Shares of Roivant Sciences Ltd. (ROIV) plunged 5.55% in pre-market trading, following the release of the company's fiscal first-quarter results that showed a wider net loss and a decline in revenue.

For the quarter ended June 30, Roivant reported a GAAP net loss of $290.61 million, or $0.26 per share, widening from a loss of $273.91 million, or $0.33 per share, a year earlier. Revenue slipped to $1.44 million from $2.17 million. The adjusted net loss of $243.7 million missed the consensus analyst estimate of $192.3 million, while income from operations and pretax loss also fell short of expectations.

The company attributed the higher expenses to increased research and development spending, driven by program-specific costs for its anti-FcRn franchise and mosliciguat, as well as elevated personnel costs, including employee bonuses tied to a settlement with Moderna. Despite the miss, Roivant maintains a strong cash position of $3.9 billion and reiterated its expectation to launch brepocitinib in dermatomyositis by the end of September 2026.