Slide 1: Financial Results and Business Update for the Quarter Ended September 30, 2025
Financial Results and Business Update for the Quarter Ended September 30, 2025 November 10, 2025
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation includes forward-looking statements that are subject to substantial risks Non-GAAP Financial Information and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. All statements other than s
Slide 3: Agenda
Agenda Roivant in 2025 Brepocitinib VALOR Data Batoclimab Graves’ Disease Remission Data LNP Litigation Update Financial Update Investor Day 2025 Q&A 3 For investor audiences only
Slide 4: Roivant in 2025
Roivant in 2025 e roivant LLL ZZ ZT IAF + ae eee
Slide 5: Roivant in 2025: Continued Progress Across Key Programs Sets Foundation for Next Era of Growth
Roivant in 2025: Continued Progress Across Key Programs Sets Foundation for Next Era of Growth Positive VALOR data for brepocitinib in DM NDA filing planned in 1H 2026; potential showed statistically significant benefit on all 10 ranked endpoints first novel oral therapeutic in DM Unveiled durable-r
Slide 6: Robust Late-Stage Pipeline with Registrational Trials in Indications with Blockbuster Potential
Robust Late-Stage Pipeline with 11 Registrational Trials in Indications with Blockbuster Potential Focusing on Clinical Trial Execution to Drive Significant Potential Value Modality Proof of Concept Registrational Status NDA filing expected BREPOCITINIB Dermatomyositis | Priovant Small Molecule 1H 2
Slide 7: Positive Brepocitinib Registrational Study in DM Kicks Off 6 Months Stacked with Additional Readouts and Launches
Positive Brepocitinib Registrational Study in DM Kicks Off 36 Months Stacked with Additional Potentially Registrational Readouts and Launches Brepocitinib Registrational Data Readouts IMVT-1402 Registrational CIDP Data Readouts SjD GD Launch of IMVT-1402 in Multiple Potential Blockbuster Indications
Slide 8: Brepocitinib VALOR Data
Brepocitinib VALOR Data roivant
Slide 9: Brepocitinib – Highlights of Phase 3 VALOR Study Results in DM
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 • Response
Slide 10: DM Patients Have Significant Unmet Medical Needs
DM Patients Have Significant Unmet Medical Needs Therapies Received by DM Patients • Standard-of-care in DM is largely unchanged since the 1980s: combinations of corticosteroids and off-label ISTs 11% • Patient and physician need for modern, targeted therapies is extraordinarily high given 13% that
Slide 11: Brepocitinib Showed Significant and Clinically Meaningful Improvement on Primary Endpoint of TIS
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 * * * ** 50 * *
Slide 12: More Than A Third of Brepocitinib 30 mg Patients Achieved Both Major TIS Response And Minimal or No Steroid Burden
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 Patients Achieving Major TIS Response (TIS60) with Oral Steroids ≤2.5 mg/day at Week 52 ≤2.5 mg/day at Wee
Slide 13: Brepocitinib 30 mg Achieved Statistically Significant Benefit On All Ten Ranked Endpoints in the VALOR Study
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 Brepocitinib Placebo Key Endpoint Important Featu
Slide 14: Brepocitinib: Expected Upcoming Events
Brepocitinib: Expected Upcoming Events Potential Potential sNDA NDA submission brepocitinib submission for for brepocitinib approval and brepocitnib in in DM launch in DM NIU 1H 2H 1H 1H 2H 2026 2026 2027 2027 2027 Data readout Topline data from Proof of readout from Concept study in pivotal study i
Slide 15: Batoclimab Graves' Disease Remission Data
Batoclimab Graves’ Disease Remission Data
Slide 16: Shift Away from Ablation and Lack of New Medical Therapies Leaves 25-30% of Graves' Patients Relapsed, Uncontrolled or Intolerant
Shift Away from Ablation and Lack of New Medical Therapies Leaves 25-30% of Graves’ Disease Patients 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
Slide 17: Graves' Disease Patients are at a 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 Increased Untreated Or Insufficiently Treated Graves’ Patients Risk of Developing Several Severe Comorbidities Experience Sub
Slide 18: Graves' Disease Market Opportunity Includes Annual Incident Opportunity and Untapped Prevalent Patient Pool
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 U.S. Adult Diagnosed U.S. Adult Population5 Population1 ~760K ~7K ~58K
Slide 19: Potential for Disease Modification with Strong Durability of Response through Six Months Off-Treatment
Potential for Disease Modification with Responders Demonstrating Strong Durability of Response through Six Months Off-Treatment at End of Follow-Up 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) Week
Slide 20: ~50% of Responders at Week 48 Achieved ATD-Free Remission
~50% of Responders at Week 48 Achieved ATD-Free Remission, Demonstrating Strong Potential for Disease Modification by a High-Dose FcRn 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) 13/17 responders o
Slide 21: Sustained TRAb Reductions Post-Batoclimab Treatment Further Demonstrate Potential for Disease Modification
Sustained TRAb Reductions Post-Batoclimab Treatment Further Demonstrate the Potential for Disease Modification 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) 20% Step-down Mean percent change from bas
Slide 22: Clear Focus on Execution to Unlock Value Both Near- and Long-Term
Clear Focus on Execution to Unlock Value Both Near- and Long-Term Indication Study Data Catalyst 2025 2026 2027 2028 Potentially TED Top Line Results* Registrational Potentially ACPA+ D2T RA Open-label Period 1 Initial Results Registrational CLE POC Top Line Results Potentially ACPA+ D2T RA Top Line
Slide 23: LNP Litigation
LNP Litigation roivant Zz LLL TF Fe oy ea HE
Slide 24: Pivotal Period for LNP Litigation
Pivotal Period for LNP Litigation Moderna Cases Pre-trial process to narrow scope of claims and defenses US jury trial scheduled for First major international March 2026 hearings expected in 1H 2026 Summary judgment phase ongoing Pfizer Case Ongoing progress in discovery phase Favorable Markman ruli
Slide 25: Financial Update
Financial Update e roivant LLL ZZ ZT IAF + ae eee
Slide 26: Key Financial Items
Key Financial Items Select Income Statement Metrics and Non-GAAP Select Balance Sheet Metrics Metrics for the Three Months Ended September 30, as of September 30, 2025 2025 • R&D expense of $165M; adjusted R&D expense of • Cash, cash equivalents, restricted cash and $153M (non-GAAP) marketable secur
Slide 27: Non-GAAP Disclosures
Non-GAAP Disclosures Reconciliation of GAAP to Non-GAAP Financial Measures (unaudited, in thousands) Three Months Ended September 30, Three Months Ended September 30, Note 2025 2024 Note 2025 2024 Research and development expenses $ 164,568 $ 143,073 Loss from continuing operations, net of tax $ (16
Slide 28: Rich Catalyst Calendar
Rich Catalyst Calendar 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 t
Slide 29: Investor Day 2025
Investor Day 2025 e roivant LLL ZZ ZT IAF + ae eee
Slide 30: Investor Day 2025 – December 11, 2025, New York City
roivant Investor Day 2025 December 11, 2025 New York City Morning sessions followed by lunch — registration now open
Slide 31: Thank you.
Thank you. roivant