income from discontinued operations, net of tax	-	327,020	-	373,030
Net (loss) income	(313,701)	118,075	(753,651)	(104,359)
Net loss attributable to noncontrolling interests	(47,810)	(51,306)	(150,886)	(138,853)
Net (loss) income attributable to Roivant Sciences Ltd.	$(265,891)	$169,381	$(602,765)	$34,494
Amounts attributable to Roivant Sciences Ltd.:
Loss from continuing operations, net of tax	$(265,891)	$(157,639)	$(602,765)	$(338,691)
Income from discontinued operations, net of tax	-	327,020	-	373,185
Net (loss) income attributable to Roivant Sciences Ltd.	$(265,891)	$169,381	$(602,765)	$34,494
Basic and diluted net (loss) income per common share:
Basic and diluted loss from continuing operations	$(0.38)	$(0.22)	$(0.88)	$(0.46)
Basic and diluted income from discontinued operations	$ -	$0.45	$ -	$0.51
Basic and diluted net (loss) income per common share	$(0.38)	$0.23	$(0.88)	$0.05
Weighted average shares outstanding:
Basic	696,859,682	722,716,168	686,052,379	731,318,202
Diluted	696,859,682	722,716,168	686,052,379	731,318,202

Reconciliation of GAAP to Non-GAAP Financial Measures

(unaudited, in thousands)

		Three Months Ended December 31,		Nine Months Ended December 31,
	Note	2025	2024	2025	2024
Loss from continuing operations, net of tax		$(313,701)	$(208,945)	(753,651)	(477,389)
Adjustments:
Research and development:
Share-based compensation	(1)	18,123	9,685	40,218	30,128
Depreciation and amortization	(2)	548	728	2,010	2,147
General and administrative:
Share-based compensation	(1)	86,874	69,386	228,778	165,670
Depreciation and amortization	(2)	142	1,083	700	3,267
Impairment loss from relocation of Roivant Sciences, Inc.’s headquarters	(3)	17,098	-	17,098	-
Gain on sale of Telavant net assets	(4)	-	-	-	(110,387)
Other:
Change in fair value of investments	(5)	(21,592)	21,314	(130,968)	(42,287)
Change in fair value of liability instruments	(6)	24,416	(2,147)	47,704	(1,632)
Estimated income tax impact from adjustments	(7)	21,058	(34,786)	23,174	(38,976)
Adjusted loss from continuing operations, net of tax (Non-GAAP)		$(167,034)	$(143,682)	$(524,937)	$(469,459)

		Three Months Ended December 31,		Nine Months Ended December 31,
	Note	2025	2024	2025	2024
Research and development expenses		$165,380	$141,595	$482,867	$405,175
Adjustments:
Share-based compensation	(1)	18,123	9,685	40,218	30,128
Depreciation and amortization	(2)	548	728	2,010	2,147
Adjusted research and development expenses (Non-GAAP)		$146,709	$131,182	$440,639	$372,900

		Three Months Ended December 31,		Nine Months Ended December 31,
	Note	2025	2024	2025	2024
General and administrative expenses		$175,072	$141,545	$452,216	$444,318
Adjustments:
Share-based compensation	(1)	86,874	69,386	228,778	165,670
Depreciation and amortization	(2)	142	1,083	700	3,267
Impairment loss from relocation of Roivant Sciences, Inc.’s headquarters	(3)	17,098	-	17,098	-
Adjusted general and administrative expenses (Non-GAAP)		$70,958	$71,076	$205,640	$275,381

Notes to non-GAAP financial measures:

(1)Represents non-cash share-based compensation expense.

(2)Represents non-cash depreciation and amortization expense.

(3)Represents a loss on impairment of the operating lease right-of-use asset and leasehold improvements for the former U.S. corporate headquarters of Roivant Sciences, Inc., following relocation to a new office space and execution of an agreement to sublease the former office space during the three months ended December 31, 2025.

(4)Represents a gain on the sale of Telavant net assets to Roche due to achievement of a one-time milestone in June 2024.

(5)Represents the unrealized (gain) loss on equity investments in unconsolidated entities that are accounted for at fair value with changes in value reported in earnings.

(6)Represents the change in fair value of liability instruments, which is non-cash and primarily includes the loss (gain) relating to the measurement and recognition of fair value on a recurring basis of certain liabilities.

(7)Represents the estimated tax effect of the adjustments.

Investor Conference Call Information

Roivant will host a live conference call and webcast at 8:00 a.m. ET on Friday, February 6, 2026, to report its financial results for the third quarter ended December 31, 2025, and provide a corporate update.

To access the conference call by phone, please register online using this registration link. The presentation and webcast details will also be available under “Events & Presentations” in the Investors section of the Roivant website at https://investor.roivant.com/news-events/events. The archived webcast will be available on Roivant’s website after the conference call.

About Roivant

Roivant (Nasdaq: ROIV) is a biopharmaceutical company that aims to improve the lives of patients by accelerating the development and commercialization of medicines that matter. Roivant’s pipeline includes brepocitinib, a potent small molecule inhibitor of TYK2 and JAK1 in development for the treatment of dermatomyositis, non-infectious uveitis and cutaneous sarcoidosis; IMVT-1402 and batoclimab, fully human monoclonal antibodies targeting FcRn in development across several IgG-mediated autoimmune indications; and mosliciguat, an inhaled sGC activator in development for pulmonary hypertension associated with interstitial lung disease. We advance our pipeline by creating nimble subsidiaries or “Vants” to develop and commercialize our medicines and technologies. Beyond therapeutics, Roivant also incubates discovery-stage companies and health technology startups complementary to its biopharmaceutical business. For more information, visit https://roivant.com.

Roivant Forward-Looking Statements

This press release contains forward-looking statements. Statements in this press release may include statements that are not historical facts and are considered forward-looking within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which are usually identified by the use of words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and variations of such words or similar expressions. The words may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Exchange Act.

Our forward-looking statements include, but are not limited to, statements regarding our or our management team’s expectations, hopes, beliefs, intentions or strategies regarding the future, and statements that are not historical facts, including statements about the clinical and therapeutic potential of our product candidates, the availability and success of topline results from our ongoing clinical trials and any commercial potential of our product candidates following applicable regulatory approvals. In addition, any statements that refer to projections, forecasts or other characterizations of future events, results or circumstances, including any underlying assumptions, are forward-looking statements. Actual results may differ materially from those contemplated in these statements due to a variety of risks, uncertainties and other factors.

Although we believe that our plans, intentions, expectations and strategies as reflected in or suggested by those forward-looking statements are reasonable, we can give no assurance that the plans, intentions, expectations or strategies will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a number of risks, uncertainties and assumptions, including, but not limited to, those risks set forth in the Risk Factors section of our filings with the U.S. Securities and Exchange Commission. Moreover, we operate in a very competitive and rapidly changing environment in which new risks emerge from time to time. These forward-looking statements are based upon the current expectations and beliefs of our management as of the date of this press release, and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Except as required by applicable law, we assume no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Contacts
Keyur Parekh keyur.parekh@roivant.com
Stephanie Lee stephanie.lee@roivant.com