Immunovant, Inc. · NASDAQ:IMVT
Immunovant — Investor Presentation (November 2026)
68 slides from Immunovant's investor presentation, November 2026
Slide 1: Targeted science, tailored solutions
Targeted science, tailored solutions for people with autoimmune disease Corporate Presentation November 2026 For investor audiences only
Slide 2: Forward-looking statements
Forward-looking statements 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,” “ex
Slide 3: Our Focus: Pursue a broad anti-FcRn strategy
Our Focus: Pursue a broad anti-FcRn strategy based on potential best- in-class profile of IMVT-1402 targeting autoantibody-driven diseases IMVT-1402: Potential Significant Market Validated Target Best-in-Class Product Financial Strength Opportunity Candidate 5 US regulatory Anti-FcRn with deepest, L
Slide 4: IMVT-1402 potential first- and best-in-class therapy in autoantibody-driven disease
IMVT-1402 has the potential to be a first- and best-in-class therapy in autoantibody-driven disease Potential Best-in-Class Efficacy IMVT-1402 achieves deep, rapid, dose- dependent immunoglobulin (IgG) reductions; consistent evidence across external and internal clinical trials validate that deeper
Slide 5: Batoclimab data show deeper IgG reduction may improve outcomes
First generation batoclimab multi-indication clinical data demonstrated that deeper IgG reduction may lead to improved clinical outcomes Graves’ Phase 2a1 MG Phase 31 CIDP Phase 2b1 ATD-Free Response: % of participants who Minimal Symptom Expression: % of participants aINCAT Response: % of participa
Slide 6: Best-in-class IgG reductions position Immunovant
Best-in-class IgG reductions position Immunovant to drive potential best-in-class efficacy Mean % IgG Reduction from Baseline 90% % IgG Reduction from Baseline 74-82% 80% 50-72% 70% 61-64% 60-72% 60% 50% 40% 30% 20% 10% 0% J&J ARGX UCB IMVT Nipocalimab Efgartigimod Rozanolixizumab IMVT-1402 / (Imaav
Slide 7: Our market: Autoimmune diseases driven by harmful IgG autoantibodies
Our market: Autoimmune diseases driven by harmful IgG autoantibodies Anti-FcRn mechanism potentially the leading therapeutic class with 20+ indications announced or in development1 NEUROLOGY RHEUMATOLOGY Chronic inflammatory demyelinating Rheumatoid arthritis (RA) polyneuropathy (CIDP) Myositis Gene
Slide 8: Indication Strategy
Indication Strategy: Development strategy designed to maximize commercial potential, with IMVT-1402’s potentially best-in-class profile • Expanding use of FcRn blockers to benefit greater number of patients with several First-in-Class new indications, with a potential efficacy advantage driven by de
Slide 9: Broad development program for IMVT-1402
Broad development program for IMVT-1402 with trials underway, expected to potentially address ~500K patient population Chronic Inflammatory Graves’ Disease ACPA+ Difficult-to-Treat RA Myasthenia Gravis Demyelinating Polyneuropathy Expected US Addressable ~330K ~85K ~20-35K ~16-58K Population1 Driven
Slide 10: Clear focus on execution to unlock value
Clear focus on execution to unlock value both near and long term Phase 1 Phase 2 Potentially Registrational* IMVT-1402 ACPA+ D2T RA Positive Period 2 data GD Topline data 2027 MG Topline data 2027 CIDP Topline data 2028 Rheumatology Endocrinology Neurology *The regulatory path for IMVT-1402, includi
Slide 11: IMVT-1402: Potentially first anti-FcRn with simple autoinjector
IMVT-1402: Potentially first anti-FcRn to launch with simple autoinjector device All current IMVT-1402 trials are being conducted with the YpsoMate® autoinjector – the intended commercial presentation IMVT-1402 Established, user-friendly autoinjector with 2.25 mL automated multiple approved products
Slide 12: Graves' Disease
