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Promising batoclimab results heighten expectations for IMVT-1402

Batoclimab demonstrates durable response at six months post-treatment

At the 2025 American Thyroid Association annual meeting held in September, HanAll Biopharma’s US partner Immunovant announced promising six-month follow-up data for batoclimab in patients with Graves’ disease. Specifically, 17 of 21 patients (roughly 80%) showed a response and maintained normal thyroid function (T3 and T4 levels below the upper limit of normal) six months after discontinuing treatment.

Notably, eight of the 17 responders (roughly 50%) achieved anti-thyroid drug (ATD)-free remission at six months post-treatment, indicating strong durability of response. This is especially meaningful given the limitations of standard treatment (with 25?30% of ATD-treated patients being unresponsive/intolerant or relapsing). These findings also bolster expectations for IMVT-1402, which is still in clinical development.

IMVT-1402 expectations growing amid batoclimab commercialization delay

A key upcoming event is the release of batoclimab data for thyroid eye disease (TED), expected in 4Q25. Earlier, in 1Q25, Immunovant announced positive phase 3 data for batoclimab in myasthenia gravis (MG) but put commercialization plans on hold, sending shares of HanAll Biopharma lower. However, if the upcoming TED results demonstrate clear commercial potential, efforts to launch batoclimab could resume. While clinical progress on IMVT-1402 remains more important over the long term, the prospect of milestone payments for batoclimab is also significant.

However, even if batoclimab does not advance to commercialization following the release of phase 3 TED data in 2H25, pipeline expectations should remain intact due to anticipation surrounding IMVT-1402. In 2026, Immunovant is expected to announce phase 2 results for IMVT-1402 in patients with rheumatoid arthritis; this is particularly important because rheumatoid arthritis is an indication for which competitors have not been able to secure approval. With valuation pressure having eased, we believe regulatory milestones for batoclimab and successful clinical results for IMVT-1402 would both serve as share price catalysts for HanAll Biopharma.

In 2026, in addition to the aforementioned rheumatoid arthritis data, Immunovant is expected to release top-line results from a proof-of-concept study of IMVT-1402 for patients with cutaneous lupus erythematosus (CLE). In 2027, additional top-line data for IMVT-1402 in rheumatoid arthritis, Graves’ disease, and MG are expected. All in all, we believe expectations for clinical progress will remain intact.