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J.P. Morgan Healthcare Conference January 13, 2025 Why Investors Should Own Roivant in 2025
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2 Forward-Looking Statements This presentation includes forward-looking statements that are subject to substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. All statements other than statements of historical facts contained in this presentation, including statements regarding our future results of operations and financial position, business strategy, potential uses of cash and capital allocation, research and development plans, profitability, the anticipated timing, costs, design, conduct and results of our ongoing and planned preclinical studies and clinical trials for our product candidates, and any commercial potential of our product candidates are forward-looking statements. These forward-looking statements are based upon the current expectations and beliefs of our management as of the date of this presentation and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. 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. These forward-looking statements may be affected by a number of risks, uncertainties and assumptions, including, but not limited to, those risks set forth in the sections captioned “Risk Factors” and “Forward-Looking Statements” of our filings with the U.S. Securities and Exchange Commission, available at www.sec.gov and investor.roivant.com. 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 presentation, 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. This presentation includes data for brepocitinib as compared to certain other potential competitor products generated from separate, independent studies and that do not come from head-to-head analyses. Differences exist between study or trial designs and subject characteristics and caution should be exercised when comparing data across studies. Data regarding other products is based on publicly available information. Disclaimer This presentation is intended for the investor community only; it is not intended to promote the product candidates referenced herein or otherwise influence healthcare prescribing decisions. For investor audiences only
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Roivant in 2025: Transformational Potential 3Note: All references are to calendar years and are approximate and subject to change. The timing of the litigation-related events noted above is subject to change, including at the discretion of the court. See Slide 2 for further information on these forward-looking statements Opportunity to Validate First-/Best-in-Class Anti- FcRn Potential MG & CIDP data by Mar. ‘25 and TED in 2H ’25 have potential to validate “Deeper is Better” 5 more IMVT-1402 indications expected by Mar. ‘26 on top of 5 INDs now cleared Potentially Registrational DM Readout Sets Stage for Commercial Launch of Brepocitinib Pivotal study would enable brepocitinib to be first novel oral DM drug, multi-year lead over any other late-stage program Advance LNP Litigation with Moderna and Pfizer/BioNTech Jury trial in Moderna case in September; Summary judgment 2Q-3Q ’25 Ongoing progress expected in Pfizer/BioNTech case following Markman hearing For investor audiences only
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4Note: All references are to calendar years and are approximate and subject to change. The timing of the litigation-related events noted above is subject to change, including at the discretion of the court. See Slide 2 for further information on these forward-looking statements Opportunity to Validate First-/Best-in-Class Anti- FcRn Potential MG & CIDP data by Mar. ‘25 and TED in 2H ’25 have potential to validate “Deeper is Better” 5 more IMVT-1402 indications expected by Mar. ‘26 on top of 5 INDs now cleared Potentially Registrational DM Readout Sets Stage for Commercial Launch of Brepocitinib Pivotal study would enable brepocitinib to be first novel oral DM drug, multi-year lead over any other late-stage program Advance LNP Litigation with Moderna and Pfizer/BioNTech Jury trial in Moderna case in September; Summary judgment 2Q-3Q ’25 Ongoing progress expected in Pfizer/BioNTech case following Markman hearing For investor audiences only Roivant in 2025: Continuing to Validate “Deeper is Better” with 4 Anti-FcRn Trials Reading Out This Year
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Favorable Analyte Profile Initial Phase 1 data supports a favorable analyte profile with no or minimal effect on albumin and LDL * Not including any potential patent term extension 5 Lead Anti-FcRn IMVT-1402 has Potentially Best-In-Class Attributes Not Seen in Other Anti-FcRns; 5 INDs Cleared Now, Will Be in 10 Indications by Mar. ’26 Novel, fully human, monoclonal antibody inhibiting FcRn- mediated recycling of IgG + IMVT-1402 ++ + + + Convenient Administration Formulated for simple subcutaneous injection that may enable self- administration at home Compelling Patent Protection Issued patent covers composition of matter, method of use and methods for manufacturing to 2043* Deep IgG Lowering Initial Phase 1 data suggests deep dose-dependent IgG lowering For investor audiences only
