ROIV earnings analysis
What we found in ROIV's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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).
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 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.
- 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.
- 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).
- 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).
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- 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%).
- 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.
- 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.
- 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).
- 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.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.38
- Gross margin
- 64.9824912456228%
- Operating margin
- -16966.127063531767%
What they said about what is next.
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).
The filing reads worse than the one before it.
What came before.
- 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,…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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