ROIV IMVT RA data a positive surprise. Mechanistic moat vs other B cell leaning MOAs

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ROIV IMVT RA data a positive surprise. Mechanistic moat vs other B cell leaning MOAs

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ROIV IMVT RA data a positive surprise. Mechanistic moat May 20, 2026

vs other B cell leaning MOAs

The Wolfe Byte

Positive RA data today, strong despite open-labelness. Recall that this represents mechanistic innovation in RA

and potentially more timing advantage from Immunovant. Lack of IgG or B-cell leaning mechanisms heading into

RA, with competition heading into MG SSc SLE etc

RA data a positive surprise to us, because RA had not been part of our consideration (or our model) and we were

frankly concerned about the FcRn mechanism in RA. Data is consistently good despite the open-labelness. 73% 55%

36% across ACR20 50 70 may be numerically similar to (if not better than) others. For comparison, at 6mo, in mtx-IR

patients, Humira mono efficacy 53% 35% 18% (vs pbo 19% 8% 2%), Humira+mtx efficacy 63% 39% 21% (vs pbo 30%

10% 3%). At week 12, in bDMARD-IR patients, Rinvoq+cDMARD 65% 34% 12% (vs placebo+cDMARD 28% 12% 7%).

Data is consistent regardless of prior experience with JAKi. No details on kinetics. Management was very optimstic on

callback and believes Period 1 data is unambiguously good.

This is mechanistic innovation in RA, leading to more timing advantage. The prevailing scientific consensus has been

(had been?) that continued antibody stimulation of myeloid cells is not important for persistent symptoms in RA, because

synovial macrophages and fibroblasts can sustain continued disease without FcγR crosslinking. Interestingly, Orencia

achieves similar ACR efficacy compared to Humira but T cell inhibition is another component untouched by FcRn drugs.