10-Q · November 12, 2024
Roivant reported revenue, net of $4.475 million for the quarter ended September 30, 2024 (up $0.827 million vs. $3.648 million a year ago), but operating loss widened to $(341.713) million, driven by R&D and G&A,…
Earnings analysis · 10-Q
ROIV earnings analysis
Filed February 6, 2026 · Our reading of the company's report
The latest report
Roivant reported revenue of $1,999,000 for the quarter ended December 31, 2025, a 77.8% decline from $9,018,000 in the prior-year quarter, while loss from continuing operations widened to $313.7 million (vs. $208.9…
Read full summary
Roivant reported revenue of $1,999,000 for the quarter ended December 31, 2025, a 77.8% decline from $9,018,000 in the prior-year quarter, while loss from continuing operations widened to $313.7 million (vs. $208.9 million a year earlier). Cash and marketable securities remain large at $1,478,270,000 and $3,051,708,000, respectively, but operating expenses (R&D $165,380,000; G&A $175,072,000) continue to far exceed revenue. Operating cash use improved to $(586,531,000) for the nine months ended December 31, 2025 (vs. $(666,886,000) prior year).
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.38
What stood out
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Large liquid position
Cash and cash equivalents of $1,478,270,000 and marketable securities of $3,051,708,000 (total $4,529,978,000) at December 31, 2025 provide substantial liquidity.
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Operating cash outflow improved YoY
Net cash used in operating activities was $(586,531,000) for the nine months ended December 31, 2025, an improvement of $80,355,000 versus $(666,886,000) in the prior-year period.
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Large scale R&D and G&A investment
Quarterly R&D expense was $165,380,000 and G&A was $175,072,000 for the three months ended December 31, 2025, underscoring continued high burn despite minimal revenue ($1,999,000).
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Noncontrolling interests increased
Noncontrolling interests rose to $704,969,000 at December 31, 2025 from $499,593,000 at March 31, 2025 (increase of $205,376,000).
What to watch
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Sharp revenue decline
Revenue fell to $1,999,000 for the quarter ended December 31, 2025 from $9,018,000 in the three months ended December 31, 2024, a decrease of $7,019,000 (≈77.8%).
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Widening continuing-operation loss
Loss from continuing operations increased to $313,701,000 for the quarter (Dec 31, 2025) from $208,945,000 in the prior-year quarter, a deterioration of $104,756,000.
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Operating expenses massively exceed revenue
Total operating expenses were $341,152,000 versus revenue of $1,999,000, producing an operating loss of $339,153,000 for the quarter ended December 31, 2025.
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Extreme negative operating margin
Operating loss of $339,153,000 on $1,999,000 revenue implies an operating margin of approximately -16,966% for the quarter (loss of $339,153,000 / revenue $1,999,000).
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Decline in cash balance
Cash and cash equivalents decreased to $1,478,270,000 at December 31, 2025 from $2,715,411,000 at March 31, 2025, a reduction of $1,237,141,000.
Management's outlook
Filing contains no numeric forward revenue or EPS guidance. Management states that "we do not have a need for additional capital under our current operating plans as a result of our current liquidity position," but also cautions it "may in the future require additional capital." (see 'Forward-Looking Statements' / MD&A disclosures).
Earlier filings 4
10-Q · August 9, 2024
Roivant reported strong top-line pickup for the quarter: revenue, net was $55,132 (three months ended June 30, 2024) versus $21,624 in the prior-year quarter, driven by $36,765 of license, milestone and other revenue.…
10-K · May 30, 2024
Roivant’s 10-K (fiscal year ended March 31, 2024) highlights a materially de-risking corporate liquidity event (sale of Telavant to Roche) and progress across its inflammation/immunology pipeline while emphasizing…
10-Q · February 13, 2024
Roivant reported Q3 revenue of $37.14M (up from $17.05M in Q3 2022) and recorded a one‑time gain on sale of Telavant net assets of $5,348,410, driving net income attributable to Roivant of $5,096,184 and diluted EPS of…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.