Slides
Page 1
Financial Results and Business Update for the Quarter Ended September 30, 2025 November 10, 2025
Page 2
For investor audiences only 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, 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 following applicable regulatory approvals, 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. Non-GAAP Financial Information The discussions during this conference call will include certain financial measures that were not prepared in accordance with U.S. generally accepted accounting principles (GAAP). Additional information regarding non-GAAP financial measures can be found on slide 27 and in our earnings release furnished with our Current Report on Form 8 -K dated November 10, 2025. Any non-GAAP financial measures presented are not, and should not be viewed as, substitutes for financial measures required by U.S. GAAP, have no standardized meaning prescribed by U.S. GAAP and may not be comparable to the calculation of similar measures of other companies. 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. 2
Page 3
For investor audiences only Agenda Roivant in 2025 Brepocitinib VALOR Data Batoclimab Graves’ Disease Remission Data LNP Litigation Update Financial Update Investor Day 2025 Q&A 3
Page 4
Roivant in 2025
Page 5
For investor audiences only Roivant in 2025: Continued Progress Across Key Programs Sets Foundation for Next Era of Growth Notes: 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; MG: Myasthenia gravis; CIDP: Chronic inflammatory demyelinating polyneuropathy; GD: Graves’ disease; D2T RA: Difficult-to-treat rheumatoid arthritis; SjD: Sjögren’s disease; CLE: cutaneous lupus erythematosus; DM: dermatomyositis 1. Consolidated cash, cash equivalents, restricted cash, and marketable securities as of 9/30/2025 2. Assumes 57% of future IMVT funding and 100% of other costs, as well as BD and capital return reserves Positive VALOR data for brepocitinib in DM showed statistically significant benefit on all 10 ranked endpoints NDA filing planned in 1H 2026; potential first novel oral therapeutic in DM Unveiled durable-remission data in Graves’ disease; positive Phase 3 batoclimab data in MG and CIDP GD data demonstrate disease-modifying potential for IMVT-1402; MG and CIDP data validate “deeper is better” Favorable Markman ruling for Genevant in Pfizer case Continued progress in LNP litigation; jury trial in US Moderna case scheduled for March 2026 5 Potentially registrational trials initiated in GD, MG, CIDP, D2T RA, and SjD; POC trial initiated in CLE IMVT-1402 product development in indications with first-/ best-in-class potential Strong capital position with $4.4BN cash balance1 Current pipeline capitalized to profitability, pipeline expansion and potential additional capital return1,2
Page 6
For investor audiences only Modality Proof of Concept Registrational Status BREPOCITINIB Dermatomyositis | Priovant Small Molecule NDA filing expected 1H 2026 BREPOCITINIB Non-Infectious Uveitis | Priovant Small Molecule Ongoing BREPOCITINIB Cutaneous Sarcoidosis | Priovant Small Molecule ► Ongoing IMVT-1402 Graves’ Disease | Immunovant Biologic Ongoing IMVT-1402 Difficult-to-Treat Rheumatoid Arthritis | Immunovant Biologic Ongoing IMVT-1402 Myasthenia Gravis | Immunovant Biologic Ongoing IMVT-1402 Sjögren’s Disease | Immunovant Biologic Ongoing IMVT-1402 Chronic Inflammatory Demyelinating Polyneuropathy | Immunovant Biologic Ongoing IMVT-1402 Cutaneous Lupus Erythematosus | Immunovant Biologic ► Ongoing BATOCLIMAB Thyroid Eye Disease | Immunovant Biologic Ongoing MOSLICIGUAT Pulmonary Hypertension associated with Interstitial Lung Disease | Pulmovant Inhaled ► Ongoing ONGOING BD Pipeline Expansion Opportunities | Roivant Robust Late-Stage Pipeline with 11 Registrational Trials in Indications with Blockbuster Potential Focusing on Clinical Trial Execution to Drive Significant Potential Value Note: Trials listed as registrational include those that we believe are potentially registrational. All references are to calendar years and are approximate and subject to change. 6
Page 7
