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Targeted science, tailored solutions for people with autoimmune disease Corporate Presentation February 2026
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Forward-looking statements 2 This presentation contains forward-looking statements for the purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995 and other federal securities laws. The use of words such as "can," “may,” “might,” “will,” “would,” “should,” “expect,” “believe,” “estimate,” “design,” “plan,” "intend," "anticipate," and other similar expressions are intended to identify forward-looking statements. Such forward looking statements include statements regarding Immunovant’s expectations regarding the timing, design, and results of clinical trials of IMVT-1402; Immunovant’s plan to develop IMVT-1402 and batoclimab across a broad range of indications; the number and timing of potentially registrational programs and clinical trials Immunovant plans to initiate for IMVT-1402; and potential benefits of IMVT-1402’s unique product attributes and potential best- in-class and first-in-class profile. All forward-looking statements are based on estimates and assumptions by Immunovant’s management that, although Immunovant believes to be reasonable, are inherently uncertain. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that Immunovant expected. Such risks and uncertainties include, among others: Immunovant may not be able to protect or enforce its intellectual property rights; initial results or other preliminary analyses or results of early clinical trials may not be predictive final trial results or of the results of later clinical trials; the timing and availability of data from clinical trials; the timing of discussions with regulatory agencies, as well as regulatory submissions and potential approvals; the continued development of Immunovant’s product candidates, including the number and timing of the commencement of additional clinical trials; Immunovant’s scientific approach, clinical trial design, indication selection, and general development progress; future clinical trials may not confirm any safety, potency, or other product characteristics described or assumed in this press release; any product candidate that Immunovant develops may not progress through clinical development or receive required regulatory approvals within expected timelines or at all; Immunovant’s product candidates may not be beneficial to patients, or even if approved by regulatory authorities, successfully commercialized; the potential impact of global factors, such as international trade tariffs, geopolitical tensions, and adverse macroeconomic conditions on Immunovant’s business operations and supply chain, including its clinical development plans and timelines; Immunovant’s business is heavily dependent on the successful development, regulatory approval, and commercialization of IMVT-1402 or batoclimab; Immunovant is at various stages of clinical development for IMVT-1402 and batoclimab; and Immunovant will require additional capital to fund its operations and advance IMVT-1402 and batoclimab through clinical development. These and other risks and uncertainties are more fully described in Immunovant’s periodic and other reports filed with the Securities and Exchange Commission (SEC), including in the section titled “Risk Factors” in Immunovant’s Annual Report on Form 10-K filed with the SEC on May 29, 2025, and Immunovant’s subsequent filings with the SEC. Any forward-looking statement speaks only as of the date on which it was made. Immunovant undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. and IMMUNOVANT® are registered trademarks of Immunovant Sciences GmbH. All other trademarks, trade names, service marks, and copyrights appearing in this presentation are the property of their respective owners. Dates used in this presentation refer to the applicable calendar year unless otherwise noted. 2
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Anti-FcRn with deepest, best-in-class IgG reduction delivered by simple autoinjector On track to be potential first-/best-in-class with potentially registrational trials in GD, MG, CIDP, SjD, ACPA+ D2T RA, & proof-of-concept trial in CLE IMVT-1402: Potential Best-in-Class Product Candidate Large total addressable market with 20+ indications announced or in development across the anti-FcRn class3 Current IMVT-1402 trials expected to potentially address >600K patients in the US Significant Market Opportunity Cash balance of ~$995 million as of December 31, 20254 Provides runway to Graves’ disease commercial launch Financial Strength Our Focus: Pursue a broad anti-FcRn strategy based on potential best- in-class profile of IMVT-1402 targeting autoantibody-driven diseases 3 5 US regulatory approvals, 9 positive Phase 3 trials and 17 positive Phase 2 trials >$4.3 billion in global anti-FcRn sales in 20251,2 Validated Target 1. argenx Highlights 2026 Strategic Priorities 2. UCB HY 2025 Results Capital Markets Earnings Call 3. Indications announced or in development with anti -FcRn assets by Immunovant, argenx, Johnson & Johnson, and UCB 4. Includes cash and cash equivalents Note: GD: Graves’ disease; SjD: Sjogren’s disease; ACPA+ D2T RA: anti-citrullinated protein antibody positive (ACPA+), difficult-to-treat rheumatoid arthritis; CIDP: Chronic inflammatory demyelinating polyneuropathy; MG: Myasthenia gravis; CLE: Cutaneous lupus erythematosus
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4 IMVT-1402 has the potential to be a first- and best-in-class therapy in autoantibody-driven disease Favorable Safety ProfileConvenient Administration Simple subcutaneous autoinjector with 5-10 second self- administration; currently being tested in all IMVT-1402 trials Potential Best-in-Class Efficacy IMVT-1402 achieves deep, rapid, dose- dependent IgG reductions; consistent evidence across external and internal clinical trials validate that deeper IgG reductions lead to greater clinical benefit No significant expected safety issues based on data to-date
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Graves’ Phase 2a1 MG Phase 31 CIDP Phase 2b1 23% ATD-Free Responders 64% ATD-Free Responders2 IgG Reduction <70% IgG Reduction ≥70% ATD-Free Response: % of participants who achieve normal T3 and T4 or have T3 or T4 below LLN, and ceased all ATD medications Minimal Symptom Expression: % of participants who achieve MG-ADL score of 0 or 1 at Week 12 31% MSEs 53% MSEs IgG Reduction <70% IgG Reduction ≥70% aINCAT Response: % of participants who achieve aINCAT improvement ≥1 at Week 12 44% Responders 84% Responders IgG Reduction <70% IgG Reduction ≥70% Reflects data from multiple clinical trials in multiple indications. Differences exist between trial designs and participant characteristics and caution should be exercised when comparing data across trials. First generation batoclimab clinical data across multiple indications shows that deeper IgG reduction leads to improved clinical outcomes 5 Notes: MG data presented for acetylcholine receptor antibody-positive patients; ATD: Antithyroid drug; aINCAT: Adjusted Inflammatory Neuropathy Cause and Treatment; IgG: Immunoglobulin G; MSE: Minimal Symptom Expression; LLN: Lower limit of normal. The data referenced here includes data from the ongoing batoclimab Phase 2 study in CIDP and is based on a preliminary analysis of key efficacy and safety data, and such data may change following completion of the clinical trial and may not accurately reflect the complete results of the study 1. Batoclimab clinical data. 2. Includes N=1 additional responder vs. September 2024 disclosure. Patient discontinued prior to Week 12 and was counted as a non-responder per protocol but was included by the PI in the ATA 2025 poster presentation, given they were a responder at time of discontinuation and continued through 6 month off-treatment follow-up period.
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61-64% 60-72% 50-72% 74-82% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% J&J ARGX UCB IMVT % IgG Reduction from Baseline Mean % IgG Reduction from Baseline Best-in-class IgG reductions position Immunovant to drive best-in-class efficacy 6 Notes: Mean IgG reductions only reflected for clinically -relevant/registrational doses for relevant indications. Immunovant data reflects batoclimab MG, Graves’, TED studies, and IMVT- 1402 Phase 1 study (IMVT Data on File). Ranges of reductions for competitors include mean reductions from the following trial s: MG Phase 3 (Howard et al., 2022), CIDP Phase 2b (Allen et al., 2024), ITP Phase 3 (Broome et al., 2022), PV/PF Phase 2 (Goebeler et al., 2021) for ARGX, RA Phase 2 (Taylor et al., 2024), Sjogren’s Phase 2 (Gottenberg et al., EULAR 2024), MG Phase 3 (Antozzi et al., 2025) for JNJ, and MG Phase 3 (Bril et al., 2023) and ITP Phase 3 (Cooper et al., 2024) for UCB. Some values are estimated from graphs where not reported. Nipocalimab (Imaavy) Efgartigimod (Vyvgart/Vyvgart Hytrulo) IMVT-1402 / Batoclimab Rozanolixizumab (Rystiggo) Figure reflects cross-trial comparisons and not data from head-to-head studies. Differences exist between trial designs and participant characteristics and caution should be exercised when comparing data across trials.
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Our market: Autoimmune diseases driven by harmful IgG autoantibodies 7 Anti-FcRn mechanism potentially the leading therapeutic class with 20+ indications announced or in development1 ENDOCRINOLOGY Graves’ disease (GD) Thyroid eye disease (TED) NEUROLOGY Chronic inflammatory demyelinating polyneuropathy (CIDP) Generalized myasthenia gravis (MG) Myelin oligodendrocyte glycoprotein antibody disorders (MOG-antibody disorder) Ocular MG HEMATOLOGY Fetal neonatal alloimmune thrombocytopenia (FNAIT) Hemolytic disease of the fetus and newborn (HDFN) Idiopathic thrombocytopenic purpura Warm autoimmune hemolytic anemia (WAIHA) RHEUMATOLOGY Rheumatoid arthritis (RA) Sjögren's disease (SjD) Myositis Severe fibromyalgia syndrome Systemic lupus erythematosus DERMATOLOGY Cutaneous lupus erythematosus (CLE) Bullous pemphigoid Pemphigus foliaceus/Pemphigus vulgaris Systemic sclerosis RENAL Antibody-mediated rejection Lupus nephritis Membranous nephropathy 1. Indications announced or in development with anti -FcRn assets by Immunovant, argenx, Johnson & Johnson, and UCB.
