Slide 1: Targeted science, tailored solutions
Targeted science, tailored solutions for people with autoimmune disease Corporate Presentation August 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 has the potential to be first- and best-in-class
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: First generation batoclimab multi-indication clinical data
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) Sjögren's dis
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 >600K patient population Chronic Inflammatory ACPA+ Difficult-to- Cutaneous Lupus Graves’ Disease Sjögren’s Disease Myasthenia Gravis Demyelinating Treat RA Erythematosus Polyneuropathy Expected US Addressa
Slide 10: Clear focus on execution to unlock value
Clear focus on execution to unlock value both near and long term Indication Study Data Catalyst 2H 2026 2027 2028 Potentially ACPA+ D2T RA Further Updates Registrational* CLE POC Top Line Results Potentially GD Top Line Results Registrational Potentially MG Top Line Results Registrational Potentiall
Slide 11: IMVT-1402: Potentially first anti-FcRn to launch 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 TSH-
Slide 14: Graves' disease is a classic autoimmune condition
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 and lack of new medical therapies
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: Risk of Comorbidity / Complication
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: Graves' 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: Follow-up of Graves' disease patient methimazole dosing
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% Break period, only 42% of 5% 20 mg + 2% 15
Slide 19: Potential for disease modification with batoclimab responders
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 at Week 48 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
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 potentially be the first-in-class disease-modifying therapy
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 U.S. Adult Diagnosed U.S. Adult Population5 Population1 ~58K ~760K ~7K
Slide 24: Myasthenia Gravis
Myasthenia Gravis Best-in-Class Opportunity 24 For investor audiences only
Slide 25: IMVT-1402 has the potential to improve myasthenia gravis treatment 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 indicate a need for deeper 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 positions 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: Chronic Inflammatory Demyelinating Polyneuropathy
Chronic Inflammatory Demyelinating Polyneuropathy Best-in-Class Opportunity 28 For investor audiences only
Slide 29: IMVT-1402 has the potential to deliver 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 30: 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 31: MG: IgG-mediated autoimmune disease with growing enthusiasm
MG: IgG-mediated autoimmune disease with growing enthusiasm for the anti- FcRn class Market Opportunity Despite innovation, patients report Sizeable Indication with Unmet Need residual and breakthrough symptoms on 59K – 116K anti-FcRn therapy Total MG patients in the US1,2 70% of patients currently
Slide 32: CIDP patients and providers are seeking 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 30-50% of CIDP patients are 58K Lower Relapse Rates inadequately
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 has the potential to achieve a first- and best-in-class profile in 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 is estimated to comprise 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: 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 38: ACR20, ACR50, ACR70 response rates at Week 16
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 39: Consistent and meaningful effect in JAK-class failures
Period 1 preliminary data: consistent & meaningful 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 Respons
Slide 40: ~820K US RA patients are 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 41: Sjögren's Disease
Sjögren’s Disease Best-in-Class Opportunity 41 For investor audiences only
Slide 42: Sjögren's disease is a potentially best-in-class indication
Sjögren’s disease (SjD) is a potentially best-in-class indication for IMVT-1402 High Unmet No therapies are approved for the treatment of primary SjD Need Disease Autoantibody Autoantibodies detected in ~50-70% of patients with primary SjD; anti-FcRn proof of Pathology mechanism established Nipocali
Slide 43: SjD is an autoimmune disease associated with a myriad of manifestations
SjD is an autoimmune disease associated with a myriad of clinical manifestations Disease Overview Common symptoms Dry eyes, mouths, throat, • SjD is a chronic autoimmune disease characterized by and nose lymphocytic infiltration of the salivary and lacrimal glands Dental decay • Symptoms include sev
Slide 44: Autoantibodies play crucial roles in diagnosis and prognosis
Autoantibodies play crucial roles in both the diagnosis and prognosis of SjD Autoantibody Involvement Disease Pathogenesis3 • Serological abnormalities are common in SjD and include autoantibodies, hypergammaglobulinemia, and hypocomplementemia1 • Identification of disease-precipitating antibodies w
Slide 45: Publicly available nipocalimab data support anti-FcRn proof of mechanism
