I-Mab Reports Financial Results for the Six Months Ended June 30 and Provides Corporate Update
I-Mab (Nasdaq: IMAB) reported significant developments in its pipeline, particularly highlighting positive preliminary results for lemzoparlimab (TJC4) in cancer trials, demonstrating strong safety and pharmacokinetics. The company is also advancing plonmarlimab (TJM2) in a COVID-19 study and expects critical updates, including IND approval for eftansomatropin (TJ101) and data readouts from various ongoing trials in H2 2020. Financially, I-Mab's cash reserves have increased to RMB1.6 billion, though it reported a net loss of RMB582.9 million for the first half of 2020, a decrease from the previous year.
- Positive preliminary results for lemzoparlimab demonstrate differentiated safety and pharmacokinetics.
- Cash position increased to RMB1.6 billion (US$221.1 million).
- Net loss decreased to RMB582.9 million from RMB857.3 million year-over-year.
- Ongoing advancements in multiple clinical trials across its pipeline.
- Total net revenues were nil for the first half of 2020, down from RMB15.0 million in 2019.
- Research and development expenses rose to RMB442.3 million from RMB265.1 million in the prior year.
Positive preliminary clinical trial results for lemzoparlimab (TJC4) demonstrate a differentiated drug profile in safety and pharmacokinetics in cancer patients
Joined the global effort against COVID-19 with plonmarlimab (TJM2) study which represents the first double-blind, placebo-controlled study evaluating anti-GM-CSF antibody in severe COVID-19 patients
The Company expects significant pipeline updates in H2 2020 including China registrational trial with CD38 antibody felzartamab (TJ202) as third-line monotherapy for multiple myeloma; the Company also expects IND approval for eftansomatropin (TJ101), a unique long acting growth hormone in the fourth quarter of 2020 and to initiate phase 3 study subsequently
The Company to host conference call and webcast on August 31 at 8:00 a.m. ET
SHANGHAI and GAITHERSBURG, Md., Aug. 31, 2020 /PRNewswire/ -- I-Mab (the "Company") (Nasdaq: IMAB), a clinical stage biopharmaceutical company committed to the discovery, development and commercialization of novel biologics, today announced financial results for the six months ended June 30, 2020 and provided an overview of recent highlights and upcoming milestones.
"I-Mab continues to advance our robust pipeline, create value through innovation, and is well positioned to become a fully integrated global biopharmaceutical company. The differentiation of our innovative assets has become validated as the clinical trials progress, as exemplified by our positive preliminary clinical results for lemzoparlimab," said Dr. Jingwu Zang, Founder, Honorary Chairman and Director of I-Mab. "Looking ahead, we remain excited and confident in our science and increasing capabilities to deliver the promised corporate and pipeline development milestones and create value for patients as well as for our shareholders."
The Company expects multiple data readouts across a progressing pipeline in the coming months. These include the clinical results of phase 1 clinical trial in the U.S. and China for lemzoparlimab, initial data from uliledlimab (TJD5), the differentiated CD73 antibody, Part 2 clinical update from plonmarlimab in patients with cytokine release syndrome associated with severe COVID-19, as well as phase 2 results from olamkicept (TJ301) in patients with ulcerative colitis. Felzartamab (TJ202), the Company's in-licensed CD38 antibody, is being evaluated in two parallel registrational studies in China for the treatment of multiple myeloma and is on track for subject enrollment.
In addition, the Company's recent appointment of Chief Commercial Officer Ivan Yifei Zhu marks the Company's commitment to building commercial capability and executing our commercialization plans for upcoming product launches. The remarkable progress in pipeline and corporate development demonstrated during this period significantly strengthens the Company's position to achieve longer-term growth into 2021 and beyond.
Recent Highlights and Upcoming Milestones
Internally Discovered Global Pipeline
- TJC4 or lemzoparlimab (differentiated anti-CD47):
- Clinical development in the U.S.: Lemzoparlimab is one of the leading drug candidates among I-Mab's proprietary and innovative pipeline. It is designed to minimize inherent binding to normal red blood cells while preserving its strong anti-tumor activity, a critical attribute in differentiating lemzoparlimab from some other antibodies of the same class currently in development. The topline results of the recently completed phase 1 dose-escalation clinical trial in the U.S. have demonstrated the differentiated profile of lemzoparlimab in drug safety and favorable pharmacokinetics in cancer patients. The results have shown that lemzoparlimab is well tolerated as a single agent at a dose range of up to 30 mg/kg without introducing any priming dosing strategy. In all DLT-evaluable patients, no dose-limiting toxicities or severe hematologic adverse events were observed. Detailed data will be released separately and presented at an appropriate scientific conference later this year. The on-going U.S. study has proceeded into a combination trial with PD-1 inhibitor pembrolizumab (KEYTRUDA®) in cancer patients with several types of solid tumors through a collaboration with Merck Sharp & Dohme Corp (MSD) and Rituximab (RITUXAN®) in patients with Non-Hodgkin's lymphoma (NHL).
