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Side-by-side financial comparison of Immunovant, Inc. (IMVT) and Relay Therapeutics, Inc. (RLAY). Click either name above to swap in a different company.
Immunovant, Inc. is the larger business by last-quarter revenue ($8.4M vs $7.0M, roughly 1.2× Relay Therapeutics, Inc.). Immunovant, Inc. produced more free cash flow last quarter ($-59.8M vs $-235.9M).
Immunovant, Inc. is a clinical-stage biopharmaceutical company focused on developing innovative monoclonal antibody therapies for patients with serious, rare autoimmune and inflammatory diseases. Its lead product candidate covers multiple autoimmune indications, with core U.S. operations and a global market expansion strategy.
Relay Therapeutics is a clinical-stage biotechnology company focused on developing precision oncology therapies. It leverages advanced computational modeling of protein dynamics, paired with cutting-edge experimental biology, to design targeted medicines for previously intractable cancer types, serving global oncology care markets and patient populations.
IMVT vs RLAY — Head-to-Head
Income Statement — Q4 FY2024 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $8.4M | $7.0M |
| Net Profit | $-75.3M | — |
| Gross Margin | — | — |
| Operating Margin | -896.2% | — |
| Net Margin | -899.0% | — |
| Revenue YoY | 140.7% | — |
| Net Profit YoY | -26.7% | — |
| EPS (diluted) | $-0.50 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | — | $7.0M | ||
| Q3 25 | — | $0 | ||
| Q1 25 | — | $7.7M | ||
| Q4 24 | — | $0 | ||
| Q3 24 | — | $0 | ||
| Q2 24 | — | $0 | ||
| Q1 24 | $8.4M | $10.0M | ||
| Q4 23 | $8.9M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | $-74.1M | ||
| Q1 25 | — | $-77.1M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $-88.1M | ||
| Q2 24 | — | $-92.2M | ||
| Q1 24 | $-75.3M | $-81.4M | ||
| Q4 23 | $-51.4M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q1 25 | — | -1105.2% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -896.2% | -903.0% | ||
| Q4 23 | -576.8% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q1 25 | — | -1003.6% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -899.0% | -813.3% | ||
| Q4 23 | -575.6% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | $-0.43 | ||
| Q1 25 | — | $-0.46 | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $-0.63 | ||
| Q2 24 | — | $-0.69 | ||
| Q1 24 | $-0.50 | $-0.62 | ||
| Q4 23 | $-0.36 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $635.4M | $84.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $617.8M | $567.1M |
| Total Assets | $666.4M | $621.3M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $84.0M | ||
| Q3 25 | — | $91.6M | ||
| Q1 25 | — | $93.5M | ||
| Q4 24 | — | $124.3M | ||
| Q3 24 | — | $152.4M | ||
| Q2 24 | — | $134.1M | ||
| Q1 24 | $635.4M | $152.9M | ||
| Q4 23 | $690.9M | — |
| Q4 25 | — | $567.1M | ||
| Q3 25 | — | $607.7M | ||
| Q1 25 | — | $721.1M | ||
| Q4 24 | — | $777.8M | ||
| Q3 24 | — | $838.9M | ||
| Q2 24 | — | $681.7M | ||
| Q1 24 | $617.8M | $745.8M | ||
| Q4 23 | $679.3M | — |
| Q4 25 | — | $621.3M | ||
| Q3 25 | — | $670.0M | ||
| Q1 25 | — | $799.4M | ||
| Q4 24 | — | $871.3M | ||
| Q3 24 | — | $930.1M | ||
| Q2 24 | — | $772.5M | ||
| Q1 24 | $666.4M | $841.4M | ||
| Q4 23 | $711.4M | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-59.7M | $-235.5M |
| Free Cash FlowOCF − Capex | $-59.8M | $-235.9M |
| FCF MarginFCF / Revenue | -714.4% | -3370.0% |
| Capex IntensityCapex / Revenue | 1.8% | 5.9% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-214.6M | $-622.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-235.5M | ||
| Q3 25 | — | $-62.1M | ||
| Q1 25 | — | $-73.2M | ||
| Q4 24 | — | $-249.1M | ||
| Q3 24 | — | $-75.1M | ||
| Q2 24 | — | $-65.8M | ||
| Q1 24 | $-59.7M | $-50.3M | ||
| Q4 23 | $-47.1M | — |
| Q4 25 | — | $-235.9M | ||
| Q3 25 | — | $-62.1M | ||
| Q1 25 | — | $-73.6M | ||
| Q4 24 | — | $-251.1M | ||
| Q3 24 | — | $-75.3M | ||
| Q2 24 | — | $-65.8M | ||
| Q1 24 | $-59.8M | $-52.1M | ||
| Q4 23 | $-47.2M | — |
| Q4 25 | — | -3370.0% | ||
| Q3 25 | — | — | ||
| Q1 25 | — | -958.4% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -714.4% | -520.7% | ||
| Q4 23 | -528.7% | — |
| Q4 25 | — | 5.9% | ||
| Q3 25 | — | — | ||
| Q1 25 | — | 5.0% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 1.8% | 17.8% | ||
| Q4 23 | 1.5% | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
