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IMA

ImageneBio Inc

IMA

ImageneBio Inc • NASDAQ
$6.90 ▼ -0.14% (-0.01)
Market Cap $77.15 M
52w High $23.28
52w Low $6.90
Dividend Yield 0%
P/E -1.45
Volume 11.48K
Outstanding Shares 11.18M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $26.594M ▲ $-24.779M ▼ 0% $-3.005 ▼ $-24.757M ▼
Q2-2025 $0 $8.705M ▲ $-2.767M ▲ 0% $-0.057 ▲ $-8.354M ▲
Q1-2025 $0 $7.079M ▼ $-8.619M ▲ 0% $-0.18 ▲ $-9.272M ▲
Q4-2024 $0 $7.937M ▲ $-9.124M ▲ 0% $-0.19 ▲ $-12.086M ▼
Q3-2024 $0 $5.589M $-10.234M 0% $-0.21 $-11.505M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $142.583M ▲ $160.878M ▲ $21.046M ▲ $139.832M ▲
Q2-2025 $95.642M ▼ $126.166M ▼ $10.259M ▼ $115.907M ▼
Q1-2025 $114.051M ▼ $130.838M ▼ $12.588M ▼ $118.25M ▼
Q4-2024 $124.386M ▼ $141.51M ▼ $15.576M ▲ $125.934M ▼
Q3-2024 $138.033M $148.988M $14.756M $134.232M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-24.779M ▼ $-26.642M ▼ $-37.331M ▼ $135.468M ▲ $44.872M ▲ $-26.642M ▼
Q2-2025 $-2.767M ▲ $-3.422M ▲ $24.949M ▲ $0 $21.527M ▲ $-3.422M ▲
Q1-2025 $-8.619M ▲ $-10.562M ▼ $7.932M ▲ $0 $-2.63M ▲ $-10.562M ▼
Q4-2024 $-9.124M ▲ $-6.26M ▲ $463K ▼ $0 $-5.797M ▼ $-6.26M ▲
Q3-2024 $-10.234M $-8.938M $9.454M $0 $516K $-8.938M

Five-Year Company Overview

Income Statement

Income Statement ImageneBio looks like a classic early-stage biotech: almost no recurring revenue and steady, meaningful losses. The company’s small amount of past revenue appears incidental rather than a sign of a commercial business. Operating and net losses have been consistent over the last several years, reflecting ongoing R&D and overhead rather than any major growth in sales. There is no clear line of sight to profitability yet; the story is about funding and advancing the pipeline, not current earnings performance.

Balance Sheet

Balance Sheet The balance sheet is small and lean, with limited total assets and cash that has fluctuated but generally trended down before the 2025 merger financing. Debt is minimal, which reduces financial strain, and equity has recovered from a negative position a few years ago to positive, likely helped by capital raises and restructuring. Even so, the company’s standalone capital base is modest relative to the cost of late-stage clinical trials, so the recently boosted cash runway after the merger is strategically important. The balance sheet can support current plans but is sensitive to clinical outcomes and capital market access over time.

Cash Flow

Cash Flow Cash flow reflects a typical R&D-focused biotech: cash is steadily flowing out to fund operations, with no offsetting cash from a commercial business. Operating cash burn has been fairly stable year to year, and because capital spending is negligible, free cash flow is essentially the same as operating cash flow—consistently negative. This pattern underlines the company’s dependence on external financing and partnerships to sustain development until it can potentially generate product revenues, if its lead program succeeds.

Competitive Edge

Competitive Edge Competitively, ImageneBio is a small, focused player in a very crowded immunology arena dominated by large pharmaceutical companies. Its edge is a potentially differentiated anti-OX40 antibody, IMG-007, designed to be non-depleting and long-acting, which could offer a safety and convenience angle against rivals. Early data appear encouraging but remain preliminary, and cross-trial comparisons are inherently uncertain. The company’s narrow focus on one main asset heightens both the upside if it works and the vulnerability if it does not, especially given strong competition from better-funded peers pursuing similar immune pathways.

Innovation and R&D

Innovation and R&D Innovation is where ImageneBio is strongest. IMG-007 targets a well-validated immune receptor with a refined mechanism that aims to modulate, rather than broadly suppress, the immune system. The internal QuadraTek platform suggests the capability to design other next-generation biologics over time, though it has not yet translated into a broad visible pipeline inside the listed company after the strategic spin-offs. The key R&D milestone is the Phase 2b trial in atopic dermatitis; its outcome will heavily shape the company’s options, including potential label expansions, new indications, or partnerships. Until those results arrive, the innovation story is promising but unproven.

Summary

Overall, ImageneBio is an early-stage, post-merger biotech with a clear but concentrated story: one lead immunology asset, a proprietary biologics platform, and no meaningful current revenue. Financial statements show a small, loss-making company reliant on external funding, with limited debt but ongoing cash burn typical of its stage. Strategically, it has sharpened its focus on immunology and strengthened its cash position through the merger and financing, giving it time to pursue clinical milestones. The main opportunity lies in the potential differentiation and breadth of IMG-007 and the underlying platform; the main risks are single-asset dependence, competitive pressure from larger peers, and the usual clinical and regulatory uncertainties that can quickly alter both the scientific and financial outlook.

NEWS

November 12, 2025 · 7:15 AM UTC

ImageneBio Reports Third Quarter 2025 Financial Results and Provides IMG-007 Program Update Following Closing of Reverse Merger, Concurrent Financing, and Strengthening of Management Team

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November 6, 2025 · 8:30 AM UTC

ImageneBio to Participate in Fourth Quarter 2025 Investor Conferences

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