Roivant Books $950 Million Moderna Payment After Quarter-End

The Tip Desk · August 6, 2026 · 4 min read

Genevant and Arbutus received $950 million in July under a $2.25 billion patent settlement, with another $1.3 billion still contingent on a Section 1498 appeal.

Roivant Sciences Ltd. (ROIV), a biopharmaceutical company that develops medicines through specialized “Vant” subsidiaries, said Genevant Sciences GmbH and Arbutus received $950 million from Moderna in July 2026, the initial payment under a $2.25 billion global patent-infringement settlement reached in March.

The cash arrived after the first quarter ended June 30, 2026, so it is excluded from the company’s reported cash position. An additional $1.3 billion remains contingent on a favorable resolution of Moderna’s Section 1498 appeal. In the same month, Genevant and Arbutus filed three international lawsuits against Pfizer and BioNTech — one in Canada and two before the Unified Patent Court — covering 21 jurisdictions to enforce lipid-nanoparticle patents. Discovery in the U.S. Pfizer/BioNTech case was ongoing.

Chief Executive Matt Gline called the quarter “a moment of relative quiet between our incredibly busy last twelve months and our even busier year ahead.” Commercial preparations for brepocitinib in dermatomyositis were on track for launch by the end of September 2026. First patients had been enrolled in a Phase 3 study of brepocitinib in cutaneous sarcoidosis, with topline data expected in calendar year 2028. Enrollment in Part 1 of the Phase 2b/3 study in lichen planopilaris was progressing.

Topline data were expected in the second half of calendar year 2026 from Phase 3 studies of brepocitinib in non-infectious uveitis, a proof-of-concept trial of IMVT-1402 in cutaneous lupus erythematosus, and a Phase 2 study of mosliciguat in pulmonary hypertension associated with interstitial lung disease. All clinical development timelines for IMVT-1402 remained on track, including potentially registrational trials in Graves’ disease, myasthenia gravis, chronic inflammatory demyelinating polyneuropathy, difficult-to-treat rheumatoid arthritis and Sjögren’s disease.

Consolidated cash, cash equivalents, restricted cash and marketable securities were $3.9 billion as of June 30, 2026, excluding the July Moderna payment. Cash and cash equivalents were $1.248 billion and marketable securities $2.594 billion. A litigation settlement receivable stood at $771.6 million. The cash position supported runway into profitability.

For the three months ended June 30, 2026, Roivant repurchased 7.3 million common shares for approximately $208.7 million. Revenue was $1.442 million. Net loss was $290.6 million, or $0.26 a share. Non-GAAP net loss was $243.7 million.

Research and development expenses increased by $49.1 million to $202.0 million from $152.9 million a year earlier. The increase was primarily driven by $49.4 million higher program-specific costs — $44.8 million related to the anti-FcRn franchise and $4.7 million related to mosliciguat — and $3.8 million higher personnel-related expenses, including $4.1 million in employee bonuses tied to the Moderna settlement. Non-GAAP R&D expenses were $192.9 million.

General and administrative expenses increased by $31.5 million to $165.5 million from $134.0 million a year earlier. The increase was primarily due to $26.1 million higher personnel-related expense, largely $18.8 million in Moderna-settlement bonuses and $6.3 million of employer payroll taxes associated with equity award activity. Non-GAAP G&A expenses were $90.7 million.

Loss from operations was $366.0 million, including a $392 thousand gain on litigation settlement. Interest income was $36.9 million. The change in fair value of investments was a $36.6 million loss. Net loss attributable to Roivant Sciences Ltd. was $189.8 million.

Priovant’s BEACON+ Phase 3 study in cutaneous sarcoidosis is Part B of the positive Phase 2 BEACON trial. It will enroll approximately 140 patients across about 70 sites, randomized 3:2 between brepocitinib 45 mg once daily and placebo. The primary endpoint is the proportion of patients achieving a 50% or greater reduction in the Cutaneous Sarcoidosis Activity and Morphology Instrument – Activity Score at Week 16. In Phase 2, 77% of brepocitinib 45 mg patients met that endpoint versus 0% of placebo patients. CS affects approximately 40,000 adults in the United States, and there are currently no FDA-approved therapies for the condition.

Immunovant expects to report topline data from the IMVT-1402 CLE proof-of-concept trial and provide an update on the potentially registrational D2T RA program in the second half of calendar year 2026. Topline data are expected in calendar year 2027 across potentially registrational trials in Graves’ disease and myasthenia gravis, and in calendar year 2028 across trials in CIDP and Sjögren’s disease. Pulmovant expects topline data from the mosliciguat PH-ILD Phase 2 trial in the second half of calendar year 2026.