Graves’ Disease First-in-Class Opportunity 12 For investor audiences only
Slide 13: IMVT-1402: Potentially first- and best-in-class in Graves' disease
IMVT-1402: Potentially first- and best-in-class in Graves’ disease (GD) ~25-30% of Graves’ disease patients are challenging to manage on ATD therapy; High Unmet these patients are either unable to complete initial treatment or unable to stay Need euthyroid despite treatment Autoantibody Role of TSHR
Slide 14: Graves' disease is driven by autoantibodies to TSH receptor
Graves’ disease is a classic autoimmune condition driven by the presence of autoantibodies to the thyroid stimulating hormone receptor Graves’ Disease: Autoantibody-Driven Pathogenesis Normal Function Graves’ Disease TSH produced by the pituitary gland stimulates the Autoantibodies to the thyroid st
Slide 15: Shift away from ablation leaves 25-30% of patients uncontrolled
Shift away from ablation and lack of new medical therapies leaves 25-30% of patients who are relapsed, uncontrolled on, or intolerant to ATDs Graves’ Disease Patient Journey: Unmet Need 1st Line Treatment 2nd Line Treatment • 25-30% of patients are relapsed, uncontrolled on or intolerant to ATDs Con
Slide 16: Graves' patients at higher risk of severe comorbidities
Scientific literature indicates that Graves’ disease patients are at a higher risk of a sequelae of severe comorbidities Relative to Healthy Controls, Graves’ Patients Are at Untreated Or Insufficiently Treated Graves’ Patients Increased Risk of Developing Several Severe Comorbidities Experience Sub
Slide 17: Patients uncontrolled on ATDs experience significant disease burden
Graves’ patients uncontrolled on ATDs experience significant disease burden and risk of adverse events with limited treatment options Uncontrolled Graves’ RAI and surgery are Chronic ATD use can be patients are at risk for a associated with significant associated with risk of sequelae of severe comp
Slide 18: Methimazole follow-up shows many patients remain on ATDs after 5 years
Follow-up of Graves’ disease patient methimazole dosing shows significant percent of patients remaining on ATDs after 5-years 5-Year MMI Longitudinal Journey (N = 59,603) 3% Switch to PTU 5% THR 7% RAI 34% 7% Thyroidectomy • In a 5-year follow-up 20 mg + 2% 5% Break 20 mg + period, only 42% of 2% pa
Slide 19: Batoclimab responders show durability through six months off-treatment
Treatment Period: 24 weeks Follow-up: 24 weeks 680 mg 340 mg Off-Treatment batoclimab QW batoclimab QW (Week 24-48) SC (Week 0-12) SC (Week 12-24) Potential for disease modification with batoclimab responders demonstrating strong durability of response through six months off-treatment at end of foll
Slide 20: ~50% of responders achieved ATD-free remission
Treatment Period: 24 weeks Follow-up: 24 weeks 680 mg 340 mg Off-Treatment batoclimab QW batoclimab QW (Week 24-48) SC (Week 0-12) SC (Week 12-24) ~50% of responders at Week 48 achieved ATD-free remission, demonstrating strong potential for disease modification by a high-dose FcRn 13/17 responders o
Slide 21: Sustained TRAb reductions post-batoclimab
Treatment Period: 24 weeks Follow-up: 24 weeks 680 mg 340 mg Off-Treatment batoclimab QW batoclimab QW (Week 24-48) SC (Week 0-12) SC (Week 12-24) Sustained TRAb reductions post-batoclimab treatment further demonstrate the potential for disease modification 20% Step-down Mean percent change from bas
Slide 22: IMVT-1402 could be first disease-modifying therapy in Graves' disease
IMVT-1402 could potentially be the first-in-class disease-modifying therapy in Graves’ disease Significant effect seen in uncontrolled Graves’ disease patients: 18 of 25 patients treated 01 with batoclimab were responders* at Week 24 Durable off-drug response observed: Of the 21 patients who entered
