Immunovant, Inc. — Form 10-Q
Filed August 6, 2026 · analyzed by the Periodic Agent
10-Q
— Neutral
significance 42/100
What the filing says
Eric Venker, CEO of Immunovant, was granted 1,475,000 CVARs on July 28, 2025 (vesting commenced April 21, 2025). The award vests over ~4 years (25% April 2026, then 12 quarterly tranches) contingent on three conditions: continuous service, activation of 120 clinical trial sites in the IMVT-1402 Graves' Disease program by March 31, 2026 (retested quarterly thereafter), and stock price reaching $16.76. Payment capped at $16.76/share minus $14.46 hurdle price; settled in stock, with 87.25% of shares subject to 2-year post-vesting hold. Maximum payout ~$3.4M (1,475,000 × $2.30 cap spread); actual value depends on stock price and clinical milestone achievement.
Why this rating
Material executive incentive (~0.26% of $1.3B market cap at max payout), but heavily contingent on clinical milestone and stock price. Aligned with shareholder interests; routine equity grant structure. No cash outflow yet.
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