Roivant Sciences Ltd at TD Cowen Healthcare Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Yaror Werber - TD Cowen - Analyst : There's a lot of data coming up from Immunovant this month, we're in March now. When you're thinking about the two, obviously data sets that come to mind is the CIDP data and GMG with beta. CIDP you ended up over and rolling just given some of the initial sort of the way things worked out with 40% of patients kind of relapsed quickly. And then in GMG, the enrollment just took a little bit longer. You've said the bar is fairly high to continue to commercialize beta. And no matter what you're going to learn from these studies to design future 1402 studies. Kind of what should we expect from -- what should we look for from this data?

Question: Yaror Werber - TD Cowen - Analyst : So when you're thinking about GMG that's becoming so competitive or the UPLIZNA obviously going to be the next entrance, so to speak, and I know Wall Street even there was kind of concerned about the delta to your point. But when you talk to KOLs, and we're doing our panel here today and let's see what they say, but when you talk to KOLs, they actually look at that dosing to be very, very attractive. So I know Wall Street is obsessed about any delta, but that's not always what happens in the community. As you said, the bar is very high and there's multiple other indications to go into. So how do you prioritize?

Question: Yaror Werber - TD Cowen - Analyst : Yes. You've said you've had 6 INDs open, right, the 1402. You've only talked about when the definition of an IND being opened, it's filed allowed and you may have not started enrollment. Is that the definition of.

Question: Yaror Werber - TD Cowen - Analyst : Yes. And your disclosure practices is when you started sort of enrolling is when you announce it or shortly thereafter.

Question: Yaror Werber - TD Cowen - Analyst : Whenever -- it's based on strategy and what makes sense.

Question: Yaror Werber - TD Cowen - Analyst : And you said you're going to announce -- so far, I mean we know about three indications right now, 1402.

Question: Yaror Werber - TD Cowen - Analyst : And two are open and enrolling. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 04, 2025 / 6:10PM, ROIV.OQ - Roivant Sciences Ltd at TD Cowen Healthcare Conference

Question: Yaror Werber - TD Cowen - Analyst : I mean the other one that comes to mind, obviously, is Ted. The other one -- well.

Question: Yaror Werber - TD Cowen - Analyst : Exactly. The other one that comes to mind, obviously, Sjogren's. Right now, it's an open horse race.

Question: Yaror Werber - TD Cowen - Analyst : And another one that would make a lot of sense. And by the way, we've already had discussed this in two different panels here is myositis, which will lead me to the Brepo question in a minute. Does it make sense to have -- I mean, if you listen to what physicians are saying about IQVIA, right, we know argenx went ahead with all three subtypes of myositis, including [mado] does it make sense for you to run two different strategies in their [mado one] and more broader myositis with another drug.

Question: Yaror Werber - TD Cowen - Analyst : Let's maybe before we leave beta. Just the CIDP study, we talked about GMG. CIDP, again, it was a little bit of a complicated situation because, unfortunately, you had a lot of relapses early on, totally not of anybody's fault had just random luck, right? So we ended up having to enroll more patients, and they will be valuable data. This is Part 1 of Phase IIb.

Question: Yaror Werber - TD Cowen - Analyst : Okay. for again, that's going to be a thesis validating a data gathering sounds like study that's going to then pave the road for 1402.

Question: Yaror Werber - TD Cowen - Analyst : Yes. Okay. So let's go to the dermatomyositis as a Brepo Phase III, which is two different doses against placebo, study was fully enrolled sort of late Q3 or so last year. It's a 1-year study. So data is -- you kind of do the math, it's probably early Q4 I think you said second half. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 04, 2025 / 6:10PM, ROIV.OQ - Roivant Sciences Ltd at TD Cowen Healthcare Conference

Question: Yaror Werber - TD Cowen - Analyst : Maybe late Q3. The nice thing and this is a JAK1/TYK2. We know JAK1's work, they're just not approved.

Question: Yaror Werber - TD Cowen - Analyst : The TYK2 signature kind of rounds it out. It doesn't really add more talks from what we've seen a lot of data right? We know interferon beta is on the pathway of JAK1 unquestionably, that's related to DM, it's a interferon beta signature. So physicians are really encouraged by the profile, and I'm expecting positive data in Q4. I mean, I think it's the chance for failure knock on wood, should not be high. And we've been talking about this for a year now in our calls yes, and in our deep dives. It's been overlooked by the market because I think it's been quote-unquote far but now it's within the 12-month orbit. What are you doing ahead of the data? Or kind of what's the plan after the data? Is this something you're going to commercialize?

Question: Yaror Werber - TD Cowen - Analyst : So the other drug that's very relevant and you know well, is the dazukibart, Pfizer, your original partner, so to speak, that they decided to keep that interferon beta antibody because that's obviously novel and ultimately, to deal with you for Brepo presumably because there's JAK1, they have other JAK1s, they'll specialize with the antibody. The Phase II looked pretty good on the dermatological scores it still hit on polymyositis or on the real the muscle score not quite as robustly, so to speak, and their data, I think, is coming potentially right before yours later this year.

Question: Yaror Werber - TD Cowen - Analyst : And what's been the issue there?

Question: Yaror Werber - TD Cowen - Analyst : Okay. Maybe just to go back to Brepo. Because Brepo is really going to be your next real Phase III, right? That's potentially commercialize -- that allows you to commercialize. Have you thought about -- do you want to be a commercial company? Are you still -- are you looking to monetize value as it comes earlier?

Question: Yaror Werber - TD Cowen - Analyst : Yes. Can we -- I want to maybe spend any questions from the audience, by the way. I want to spend maybe just a couple of minutes also on IP, LNP IP specifically related to COVID. So we're waiting for the Markman decision with Pfizer. That hearing was December 18. Yes. So we're expecting that, I think, fairly imminently. The Moderna jury case is late September.

Question: Yaror Werber - TD Cowen - Analyst : So usually, it's a two-week trial roughly?

Question: Yaror Werber - TD Cowen - Analyst : And now you -- there was an announcement earlier this week with Arbutus kind of changing the strategy a little bit and then concomitantly yesterday or the day before now you submitted some filings in other territories around the world against Moderna. I guess where I'm going with this, it's a tough question because the case is almost bifurcated, right? US and even in the US, it's US government involvement versus commercial sales versus noncommercial sales, and that historically going back to World War I. And then obviously, rest of the world, which is going to play it on timelines. So when you're thinking about the case with Moderna, it's going to end up being -- is there a case to just end up wrapping it all in a global -- in one way that handles all the commercial sales around the world, this is going to up being piecemeal.

Question: Yaror Werber - TD Cowen - Analyst : The -- checking again, any questions from the audience? Unidentified Participant Are you -- obviously, you have a huge task force, what -- and historically, your biz dev deals have been earlier stage, not a lot of upfront. Is that with this -- but at the same time, you have forecast probably ever had. So is that philosophy going to change going forward?

Question: Yaror Werber - TD Cowen - Analyst : All right. Well, terrific, Matt, thank you so much. You didn't quantify the size of the shoe.

Question: Yaror Werber - TD Cowen - Analyst : I like my shoes, too. Terrific, Matt. Thanks for joining us. Really appreciate it.