On December 11, 2025, Immunovant, Inc. (IMVT) announced the pricing of an underwritten offering of its common stock. The 8-K filing disclosed anticipated gross proceeds of approximately $550 million from the offering, which is expected to close on December 12, 2025.

According to the filing, Immunovant expects its existing cash and cash equivalents, together with the offering proceeds, will fund operations through the potential commercial launch of IMVT-1402 in Graves Disease. The company is prioritizing development of IMVT-1402 as a potential first- and best-in-class anti-FcRn therapy.

Immunovant has initiated studies of IMVT-1402 in six autoimmune indications, including potentially registrational trials in Graves Disease (GD), Difficult-to-Treat Rheumatoid Arthritis (D2T RA), Myasthenia Gravis (MG), Chronic Inflammatory Demyelinating Polyneuropathy (CIDP), and Sjögren's Disease (SjD). The company expects to report top-line results from the D2T RA trial in 2026 and from the Graves Disease trial in 2027.

"We believe IMVT-1402's profile has the potential to offer best-in-class efficacy, in addition to its potentially favorable safety profile and convenient administration with a simple self-administered auto-injector expected at launch." — Immunovant, Inc. 8-K Filing

The company initiated a potentially registrational trial evaluating IMVT-1402 in anti-citrullinated protein autoantibody (ACPA) positive D2T RA in December 2024. Immunovant also has a proof-of-concept trial underway in cutaneous lupus erythematosus (CLE) with IMVT-1402.

Regarding its other anti-FcRn asset, Immunovant stated it is leveraging data and insights from batoclimab to inform development of IMVT-1402. The company has commenced discussions with partner HanAll regarding the potential return of certain rights for batoclimab, noting that disputes could result in arbitration or litigation.

"We continue to expect the first of the two batoclimab Phase 3 TED studies to read out before the end of calendar year 2025. However, due to evolving competitive dynamics, we anticipate sharing top-line results from both TED studies concurrently in the first half of calendar year 2026." — Immunovant, Inc. 8-K Filing

The filing was signed by Tiago Girão, Chief Financial Officer of Immunovant. The document outlines numerous risk factors including potential clinical trial failures, regulatory challenges, and disputes with HanAll over batoclimab rights.