Imab Biopharma (IMAB)

Imab Biopharma Financial Report

Report Date: 2025‑04‑30
Period Covered: Full Year 2024

1. Overview

• Form Type: 20‑F (annual report for fiscal year ended December 31, 2024)
• Headquartered in Rockville, MD, with R&D in the U.S. and China (divested April 2024)

2. Profit & Loss Analysis

• Net Loss (continuing + discontinued operations): $22.23 M vs. $207.73 M in 2023
• Improvement driven by:
  • One‑time gain of $34.36 M on sale of China subsidiary (discontinued operation)
  • Reduction in R&D and G&A burn following strategic pipeline reprioritization and workforce realignment
• Operating expenses (continuing operations):
  • R&D: $21.77 M (‑1.5% YoY)
  • G&A: $29.66 M (+5.2% YoY)

3. Debt & Liquidity

• No interest‑bearing debt on the corporate balance sheet
• Cash & equivalents + short‑term investments: $1,734 M at December 31, 2024
• Run‑rate cover: >18 months at current burn; ample runway through 2026

4. Revenue Breakdown

• Licensing fees: $0.632 M (AbbVie collaboration)
• Collaboration revenue: $1.551 M (Ferring & others)
• Interest income: $7.486 M
• Total revenue: $9.669 M

5. Key Drivers

1. Divestiture Gain: $34 M gain from sale of Greater‑China subsidiary in Q2 2024
2. Pipeline Focus: Reallocated resources to lead asset “givastomig” (CLDN18.2×4‑1BB bispecific)
3. Cost Discipline: R&D/G&A realignment plan announced January 2025 targeted >$30 M annual savings

6. Pros & Cons

Pros:

• Strong liquidity (>$1.7 B) with no debt
• Focused pipeline with three clinical‑stage immuno‑oncology assets
• Improved profitability trajectory after asset sale

Cons:

• Continued net loss; profitability remains distant
• Revenues reliant on milestone/collaboration payments
• High dependency on external partnerships and milestones

2024 revenue consisted of $0.632 M in licensing fees, $1.551 M in collaboration revenues, and $7.486 M in interest income.

Imab Biopharma is transitioning to a lean, cash‑rich specialty biotech focused on advancing its lead bispecific antibody, givastomig, through pivotal combination trials. With >$1.7 B in liquidity and no debt, the company can sustain its burn into 2026. The sale of the Greater‑China arm and a targeted realignment of R&D/G&A expense are sharpening focus on key clinical catalysts and extending runway. Potential risks include continued R&D cash burn absent new collaborations or royalty streams, dependence on milestone-driven revenue, and the need to demonstrate clinical success in highly competitive immuno‑oncology markets. Overall, Imab’s strategic refocus and robust balance sheet position it for de‑risking key assets, but execution on clinical readouts will be critical to shift from speculative to value‑generating biotech.