Immunovant is developing IMVT-1402, an injectable antibody that lowers disease-causing antibodies, for autoimmune diseases including Graves disease and myasthenia gravis; it is not approved.
Immunovant now depends on IMVT-1402, an FcRn inhibitor that lowers IgG antibodies. Batoclimab, its earlier FcRn drug, met its myasthenia gravis endpoint but failed two thyroid eye disease trials and was discontinued in April 2026. In September IMVT-1402 missed its first proof-of-concept endpoint, in cutaneous lupus. Open-label rheumatoid arthritis results were strong (72.7% ACR20 at week 16). Registrational data in Graves disease and myasthenia gravis are due in 2027, and cash of $797.8 million should last to a Graves launch.
Thesis checklist
0 risks need attention
Why it is in this state
The evidence, what would weaken it and the source filing
Why it is in this state
The evidence, what would weaken it and the source filing
Why it is in this state
The evidence, what would weaken it and the source filing
Why it is in this state
The evidence, what would weaken it and the source filing
Next decision point
Tests: IMVT-1402 succeeds in Graves disease
Do the two Graves disease trials show IMVT-1402 controls hyperthyroidism and allows remission off antithyroid drugs?
Strong, inconclusive and weak outcomes
What to look for in the result and how each would move the checklist
Price and material events
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Immunovant bets on IMVT-1402 after batoclimab and cutaneous lupus failures; 2027 data decide
IMVT-1402 bets on FcRn blockade across RA, MG, and Graves disease after batoclimab's Phase 3 TED failure resets the entire investment case
IMVT-1402's FcRn blockade platform across Graves disease, MG, and D2T RA hinges on whether cleaner IgG reduction can outcompete B-cell–depleting CAR-T approaches
About this history: every entry shows when the Thesis moved and what it said. The reasoning behind each move (the evidence, the analysis and the source filing) and the earnings write-ups are part of a subscription.
Dates, trials and completed outcomes are open to everyone. What each upcoming milestone hinges on is part of a subscription.
Disease areas: Neuromuscular diseases, Autoimmune and inflammatory diseases, Endocrine and bone diseases
Catalyst calendar · Upcoming FDA decisions · Thesis changes
Competitive landscape
10 peers tracked
Cash: Market-data provider estimate; measurement period unavailable.
Debt: Market-data provider estimate; a complete comparable filing balance is unavailable.
Quarterly burn: Estimated from trailing free cash flow; measurement period unavailable.
Net cash and estimated runway require verified matching measurement periods. Missing debt components are not assumed to be zero.
Runway: No underlying guidance available.