For investor audiences only Positive Brepocitinib Registrational Study in DM Kicks Off 36 Months Stacked with Additional Potentially Registrational Readouts and Launches Launch of Brepocitinib in DM Launch of Brepocitinib in NIU Launch of IMVT-1402 in Multiple Potential Blockbuster Indications Brepocitinib Registrational Data Readouts IMVT-1402 Registrational Data Readouts DM NIU D2T RA GD MG SjD CIDP Potential for additional indications and pipeline expansion Note: Figure is illustrative of potential registrational data readouts and product launches and is not intended to be representative of timelines on the events noted. Trials listed as registrational include those that we believe are potentially registrational 7
Page 8
Brepocitinib VALOR Data
Page 9
For investor audiences only Brepocitinib – Highlights of Phase 3 VALOR Study Results in DM • VALOR succeeded, with highly significant, robust, and consistent data across primary and all key secondary endpoints • Consistent dose response seen between 15 mg and 30 mg, establishing 30 mg dose as optimal in this setting • Responses were rapid, deep, and broad, and showed clinically meaningful benefit to both muscle and skin symptoms • Robust benefit: Brepocitinib 30 mg showed a mean TIS of 46.5, a delta of >15 points (p=0.0006) relative to placebo at week 52 (TIS of 31.2), even with twice as many patients coming off background steroids on brepocitinib compared to placebo • Depth of response: >2/3 of brepocitinib 30 mg patients experienced at least a moderate response (TIS40), and nearly half experienced a major response (TIS60) • Rapidity of response: Onset was rapid with median time to a TIS40 response of ~2 months; TIS and CDASI responses significant as early as week 4 • Breadth of response: Positive data on all 10 pre-specified endpoints demonstrating improvement in both skin and muscle symptoms • Brepocitinib 30 mg safety profile in VALOR was consistent with prior clinical studies • NDA filing planned for calendar 1H 2026 TIS: Total Improvement Score CDASI-A: Cutaneous Dermatomyositis Activity and Severity Index - Activity Subscore Product candidate is investigational and subject to regulatory approval. Timing is based on current expectations and subject to FDA feedback 9
Page 10
For investor audiences only DM Patients Have Significant Unmet Medical Needs DM: Dermatomyositis IST: Immunosuppressive therapy IVIg: Intravenous immunoglobulin RCT: Randomized controlled trial Data Source: Analysis by Roivant/Priovant using closed claims data from Inovalon. Analysis includes patients with DM with continuous enrollment from 2020-2022. Conclusions corroborated through independent Veeva Compass open claims data through 2024. • Standard-of-care in DM is largely unchanged since the 1980s: combinations of corticosteroids and off-label ISTs • Patient and physician need for modern, targeted therapies is extraordinarily high given that unapproved targeted therapies with no RCT data (including JAK inhibitors) are used off-label at rates comparable to IVIg • Even among patients treated with IVIg or off- label targeted therapies, chronic high-dose steroid use remains high, with most requiring doses ≥10 mg/day for ≥100 days/year 10 75% 13% 11% Therapies Received by DM Patients Steroids & ISTs Alone IVIg-Containing Regimens Off-Label Targeted Therapy-Containing Regimens (No IVIg)
Page 11
For investor audiences only 11 Brepocitinib Showed Significant and Clinically Meaningful Improvement on Primary Endpoint of TIS Separation between brepocitinib 30 mg and placebo at all time points, starting as early as week 4, achieved together with substantially greater steroid reduction in brepocitinib 30 mg arm *Nominal P < 0.05 ** P < 0.001 0 5 10 15 20 25 30 35 40 45 50 0 4 8 12 16 20 24 28 32 36 40 44 48 52 Mean TIS (± SE) Brepocitinib 30 mg (n = 81) Brepocitinib 15 mg (n = 81) Placebo (n = 79) Study Week * * * * * ** * * ** 46.5 37.5 31.2 Primary Endpoint 30 mg vs. Placebo At Week 52 TIS∆ 15.3 P = 0.0006 Brepocitinib 30 mg Placebo Mean dose at baseline (mg/day) 12.2 11.3 ≤2.5 mg/day by week 48-52 62% 34% Off steroids by week 48-52 42% 23% Steroid reduction among patients on background OCS
Page 12
For investor audiences only 36% 20% 9% 54% 41% 27% More Than A Third of Brepocitinib 30 mg Patients Achieved Both Major TIS Response And Minimal or No Steroid Burden At Week 52 Patients Achieving Moderate TIS Response (TIS40) with Oral Steroids ≤2.5 mg/day at Week 52 Patients Achieving Major TIS Response (TIS60) with Oral Steroids ≤2.5 mg/day at Week 52 Brepocitinib 30 mg (n = 81) Brepocitinib 15 mg (n = 81) Placebo (n = 79) Brepocitinib 30 mg (n = 81) Brepocitinib 15 mg (n = 81) Placebo (n = 79) ∆ P 30 mg vs. Placebo 25.7% 0.0006 15 mg vs. Placebo 13.0% 0.0851 ∆ P 30 mg vs. Placebo 27.1% <0.0001* 15 mg vs. Placebo 12.0% 0.0289* *Nominal p-value calculated as part of post-hoc analysis Adjusted response rate (risk) differences calculated using the Mantel-Haenszel method. . 12