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Indication Strategy: Development strategy designed to maximize commercial potential, with IMVT-1402’s potentially best-in-class profile 8 Best-in-Class • Well-established markets with multiple competitors; potential to differentiate on efficacy and convenience • Example – MG and CIDP First-in-Class Best-in-Class • Expanding use of FcRn blockers to benefit greater number of patients with several new indications, with a potential efficacy advantage driven by deeper IgG reduction • Example – GD, D2T RA, CLE Nearly-First Best-in-Class • Close from a timing perspective to in-class competition, while maintaining potential for a differentiated clinical profile driven by best-in-class IgG reductions • Example – SjD IMVT-1402’s potentially differentiated product profile offers wide range of development opportunities Note: GD: Graves’ disease; D2T RA: Difficult-to-treat rheumatoid arthritis; SjD: Sjogren’s disease; CLE: Cutaneous lupus erythematosus; MG: Myasthenia gravis; CIDP: Chronic inflammatory demyelinating polyneuropathy
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Broad development program for IMVT-1402 with trials underway, expected to potentially address >600K patient population 9 Graves’ Disease Difficult-to-Treat Rheumatoid Arthritis Cutaneous Lupus Erythematosus Sjögren’s Disease Myasthenia Gravis Chronic Inflammatory Demyelinating Polyneuropathy Expected US Addressable Population 1 ~330K ~70K ~75K ~90K ~20-35K ~16-58K Autoantibody Driven Pathology Driven by autoantibodies to the thyroid-stimulating hormone receptor (TSHR-Ab) Autoantibodies such as RF and ACPA are present in ~75% of RA patients IgG autoantibodies (Ro/SSA, La/SSB) observed in majority of CLE patients Autoantibodies detected in ~50-70% of patients with primary SjD Driven by AChR autoantibodies disrupting signal transmission in nerve and muscle fibers Driven by autoantibodies that demyelinate peripheral nerves and nerve roots In-Class Data Batoclimab data showed deeper IgG reduction correlated with improved clinical response Response rate higher for patients with high baseline ACPA & deep IgG reduction Proof of principle IMVT-1402 case study showed meaningful clinical response Response rate higher for patients with deeper IgG reduction2 Batoclimab data showed deeper IgG reduction correlated with improved clinical response Batoclimab data showed deeper IgG reduction correlated with improved clinical response Stage of Development Two Potentially Registrational Trials Enrolling Potentially Registrational Trial Fully Enrolled Proof of Concept Enrolling Potentially Registrational Trial Enrolling Potentially Registrational Trial Enrolling Potentially Registrational Trial Enrolling Potential Best- in-Class Potential First- in-Class3 1. IMVT data on file 2. Based on data generated by nipocalimab 3. Open check mark indicates nearly-first-in-class
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Clear focus on execution to unlock value both near and long term 10 Indication Study Data Catalyst 2026 2027 20281H 2H TED Potentially Registrational Top Line Results* ACPA+ D2T RA Potentially Registrational Top Line Results CLE POC Top Line Results GD Potentially Registrational Top Line Results MG Potentially Registrational Top Line Results SjD Potentially Registrational Top Line Results CIDP Potentially Registrational Top Line Results IMVT-1402 Batoclimab Note: GD: Graves’ disease; TED: Thyroid eye disease; APCA+ D2T RA: Anti -citrullinated peptide antibody positive difficult -to-treat rheumatoid arthritis; CLE: Cutaneous lupus erythematosus; MG: Myasthenia gravis; SjD: Sjogren’s disease; CIDP: Chronic inf lammatory demyelinating polyneuropathy All references are to calendar years and are approximate and subject to change *Immunovant anticipates sharing topline data from both of its Phase 3 studies to evaluate batoclimab as a treatment for activ e moderate to severe TED in the first half of calendar year 2026
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IMVT-1402: Potentially first anti-FcRn to launch with simple autoinjector device 11 All current IMVT-1402 trials are being conducted with the YpsoMate® autoinjector – the intended commercial presentation Established, user-friendly autoinjector with multiple approved products • Automated, simple, subcutaneous injection • Hidden needle shield • Provides both visual and audio feedback • <10 second at home self-administration or HCP administration Dose: 150 mg/mL Injection volume: 2 mL IMVT-1402 2.25 mL automated disposable injection device *Ypsomate® autoinjector used in ADBRY®, COSENTYX®, AJOVY®, NUCALA®, FASENRA®, TEZSPIRE® *Ypsomate® is a registered trademark of Ypsomed AG. HCP: Health Care Provider
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Graves’ Disease First-in-Class Opportunity 12
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IMVT-1402: Potentially first- and best-in-class in Graves’ disease (GD) 13 Notes: Thyroid Stimulating Hormone Receptor (TSRH), Anti-thyroid drug (ATD), Graves’ disease (GD), Proof of concept (POC), Euthyroid = T3/T4 and TSH within normal limits ~25-30% of Graves’ disease patients are challenging to manage on ATD therapy; these patients are either unable to complete initial treatment or unable to stay euthyroid despite treatment High Unmet Need Role of TSH-R IgG autoantibodies well-recognized in Graves’ disease; anti-FcRn directly targets the underlying disease pathophysiology, while ATDs do not Autoantibody Pathology Batoclimab POC demonstrated strong correlation between deep IgG lowering, normalization of thyroid hormone levels and reduced dependence on background ATD therapy Lower is Better Two potentially registrational trials are actively enrolling, both with self-administration via market-proven autoinjector Potentially Registrational Trials Initiated IMVT-1402 trial designed to demonstrate thyroid hormone normalization and independence from ATD therapy at rates previously unattainable for challenging-to- manage Graves’ patients Optimized Study Design
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Graves’ disease is a classic autoimmune condition driven by the presence of autoantibodies to the thyroid stimulating hormone receptor 14 Graves’ Disease: Autoantibody-Driven Pathogenesis TSH produced by the pituitary gland stimulates the thyroid gland to produce and release thyroid hormones (T3 & T4) Autoantibodies to the thyroid stimulating hormone receptor (TSHR) stimulate thyroid hormone production and lead to excess thyroid hormone production (increased T3, T4) Normal Function Graves’ Disease Sources: McIver, B. and Morris, J. The Pathogenesis of Graves’ Disease (1996), Davies, T, Andersen, S, Latif, R. et al. Graves disease (2020). Image created using BioRender.
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Shift away from ablation and lack of new medical therapies leaves 25-30% of patients who are relapsed, uncontrolled on, or intolerant to ATDs 15 Diagnosed with Graves’ Disease Anti-Thyroid Drug (ATD) ~90-95% Ablation ~5-10% 1st Line Treatment Continued Control with ATDs ~60-65% Ablation ~3-5% Relapse / Uncontrolled / Intolerant ~25-30% 2nd Line Treatment Graves’ Disease Patient Journey: Unmet Need • 25-30% of patients are relapsed, uncontrolled on or intolerant to ATDs • US data on ablation rates indicate that patients with ATD-refractory disease are choosing not to undergo ablation • Patients and healthcare providers seek therapeutic options that address underlying disease pathology Sources: 1. Roivant Claims Analysis – 2021 incident patient population, first -line treatment is primary treatment in the first -year post diagnosis, claims review included a five -year lookback to define the incident population, 2. Grove -Laugesen et al. (2023): Completer rates for combined arms: ATD remission 56.0%, continuing ATD 18.8%, ATD relapse of 21.8%, ablation of 3.4%. Of the 55.9K 1st line ATD patients, a total of ~75% are either in remission (56.0%: 31.3K) or continued ATDs (18.8%: 10.5K), 3. Azizi et al. ( 2019): ATD remission for patients on long-term ATDs is 85%. Of the 10.5K patients who continued ATDs, 15% relapse (1.6K) and 85% go into re mission (8.9K). These 8.9K patients in remission will have a 15% rate of relapse resulting in 1.3K relapses. From the original 1 0.5K patients who continued on ATDs, there will be a total of 3K (1.3K +1.6K) relapses, 4. Stokland et al. (2023): Relapse post re mission 15%. Of the 31.3K patients who are in remission, 15% will relapse (4.7K). In total, the late relapses from remission and continued ATDs will be ~7.6K, resulting in a weighted average relapse rate of ~18% (4.7K relapses from the 31.3K patients in remission avera ged with the 2.9K relapses from the 10.5K patients who continued on ATDs).