Slide 23: Graves' disease market opportunity
Graves’ disease market opportunity includes annual incident opportunity and a significant untapped prevalent patient pool Incident Graves’ Disease Patients Prevalent Graves’ Disease Patients ~65K ~880K Annual Diagnosed & Treated US Adult Diagnosed US Adult Population5 Population1 ~58K ~760K Treated
Slide 24: Myasthenia Gravis
Myasthenia Gravis Best-in-Class Opportunity 24 For investor audiences only
Slide 25: IMVT-1402 potential to improve myasthenia gravis outcomes
IMVT-1402 has the potential to improve myasthenia gravis treatment outcomes as a best-in-class therapy, leveraging batoclimab learnings High Unmet 95% of Neurologists agree there is an opportunity for greater disease control (e.g., Need deeper responses)1 Autoantibody Classic IgG mediated disease, w
Slide 26: MG patients and providers need deeper, more durable control
MG patients and providers indicate a need for deeper and more durable disease control Deeper Disease Control Durable Response Continuous Control Dose Flexibility 95% 95% 84% 92% Neurologists agree that Neurologists indicate that Neurologists report that Neurologists agree a despite recent their exis
Slide 27: Phase 3 batoclimab MG data position IMVT-1402
Phase 3 batoclimab MG data1 positions IMVT-1402 as the potentially best-in- class anti-FcRn 680 mg batoclimab outperformed other anti-FcRn, complement, and CD19 inhibitors, 01 demonstrating highest MG-ADL reduction from baseline (-5.6 points) observed in any global Phase 3 MG trial to-date Highest r
Slide 28: MG: growing enthusiasm for the anti-FcRn class
MG: IgG-mediated autoimmune disease with growing enthusiasm for the anti- FcRn class Market Opportunity Despite innovation, patients report residual and breakthrough symptoms on 59K – 116K anti-FcRn therapy Total MG patients in the US1,2 70% of patients currently on an anti-FcRn X report having very
Slide 29: Chronic Inflammatory Demyelinating Polyneuropathy
Chronic Inflammatory Demyelinating Polyneuropathy Best-in-Class Opportunity 29 For investor audiences only
Slide 30: IMVT-1402 potential best-in-class efficacy in CIDP
IMVT-1402 has the potential to deliver best-in-class efficacy in chronic inflammatory demyelinating polyneuropathy (CIDP) High Unmet 30-50% of CIDP patients are inadequately controlled with existing therapies1 Need Lower is First-gen anti-FcRn batoclimab demonstrated deeper IgG suppression delivered
Slide 31: Batoclimab CIDP Phase 2b proof-of-concept data
Batoclimab CIDP Phase 2b proof-of-concept data1 positions IMVT-1402 to potentially be best-in-class Best-in-class efficacy observed across multiple efficacy measures: aINCAT, I-RODS, MRC-SS, and grip strength2 Demonstrated that deeper IgG reductions translate to improved response with 84% aINCAT res
Slide 32: CIDP patients and providers seek a new treatment option
CIDP patients and providers are seeking a new treatment option that reduces symptom and treatment burden1 75% of HCPs prefer to treat CIDP patients as early and aggressively as possible Sizable Market Opportunity Substantial Unmet Need 58K 30-50% of CIDP patients are Lower Relapse inadequately contr
Slide 33: ACPA+ Difficult-to-Treat RA
ACPA+ Difficult-to- Treat RA First- and Best-in-Class Opportunity 33 For investor audiences only
Slide 34: IMVT-1402 potential first- and best-in-class in ACPA+ D2T RA
IMVT-1402 has the potential to achieve a first- and best-in-class profile for people with ACPA+ D2T RA, who have failed two or more prior advanced mechanisms1 High Unmet 5-20% of RA patients have inadequate or loss of response to two or more mechanisms Need Subgroup of advanced therapies2 Autoantibo
Slide 35: Autoantibodies like ACPA play a key role in RA pathophysiology