- Clinical development in China: Lemzoparlimab is being evaluated in a Phase 1/2a clinical trial in patients with relapsed or refractory acute myeloid leukemia (r/r AML) or myelodysplastic syndrome (MDS) in China. Results are expected in early 2021.
- TJD5 or uliledlimab (differentiated anti-CD73):
- Clinical development in the U.S.: TJD5 is being evaluated in a Phase 1, dose-escalation clinical trial to examine the safety, tolerability and preliminary efficacy of the combination therapy with atezolizumab (in collaboration with Roche) in patients with advanced solid tumors. The preliminary data are expected in the fourth quarter of 2020.
- Clinical development in China: TJD5 is on track in a Phase 1 clinical trial to evaluate the safety, tolerability, PK/PD, and potential efficacy primarily in patients with solid tumors, including lung cancer, as a single agent and the combination therapy with a PD-1 (in collaboration with Junshi).
- TJM2 or plonmarlimab (anti-GM-CSF):
- In May 2020, I-Mab announced results from Part 1 of a multi-center, double blinded, randomized, placebo-controlled, three-arm clinical study of TJM2 in patients with cytokine release syndrome (CRS) associated with severe COVID-19. TJM2 is found to be well tolerated in patients with severe COVID-19.
- I-Mab is currently conducting Part 2 of the clinical trial to evaluate the efficacy, safety and cytokine levels following a single dose of 6 mg/kg TJM2 or placebo (standard care) in patients with severe COVID-19. The Company is currently in discussion with the FDA to finalize the plan for TJM2 in relation to clinical development and potential registration in the U.S.
- I-Mab has recently initiated a multiple-dose Phase 1b study with TJM2 in patients with rheumatoid arthritis (RA) in China.
- Early-stage pipeline of novel monoclonal antibodies advancing toward clinical development in the U.S. and China:
- TJ210 is a novel monoclonal antibody directed at C5aR for cancers through a partnership with MorphoSys. I-Mab submitted IND to the U.S. FDA in August and plan to subsequently initiate clinical development in the U.S. upon IND approval. I-Mab also plans to initiate development of TJ210 in China.
- In June 2020, I-Mab and ABL Bio presented preclinical data on a newly developed, novel bispecific antibody, TJ-CD4B, at the American Association for Cancer Research (AACR) Virtual Annual Meeting. TJ-CD4B has a duel targeting property combining Claudin 18.2 (a gastric- and pancreatic-specific cancer antigen) and 4-1BB and is uniquely structured to supercharge T cells in a Claudin 18.2-dependent manner, enhancing anti-tumor immunity while potentially minimizing toxicity.
"Fast to Market" China Portfolio
- TJ202 or felzartamab (differentiated anti-CD38) for multiple myeloma (MM):
- I-Mab is conducting two parallel registrational trials with TJ202 as a third-line monotherapy and as a second line combination therapy with lenalidomide, both in patients with multiple myeloma in Taiwan and mainland China. The trials are ongoing, and recruitment progress remains on track. The Company expects to complete a BLA submission in 2021.
- TJ101 or eftansomatropin (differentiated long-acting growth hormone) for pediatric growth hormone deficiency (PGHD):
- The China National Medical Products Administration (NMPA) has accepted an IND application for a registrational phase 3 study to assess the efficacy, safety and pharmacokinetics of TJ101 in PGHD. The Company expects to obtain IND approval in the fourth quarter of 2020 and initiate the phase 3 study subsequently.
- TJ107 or efineptakin alfa (long-acting interleukin 7) for glioblastoma multiforme (GBM):
- Following a phase 1b clinical trial, I-Mab has obtained regulatory clearance from the China NMPA to initiate a phase 2 clinical trial with TJ107 in glioblastoma multiforme patients with lymphopenia in the fourth quarter of 2020.
- TJ301 or olamkicept (differentiated interleukin-6 inhibitor) for ulcerative colitis (UC) and other autoimmune diseases:
- The phase 2 clinical trial is on-going to enroll remaining patients to assess the pharmacokinetics, safety, and efficacy of TJ301 in patients with active ulcerative colitis. The enrollment is expected to complete in the third quarter of 2020. Topline data is expected to be released by early 2021.
Corporate
- In July 2020, I-Mab's Board of Directors authorized a stock repurchase program under which the Company may repurchase up to US
$20 million of its ordinary shares in the form of American depositary shares. - In July 2020, I-Mab announced its 2020 Share Incentive Plan (the "Plan"), the maximum aggregate number of shares which may be issued pursuant to all awards shall be 10,760,513 Ordinary Shares. The purpose of the Plan is to provide management and staff with ownership-based incentives for achievements of critical corporate and clinical development milestones to generate superior returns to the Company's shareholders.
- In May 2020, I-Mab expanded its global footprint with the opening of the Company's Hong Kong office, serving as a regional hub for the Company's capital markets and investor relations activities.
