Forensic Analysis · Pharmaceuticals & Biotechnology · as of Nov 8, 2026

Immunovant, Inc. (IMVT)

A forensic read on Immunovant, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

D · Weak — demands caution

Forensic grade

Grey Zone

Financial health

4.9

Distress distance

Forensic signals

-64.8%

ROE

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Immunovant, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 4.9, placing it in the Grey zone. 2 forensic signals were flagged in its latest SEC filings, led by share-count dilution.

What the filings flag

+14.9%/yr

FY2024–FY2026

Share-count dilution. Diluted share count changed +32% over the last 2 years to FY2026 (+14.9%/yr). The count is growing — 138.1M shares in FY2024, 182.4M in FY2026: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~14.9% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2024 has been diluted ~24%.

165% of rev

FY2024

Stock-based comp load. Stock-based compensation ran 165% of revenue in FY2024 — about $0.30 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 14.9% a year across FY2024–FY2026 and that rate is not falling, so total profit has to grow by that much annually before any of it reaches a share. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.

Key fundamentals

Latest Revenue$24.9M

Net Margin-1039.5%

Free Cash Flow-$407.3M

Return on Equity-64.8%

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Data from SEC EDGAR public filings · metrics as of Nov 8, 2026. Forensic signals flag probability, not certainty.

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