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Scientific literature indicates that Graves’ disease patients are at a higher risk of a sequelae of severe comorbidities 16 0 1 2 3 4 5 6 7 8 Cardiovascular Events Pre-eclampsia Thyroid Cancer Risk of Comorbidity / Complication Non-Graves' Controls Graves' Disease Patients 7x higher risk1 4x higher risk2 2.5x higher risk1 Relative to Healthy Controls, Graves’ Patients Are at Increased Risk of Developing Several Severe Comorbidities Untreated Or Insufficiently Treated Graves’ Patients Experience Substantial Morbidity And Loss Of Quality Of Life Thyroid Eye Disease (TED) • TED affects ~40% of patients diagnosed with Graves’ Disease3 – Up to 8% of TED patients experience dysthyroid optic neuropathy (impairment of visual function, leading to permanent sight loss)4 Other Significant Complications • In patients hospitalized for Graves’ Disease, ~16% are diagnosed with thyroid storm5, which has a ~20% mortality rate6 • Graves’ Disease patients who develop thyroid cancer are at a >3x risk of recurrent disease / progressive distant metastases relative to euthyroid controls7 Sources: 1. Okosieme et al., 2019, 2. Aggarwal et al., 2014, 3. Chin et al., 2020, 4. Potvin et al., 2023, 5. Galindo et al., 2019, 6. Bourcier et al., 2020, 7. Pellgriti et al., 1998
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RAI and surgery are associated with significant complications including increased risk of death from solid cancers; patients are often hypothyroid and require lifelong thyroid hormone replacement 17 Graves’ patients uncontrolled on ATDs experience significant disease burden and risk of adverse events with limited treatment options Chronic ATD use can be associated with risk of severe adverse events, such as hepatotoxicity, pancreatitis, and agranulocytosis (loss of white blood cells) Uncontrolled Graves’ patients are at risk for a sequelae of severe comorbidities (e.g., cardiovascular events, thyroid cancer) and experience significant anxiety and impact to quality of life Sources: 1. Sundaresh et al., J Clin Endocrinol Metab, 2013 2. Kitahara, et al., JAMA Intern Med, 2019 3. Suzuki et al., Thyroid, 2019 4. Smith and Hegedüs, N Engl J Med, 2016 5. Brix et al., ETA, 2019 6. Okosieme et al., Lancet Diabetes Endocrinol, 2019 7. Cramon et al., Thyroid, 2016
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Follow-up of Graves’ disease patient methimazole dosing shows significant percent of patients remaining on ATDs after 5-years 42% 5% 7% 25% 14% 24% 7% 11% 2% 34% 5%2% 7% 7% 5% 3% Baseline Month 60 5-Year MMI Longitudinal Journey (N = 59,603) Discontinue <5 mg 5 - <10 mg 10 - <15 mg 15 - <20 mg 20 mg + BREAK at Month 60 Thyroidectomy RAI Thyroid Hormone Replacement Switch to PTU 5-Year Follow-Up • In a 5-year follow-up period, only 42% of patients were controlled on ATDs alone • ~37% of patients were on ≥10 mg MMIs, break, switched to PTU, received thyroid hormone replacement or ablation <5 mg 5 - < 10 mg 10 - < 15 mg 15 - < 20 mg 20 mg + <5 mg 5 - < 10 mg 10 - < 15 mg 15 - < 20 mg 20 mg + Break Switch to PTU THR RAI Thyroidectomy Discontinue Source: Roivant and Immunovant claims analysis Patients continuously enrolled from 2016 - 2024, newly diagnosed in 2019, 5 years of follow up data from initial MMI script 18
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19 Potential for disease modification with batoclimab responders demonstrating strong durability of response through six months off-treatment at end of follow-up 25 Uncontrolled Graves’ disease patients Baseline Week 48 Patients off-drug for 24 weeksa,b Week 12 Pts receive 12 weeks of 680 mg QW batoclimaba Week 24 Pts receive 12 weeks of 340 mg QW batoclimaba 20/25 T3/T4 ≤ULN; ATD dose ≤Baseline 18/25 T3/T4 ≤ULN; ATD dose ≤Baseline 17/21 T3/T4 ≤ULN; ATD dose ≤Baselinec Notes: Responders: Patients who have T3 and T4 values ≤ULN and no increase in ATD dose from baseline. Pts: Patients; T3: Trii odothyronine; T4: Thyroxine; ULN: Upper limit of normal; ATD: Anti-thyroid drug. a. Includes N=1 patient who discontinued prior to Week 12 but remained in off -drug follow-up. b. Includes N=21 patients who entered follow-up period and could be assessed for remission. c. N=1 patient had T3/T4 ≤ULN, and one day following Week 48 visit had ATD dose equi valent to baseline. Strong durability of response despite being off-batoclimab for six months 340 mg batoclimab QW SC (Week 12-24) 680 mg batoclimab QW SC (Week 0-12) Treatment Period: 24 weeks Follow-up: 24 weeks Off-Treatment (Week 24-48) Dose step-down
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20 ~50% of responders at Week 48 achieved ATD-free remission, demonstrating strong potential for disease modification by a high-dose FcRn 8 of 17 patients with normal T3/T4 at Week 48 were in ATD-free remission Notes: Responders: Patients who have T3 and T4 values ≤ULN and no increase in ATD dose from baseline. T3: Triiodothyronine; T 4: Thyroxine; ULN: Upper limit of normal; ATD: Anti-thyroid drug; FcRn: Neonatal fragment crystallizable receptor inhibitor. a. Includes N=1 patient who discontinued prior to Week 12 but remained in off-drug follow-up. Week 48 17 T3/T4 ≤ULN ATD-Free (N=8)a 47% ATD 2.5 mg (N=5) 29% ATD >2.5 mg (N=4) 24% Week 48 13/17 responders on ATD doses ≤2.5 mg / day after six months off-treatment 340 mg batoclimab QW SC (Week 12-24) 680 mg batoclimab QW SC (Week 0-12) Treatment Period: 24 weeks Follow-up: 24 weeks Off-Treatment (Week 24-48)
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Off-Treatment Follow-up -100% -80% -60% -40% -20% 0% 20% IgG TRAb Mean percent change from baseline Baseline Week 4 Week 8 Week 12 Week 24 Week 48 340 mg batoclimab QW SC 680 mg batoclimab QW SC Step-down Sustained TRAb reductions post-batoclimab treatment further demonstrate the potential for disease modification 340 mg batoclimab QW SC (Week 12-24) 680 mg batoclimab QW SC (Week 0-12) Treatment Period: 24 weeks Follow-up: 24 weeks Off-Treatment (Week 24-48) Notes: Data includes up to last measurement available for patients who discontinued. IgG: Immunoglobulin G; TRAb: Thyroid Sti mulating Hormone Receptor Antibody; QW: Once weekly; SC: Subcutaneous. Patient counts at each time include Baseline (N=25), Week 12 (N=24), Week 24 (N=23), Week 48 (N=19) . 21
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IMVT-1402 could potentially be the first-in-class disease-modifying therapy in Graves’ disease 22 Remarkable effect seen in uncontrolled Graves’ disease patients: 18 of 25 patients treated with batoclimab were responders* at Week 24 01 Durable off-drug response observed: Of the 21 patients who entered the off-drug follow -up period, 17 remained responders* six months following batoclimab treatment02 IMVT-1402 pivotal trial design could potentially generate improved efficacy data due to continuous 600 mg QW dosing vs. batoclimab’s step-down dosing design04 Two potentially registrational trials for IMVT-1402 in Graves’ disease are currently enrolling05 Notes: ATD: Anti-thyroid drug; QW: Once weekly. Data includes N=1 patient who discontinued prior to Week 12 but remained in off -drug follow-up. *Responders: Patients who have T3 and T4 values ≤ULN and no increase in ATD dose from baseline. First-ever observed ATD-free remission in uncontrolled patients: 8 of 17 responders* remained off all medications six months following batoclimab treatment demonstrating potential for disease modification 03
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Graves’ disease market opportunity includes annual incident opportunity and a significant untapped prevalent patient pool 23 5. Roivant Claims Analysis – 2022 prevalent patient population based on a two-year lookback for diagnosis 6. Of the 120K patients ablated, ~80K were ablated prior to 2021 and ~40K were ablated in 2021/2022 7. Azizi et al. (2019): Relapse rate was calculated as a weighted average considering relapse rate in patients on ATDs <18months is 53% compared to patients on ATDs >18months is 15%. Of the 570K patients treated with ATDs, ~470K are on ATDs <18months and ~100K are on ATDs for >18months. Rates have been applied proportionally. 8. Bandai et al. (2019): Of the ~190K patients previously treated with ATDs and currently monitored off-therapy, ~40% experience relapse, which is 75K. 9. Grove-Laugesen et al. (2023): 3.4% of ATD relapse patients will pursue ablation. 3.4% applied to the ~340K ATD treatment relapse patients is ~10K 1. Roivant Claims Analysis – 2021 incident patient population, first-line treatment is primary treatment in the first-year post diagnosis, claims review included a five-year lookback to define the incident population 2. Grove-Laugesen et al. (2023): Completer rates for combined arms: ATD remission 56.0%, continuing ATD 18.8%, ATD relapse of 21.8%, ablation of 3.4%. Of the 58K 1st line ATD patients, a total of ~75% are either in remission (56.0%: 32.5K) or continued ATDs (18.8%: 10.9K) 3. Azizi et al. (2019): ATD remission for patients on long-term ATDs is 85%. Of the 10.9K patients who continued ATDs, 15% relapse (1.6K) and 85% go into remission (9.3K). These 9.3K patients in remission will have a 15% rate of relapse resulting in 1.4K relapses. From the original 10.9K patients who continued on ATDs, there will be a total of 3K (1.4K +1.6K) relapses, 4. Stokland et al. (2023): Relapse post remission 15%. Of the 42K patients who are in remission, 15% will relapse (6.3K). In total, the late relapses from remission and continued ATDs will be ~9.3K, resulting in a weighted average relapse rate of ~19% (6.3K relapses from the 32.5K patients in remission averaged with the 3K relapses from the 10.5K patients who continued on ATDs). Annual Market of 2nd Line Incident Uncontrolled Patients ~7K 1st Line Ablation ~34K Continued ATD Remission3,4 ~65K Annual Diagnosed & Treated U.S. Adult Population1 ~58K Receive 1st Line ATD1 ~20K~2K Ablation2 Incident Graves’ Disease Patients Prevalent Pool of ATD Relapse Patients ~120K Ablation6 ~420K Continued ATD Remission ~880K Diagnosed U.S. Adult Population5 ~760K Treated with ATDs in 2021-2022 1st Line ATD ~330K ~10K Ablation9 Prevalent Graves’ Disease Patients