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6 Graves’ Data Demonstrates Transformational Results in Patients Uncontrolled on ATDs; Greater Response Driven by Deeper IgG Lowering Note: Includes two patient discontinuations. One patient did not complete Week 12 due to pre-existing gallstones and is counted as a non-responder at Week 12 and Week 24. The second patient did not complete Week 24 and is counted as a non-responder at Week 24. This patient was lost to follow-up due to substance abuse unrelated to treatment % of participants who achieve normal T3 and T4 or have T3 or T4 below LLN, without increase in ATD 76% Responders 68% Responders Responders at Week 12 (N = 19/25) Responders at Week 24 (N = 17/25) 77% Mean IgG Reduction 65% Mean IgG Reduction 12 weeks 680mg → 12 weeks 340mg12 weeks 680mg For investor audiences only Treatment Period: (24 weeks) N = 25 340mg batoclimab QW SC (Week 12-24) 680mg batoclimab QW SC (Week 0-12) 56% ATD-Free Responders 36% ATD-Free Responders Week 12 (N = 14/25) Week 24 (N = 9/25) % of participants who achieve normal T3 and T4 or have T3 or T4 below LLN, and ceased all ATD medications 12 weeks 680mg → 12 weeks 340mg12 weeks 680mg Phase 2 Batoclimab Proof of Concept Data
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7 Conservative Inovalon claims analysis 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 analysis 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 For investor audiences only Note: See Immunovant, Inc. Graves’ Disease Program Update Deck dated September 9, 2024, available at Immunovant.com
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The existence of an effect is clear from: 10 clinical trials across 4 FcRn programs and 7 different indications treating ~650 subjects1 Our batoclimab trials are designed to show how much better, for which patients, by which metrics There is already a wealth of clinical evidence that “deeper is better” MG, CIDP and TED 2025 Data Can Bolster FcRn Clinical Evidence That Deeper IgG Reductions Result in Better Clinical Outcomes Across Indications For investor audiences only 8 Data from >500 Patients MG Phase 3 Data 1Q 2025 CIDP Phase 2B Data 1Q 2025 TED Phase 3 Data 2H 2025 1. Publicly available SEC filings, company presentations, and scientific publications about batoclimab, nipocalimab, efgartigimod, and rozanolixizumab
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9Note: All references are to calendar years and are approximate and subject to change. The timing of the litigation-related events noted above is subject to change, including at the discretion of the court. See Slide 2 for further information on these forward-looking statements Opportunity to Validate First-/Best-in-Class Anti- FcRn Potential MG & CIDP data by Mar. ‘25 and TED in 2H ’25 have potential to validate “Deeper is Better” 5 more IMVT-1402 indications expected by Mar. ‘26 on top of 5 INDs now cleared Potentially Registrational DM Readout Sets Stage for Commercial Launch of Brepocitinib Pivotal study would enable brepocitinib to be first novel oral DM drug, multi-year lead over any other late-stage program Advance LNP Litigation with Moderna and Pfizer/BioNTech Jury trial in Moderna case in September; Summary judgment 2Q-3Q ’25 Ongoing progress expected in Pfizer/BioNTech case following Markman hearing For investor audiences only Roivant in 2025: Pivotal Brepocitinib Dermatomyositis Readout Sets Stage For Next Potential Commercial Launch
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Brepocitinib Is A Potential First-In-Class Dual Selective TYK2/JAK1 Inhibitor, Representing Next Generation of JAK Inhibition Nonspecific/pan-JAK inhibitors Single JAK Isoform Inhibitors Selective, Dual Inhibitor of TYK2 and JAK1 First targeted oral agents for inflammatory diseases Non-specificity limited ability to dose to maximal efficacy and led to class-wide black box warning Modest commercial success, but uptake impaired by less-than-biologic efficacy Rinvoq (JAK1) is a multi-blockbuster drug (despite a black box warning) on the back of often best-in-indication efficacy Sotyktu (TYK2), designed specifically to avoid black box liability, has underperformed commercially due to less-than-biologic efficacy Brepocitinib combines the best attributes of selective TYK2 and JAK1 inhibition with potential to provide maximum efficacy for patients with highly morbid, heterogeneous autoimmune diseases Brepocitinib Evolution of JAK inhibitor field highlights demand for efficacy in treating patients with the most debilitating symptoms For investor audiences only 10Note: All trademarks are property of their respective owners