In addition to cellular autoimmunity and cytokine dysregulation, autoantibodies like ACPA play a key role in the pathophysiology of RA Autoantibodies such as Rheumatoid Factor (RF) and ACPA are present in ~75% of RA patients1 T cell activation B cell activation Role of ACPA in RA pathophysiology A
Slide 36: Difficult-to-treat RA comprises 5-20% of RA patients
Difficult-to-treat RA is estimated to comprise 5-20% of RA patients whose disease cannot be managed by available therapies The D2T population of multi-advanced mechanism failures has no proven treatment options Need for More Options • Estimated 5-20% of patients remain symptomatic D2T RA Criteria de
Slide 37: D2T RA patients have substantial morbidity
Patients with difficult-to-treat RA have substantial morbidity and quality of life impairment due to disease severity and complications 43% 46 >50% 63% 45% Fully work Consultations Dependent on Require joint Report walking disabled for 10-15 per year with external help to live surgeries3 disability4
Slide 38: IMVT-1402 potentially registrational trial in ACPA+ D2T RA
IMVT-1402 potentially registrational* trial in ACPA+ D2T RA Trial designed as open label lead-in followed by randomized withdrawal in multi-mechanism failure population enriched for higher baseline ACPA levels Inclusiona Period 1: Period 2: Endpoints Open-label, active Randomized Treatment Responder
Slide 39: Trial schematic & participant disposition
Trial schematic & participant disposition Period 1: Open-Label Period 2: Randomized Withdrawal Baseline Week 16 Week 16 Week 28 ACR20 Response?1 IMVT-1402 600mg (N=40) Yes (N=118) 1:1:1 IMVT-1402 600mg (N=1652) Rand. IMVT-1402 300mg (N=362) No3 (N=47) Placebo (N=41) Primary Endpoint (ACR20) Notes: 1
Slide 40: Trial enrolled a difficult-to-treat population
Trial enrolled a difficult-to-treat population: patients were 4L+, having failed conventional therapy and ≥2 mechanisms of advanced therapies Baseline Characteristics IMVT-1402 (Period 1) Mean unless otherwise noted (N=1652) Age, years 58.7 Sex, % female, n (%) 116 (70.3%) Time since RA diagnosis, y
Slide 41: Period 1 preliminary data
Period 1 preliminary data Trial enrolled a difficult-to-treat population: patients had to fail at least one conventional DMARD therapy and at least 2 additional mechanisms of advanced therapies (biologic and targeted synthetic DMARDs) ACR20, ACR50, ACR70 Response Rates at Week 16 (N=1651) 80% 70% 60
Slide 42: Period 1 preliminary data: consistent effect in JAK-class failures
Period 1 preliminary data: consistent effect in JAK-class failures IMVT-1402 response rates were consistent between the overall difficult-to-treat population and patients whose treatment history included failure on at least a TNF inhibitor and a JAK inhibitor ACR20, ACR50, ACR70 Response Rates at We
Slide 43: Period 2: distribution across treatment arms at Week 16
Period 2 (Weeks 16-28): following 16 weeks of 600mg treatment, distribution across treatment arms at Week 16 generally well-balanced IMVT-1402 600mg IMVT-1402 300mg2 Placebo N (Period 2) 40 36 41 Age, years 60.1 57.5 57.8 Sex, % female 30 (75.0%) 25 (69.4%) 31 (75.6%) Time since RA diagnosis, years
Slide 44: Period 2 primary endpoint: ACR20 met at Week 28
Period 2 (Weeks 16-28) primary endpoint: IMVT-1402 600mg met the primary endpoint of ACR20 response at Week 28 Period 2 ACR20 Response Rates at Week 28 100% p = 0.0139 90% ns ACR20 Response (%) 80% 70% 92.5% 60% 75.0% 75.6% 50% 0% P1: 600mg P2: 600mg P1: 600mg P2: 300mg P1: 600mg P2: Placebo (
Slide 45: ACR50 and ACR70 improvements at Week 28
Period 2 (Weeks 16-28): IMVT-1402 600mg continued to demonstrate meaningful improvements in ACR50 and ACR70 at Week 28 Period 2 ACR50 Response Rates at Week 28 Period 2 ACR70 Response Rates at Week 28 100% 100% p = 0.0117* p = 0.1674* 90% 90% 80% 80% ACR70 Response (%) 70% 70% ACR50 Response (%) 60%