Page 13
For investor audiences only Brepocitinib 30 mg Achieved Statistically Significant Benefit On All Ten Ranked Endpoints in the VALOR Study Measurements of skin disease, muscle disease, rapidity of onset, and steroid sparing; consistent dose response was also seen across endpoints Key Endpoint Important Features Brepocitinib 30mg (n=81) Placebo (n=79) P-Value Mean TIS (Primary) Composite endpoint, focus on muscle disease and global benefit 46.5 31.2 0.0006 CDASI-A change from baseline at Week 52 Improvement in skin disease activity -11.7 -7.0 0.0006 DMOMS at Week 52 DM-specific muscle and skin composite measure of benefit 57.9 40.5 0.0014 TIS40 Response at Week 52 Moderate TIS response (focus on global benefit / muscle) 67.9% 44.3% 0.0040 Time to Consecutive TIS40 Response by Week 52 Time to onset of sustained benefit (particularly high bar) 85 days 168 days 0.0155 Patients achieving TIS40 Response + ≤2.5 mg OCS at Week 52 Achievement of clinical response and steroid reduction 54.3% 26.6% 0.0006 CDASI-A 40% Response with ≥4-point improvement at Week 52 Clinically meaningful skin response 61.7% 44.3% 0.0357 TIS60 Response at Week 52 Major TIS response – Highest TIS response threshold 46.1% 26.4% 0.0126 Change from baseline in HAQ-DI at Week 52 Improvement in physical and functional disability and daily living activities related to muscle strength -0.337 -0.042 0.0035 Change from baseline in CDASI-A at Week 4 Rapid onset of skin response -6.4 -3.5 0.0003 13
Page 14
For investor audiences only Brepocitinib: Expected Upcoming Events 1H 2026 NDA submission for brepocitinib in DM 1H 2027 Potential brepocitinib approval and launch in DM 1H 2027 Topline data readout from pivotal study in NIU 2H 2026 Data readout from Proof of Concept study in CS Additional opportunities evaluation and pivotal study progression based on PoC data 2H 2027 Potential sNDA submission for brepocitnib in NIU Note: Brepocitinib is investigational and subject to regulatory approvals. All catalyst timings are based on current expectations and, where applicable, contingent on FDA feedback, and may be subject to change. All references are to calendar years. 14
Page 15
Batoclimab Graves’ Disease Remission Data
Page 16
For investor audiences only 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 remission (8.9K). These 8.9K patients in remission will have a 15% rate of relapse resulting in 1.3K relapses. From the original 10.5K patients who continued on ATDs, there will be a total of 3K (1.3K +1.6K) relapses, 4. Stokland et al. (2023): Relapse post remission 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 averaged with the 2.9K relapses from the 10.5K patients who continued on ATDs). Shift Away from Ablation and Lack of New Medical Therapies Leaves 25-30% of Graves’ Disease Patients Relapsed, Uncontrolled On, or Intolerant to ATDs Diagnosed with Graves’ Disease Anti-Thyroid Drug (ATD) ~85-90% Ablation ~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 16
Page 17
For investor audiences only Scientific Literature Indicates That Graves’ Disease Patients are at a Higher Risk of a Sequelae of Severe Comorbidities 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 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 controls 7 17
Page 18
For investor audiences only Graves’ Disease Market Opportunity Includes Annual Incident Opportunity and a Significant Untapped Prevalent Patient Pool 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 ~310K 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 18 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). 5.Roivant Claims Analysis – 2022 prevalent patient population based on a two-year lookback for diagnosis. Of the 120K patients ablated, ~80K were ablated prior to 2021 and ~40K were ablated in 2021/2022 6.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. 7.Bandai et al. (2019): Of the ~190K patients previously treated with ATDs and currently monitored off-therapy, ~40% experience relapse, which is 75K. 8.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
Page 19