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Clinical Experience Suggests Oral Brepocitinib is Highly Active and Able to Generate Clinical Benefit in TYK2- and JAK1-Driven Indications Psoriatic Arthritis Patients with active PsA Study Population N1 Brepocitinib Primary Endpoint Result Plaque Psoriasis Patients with moderate-to-severe PsO Ulcerative Colitis Patients with moderate-to-severe UC Alopecia Areata Patients with moderate-to-severe AA Hidradenitis Suppurativa Patients with moderate-to-severe HS 218 212 167 94 2 100 23.4% placebo-adjusted ACR20 RR at week 16 P = 0.0197 -10.1 placebo-adjusted CFB in PASI Score at week 12 P < 0.0001 -2.28 placebo-adjusted CFB in Mayo Score at week 8 P = 0.0005 49.18 placebo-adjusted CFB in SALT Score at week 24 P < 0.00014 18.7% placebo-adjusted HiSCR Rate at week 16 P = 0.02984 Brepocitinib Dose 30 mg once daily 30 mg once daily 30 mg once daily 30 mg once daily3 45 mg once daily5 Seven Positive Phase 2 Studies Crohn’s Disease Patients with moderate-to-severe CD 151 21.4% placebo-adjusted SES-CD 50 Rate at week 12 P = 0.0012460 mg once daily6 1. Overall study N represents patients randomized to all brepocitinib dose levels or placebo and excludes patients randomized to other agents 2. Includes patients from initial 24-week study period only 3. 60 mg QD for 4 weeks followed by 30 mg QD for 20 weeks 4. One-sided p-value (pre-specified statistical analysis) 5. Brepocitinib 45 mg once daily was the only brepocitinib dose evaluated in this study 6. Brepocitinib 60 mg once daily was the only brepocitinib dose evaluated in the induction period of this study Note: CFB: change from baseline; RR: response rate Note: The non-infectious uveitis study was conducted by Priovant; all other studies shown here were conducted by Pfizer 11 For investor audiences only Non-infectious Uveitis Patients with active non-infectious intermediate-, posterior-, and panuveitis 26 29.4% Treatment Failure Rate at week 2445 mg once daily
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Dermatomyositis: Key Features in Common with Recent Orphan I&I Launches that Rapidly Achieved Blockbuster Revenue Note: All disease photos courtesy of Priovant 1. PriovantTx estimates based on Reeder 2010, Smoyer-Tomic 2012, and claims analysis 2. PriovantTX claims analysis High morbidity with poor/no modern treatment options Skin and muscle disease lead to pain, disfigurement, highly impaired mobility, and extensive comorbidities (e.g., cardiometabolic, GI, depression) Orphan price point and concentrated prescriber base Approximately half of treated DM patients at ~200 tertiary centers of excellence2 Mid tens-of-thousands prevalence Prevalence of approximately 40,000 adults in US1 with approximately 35,000 patients receiving advanced chronic therapy2 For investor audiences only 12 Pivotal study fully enrolled & topline data expected 2H25 potentially next approved drug of any modality for DM
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Brepocitinib NIU Phase 2 Study Shows Best-In-Indication Potential; Phase 3 Actively Enrolling >12 9.3 5.6 3.0 Median Time to Treatment Failure (months) 45 mg N = 17 Brepocitinib (NEPTUNE) 15 mg N = 9 Active N = 110 Humira (VISUAL I1) Placebo N = 107 Disclaimer: Figures reflect cross-trial comparison and not results from a head -to-head study. Differences exist between trial designs and subject characteristics, and caution should be exercised when comparing data across studies. Time to Treatment Failure compared to VISUAL I Study* (Registrational endpoint) Higher Time to Treatment Failure = greater treatment benefit *Time to Treatment Failure was primary endpoint in VISUAL I study. VISUAL I calculations do not include discontinuations as treatment failures, per pre-specified definition in VISUAL I. NEPTUNE calculations include discontinuations as treatment failures 1. As reported at https://www.humirapro.com/uveitis For investor audiences only 13
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14Note: All references are to calendar years and are approximate and subject to change. The timing of the litigation-related events noted above is subject to change, including at the discretion of the court. See Slide 2 for further information on these forward-looking statements Opportunity to Validate First-/Best-in-Class Anti- FcRn Potential MG & CIDP data by Mar. ‘25 and TED in 2H ’25 have potential to validate “Deeper is Better” 5 more IMVT-1402 indications expected by Mar. ‘26 on top of 5 INDs now cleared Potentially Registrational DM Readout Sets Stage for Commercial Launch of Brepocitinib Pivotal study would enable brepocitinib to be first novel oral DM drug, multi-year lead over any other late-stage program Advance LNP Litigation with Moderna and Pfizer/BioNTech Jury trial in Moderna case in September; Summary judgment 2Q-3Q ’25 Ongoing progress expected in Pfizer/BioNTech case following Markman hearing For investor audiences only Roivant in 2025: Maximizing LNP Patent Estate Potential