Slide 46: ACR50/70 rates increased over 28 weeks of 600mg
ACR50/70 rates increased from baseline to Week 28 in patients who received IMVT-1402 600mg for the full 28-week treatment period ACR50 & ACR70 for Patients Randomized to IMVT-1402 600mg for the Full 28-Week Period (N=40) 80% 70% 60% ACR Response (%) 50% 40% 77.5% 80.0% 30% 52.5% 47.5% 20% 42.5% 10%
Slide 47: Secondary endpoints: CDAI and SDAI maintained vs. placebo
Period 2 (Weeks 16-28) secondary endpoints: patients on IMVT-1402 600mg maintained CDAI & SDAI scores vs. placebo patients who worsened CDAI and SDAI endpoints reflect widely used scales in clinical practice for assessing sustained response CDAI Change from Period 2 Baseline at Week 28 SDAI Change f
Slide 48: ACR20 maintained regardless of prior JAK inhibitor failure
Period 2 (Weeks 16-28): patients maintained ACR20 response on IMVT-1402 600mg at Week 28 regardless of prior JAK inhibitor failure Period 2 ACR20 Response Rates at Week 28 by Prior JAK Inhibitor Failure 100% Patients with prior IL-6 inhibitor failure (N=13 90% 600mg, N=13 placebo) also performed sim
Slide 49: ACR50/70 maintained regardless of prior JAK failure
Period 2 (Weeks 16-28): patients also maintained ACR50/70 response on IMVT-1402 600mg at Week 28 regardless of prior JAK inhibitor failure Period 2 ACR50 Response Rates at Week 28 by Period 2 ACR70 Response Rates at Week 28 by Prior JAK Inhibitor Failure Prior JAK Inhibitor Failure 100% 100% 90% 90%
Slide 50: Period 2 safety: favorable profile comparable to placebo
Period 2 (Weeks 16-28) safety: IMVT-1402 demonstrated a favorable safety profile with adverse event rates comparable to placebo n (%) IMVT-1402 600mg IMVT-1402 300mg Placebo N (Period 2) 40 35 39 Any Treatment-Emergent Adverse Event (TEAE) 9 (22.5%) 10 (28.6%) 12 (30.8%) Grade ≥3 TEAE 0 0 0 Any Seri
Slide 51: Period 2 key takeaways & path forward
Period 2 key takeaways & path forward Period 2 data further support the potential for IMVT-1402 to not only induce but to maintain deep therapeutic responses in a population that has failed multiple advanced therapies FDA interaction is planned for later this year to determine the path forward regar
Slide 52: ~820K US RA patients treated with advanced mechanisms
~820K US RA patients are treated with advanced mechanisms: a subset progresses on multiple mechanisms and requires new therapeutic options Market Opportunity Unmet Needs in Difficult-to-Treat RA US RA Patients Treated with Advanced Fewer than 50% of RA ~50% of patients fail their first advanced Ther
Slide 53: Appendix
Appendix For investor audiences only
Slide 54: Our target: Neonatal Fc receptor (FcRn)
Our target: Neonatal Fc receptor (FcRn) FcRn maintains levels of antibodies (IgG) in Anti-FcRn blocks binding of IgG to FcRn and circulation by preventing their degradation promotes their removal and degradation Blood Blood Endocytic Endocytic vesicle vesicle 1 4 1 Endosome Endosome 2 3 3 4 2 Monocy
Slide 55: Deeper IgG reductions result in better clinical outcomes
Totality of FcRn clinical evidence demonstrates that deeper IgG reductions result in better clinical outcomes across multiple indications Company Evidence of Greater IgG Reductions Translating to Clinical Benefit Phase 2: Greater IgG reduction across treatment cohorts higher rates of anti-TSHR ant
Slide 56: First potentially registrational trial in Graves' disease
IMVT-1402 first potentially registrational* trial in Graves’ disease Inclusiona Treatment Period: 52 weeks Primary Endpoint • Adults with active N = 240 at Week 26: Graves’ disease Period 1 Period 2 Proportion of (26 weeks blinded treatment) (26 weeks blinded treatment) participants who Off-Treatmen
Slide 57: Second potentially registrational trial in Graves' disease
