IMVTImmunovant, Inc.
Biological Products, (no Diagnostic Substances)
- Revenue
- —
- Operating margin
- —
- EBITDA
- —
- Market cap
- $6.0B
- Employees
- —
- Net debt / EBITDA
- —
- AI in 10-K
- 0.3
- mentions per 10K words
Takeover score 1 of 13
Fixable underperformance 0 of 7
- TSR below peersNo1 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo—Cash flow under 80% of net income
- Dilutive SBCNo—Over 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo—Over 40% of assets
- Shareholder dissentNo86% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AIYes0.3 per 10K words · 14th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedNo$6.0B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo$333M netNet sales over $10M in 12 months
Financials
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | YoY |
|---|---|---|---|---|---|---|
| Net income | −$157M | −$211M | −$259M | −$414M | −$506M | 22% |
| Operating cash flow | −$106M | −$188M | −$214M | −$376M | −$407M | 8.4% |
| Capex | $254K | $197K | $360K | $759K | $8K | 99% |
| Stock-based comp | $34M | $32M | $41M | $49M | $56M | 13% |
Deal filings
| Filed | Form | Acquirer | Price | Premium |
|---|---|---|---|---|
| Nov 27, 2019 | DEFM14A | Health Sciences Holdings, LLC | $10.35 | 0.25% |
| Oct 2, 2019 | PREM14A | — | $9.96 | 0% |
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Dec 12, 2025 | Roivant Sciences Ltd. | SCHEDULE 13D/A | 55.9% | Passive |
| Apr 21, 2025 | Roivant Sciences Ltd. | SCHEDULE 13D/A | 56.9% | Passive |
| Jan 15, 2025 | Roivant Sciences Ltd. | SCHEDULE 13D/A | 56.9% | Passive |
| Oct 4, 2023 | Roivant Sciences Ltd. | SC 13D/A | 55.3% | Passive |
| Aug 2, 2021 | Roivant Sciences Ltd. | SC 13D/A | 63.8% | Active |
| Mar 8, 2021 | Roivant Sciences Ltd. | SC 13D/A | 57.5% | Active |
| Sep 18, 2020 | Roivant Sciences Ltd. | SC 13D/A | 57.6% | Passive |
| Sep 4, 2020 | Roivant Sciences Ltd. | SC 13D/A | 54.2% | Passive |
| May 15, 2020 | Roivant Sciences Ltd. | SC 13D/A | 62.1% | Passive |
| Apr 17, 2020 | Roivant Sciences Ltd. | SC 13D/A | 58.2% | Passive |
Insider trading
- Open-market buys, 12 mo
- $350M · 1
- Open-market sells, 12 mo
- $17M · 62
- Net
- $333M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2026 | — | — | 155 | 129 |
| FY2025 | — | — | 107 | 93 |
| FY2024 | — | — | 201 | 96 |
| FY2023 | — | — | 97 | 89 |
| FY2022 | — | — | 34 | 89 |