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15 Meaningful LNP Litigation Milestones Expected in 2025 *Internal estimate of timing for the Markman decision; court has not provided a set date or timeline for a decision and timing remains at the court’s discretion and subject to change Note: All references are to calendar years and are approximate and subject to change. The timing of the litigation-related events noted above is subject to change, including at the discretion of the court. See Slide 2 for further information on these forward-looking statements Pfizer/BioNTech Markman Decision Moderna Summary Judgment Moderna Jury Trial Scheduled for September 1H 2025* 2Q-3Q 2025 2H 2025 For investor audiences only
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16 Robust Late-Stage Pipeline; Many Registrational Trials in Indications with Blockbuster Potential Note: Pipeline reflects both ongoing clinical trials and expected upcoming trials Represents potentially registrational trials For investor audiences only Modality Phase 1 Proof of Concept Registrational IMVT-1402 Graves’ Disease | Immunovant Biologic IMVT-1402 Difficult-to-Treat Rheumatoid Arthritis | Immunovant Biologic IMVT-1402 Myasthenia Gravis | Immunovant Biologic IMVT-1402 Chronic Inflammatory Demyelinating Polyneuropathy | Immunovant Biologic IMVT-1402 Indication 5 | Immunovant Biologic BATOCLIMAB Myasthenia Gravis | Immunovant Biologic BATOCLIMAB Thyroid Eye Disease | Immunovant Biologic BATOCLIMAB Chronic Inflammatory Demyelinating Polyneuropathy | Immunovant Biologic BREPOCITINIB Dermatomyositis | Priovant Small Molecule BREPOCITINIB Non-Infectious Uveitis | Priovant Small Molecule BREPOCITINIB Other Indications | Priovant Small Molecule ► MOSLICIGUAT Pulmonary Hypertension associated with Interstitial Lung Disease | Pulmovant Inhaled ► ONGOING BD Pipeline Expansion Opportunities | Roivant
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17 2026+: Reading Out Multiple Late-Stage Potential Blockbuster Opportunities Over the Coming Years from 7 Programs Initiated in 2024 Note: All drugs are investigational and subject to regulatory approvals For investor audiences only Transformational treatment data in Graves Disease and 5 INDs cleared Potential for 10+ indications with multiple blockbuster launches IMVT-1402 Presented best NIU data and initiated pivotal trial Multi-blockbuster orphan franchise anchored by DM and NIU launches Brepocitinib Unveiled new opportunity with supportive data & initiated PH-ILD study Mosli positioned for front-line use in PH-ILD and other respiratory diseases Mosliciguat
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18 Current Biopharma Operating Environment Leads to Win-Win Opportunities for Pipeline Expansion Challenging capital environment Strategic shifts/ restructuring in large pharma Proliferation of opportunities from China and other regions Temporarily reduced large pharma M&A Depressed biotech valuations Companies are looking for creative options Roivant is well-capitalized and an experienced, strategic and creative partner For investor audiences only
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19 Roivant is Fully Funded to Support One of the Best Pipelines in Biotech, Ongoing Business Development and Additional Share Buybacks 1. Cash, cash equivalents, restricted cash and marketable securities as of 9/30/2024 2. Up to $950.0 million in additional milestone payments payable upon achievement of certain tiered net sales amounts, each less than or equal to $1.0 billion; $183.6M upfront payment was received in October 2024, and $75.0M atopic dermatitis approval milestone was received in January 2025. As reported in its 10-Q filing for the quarter ended September 30, 2024, Roivant will receive (i) 100% of payments to former Dermavant equity holders up to the remaining liquidation preference of its preferred shares (currently ~$11.4M remaining following payment of the $75 million atopic dermatitis approval milestone milestone) and (ii) between 86% and 81% of subsequent milestone and royalty payments. Royalties begin in 2027. $5.4BN in Cash as of 9/301 $500M in additional share repurchases available as of 12/31 from original $1.5BN authorization (retired ~100M shares for ~$1BN in 2024) Ongoing Business Development Multiple ongoing negotiations for potential in-licensing of new programs Closed Dermavant Deal Significantly reduced SG&A, removed all debt and retained meaningful VTAMA upside with $950M sales milestones + additional royalties 2 For investor audiences only
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Thank you.