Roivant Sciences Ltd. (ROIV) presents a balance sheet as of December 31, 2025 that is dominated by liquid financial assets, with total assets of $5.23B against total liabilities of $251M. Under a liquidation lens, the recovery posture is strongly positive at the consolidated level, driven overwhelmingly by cash and marketable securities. Cash and cash equivalents total $1.48B (100% recovery = $1.48B), money market funds of $1.39B are embedded within that figure. Current marketable securities of $3.05B, being predominantly investment-grade fixed income at fair value per XBRL disclosure, would recover near par with modest haircut for liquidation timing risk; applying 97% yields approximately $2.96B. Restricted cash of $10.5M recovers at 100%. Other current assets of $130M and noncurrent assets of $35M are partially soft items (prepaid, deposits) warranting a 50% recovery haircut, contributing approximately $82M. PP&E net of $13.4M recovers at 50-60%, contributing roughly $7-8M. Operating lease ROU asset of $84M receives zero recovery; however, the corresponding operating lease liabilities ($10.4M current + $98.5M noncurrent = $109M) remain as full face-value obligations. Intangibles and goodwill: filing does not disclose material intangible asset balances separately; any embedded drug candidate value is assigned zero under the liquidation lens. Estimated liquidated asset pool: approximately $4.56B. Total liabilities at face value: $251M, composed of current liabilities of $152M (accounts payable $13M, accrued liabilities $118M, operating lease current $10M, deferred revenue $3M, other current $10M) and noncurrent liabilities of $99M (operating lease noncurrent $98.5M, other $0.7M). Purchase commitments of $39M aggregate (classified off-balance-sheet) would be an additional wind-down obligation. Net liquidation recovery to equity (parent): approximately $4.31B gross, less noncontrolling interest of $705M, yields approximately $3.6B to ROIV common equity, or roughly $5.07 per share on 709.7M shares outstanding. The MFFAIS CLV/LLV figure of $1.23B appears to apply a substantially more conservative haircut to the marketable securities portfolio or assigns significant value to non-cash liabilities not reflected in the XBRL summary. Compared to the Q2 FY2026 filing (period ending September 30, 2025), total cash and equivalents declined materially due to a $1.24B net decrease in cash during the nine months ended December 31, 2025, driven by $587M operating outflows, $856M investing outflows (primarily $3.79B securities purchases net of proceeds), and $203M financing inflows (option exercises partially offset by $208M share repurchases). The $17M asset impairment charge and $15.6M operating lease ROU impairment loss recognized in the current period modestly reduce the non-cash asset pool. No long-term debt is present on the balance sheet.
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