For investor audiences only Potential for Disease Modification with 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 weeks1,2 Week 12 Pts receive 12 weeks of 680 mg QW batoclimab1 Week 24 Pts receive 12 weeks of 340 mg QW batoclimab1 20/25 T3/T4 ≤ULN; ATD dose ≤Baseline 18/25 T3/T4 ≤ULN; ATD dose ≤Baseline 17/21 T3/T4 ≤ULN; ATD dose ≤Baseline3 Strong durability of response despite being off-batoclimab for six months Dose step-down Notes: Responders: Patients who have T3 and T4 values ≤ULN and no increase in ATD dose from baseline. Pts: Patients; T3: Triiodothyronine; T4: Thyroxine; ULN: Upper limit of normal; ATD: Anti-thyroid drug. 1. Includes N=1 patient who discontinued prior to Week 12 but remained in off-drug follow-up. 2. Includes N=21 patients who entered follow-up period and could be assessed for remission. 3. N=1 patient had T3/T4 ≤ULN, and one day following Week 48 visit had ATD dose equivalent to baseline. 19 340 mg batoclimab QW SC (Week 12-24) 680 mg batoclimab QW SC (Week 0-12) Treatment Period: 24 weeks Off-Treatment (Week 24-48) Follow-up: 24 weeks
Page 20
For investor audiences only ~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 Week 48 17 T3/T4 ≤ULN ATD-Free (N=8)1 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 Notes: Responders: Patients who have T3 and T4 values ≤ULN and no increase in ATD dose from baseline. T3: Triiodothyronine; T4: Thyroxine; ULN: Upper limit of normal; ATD: Anti-thyroid drug; FcRn: Neonatal fragment crystallizable receptor inhibitor. 1. Includes N=1 patient who discontinued prior to Week 12 but remained in off-drug follow-up. 20 340 mg batoclimab QW SC (Week 12-24) 680 mg batoclimab QW SC (Week 0-12) Treatment Period: 24 weeks Off-Treatment (Week 24-48) Follow-up: 24 weeks
Page 21
For investor audiences only 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 Notes: Data includes up to last measurement available for patients who discontinued. IgG: Immunoglobulin G; TRAb: Thyroid Stimulating 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). 21 340 mg batoclimab QW SC (Week 12-24) 680 mg batoclimab QW SC (Week 0-12) Treatment Period: 24 weeks Off-Treatment (Week 24-48) Follow-up: 24 weeks
Page 22
For investor audiences only Clear Focus on Execution to Unlock Value Both Near- and Long-Term Indication Study Data Catalyst 2025 2026 2027 2028 TED Potentially Registrational Top Line Results* ACPA+ D2T RA Potentially Registrational Open-label Period 1 Initial Results CLE POC Top Line Results ACPA+ D2T RA Potentially Registrational 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 *Immunovant continues to expect the first of the two batoclimab Phase 3 TED studies to read out before the end of calendar year 2025. However, due to evolving competitive dynamics, Immunovant anticipates sharing topline results from both TED studies concurrently in the first half of calendar year 2026 Note: MG: Myasthenia gravis; CIDP: Chronic inflammatory demyelinating polyneuropathy; TED: Thyroid eye disease; APCA+ D2T RA: Anti-cyclic citrullinated peptide antibody positive difficult-to-treat rheumatoid arthritis; GD: Graves’ disease; SjD: Sjögren’s disease; CLE: Cutaneous lupus erythematosus Note: All drugs are investigational and subject to regulatory approvals. All catalyst timings are based on current expectations and, where applicable, contingent on FDA feedback, and may be subject to change. All references are to calendar years 22
Page 23
LNP Litigation
Page 24
For investor audiences only Pivotal Period for LNP Litigation Moderna Cases Pfizer Case Pre-trial process to narrow scope of claims and defenses Summary judgment phase ongoing First major international hearings expected in 1H 2026 US jury trial scheduled for March 2026 Ongoing progress in discovery phase Favorable Markman ruling issued September 2025 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 24
Page 25
Financial Update
Page 26
For investor audiences only Key Financial Items • R&D expense of $165M; adjusted R&D expense of $153M (non-GAAP) • G&A expense of $143M; adjusted G&A expense of $72M (non-GAAP) • Includes $13.6M of one-time cash bonus • Loss from continuing operations, net of tax of $166M; adjusted loss from continuing operations, net of tax of $188M (non-GAAP) Select Income Statement Metrics and Non-GAAP Metrics for the Three Months Ended September 30, 2025 • Cash, cash equivalents, restricted cash and marketable securities of $4.4BN • No debt on balance sheet • 695,491,615 common shares issued and outstanding as of November 3, 2025 Select Balance Sheet Metrics as of September 30, 2025 Note: For a reconciliation of each non-GAAP financial metric to the comparable GAAP financial metric, please see slide 27 26
