Grade History
| Quarter | Disclosure Quality | Financial Quality |
|---|---|---|
| Q4'24 → | B+ | A |
| Q1'25 → | B+ | A- |
| Q4'25 → | A- | A |
Promise Ledger · All Quarters
| Marked | Promise | Status | |
|---|---|---|---|
| Q4'25 | ✅ | Strong cash position maintenance $4.3B maintained with no debt, funded through profitability | delivered |
| Q4'25 | ⏳ | Moderna jury trial March 9, 2026 On track, favorable Section 1498 summary judgment ruling received | pending |
| Q4'25 | ✅ | Continue share repurchases under authorization Purchased 'a fair amount in this quarter' with active program continuing | delivered |
| Q4'25 | ✅ | Brepo DM NDA submission Q1 2026 NDA submitted and accepted, PDUFA date by end September 2026 | delivered |
| Q4'25 | ✅ | Mosli Phase II study full enrollment by year end 135 patients enrolled vs 120 targeted, H2 2026 data timeline locked | exceeded |
| Q4'25 | ✅ | Phase IIb DTRA study fully enrolled in Q4 2025 Not only enrolled but over-enrolled to 165 patients vs 120 planned | exceeded |
| Q1'25 | ⏳ | Graves remission data at ATA September presentation confirmed for 6-month data | pending |
| Q1'25 | ⏳ | TED registrational data second half 2025 Still on track per management | pending |
| Q1'25 | ✅ | LNP litigation progress toward trial Concrete March 2026 trial date set, summary judgment phase active | exceeded |
| Q1'25 | ✅ | 1402 registrational trials enrollment progress Graves enrollment 'picking up nicely', 5 trials ongoing | delivered |
| Q1'25 | ✅ | Complete $1.5B share buyback program Completed June 2025, 150M shares at $10+ average | delivered |
| Q1'25 | ⏳ | Brepocitinib DM data in second half of 2025 On track with LPFV completed in July, readout expected Q3/Q4 | pending |
| Q4'24 | ✅ | Mosliciguat PH-ILD study enrolling with data expected next year Confirmed enrolling nicely, 2026 data timeline maintained | delivered |
| Q4'24 | ✅ | Brepocitinib NIU pivotal program actively enrolling Confirmed as ongoing, with additional cutaneous sarcoidosis program added | delivered |
| Q4'24 | ✅ | Six INDs cleared at Immunovant with trials beginning Now reports five potentially registrational studies ongoing - advanced beyond IND clearing to active enrollment | delivered |
| Q4'24 | ❌ | LNP litigation jury trial scheduled for September Trial date now 'TBD' due to summary judgment phase - external legal process disrupted timeline | missed |
| Q4'24 | ⏳ | Dermatomyositis readout in second half of 2025 Timeline softened to 'early fall probably' - slight regression but still within promised window | pending |
| Q4'24 | ⏳ | MG and CIDP data from batoclimab coming Q1 2025 Data described as 'imminent' and 'coming in the coming weeks' - still tracking to original timeline | pending |
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