Immunovant’s FcRn inhibitor batoclimab missed the primary endpoint in two Phase 3 trials in thyroid eye disease (TED), dealing another blow to the company’s attempt to commercialize the IgG-suppression strategy in the eye. Roivant’s update said the studies failed to achieve a prespecified reduction in proptosis of at least 2 mm after the dosing regimen, and Immunovant indicated it will review future plans for batoclimab with partner HanAll. The failure follows earlier indications of subdued momentum for batoclimab in TED and reflects the difficulty of establishing consistent effect sizes in proptosis outcomes over alternating high-dose and low-dose periods. Market participants will likely reassess FcRn inhibitor competition dynamics in IgG-mediated eye disease after the latest negative readout.