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Myasthenia Gravis Best-in-Class Opportunity 24
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IMVT-1402 has the potential to improve Myasthenia Gravis treatment outcomes as a best-in-class therapy, leveraging batoclimab learnings 1. IMVT Market Research HCP MG Unmet Need: Part II (n=85), 2025 Neurologists/Neuromuscular Specialists treating ~28 gMG patients/month, reporting T3B percentages; 2. IMVT Investor Presentation March 19, 2025 High Unmet Need 95% of Neurologists agree there is an opportunity for greater disease control (e.g., deeper responses)1 Autoantibody Pathology Classic IgG mediated disease, with proven anti-FcRn mechanistic response2 Optimized Study Design Simple parallel continuous dose trial design with two dose options, designed to demonstrate a clear difference of effect between doses Lower is Better First-gen anti-FcRn batcolimab demonstrated deeper IgG suppression is consistently associated with deeper clinical effect2 Potentially Registrational Trial Initiated Potentially registrational trial enrolling with self-administration via market-proven autoinjector 25
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95% Neurologists agree that despite recent advancements with FcRn blockers, there is an opportunity for greater disease control (e.g., deeper responses)1 Deeper Disease Control 95% Neurologists indicate that their existing MG patients could benefit from a new therapy that offers greater durability2 Durable Response 84% Neurologists report that their patients experience breakthrough symptoms with currently available FcRn blockers1 Continuous Control 92% Neurologists agree a treatment with high- dosage and standard dosage strength options is attractive because it allows flexibility to address residual disease as needed2 Dose Flexibility Notes: 1. IMVT Market Research HCP MG Unmet Need: Part II (n=85), 2025 Neurologists/Neuromuscular Specialists treating ~28 gMG patients/month, reporting T3B percentages; 2: gMG treatment preferences survey 2024 (n=77), Neurologists/Neuromuscular Specialists treating ~38 gMG patients/year. MG patients and providers indicate a need for deeper and more durable disease control 26
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Phase 3 batoclimab MG data1 positions IMVT-1402 as the potentially best-in- class anti-FcRn 27 680 mg batoclimab outperformed other anti-FcRn, complement, and CD19 inhibitors, demonstrating highest MG-ADL reduction from baseline (-5.6 points) observed in any global Phase 3 MG trial to-date 01 Highest rate of patients with minimal symptom expression (42%) observed in MG patients across any FcRn in a Phase 3 trial 02 93% of patients achieve clinical response (MG-ADL reduction of 2 or more points), representing highest response rate achieved in a global Phase 3 trial 03 75% of patients who achieved Minimal Symptom Expression (MG-ADL = 0 or 1) on 680 mg dose by Week 6 maintained MSE status for ≥6 weeks 04 Notes: Statements are based on cross-trial comparisons and not data from head-to-head studies. Caution should be exercised when evaluating data across trials due to differences in trial designs and participant characteristics. MG data presented for acetylcholine receptor antibody-positive patients; MSE: Minimal Symptom Expression; MG-ADL: Myasthenia Gravis Activities of Daily Living scale 1. IMVT Investor Presentation March 19, 2025
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28 MG: IgG-mediated autoimmune disease with growing enthusiasm for the anti- FcRn class Sizeable Indication with Unmet Need 70% of patients currently on an anti-FcRn report having very or extremely bothersome symptoms • 97% experiencing fatigue and muscle weakness • ~3 in 4 report drooping eyelids walking/coordination issues, blurred/double vision • ~1 in 2 report difficulty chewing, speech difficulty, weakness of eye muscles Despite innovation, patients report residual and breakthrough symptoms on anti-FcRn therapy Note: All estimates are approximate 1. Phillips LH 2nd, et al. (1992) The epidemiology of myasthenia gravis in central and western Virginia. Neurology. 42(10):1888- 93; 2. Mina-Osorio P, et al. Incidence and prevalence of myasthenia gravis: analysis of a US commercial insurance claims database. Presented at American Association of Neuromuscul ar and Electrodiagnostic Medicine; 1-4 November 2023. Phoenix, Arizona. 3. Lazaridis K, Tzartos SJ. Autoantibody Specificities in Myasthenia Gravis; Implications for Improved Diagnostics and Therapeutics. Front Immunol. 2020. 4. Wang L, Zhang Y, He M. Clinical predictors for the prognosis of myasthenia gravis. BMC Neurol. 2017. 5. IMVT Market Research HCP Unmet Need 2025 85% anti-acetylcholine receptor (AChR) antibody positive3 35% who are not well-controlled on standard of care4,5 20K – 35K US addressable population X = 59K – 116K Total MG patients in the US1,2 X Market Opportunity
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Chronic Inflammatory Demyelinating Polyneuropathy Best-in-Class Opportunity 29
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IMVT-1402 has the potential to deliver best-in-class efficacy in chronic inflammatory demyelinating polyneuropathy (CIDP) 1. Internal Market Research Market Dynamics 2024 2. IMVT batoclimab initial Period 1 Data Investor Presentation March 19, 2025 High Unmet Need 30-50% of CIDP patients are inadequately controlled with existing therapies1 Lower is Better First-gen anti-FcRn batoclimab demonstrated deeper IgG suppression delivered greatest in-class mean change from baseline in aINCAT score in CIDP patients2 Potentially Registrational Trial Initiated Potentially registrational trial enrolling with self-administration via market-proven autoinjector Optimized, Patient- Centric Study Design Simplified study design leveraging prior batoclimab experience to eliminate need for patient worsening via washout prior to treatment 30
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Opportunity to accelerate registrational program for IMVT-1402 in CIDP Demonstrated that deeper IgG reductions translate to improved response with 84% aINCAT response rate in patients achieving ≥70% IgG reduction Batoclimab CIDP Phase 2b proof-of-concept data1 positions IMVT-1402 to potentially be best-in-class 31 Best-in-class efficacy observed across multiple efficacy measures: aINCAT, I-RODS, MRC-SS, and grip strength2 Generated learnings to inform IMVT-1402 trial design optimization 1. IMVT batoclimab initial Period 1 Data Investor Presentation March 19, 2025 2. Based on data pooled for 340 mg and 680 mg batoclimab dose groups
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CIDP patients and providers are seeking a new treatment option that reduces symptom and treatment burden1 32 Sizable Market Opportunity 30-50% of CIDP patients are inadequately controlled with existing therapies5 Lower Relapse Rates 60% of physicians report a need for better response to treatment and more durable CIDP treatments Improved Response and Durability ~90% of physicians noted a high need for treatments with improved ROA (e.g., at home administration) More Convenient Dosing Options 58K Total CIDP Patients in the US2 30% who are inadequately controlled on treatment4 16K US addressable population X = Note: All estimates are approximate. 1. Internal Market Research Market Dynamics 2024 2. Broers M, et al (2019) Incidence and prevalence of CIDP: a systematic review and meta- analysis. Neuroepidemiology 52(3–4):161–172; 3. Querol, L., et al. Systematic literature review of burden of illness in chronic inflammatory demyelinating polyneuropathy (CIDP). J Neurol 268, 3706– 3716 (2021).; 4. Kuitwaard K, Bos-Eyssen ME, Blomkwist-Markens PH et al (2009) Recurrences, vaccinations and long- term symptoms in GBS and CIDP. J Periph Nerv Syst 14(4):310–315. https://doi. org/10.1111/j.1529-8027.2009.00243.; 5. Internal Market Research HCP Survey and KOL advising 2023 6. Internal Market Research CIDP Patient Journey 2022 75% of HCPs prefer to treat CIDP patients as early and aggressively as possible 71% of US physicians report a need for treatment options with fewer side effects6 Improved safety & tolerability Substantial Unmet Need