Page 27
For investor audiences only Non-GAAP Disclosures (1) Represents non-cash share-based compensation expense. (2) Represents non-cash depreciation and amortization expense. (3) Represents the unrealized gain on equity investments in unconsolidated entities that are accounted for at fair value with changes in value reported in earnings. (4) Represents the change in fair value of liability instruments, which is non-cash and primarily includes the unrealized loss (gain) relating to the measurement and recognition of fair value on a recurring basis of certain liabilities. (5) Represents the estimated tax effect of the adjustments. Notes to non-GAAP financial measures: Reconciliation of GAAP to Non-GAAP Financial Measures (unaudited, in thousands) 27 Three Months Ended September 30, Note 2025 2024 Research and development expenses $ 164,568 $ 143,073 Adjustments: Share-based compensation (1) 10,996 9,911 Depreciation and amortization (2) 676 724 Adjusted research and development expenses (Non-GAAP) $ 152,896 $ 132,438 Three Months Ended September 30, Note 2025 2024 General and administrative expenses $ 143,125 $ 202,881 Adjustments: Share-based compensation (1) 70,825 59,443 Depreciation and amortization (2) 246 1,094 Adjusted general and administrative expenses (Non-GAAP) $ 72,054 $ 142,344 Three Months Ended September 30, Note 2025 2024 Loss from continuing operations, net of tax $ (166,039) $ (236,841) Adjustments: Research and development: Share-based compensation (1) 10,996 9,911 Depreciation and amortization (2) 676 724 General and administrative: Share-based compensation (1) 70,825 59,443 Depreciation and amortization (2) 246 1,094 Other: Change in fair value of investments (3) (128,501) (48,375) Change in fair value of liability instruments (4) 20,959 (635) Estimated income tax impact from adjustments (5) 3,059 (3,986) Adjusted loss from continuing operations, net of tax (Non-GAAP) $ (187,779) $ (218,665)
Page 28
For investor audiences only Program Vant Catalyst Expected Timing Roivant pipeline growth New mid/late-stage in-licensing announcements Ongoing LNP platform Summary judgment phase in US Moderna case Ongoing LNP platform Jury trial in US Moderna case 1Q 2026 Batoclimab Topline data released from Phase 3 trials in thyroid eye disease* 1H 2026 Brepocitinib Expected NDA filing for brepocitinib in dermatomyositis 1H 2026 Mosliciguat Topline data from Phase 2 trial in pulmonary hypertension associated with interstitial lung disease 2H 2026 Brepocitinib Topline data from Phase 2 trial in cutaneous sarcoidosis 2H 2026 IMVT-1402 Initial results from open label period 1 of potentially registrational trial in ACPA+ difficult-to-treat rheumatoid arthritis 2026 IMVT-1402 Topline data from Phase 2 trial in cutaneous lupus erythematosus 2026 Brepocitinib Topline data from Phase 3 trials in non-infectious uveitis 1H 2027 IMVT-1402 Topline data from potentially registrational trial in ACPA+ difficult-to-treat rheumatoid arthritis 2027 IMVT-1402 Topline data from potentially registrational trials in Graves’ disease 2027 IMVT-1402 Topline data from potentially registrational trial in myasthenia gravis 2027 IMVT-1402 Topline data from potentially registrational trial in Sjögren’s disease 2028 IMVT-1402 Topline data from potentially registrational trial in chronic inflammatory demyelinating polyneuropathy 2028 Rich Catalyst Calendar *Immunovant continues to expect the first of the two batoclimab Phase 3 TED studies to read out before the end of calendar year 2025. However, due to evolving competitive dynamics, Immunovant anticipates sharing topline results from both TED studies concurrently in the first half of calendar year 2026 Note: All catalyst timings are based on current expectations and, where applicable, contingent on FDA feedback, and may be subject to change. The timing of the litigation-related events noted above is subject to change, including at the discretion of the court. All timelines reference calendar years unless otherwise noted 28
Page 29
Investor Day 2025
Page 30
For investor audiences only
Page 31
Thank you.