Roivant develops drugs through majority-owned subsidiaries: Priovant's LISRAYA (brepocitinib) is approved in the U.S. for dermatomyositis, and Immunovant's IMVT-1402 is in Phase 3 trials.
Roivant's main assets sit in majority-owned subsidiaries. Priovant's brepocitinib, sold as LISRAYA, was approved for dermatomyositis in August 2026. It then won both Phase 3 trials in non-infectious uveitis, with a filing planned in the first half of 2027. Immunovant's IMVT-1402 reports Phase 3 data in Graves' disease and myasthenia gravis in 2027. Its predecessor, batoclimab, failed in thyroid eye disease. Roivant held $3.84 billion of cash and securities at June 30, plus $950 million later received from Moderna.
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 Phase 3
Do the first IMVT-1402 Phase 3 trials meet their primary endpoints?
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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Brepocitinib is approved and won two uveitis Phase 3s; FcRn data come in 2027
TYK2/JAK1 approved, mosliciguat sets PVR record; IMVT-1402's 2027 Phase 3 readouts will define Roivant's platform ceiling
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: Eye diseases, Neuromuscular diseases, Lung and respiratory diseases, Skin diseases, Autoimmune and inflammatory diseases, Endocrine and bone diseases
Catalyst calendar · Upcoming FDA decisions · Thesis changes
Competitive landscape
13 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.