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ACPA+ Difficult-to- Treat Rheumatoid Arthritis First- and Best-in-Class Opportunity 33
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IMVT-1402 has the potential to achieve a first- and best-in-class profile for people with ACPA+ difficult-to-treat rheumatoid arthritis (D2T RA) 5-20% of RA patients are difficult-to-treat (D2T), with inadequate or loss of response to multiple classes of advanced therapies1 High Unmet Need Subgroup Autoantibodies such as ACPA play a key role in pathophysiology, and ACPA-positive RA is associated with severe disease and poor outcomes Autoantibody Pathology Phase 2 FcRn RA data demonstrated that greater IgG reduction led to greater autoantibody reductions, which correlated with greater clinical response2 Lower is Better Potentially registrational trial fully enrolled with self-administration via market-proven autoinjector; topline results now expected in 2H 2026 (previously 2027) Potentially Registrational Trial Fully Enrolled 34 1. Takanashi S, et al. Rheumatology. 2021;60:5247-56 2. Taylor PC et al. “Efficacy and Safety of Nipocalimab in Patients with Moderate to Severe Active Rheumatoid Arthritis (RA): The Multicenter, Randomized, Double-blinded, Placebo-controlled Phase 2a IRIS-RA Study Presented at ACR, Nov 10-15, 2023. ACPA: anti-citrullinated protein antibody
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In addition to cellular autoimmunity and cytokine dysregulation, autoantibodies like ACPA play a key role in the pathophysiology of RA Antigen presenting cells (APCs) process and present citrullinated peptides to T cells T cells activate B cells to generate autoantibodies Immune complex formation upregulates pro-inflammatory cytokines ACPA may bind to osteoclasts and thereby promote bone erosion Source: 1. Brito Rocha et al. Advances in Rheumatology (2019) 59:2 ACPA: anti-citrullinated protein antibody 35 1 2 3 4 Upregulation of pro- inflammatory cytokines and perpetuation of inflammation Osteoclastogenesis NETs formation enhancement Complement activation Citrullinated proteins T cell activation B cell activation ACPA ProductionImmune Complex Formation Autoantibodies such as Rheumatoid Factor (RF) and ACPA are present in ~75% of RA patients1 Role of ACPA in RA pathophysiology Anti-FcRn has the potential to directly target underlying disease biology by lowering pathogenic autoantibodies (i.e., ACPA) and immune complexes
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Difficult-to-treat RA is estimated to comprise 5-20% of RA patients whose disease cannot be managed by available therapies 36 1. Roodenrijs NMT et al. Ann Rheum Dis 2018;1705 -09, 2. Nagy G, et al. Ann Rheum Dis 2021; 80: 31-35 EULAR: European League Against Rheumatism Collaborative Initiative; DMARD: disease- modifying antirheumatic drug; QoL: Quality of Life Need for More Options • Estimated 5-20% of patients remain symptomatic despite multiple treatment rounds1 • These patients need new therapies and approaches, according to a global survey of 410 rheumatologists • Difficult-to-treat (D2T) RA defined by EULAR as2: • Multiple DMARD failures • Signs suggestive of active/progressive disease • Symptom management viewed as problematic to doctor and/or patient • At least moderate disease activity as defined by composite endpoints which include tender and swollen joint counts • Progressive joint damage on imaging • Inability to decrease chronic glucocorticoid therapy below 7.5mg/day • Ongoing RA symptoms and QoL impact despite therapy D2T RA Criteria
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Publicly available nipocalimab data in RA showed that deeper autoantibody (ACPA) reduction correlated with clinical response1 37 Notes: 1. Pharmacodynamic effects of nipocalimab in patients with moderate to severe active rheumatoid arthritis (RA): Results from the multicenter, randomized, double-blinded, placebo-controlled Phase 2A IRIS-RA study. Janssen Research & Development, ACR poster, November 2023. Auto-Ab: Autoantibody; ACPA: Anti-citrullinated protein autoantibody; DAS28-CRP: Disease Activity Score 28 using C-reactive protein; GMean: Geometric mean. ~60% Total IgG And ~30% Pathogenic Auto-Ab (ACPA) Reductions In JNJ Phase 2 RA Study Select results from a study of FcRn blockage vs. placebo in biologic-experienced RA patients Correlation Between Auto-Ab Reductions and Clinical Response using (A) DAS28-CRP Remission and (B) ACR50 Response at Week 12
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~50% of patients fail their first b/tsDMARD therapy within the first year of treatment4,5 Of the 1.5M US RA patients1, a subset progresses to D2T status in a relatively short period of time and requires new therapeutic options 38 Market Opportunity Patient Journey Learnings Fewer than 50% of RA patients remain on first therapy In a large US registry, the median time to meeting D2T criteria was 4 years in those who were D2T 6 D2T emerges for some in ~4 years 5%-20% of all RA patients meet the criteria for D2T in the US6 5%-20% of RA patients are D2T 490K US prevalence of severe RA2 15% autoantibody positive with inadequate response to prior b/tsDMARD2,3 70K US addressable population X = Note: All estimates are approximate 1. Aletaha D, Smolen JS. JAMA. 2018;320(13):1360. 2. GlobalData Analysis and Forecast, 2023. 3. Okada et al. Ann Rheum Dis 2019;78; 446-453. 4.. Murray K et al. Arthritis Res Ther 2021; 23(1):25. 5. Rosenberg V et al. Adv Ther 2023; 40(10):4504-4522. 6. Takanashi S, et al. Rheumatology. 2021;60:5247-56 b/tsDMARD: biologic (b) or targeted synthetic (ts) disease-modifying antirheumatic drug
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Sjögren’s Disease Best-in-Class Opportunity 39
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Sjögren’s disease (SjD) is a potentially best-in-class indication for IMVT-1402 No therapies are approved for the treatment of primary SjDHigh Unmet Need Disease Autoantibodies detected in ~50-70% of patients with primary SjD; anti-FcRn proof of mechanism established Autoantibody Pathology Nipocalimab data demonstrated that deeper IgG reduction leads to better clinical response across all primary and secondary endpointsLower is Better Potentially registrational trial enrolling with self-administration via market-proven autoinjector Potentially Registrational Trial Initiated 40
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SjD is an autoimmune disease associated with a myriad of clinical manifestations 411. Mariette X, et al. N. Engl J Med. 2018; 378:931-9 2. Brito-Zeron P et al. Nature Reviews. 2016; 2:1-20 3. GlobalData Epi Analysis and Forecast, Oct. 2020 • SjD is a chronic autoimmune disease characterized by lymphocytic infiltration of the salivary and lacrimal glands • Symptoms include severe dryness of the eyes and mouth; the latter frequently associated with difficulty swallowing or speaking, tooth decay, gum disease, and impaired QoL 1,2 • May occur in isolation (primary SjD) or in association with another systemic autoimmune disease such as RA (secondary SjD) • SjD can be challenging to diagnose due to the heterogeneity of presentation 3 • ACR/EULAR classification criteria are now widely endorsed for diagnosing primary SjD Disease Overview Common symptoms Dry eyes, mouths, throat, and nose Dental decay Oral yeast infections Digestion issues Joint pain Fatigue Enlarged lymph nodes
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• Serological abnormalities are common in SjD and include autoantibodies, hypergammaglobulinemia, and hypocomplementemia1 • Identification of disease-precipitating antibodies were discovered back in 1975. Anti-Ro/SSA and anti-La/SSB antibodies were detected in patients with SjD in 1982 2 • Present day, autoantibodies are detected in ~50-70% of patients with primary SjD Autoantibodies play crucial roles in both the diagnosis and prognosis of SjD 42 1. Baer AN, et al. Elsevier; 2023. Chapter 45, Clinical aspects of Sjögren’s disease; p. 637-647 2. Brito-Zeron P et al. Nature Reviews. 2016; 2:1-20 3. Figure reprinted from Maslinska M, Kostyra-Grabczak K. Front Immunol. 2024 Sep 19:15:1376723 under the terms of the Creative Commons Attribution License (CC BY) Autoantibody Involvement Disease Pathogenesis3 Anti-Ro Ab Anti-La Ab RF
