Note 1  Description of Business and Liquidity [A] Description of Business Immunovant, Inc. together with its wholly owned subsidiaries (the Company or Immunovant) (formerly known as Health Sciences Acquisitions Corporation) is a clinical-stage biopharmaceutical company focused on enabling normal lives for patients with autoimmune diseases. The Company is developing a fully human monoclonal antibody (IMVT-1401) that selectively binds to and inhibits the neonatal fragment crystallizable receptor. The Company intends to develop IMVT-1401 for indications in which there is robust evidence that pathogenic immunoglobulin G antibodies drive disease manifestation and in which reduction of these antibodies should lead to clinical benefit for patients with debilitating autoimmune diseases. The Company has determined that it has one operating and reporting segment. Reverse Recapitalization On December 18, 2019, Health Sciences Acquisitions Corporation (HSAC) completed the acquisition of Immunovant Sciences Ltd. (ISL) pursuant to the share exchange agreement dated as of September 29, 2019 (the Share Exchange Agreement), by and among HSAC, ISL, the stockholders of ISL (the Sellers), and Roivant Sciences Ltd. (RSL), as representative of the Sellers (the Business Combination). As of immediately prior to the closing of the Business Combination, the Sellers owned 100% of the issued and outstanding common shares of ISL (ISL Shares). At the closing of the Business Combination, HSAC acquired 100% of the issued and outstanding ISL Shares, in exchange for 42,080,376 shares of HSACs common stock issued to the Sellers and 10,000 shares of HSAC Series A preferred stock issued to RSL (the Business Combination). Upon the closing of the Business Combination, ISL became a wholly owned subsidiary of HSAC and HSAC was renamed Immunovant, Inc. The Business Combination was accounted for as a reverse recapitalization and HSAC was treated as the acquired company for accounting purposes. Accordingly, for accounting purposes, the Business Combination was treated as the equivalent of ISL issuing stock for the net assets of HSAC, accompanied by a recapitalization. Accordingly, all historical financial information presented in these condensed combined and consolidated financial statements represents the accounts of ISL and its wholly owned subsidiaries as if ISL is the predecessor to the Company. The shares and net loss per common share, prior to the Business Combination, have been retroactively restated as shares reflecting the exchange ratio established in the Business Combination (0.48906624 Immunovant, Inc. shares for 1.0 ISL Share). ISL was founded on July 6, 2018 as a Bermuda exempted limited company and a wholly owned subsidiary of RSL. In July and August 2018, ISL incorporated as its wholly owned subsidiaries, Immunovant Sciences Holdings Ltd. (ISHL), a private limited company incorporated under the laws of England and Wales, IMVT Corporation (formerly, Immunovant, Inc.), a Delaware corporation based in the United States of America, and Immunovant Sciences GmbH (ISG), a limited liability company formed under the laws of Switzerland. ISG holds all of the Companys intellectual property rights. HSAC was incorporated in Delaware on December 6, 2018 and was formed as a blank check company for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or similar business combination with one or more businesses. References herein to date of formation or date of inception refer to the founding of ISL. Prior to the closing of the Business Combination, HSAC common stock, units and warrants were traded on The Nasdaq Capital Market (Nasdaq) under the ticker symbols HSAC, HSACU and HSACW, respectively. On December 19, 2019, the Companys common stock, units and warrants began trading on Nasdaq under the ticker symbols IMVT, IMVTU and IMVTW, respectively. One of the primary purposes of the Business Combination was to provide a platform for ISL to gain access to the U.S. public markets. See Note 3  Business Combination for additional details on the Business Combination. [B] Liquidity The Company has incurred significant losses and negative cash flows from operations since its inception. As of December 31, 2019, the Companys cash totaled $123.5 million and its accumulated deficit was $70.7 million. Prior to the Business Combination, ISLs operations were financed through capital contributions from RSL or RSLs wholly owned subsidiaries, Roivant Sciences, Inc. (RSI) and Roivant Sciences GmbH (RSG), the issuance of equity instruments, and the issuance of notes payable. The Company has not generated any revenues to date and does not anticipate generating any revenues unless and until it successfully completes development and obtains regulatory approval for IMVT-1401 or any future product candidate. Management expects to incur additional losses in the future to fund its operations and conduct product research and development and recognizes the need to raise additional capital to fully implement its business plan. The Company intends to raise such additional capital through the issuance of equity securities, debt financings or other sources in order to further implement its business plan. However, if such financing is not available at adequate levels, the Company will need to reevaluate its operating plan and may be required to delay the development of its product candidates. Based on anticipated spend and timing of expenditure assumptions, the Company currently expects that its existing cash will be sufficient to fund its operating expenses and capital expenditure requirements for at least twelve months from the date the unaudited condensed combined and consolidated financial statements are issued.