Publicly available nipocalimab data support anti-FcRn proof of mechanism and dose response in SjD Select results from a study of FcRn blockage vs. placebo in primary SjD LS mean (90%) change in ClinESSDAI score at Week 24 Mean (SE) change in ClinESSDAI score Placebo Nipocalimab 5mg/kg Nipocalimab 15
Slide 46: Sizable patient group with unmet need for an approved treatment
Sizable patient group with unmet need for an approved treatment option in SjD Market Opportunity Expansion Opportunities 290K Secondary Potential to impact conditions with US prevalence of primary Sjögren’s disease1 Sjögren’s shared autoimmune pathology X Up to 30% Glandular Unmet need to improve mo
Slide 47: Cutaneous Lupus Erythematosus
Cutaneous Lupus Erythematosus First-in-Class Opportunity 47 For investor audiences only
Slide 48: IMVT-1402 is potentially first-/best-in-class in CLE
IMVT-1402 is potentially first-/best-in-class in Cutaneous Lupus Erythematosus (CLE) Untapped Market IMVT-1402 has potential to be the first novel targeted therapy for CLE in >50 years 1 Opportunity IgG and Immune Biologic, translational, and mechanistic evidence support the critical role of IgG Com
Slide 49: CLE is a rare, chronic autoimmune disease affecting the skin
CLE is a rare, chronic autoimmune disease affecting the skin, with limited available treatment options and high unmet need • CLE is a rare, Subacute Chronic Lupus Chronic Cutaneous Lupus Erythematosus (SCLE) Erythematosus (CCLE) chronic skin disease Panniculitis LE tumidus characterized by Chilblain
Slide 50: CLE: IgG autoantibodies and immune complexes mediate inflammation
CLE: IgG autoantibodies and immune complexes mediate a cycle of self- amplifying skin inflammation and tissue damage in the skin Pathogenesis of CLE Disease UV light triggers enhanced cell death, IgG autoantibody immune response, and produces immune complex formation, leading to skin tissue damage a
Slide 51: Case Study: 12-Week Treatment with IMVT-1402 in CLE
Case Study: 12-Week Treatment with IMVT-1402 in CLE • Female, 57 IMVT-1402 Case Study: Patient 1 Demographics • Subacute CLE and alopecia Patient treated with 600 mg QW SC open-label for 12 weeks Baseline • Multiple skin locations affected 40 • CLASI-A score at screening = 36 35 • Background medicat
Slide 52: Dermatologists desire a skin-focused, targeted biologic for CLE
Dermatologists desire a skin-focused, targeted biologic that addresses CLE unmet needs1 IMVT-1402 has potential to be the first novel dermatology therapy for CLE in >50 years2 Considerable Market Opportunity Potential Differentiated Profile Dermatologists are frustrated by the 153K Targeted biologic
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: Totality of FcRn clinical evidence demonstrates deeper IgG reductions
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: IMVT-1402 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) Off-Treatment Follow-up (52 w
Slide 57: IMVT-1402 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: IMVT-1402 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: IMVT-1402 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: IMVT-1402 potentially registrational trial in ACPA+ D2T RA
IMVT-1402 potentially registrational* trial in ACPA+ D2T RA1 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 Randomized Treatment Responders** (1:1:1) • hsCR
Slide 61: IMVT-1402 potentially registrational trial in SjD
IMVT-1402 potentially registrational* trial in SjD Trial enables comparison of high dose to low dose FcRn blockage Inclusiona Treatment Period: up to 48 weeks Endpoints • Primary SjD N = 180 Period 1 Period 2** Primary Endpoint at • Moderate to severe Week 24: Change (24 weeks) (24 weeks) systemic d
Slide 62: IMVT-1402 proof-of-concept study in CLE
IMVT-1402 proof-of-concept study in CLE Global trial with N=56 participants; designed to demonstrate short-term and long-term efficacy Inclusiona Period 1 Period 2 Period 3 Endpoints • SCLE or Blinded Open-Label Blinded Primary endpoint: CCLE, with (12 weeks) (14 weeks) (26 weeks) Percent change fro
Slide 63: Market Opportunity in Graves' Disease
Market Opportunity in Graves’ Disease 63 For investor audiences only
Slide 64: Analysis #1: Real world claims analysis indicates untapped opportunity
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 U.S. Adult Population1 ~880K Patients Previously Treated Immediate Near-Term O
Slide 65: Analysis #2: Real world claims analysis estimates incident US population
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 U.S. Adult Population1 65K 85-90% ~10% 1st Line Ablation1 1st Line ATD1 (Surgery & RAI) 58K
Slide 66: Analysis #3: Surveyed endocrinologists indicate ~25% remain uncontrolled on ATDs
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 67: Analysis #4: Real-world chart review of 1,000+ patient records
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 68: Analysis #5: ~35% of Graves' disease patients report difficulty
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 69: 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 Conservative Inovalon claims analysis1 yields ~880K prevalent Graves’ disease patients, including 1 ~330K prevalent ATD relapsed patients choosing not to pursue ablat