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Publicly available nipocalimab data support anti-FcRn proof of mechanism and dose response in SjD 43 Select results from a study of FcRn blockage vs. placebo in primary SjD CI: confidence interval; ClinESSDAI: clinical European League Against Rheumatism Sjögren’s Syndrome Disease Activity Index; LS: least squares; NS: not significant; Q2W: every 2 weeks; SE: standard error. 1. Gottenberg JE et al. Efficacy and Safety of Nipocalimab, an Anti-FcRn Monoclonal Antibody, in Primary Sjogren’s Disease: Results from a Phase 2, Multicenter, Randomized, Placebo-Controlled, Double-Blind Study (DAHLIAS). ACR Convergence 2024, November 16-19, 2024 LS mean (90%) change in ClinESSDAI score at Week 24 Mean (SE) change in ClinESSDAI score Nipocalimab 15mg/kg Q2W Placebo Nipocalimab 5mg/kg Q2W
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Sizable patient group with unmet need for an approved treatment option in SjD Market Opportunity Expansion Opportunities Potential to impact conditions with shared autoimmune pathology Secondary Sjögren’s Unmet need to improve glandular manifestations beyond symptom relief Glandular Disease Disease impact on patient QoL varies widely; so-called “nuisance” symptoms can become debilitating if inadequately managed Less Severe Disease 290K US prevalence of primary Sjögren’s disease1 Up to 30% moderate-to-severe with anti-Ro/SSA antibodies2,3 90K US addressable population X = Note: All estimates are approximate 1. GlobalData Analysis and Forecast, January 2025 2. Brito-Zeron P et al. Nature Reviews 2016; 2:1-20 3. Decision Resources Group 44
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45 Cutaneous Lupus Erythematosus First-in-Class Opportunity
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46 IMVT-1402 is potentially first-/best-in-class in Cutaneous Lupus Erythematosus (CLE) IMVT-1402 has potential to be the first novel targeted therapy for CLE in >50 years1Untapped Market Opportunity IgG and Immune Complex Driven Biologic, translational, and mechanistic evidence support the critical role of IgG autoantibodies and immune complexes in the pathogenesis of CLE Upstream Targeting Disruption of CLE pathology by upstream targeted approach supported by IMVT- 1402 patient case studies Proof-of-concept trial enrolling with self-administration via market-proven autoinjectorIMVT-1402 Trial Initiated 1. Presto JK, Werth VP: Cutaneous Lupus Erythematosus: Current Treatment Options. Curr Treat Option Rheumatol. 2016; 2(1): 36–48
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CLE is a rare, chronic autoimmune disease affecting the skin, with limited available treatment options and high unmet need 1. Vale ECSD and Garcia LC. An Bras Dermatol. 2023;98(3):355-372. 2. Presto JK, Werth VP: Cutaneous Lupus Erythematosus: Current Treatment Options. Curr Treat Option Rheumatol. 2016; 2(1): 36–48 Stull, et. al. The Journal of Rheumatology 2023;50:27–35; doi:10.3899/jrheum.220089 3. Klein R, et al. J Am Acad Dermatol. 2011;64(5):849-858, 4. Wahie S, Meggitt SJ. Long-term response to hydroxychloroquine in patients with discoid lupus erythematosus. Br J Dermatol. 2013 Sep;169(3):653-9. doi: 10.1111/bjd.12378. PMID: 23581274 5. Internal market research Spherix 2024 Alopecia within lesions (typical location is near the ear) LE tumidus Lupus panniculitis Discoid LE Chilblain lupus Red, raised, scaly rash on sun exposed areas Subacute Chronic Lupus Erythematosus (SCLE) Chronic Cutaneous Lupus Erythematosus (CCLE) • Annular or papulosquamous, psoriasis-like scaling erythematous plaques • Estimated 59K prevalence (25%) 5 • Scaling, erythematous, typically scarring, disc-shaped plaques, alopecia • Estimated 94K prevalence (40%) 5 Panniculitis Chilblain lupus For the purposes of this presentation, reference to CLE is focused on SCLE and CCLE subtypes. • CLE is a rare, chronic skin disease characterized by skin-specific disease-activity, inflammation and eventually damage 1,2 • Symptoms include painful skin lesions, itching, burning, and alopecia 3 • Limited innovation and no novel therapies in >50 years 4 47
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IMVT-1402’s deep suppression of IgG autoantibodies and immune complexes has the potential to dampen multiple downstream inflammatory cascades by providing upstream inhibition of inflammatory cascade CLE: IgG autoantibodies and immune complexes mediate a cycle of self- amplifying skin inflammation and tissue damage in the skin 48 Pathogenesis of CLE Disease UV light triggers enhanced cell death, IgG autoantibody immune response, and produces immune complex formation, leading to skin tissue damage and increased inflammation1 CLE specific IgG autoantibodies produced (i.e., Ro/SSA, La/SSB) IgG Autoantibodies: • Induce skin cell death • Trigger recruitment of inflammatory cells that form immune complexes Autoantibody Involvement2 Immune complexes can activate receptors of the innate immune system that drive: • Inflammation • Tissue damage • Skin cell death • Recruit other immune cells Immune Complex Involvement2 1. Klein Benjamin, Kunz Manfred. Current concepts of photosensitivity in cutaneous lupus erythematosus. Frontiers in Medicine, 2 022. 10.3389/fmed.2022.939594. 2. Achtman, J.C., Werth, V.P. Pathophysiology of cutaneous lupus erythematosus. Arthritis Res Ther 17, 182 (2015). https://doi.org/10.1186/s13075-015-0706-2 FcRn blockage has the potential to disrupt CLE pathology
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Case Study: 12-Week Treatment with IMVT-1402 in CLE 49 CLASI-A: Cutaneous Lupus Area and Severity Score Index – Activity; QW: once weekly; SC: subcutaneous IMVT Data on File 2025 • Female, 57 • Subacute CLE and alopecia • Multiple skin locations affected • CLASI-A score at screening = 36 • Background medications: hydroxy- chloroquine, methotrexate, leflunomide Second patient dosed also showed >50% improvement in CLASI-A score by week 12 (CLASI-A at screening of 18 reduced to 8 by week 12) 36 13 0 5 10 15 20 25 30 35 40 Screening Week 12 CLASI-A Score 64% reduction IMVT-1402 Case Study: Patient 1 Patient treated with 600 mg QW SC open-label for 12 weeks • >60% reduction in CLASI-A score to 13 by week 12 • Significant clinical improvement in both skin lesions and alopecia • 78% total IgG reduction from baseline achieved by week 12 Baseline Demographics Treatment Outcomes
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Dermatologists desire a skin-focused, targeted biologic that addresses CLE unmet needs1 50 Considerable Market Opportunity Speed of action is critical to disease control and QoL- prevention of scarring and potential disfigurement1 Quick control 90% of dermatologists cite sustained remission and reduced severity of flares as top unmet needs 1 Sustained remission 153K US prevalence of SCLE and CCLE3 Up to 50% Non-responders to antimalarials or topicals4 75K Target addressable US population X = Note: All estimates are approximate 1. Internal Market Research CLE Dermatologist Unmet Need 2023, Internal Market Research CLE Patient Journey 2024 2. Presto JK , Werth VP: Cutaneous Lupus Erythematosus: Current Treatment Options. Curr Treat Option Rheumatol. 2016; 2(1): 36–48 3. Jarukitsopa et al 2015; IMVT Spherix Internal Market Research 4. Wahie S, Meggitt SJ. Long-term response to hydroxychloroquine in patients with discoid lupus erythematosus. Br J Dermatol. 2013 Sep;169(3):653- 9. doi: 10.1111/bjd.12378. PMID: 23581274 IMVT-1402 has potential to be the first novel dermatology therapy for CLE in >50 years2 80% of HCPs report lack of long-term efficacy, tolerability and toxicity risks with current CLE treatments2 Improved safety & tolerability Potential Differentiated Profile Dermatologists are frustrated by the skin-specific therapies currently available Targeted Biologic
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Appendix
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Our target: Neonatal Fc receptor (FcRn) 52 Blood Endocytic vesicle Endosome LysosomeMonocyte or endothelial cell 1 2 3 4 Key: Serum proteinIgG FcRn FcRn blocker Blood Endocytic vesicle Endosome LysosomeMonocyte or endothelial cell 1 2 3 4 FcRn maintains levels of antibodies (IgG) in circulation by preventing their degradation Anti-FcRn blocks binding of IgG to FcRn and promotes their removal and degradation 1. IgG and FcRn blocker are taken up into cells in endocytic vesicles 2. FcRn blocker binds to FcRn in endosomes 3. IgGs are blocked from forming complexes with FcRn 4. Non-receptor bound IgGs are degraded in lysosomes 1. IgG is taken up into cells in endocytic vesicle 2. FcRn-IgG complexes are sorted from unbound proteins 3. Unbound proteins are trafficked to lysosome for degradation 4. IgG is recycled back into circulation