IMVT-1402 second potentially registrational* trial in Graves’ disease Inclusiona Blinded Treatment Period: 26 weeks Primary Endpoint • Adults with active N = 210 at Week 26: Graves’ disease Proportion of who are participants who hyperthyroid become euthyroidb Off-Treatment Follow-up based on Randomi
Slide 58: Potentially registrational trial in MG
IMVT-1402 potentially registrational* trial in MG Global trial with N=231 participants; designed to enable demonstration of deep, durable responses Inclusiona Period 1: Period 2: Period 3: Primary Analysis (12 weeks) (14 weeks) (52 weeks) Population: • Mild to severe 1:1:1 Randomization (N=231) anti
Slide 59: Potentially registrational trial in CIDP
IMVT-1402 potentially registrational* trial in CIDP Trial designed to maximize dose response with IMVT-1402 600 mg Inclusiona Blinded Treatment Periodb: 24 Weeks Open-label Extension: 52 Weeks Primary N = 162 Endpoint: • Clinical Proportion of diagnostic 2:1 Randomization participants criteria remai
Slide 60: Potentially registrational trial in ACPA+ D2T RA
IMVT-1402 potentially registrational* trial in ACPA+ D2T RA Trial designed as open label lead-in followed by randomized withdrawal in multi-mechanism failure population enriched for higher baseline ACPA levels Inclusiona Period 1: Period 2: Endpoints Open-label, active Randomized Treatment Responder
Slide 61: IMVT-1402 Phase 2 trial in Sjögren's disease
IMVT-1402 Phase 2 trial in Sjögren’s disease (SjD) In light of the evolving SjD landscape and recent data in the field, we expect it is unlikely that we will advance IMVT-1402 further in SjD beyond the ongoing, fully enrolled Phase 2 trial Inclusiona Treatment Period: up to 48 weeks Endpoints • Prim
Slide 62: Market Opportunity in Graves' Disease
Market Opportunity in Graves’ Disease 62 For investor audiences only
Slide 63: Analysis #1: Claims analysis of prevalent treated Graves' market
Analysis #1: Real world claims analysis indicates a substantial untapped opportunity in the prevalent treated Graves’ disease market Prevalent Treated Patients Eligible for ablation but choosing not to pursue it Diagnosed US Adult Population1 ~880K Patients Previously Treated Immediate Near-Term Opp
Slide 64: Analysis #2: Incident US population of ~65K
Analysis #2: Real world claims analysis conservatively estimates an incident US population of ~65K leading to an annual second line market of ~20K patients Newly Diagnosed Patients Annual Diagnosed & Treated US Adult Population1 65K 85-90% ~10% 1st Line Ablation1 1st Line ATD1 (Surgery & RAI) 58K 7K
Slide 65: Analysis #3: Endocrinologist survey
Analysis #3: Surveyed endocrinologists indicate that ~25% of their patients remain uncontrolled on ATDs Endocrinologist Survey Methodology Graves’ Disease Patient Types: HCP Survey (n=140 HCPs, % of patients) 1. Board-certified endocrinologists (N=140) were screened based on Graves’ disease patient
Slide 66: Analysis #4: Real-world chart review
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 Characterization of Thyroid Control with ATD Therapy Real World Chart Audit Methodology (n=998 Patient Charts*, % of patients) 1. As part of t
Slide 67: Analysis #5: Patient survey
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 Patient Survey Methodology Ability to Achieve Stable Thyroid Disease (n=100 Graves’ disease patients, % of patients) 1. A double-blinded online sur
Slide 68: Graves' US market-sizing analyses confirm high unmet need
Graves’ US market-sizing analyses confirm high unmet need with ~330K prevalent patients relapsed, uncontrolled, or intolerant to ATDs 1 Conservative Inovalon claims analysis1 yields ~880K prevalent Graves’ disease patients, including ~330K prevalent ATD relapsed patients choosing not to pursue ablat