First approved oral TYK2/JAK1 inhibitor now commercial, but the multi-billion dollar bet is whether IMVT-1402 delivers across three Phase 3 autoimmune readouts

LISRAYA's August 2026 FDA approval as the first oral TYK2/JAK1 inhibitor for dermatomyositis, mosliciguat's record-setting Phase 2 PVR reduction in PH-ILD, and $3.8 billion in cash position Roivant as a rare multi-asset platform with commercial revenue and runway to profitability. The thesis resolves on whether IMVT-1402 meets its primary endpoints in the 2027 Phase 3 readouts for Graves' disease and myasthenia gravis, vindicating the FcRn class pivot after batoclimab's dual Phase 3 failure in thyroid eye disease. Batoclimab's TED miss introduces residual uncertainty about whether the class can clear registrational bars in new indications, even with mechanistically distinct targets.