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Totality of FcRn clinical evidence demonstrates that deeper IgG reductions result in better clinical outcomes across multiple indications 53 Company Evidence of Greater IgG Reductions Translating to Clinical Benefit 1. Many of the analyses above were post-hoc and not all were statistically significant. Cross trial and post-hoc analyses are inherently limited and are presented for hypothesis generating purposes only, nevertheless consistent and numerically positive increases in efficacy were observed as noted above; 2. Momenta Vivacity-MG Interim Phase 2 Investor Presentation, 2020; 3. argenx JP Morgan Healthcare Conference Presentation January 2021; 4. EULAR 2024 Abstract. 5. Janssen Research & Development, ACR pos ter, November 2023. 6. IgG reduction at day 8 estimated by WebPlotDigitizer for 4mg/kg, 7mg/kg and 10mg/kg doses. 7. Argenx phase 2 PV/PF publication, Br J Dermatol. 2022 Mar;186(3):429-439; MG: Myasthenia gravis, TED: Thyroid eye disease, GD: Graves’ disease, ITP: Immune thrombocytopenic purpura, RA: Rheumatoid arthritis; GD Phase 2: Greater IgG reduction across treatment cohorts higher rates of anti-TSHR antibody reduction and numerically higher responses for ATD dose tapering and ATD discontinuation TED Phase 2s: Greater IgG reduction across arms higher rates of anti-TSHR antibody reduction and greater clinical response rates ITP Phase 2: Greater IgG reduction across arms greater platelet responses6 Phase 2: More intensive dosing regimens across arms led to deeper IgG lowering deeper skin responses and lower rates of relapse7 PV/PF RA Phase 2: In those patients with greater IgG reduction correlation with greater autoAb reduction correlation with greater clinical response5 Phase 2: Dose-dependent efficacy deeper IgG reduction (same dose regimen used in RA trial) led to better clinical response4 SjD MG Phase 2: Deeper IgG across treatment arms AChR autoantibody reductions and enhanced clinical activity Phase 3: 680 mg dose with greater IgG reduction out-performs 340 mg dose across endpoints Phase 2: Patient-level scatter plot demonstrating greater IgG declines greater MG-ADL improvements2 Phase 3: Patient-level scatter plot demonstrating greater IgG declines greater MG-ADL improvements3 CIDP Phase 2b: Greater IgG reduction across treatment cohorts higher aINCAT response rates
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IMVT-1402 potentially registrational trial in Graves’ disease 54 Treatment Period: 52 weeks N = 240 Randomization (1:1:1) Primary Endpoint at Week 26: Proportion of participants who become euthyroid b and stop ATD Key Secondary Endpoint at Week 52: Proportion of participants who become euthyroid b and stop ATD Design enables study of remission as upside Inclusiona • Adults with active Graves’ disease as documented by presence of TSH- R binding autoantibodies (TRAb) • Subjects on an ATD for ≥12 weeks before the Screening Visit • Subjects who are hyperthyroid based on suppressed TSH despite ATD treatment Group 1 Group 3 Group 2 ATD titration to lowest effective dose (including 0 mg/day) to maintain euthyroidism Period 2 (26 weeks blinded treatment) Period 1 (26 weeks blinded treatment) 600 mg IMVT-1402 QW SC 600 mg IMVT-1402 QW SC 600 mg IMVT-1402 QW SC Placebo QW SC Placebo QW SC Placebo QW SC 600 mg IMVT-1402 QW SC Off-Treatment Follow-up (52 weeks) TRAb Responder? No Yes a: Additional inclusion and exclusion criteria not listed on slide b. Euthyroid = T3/T4 and TSH within normal limits TSH: Thyroid-stimulating hormone; ATD: Antithyroid drugs; QW: Weekly; SC: Subcutaneous; T3 = triiodothyronine; FT3: free triiodothyronine; FT4: free thyroxine; ULN: upper limit of normal
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Primary Endpoint at Week 26: Proportion of participants on 600 mg who become euthyroid b and off ATD versus placebo Secondary Endpoint at Week 26: Proportion of participants on 600 mg who have T3 (Total T3 or FT3) and FT4 ≤ ULN and off ATD Blinded Treatment Period: 26 weeks N = 210 Randomization (1:1:1) Inclusiona • Adults with active Graves’ disease who are hyperthyroid based on suppressed TSH despite ATD treatment a: Additional inclusion and exclusion criteria not listed on slide b. Euthyroid = T3/T4 and TSH within normal limits TSH: Thyroid-stimulating hormone; ATD: Antithyroid drugs; QW: Weekly; SC: Subcutaneous; T3 = triiodothyronine; FT3: free triiodothyronine; FT4: free thyroxine; ULN: upper limit of normal 300 mg IMVT-1402 QW SC N=70 Placebo QW SC N=70 Off-Treatment Follow-up 600 mg IMVT-1402 QW SC N=70 ATD titration to lowest effective dose (including 0 mg/day) to maintain euthyroidism IMVT-1402 second potentially registrational trial in Graves’ disease 55
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IMVT-1402 potentially registrational trial in MG 56 Trial designed to enable demonstration of deep, durable responses Period 1: Induction (12 weeks) 1:1:1 Randomization (N=231) Placebo QW SC 600 mg IMVT-1402 QW SC Period 2: Maintenance (14 weeks) Primary Analysis Population: AChR Ab+, MuSK+, LRP4+ Primary Endpoint: Change in MG-ADL from baseline through 12 weeks Primary Analysis (Week 12) 300 mg IMVT-1402 QW SC 600 mg IMVT-1402 QW SC 300 mg IMVT-1402 QW SC 600 mg IMVT-1402 QW SC QW: Weekly; SC: Subcutaneous injection; AChR Ab+: Acetylcholine receptor antibody-positive; MuSK+: Muscle-specific tyrosine kinase antibody-positive; LRP4: Low- density lipoprotein receptor-related protein 4 antibody-positive; MG-ADL: Myasthenia Gravis Activities of Daily Living scale; QMG: Quantitative Myasthenia Graves scale.
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IMVT-1402 potentially registrational trial in CIDP 57 Trial designed to maximize dose response with IMVT-1402 600 mg Inclusiona • Clinical criteria for typical CIDP • Having evidence of active disease a. Additional inclusion and exclusion criteria not listed on slide. QW: Once weekly; SC: Subcutaneous; aINCAT: Adjusted Inflammatory Neuropathy Cause and Treatment disability score 2:1 Randomization Placebo QW SC N = 54 600 mg IMVT-1402 QW SC N = 108 Blinded Treatment Period: 24 Weeks N = 162 Follow-up: (4 weeks) Primary Endpoint at Week 24: Proportion of participants remaining relapse-free (aINCAT) Simplified study design without washout period and flare requirement prior to randomization based on experience in the batoclimab CIDP study in identifying patients with active disease
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IMVT-1402 potentially registrational trial in ACPA+ D2T RA Trial designed as open label lead-in with randomized withdrawal D2T population enriched for higher baseline ACPA levels Period 2: Blinded randomized withdrawal (12 weeks) Period 1: Open-label, active treatment lead-in (16 weeks) Inclusiona • CRP > upper limit of normal • Active RA defined as ≥ 6/68 tender/painful joints, ≥ 6/66 swollen joints (SJC), and DAS28- CRP > 4.1 • Anti-citrullinated protein antibody positive (ACPA+) • Inadequate response to 2 or 3, but not more than 3, classes of b/tsDMARDs • On stable treatment with csDMARD Screening Period (up to 5 weeks) 600 mg IMVT-1402 QW SC 600 mg IMVT-1402 QW SC Randomized Treatment Responders* (1:1:1) 300 mg IMVT-1402 QW SC Placebo QW SC Endpoints Primary endpoint: For participants achieving ACR20 response at Weeks 14 and 16, proportion of participants who achieve ACR20 response at Week 28 Secondary endpoint: Change from baseline in CDAI and SDAI from Weeks 16 to Week 28 Safety Follow-up Period (4 weeks) *Meets ACR20 criteria at Week 14 & Week 16 a. Additional inclusion and exclusion criteria not listed on slide. C-reactive protein (CRP; Disease Activity Score-28 (DAS28); Clinical Disease Activity Index (CDAI); Simplified Disease Activity Index (SDAI); Disease-modifying antirheumatic drugs (DMARDs); American College of Rheumatology (ACR) N=120 58
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IMVT-1402 potentially registrational trial in SjD Treatment Period: up to 48 weeks N = 180 Endpoints Primary Endpoint at Week 24: Change from baseline in clinESSDAI score Key Secondary Endpoint at Week 48: Change from baseline in clinESSDAI score Design enables comparison of high dose (600 mg) to standard FcRn blockage (300 mg) Inclusiona • Primary SjD • Moderate to severe systemic disease activity (clinESSDAI total score ≥ 5) • Anti-SSA/Ro antibody positive • Residual unstimulated salivary flow • On stable background medication(s) for primary SjD, if applicable a. Additional inclusion and exclusion criteria not listed on slide QW: Weekly; SC: Subcutaneous; ClinESSDAI: clinical European League Against Rheumatism Sjögren’s Syndrome Disease Activity Index Group 1 Group 3 Group 2 Period 2* (24 weeks) Period 1 (24 weeks) 300 mg IMVT-1402 QW SC 600 mg IMVT-1402 QW SC 600 mg IMVT-1402 QW SC Placebo QW SC Placebo QW SC Follow-up (4 weeks) 300 mg IMVT-1402 QW SC *Only ClinESSDAI responders (improvement of ≥ 4 points from baseline) continue through period 2 Randomization (1:1:1) Primary Analysis (Week 24) 59 Trial enables comparison of high dose to low dose FcRn blockage
