IMVT - Quick Take - Preliminary OL D2T-RA Data w/ IMVT-1402 Show Compelling Signals of Efficacy

Research evidence excerpt

IMVT - Quick Take - Preliminary OL D2T-RA Data w/ IMVT-1402 Show Compelling Signals of Efficacy

Truist Securities

Equity Research Report May 20, 2026

HEALTHCARE: Biotech Immunovant, Inc. (IMVT)

IMVT - Quick Take - Preliminary OL D2T-RA Data w/ IMVT-1402 Danielle Brill, Pharm.D.

212-303-4110 Show Compelling Signals of Efficacy

Danielle.Brill@truist.com

Alex Nackenoff, Ph.D. IMVT and partner Roivant (ROIV, NR) disclosed positive preliminary data from the

212-590-0908 open-label (OL) treatment portion of the ongoing Ph 2 randomized withdrawal study

Alex.Nackenoff@truist.com in difficult-to-treat rheumatoid arthritis (D2T-RA).

Bottom-line: The reported ACR20/50/70 response rates in a heavily pre-treated population

are meaningfully above expectations and are supportive of a compelling efficacy signal for

Current Price (May 19, $26.29 IMVT-1402 in this setting. 2026)

That said, data disclosure was overall limited and management flagged low expectations for

Stock Rating HOLD achieving a stat-sig separation vs placebo in the randomized-withdrawal portion of the study

Unchanged due to (1) short duration of follow-up, and (2) a paradoxical design dynamic, whereby the

Price Target $23.00 high proportion of patients achieving deep responses in the OL phase may fail to relapse below the ACR20 threshold after randomization to placebo. As a result, placebo adjusted

Unchanged treatment effects could be muted, despite potentially strong underlying drug activity.

Accordingly, several key questions remain, particularly around the registrational pathway

and broader development strategy.

7 Page Document

Notable details from the release, ROIV earnings call, and subsequent management

follow-up, as well as our key outstanding questions, are summarized below.