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IMVT-1402 proof-of-concept study in CLE 60 Global trial with N=56 participants; designed to demonstrate short-term and long-term efficacy Period 2 Open-Label (14 weeks) Period 1 Blinded (12 weeks) Inclusiona • SCLE or CCLE, with or without SLE • Autoantibody positive • CLASI-A score ≥ 10 at Screening and Day 1 • Inadequate response to conventional therapies (steroids or antimalarial agents) Screening Period (up to 5 weeks)600 mg IMVT- 1402 QW SC Endpoints Primary endpoint: Percent change from baseline in CLASI-A score at Week 12 Secondary endpoints: % of participants who have disease improvement as defined by a reduction in CLASI- A at Week 12 of: • ≥ 5 points • ≥ 50% • ≥ 70% Safety Follow-up Period (4 weeks) Placebo QW SC 600 mg IMVT- 1402 QW SC Period 3 Blinded (26 weeks) 600 mg IMVT- 1402 QW SC 300 mg IMVT- 1402 QW SC a. Additional inclusion and exclusion criteria not listed on slide QW: Weekly; SC: Subcutaneous; CLASI-A: Cutaneous Lupus Area and Severity Score Index - Activity
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Market Opportunity in Graves’ Disease 61
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Analysis #1: Real world claims analysis indicates a substantial untapped opportunity in the prevalent treated Graves’ Disease market 62 Diagnosed U.S. Adult Population1 ~880K Prevalent Treated Patients Eligible for ablation but choosing not to pursue it ATD relapse patients choosing not to pursue ablation ~330K Immediate Near-Term Opportunity ATD Treatment Relapses ~340K Ablation5 ~10K Patients Treated with ATDs in 2021/22 ~570K Patients Ablated (Surgery & RAI)2 ~120K Patients Previously Treated with ATDs, Currently Monitored Off-Therapy ~190K 46%3 ~40%4 Sources: 1. Roivant Claims Analysis – 2022 prevalent patient population based on a two-year lookback for diagnosis, 2. Of the 120K patients ablated, ~80K were ablated prior to 2021 and ~40K were ablated in 2021/2022. 3. Azizi et al. (2019): Note, the relapse rate was calculated as a weighted average considering relapse rate in patients on ATDs <18months is 53% compared to patients on ATDs >18months is 15%. Of the 570K patients treated with ATDs, ~470K are on ATDs <18months and ~100K are on ATDs for >18months. Rates have been applied proportionally. 4. Bandai et al. (2019): Of the ~190K patients previously treated with ATD s and currently monitored off-therapy, ~40% experience relapse, which is 75K. 5. Grove-Laugesen et al. (2023): 3.4% of ATD relapse patients will pursue ablation. 3.4% appli ed to the ~340K ATD treatment relapse patients is ~10K.
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Analysis #2: Real world claims analysis conservatively estimates an incident US population of ~65K leading to an annual second line market of ~20K patients Sources: 1. Roivant Claims Analysis – 2021 incident patient population, first -line treatment is primary treatment in the first -year post diagnosis, claims review included a five-year lookback to define the incident population, 2. Grove -Laugesen et al. (2023): Completer rates for combined arms: ATD remission 56.0%, continuing ATD 18.8%, ATD relapse of 21.8%, ablation of 3.4%. Of the 58K 1st line ATD patients, a total of ~75% are either in remission (56.0%: 32.5K) or continued ATDs (18.8%: 10.9K), 3. Azizi et al. (2019): ATD remission for patients on long-term ATDs is 85%. Of the 10.9K patients who continued ATDs, 15% relapse (1.6K) and 85% go into remission (9.3K). These 9.3K patients in remission will have a 15% rate of relapse resulting in 1.4K relapses. From the original 10.9K patients who continued on ATDs, there will be a total of 3K (1.4K +1.6K) relapses, 4. Stokland et al. (2023): Relapse post remission 15%. Of the 42K patients who are in remission, 15% will relapse (6.3K). In total, the late relapses from remission and continued ATDs will be ~9.3K, resulting in a weighted average relapse rate of ~19% (6.3K relapses from the 32.5K p atients in remission averaged with the 3K relapses from the 10.5K patients who continued on ATDs). Annual Diagnosed & Treated U.S. Adult Population1 65K 1st Line ATD1 58K 1st Line Ablation1 (Surgery & RAI) 7K Remission or Continued ATDs2 42K Ablation2 2K Newly Diagnosed Patients Annual market of second line uncontrolled / intolerant patients ~20K Late Relapse3,4 8K 75% 22% 3% Initial Relapse2 13K 85-90% ~10% 19% 25-30% 63 Additional upside as alternative to ablative therapies
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Analysis #3: Surveyed endocrinologists indicate that ~25% of their patients remain uncontrolled on ATDs 64 Sources: 1) Graves’ Disease Physician Survey (n=140) by Immunovant Endocrinologist Survey Methodology 1. Board-certified endocrinologists (N=140) were screened based on Graves’ disease patient volume (10+ patients in the past 3 months) and time in practice (2-40 years in practice with ≥50% of time spent in direct patient care) 2. The N=140 endocrinologists completed a double- blinded online quantitative survey regarding their treatment experience Achieved durable euthyroid status off ATD treatment Relapsed or uncontrolled while off ATD treatment Uncontrolled on ATDs Underwent definitive treatment Other 18% 35% 25% 22% Graves’ Disease Patient Types: HCP Survey (n=140 HCPs, % of patients)
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Analysis #4: Real-world in-depth chart review of 1,000+ patient records from 140 endocrinologists indicates ~25% have never achieved euthyroid status on ATDs 65*Excludes patients who have received definitive treatment; Sources: Patient Chart Audit analysis (n=988 on ATD, n=1120 total) by Immunovant Real World Chart Audit Methodology 1. As part of the endocrinologist survey, each healthcare provider was asked to complete N=8 Graves’ disease patient charts for a total of 1,120 charts collected via randomized selection to minimize bias 2. Chart selection followed various qualifications: 1. Diagnosed with Graves’ disease 2. Seen by the healthcare provider in the past 3 months 3. Under the healthcare provider’s care for at least 6 months 4. First visit in the past 3 years 5. Either on ATD therapy currently or previously 61%16% 23% Achieved euthyroid status Achieved euthyroid status with difficulty / titration / and/or relapse(s) Never achieved euthyroid status Characterization of Thyroid Control with ATD Therapy (n=998 Patient Charts*, % of patients)
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Analysis #5: ~35% of Graves’ disease patients report that they have found it difficult or very difficult to achieve stable thyroid disease while on ATDs 66Sources: Graves’ Disease Patient Quantitative Survey (n=100) by Immunovant Patient Survey Methodology 1. A double-blinded online survey was conducted with N=100 patients who reported being diagnosed by a healthcare provider with Graves’ disease 2. Screening criteria included patients who were diagnosed in the past 3 years OR diagnosed in the past 5 years with a recurrence in the past year 3. Excluded patients who had received radioactive iodine or thyroidectomy 8% 10% 46% 27% 8% 1 (Very Easy) 2 3 4 5 (Very Difficult) Uncontrolled on ATDs Ability to Achieve Stable Thyroid Disease (n=100 Graves’ disease patients, % of patients)
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67 Conservative Inovalon claims analysis1 yields ~880K prevalent Graves’ disease patients, including ~330K prevalent ATD relapsed patients choosing not to pursue ablation 1 Real-world chart audit of 1,120 Graves’ disease patients treated by surveyed endocrinologists indicates ~25-30% of patients are relapsed, uncontrolled, or intolerant to ATDs 4 Patient survey of 100 diagnosed Graves’ disease patients indicates ~25-30% of patients are relapsed, uncontrolled, or intolerant to ATDs 5 Deep dive endocrinologist survey of 140 healthcare providers treating Graves’ disease patients indicates ~25-30% of patients are relapsed, uncontrolled, or intolerant to ATDs 3 Conservative Inovalon claims analysis2 yields ~65K annual incident Graves’ disease patients, including ~20K annual incident second line uncontrolled / intolerant patients 2 Graves’ US market-sizing analyses confirm high unmet need with ~330K prevalent patients relapsed, uncontrolled, or intolerant to ATDs 1. Roivant Claims Analysis – 2022 prevalent patient population based on a two-year lookback for diagnosis 2. Roivant Claims Analysis – 2021 incident patient population based on a five- year lookback to define the incident population Note: See Immunovant, Inc. Graves’ Disease Program Update Deck dated September 9, 2024, available at Immunovant.com