Commercialization Capability
- In July 2020, I-Mab appointed Mr. Ivan Yifei Zhu as the Company's Chief Commercial Officer. Mr. Zhu has more than 20 years of successful commercialization experience and held senior executive positions at global, domestic pharma and biotech companies. In his new role, Mr. Zhu will focus on building and developing I-Mab's commercialization infrastructure and strategies and preparing the Company for upcoming product launches.
First Half 2020 Financial Results
Cash Position
As of June 30, 2020, the Company had cash, cash equivalents, restricted cash and short-term investments of RMB1.6 billion (US
Net Revenues
Total net revenues for the six months ended June 30, 2020 were nil, compared with RMB15.0 million for the six months ended June 30, 2019.
Research & Development Expenses
Research and development expenses for the six months ended June 30, 2020 were RMB442.3 million (US
Administrative Expenses
Administrative expenses for the six months ended June 30, 2020 were RMB171.4 million (US
Net Loss
Net loss for the six months ended June 30, 2020 was RMB582.9 million (US
Non-GAAP Net Loss
Non-GAAP adjusted net loss, which excludes share-based compensation expenses, for the six months ended June 30, 2020 was RMB353.1 million (US
Conference Call and Webcast Information
The Company will host a live conference call and webcast on August 31, 2020 at 8:00 a.m. ET. Participants must register in advance of the conference call. Details are as follows:
Registration Link: | |
Conference ID: | 8959387 |
Upon registering, each participant will receive a dial-in number, Direct Event passcode, and a unique access PIN, which can be used to join the conference call.
A webcast replay will be archived on the Company's website for one year after the conclusion of the call at http://ir.i-mabbiopharma.com.
A telephone replay will be available approximately two hours after the conclusion of the call. To access the replay, please call +1-855-452-5696 (U.S.), +61-2-8199-0299 (International), 400-632-2162 (Mainland China), or 800-963-117 (Hong Kong). The conference ID number for the replay is 8959387.
About I-Mab
I-Mab (Nasdaq: IMAB) is a dynamic, global biotech company exclusively focused on discovery, development and soon commercialization of novel or highly differentiated biologics in the therapeutic areas of immuno-oncology and autoimmune diseases. The Company's mission is to bring transformational medicines to patients around the world through innovation. I-Mab's innovative pipeline of more than 10 clinical and pre-clinical stage drug candidates is driven by the Company's Fast-to-PoC (Proof-of-Concept) and Fast-to-Market development strategies through internal R&D and global partnerships. The Company is on track to transitioning from a clinical stage biotech company toward a fully integrated global biopharmaceutical company with cutting-edge R&D capabilities, world-class GMP manufacturing facility and commercial capability. I-Mab has offices in Beijing, Shanghai, Hong Kong and Maryland, United States. For more information, please visit http://ir.i-mabbiopharma.com
Use of Non-GAAP Financial Measures
To supplement its consolidated financial statements which are presented in accordance with U.S. GAAP, the Company uses adjusted net loss as a non-GAAP financial measure. Adjusted net loss represents net loss before share-based compensation. The Company's management believes that adjusted net loss facilitates better understanding of operating results and provide management with a better capability to plan and forecast future periods. For more information on the non-GAAP financial measures, please see the table captioned "Reconciliation of GAAP and Non-GAAP Results" set forth at the end of this press release.
Non-GAAP information is not prepared in accordance with GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies. The presentation of this additional information should not be considered a substitute for GAAP results. A limitation of using adjusted net loss is that adjusted net loss excludes share-based compensation expense that has been and may continue to be incurred in the future.
Exchange Rate Information
This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from Renminbi to U.S. dollars are made at a rate of RMB7.0651 to US
Safe Harbor Statement
This press release contains statements that may constitute "forward-looking" statements pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "likely to" and similar statements. Statements that are not historical facts, including statements about I-Mab's beliefs, plans and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in I-Mab's filings with the SEC. All information provided in this press release is as of the date of this press release, and I-Mab does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
For more information, please contact:
I-Mab
Jielun Zhu, CFO
E-mail: jielun.zhu@i-mabbiopharma.com
Office line: +86 21 6057 8000
Gigi Feng, Vice President and Global Head of Corporate Communications
E-mail: Gigi.Feng@i-mabbiopharma.com
Office line: +86 21 6057 8000
Investor Inquiries:
Burns McClellan, Inc. (Americas and Europe)
Steve Klass
E-mail: sklass@burnsmc.com
Office line: +1 212 213 0006
The Piacente Group, Inc. (Asia)
Emilie Wu
E-mail: emilie@thepiacentegroup.com
Office line: + 86 21 6039 8363
I-MAB Consolidated Balance Sheets (All amounts in thousands, except for share and per share data, unless otherwise noted) | |||||||||||||
As of December 31, | As of June 30, | ||||||||||||
2019 | 2020 | ||||||||||||
RMB | RMB | US$ | |||||||||||
Assets | |||||||||||||
Current assets | |||||||||||||
Cash and cash equivalents | 1,137,473 | 1,560,031 | 220,808 | ||||||||||
Restricted cash | 55,810 | - | - | ||||||||||
Short-term investments | 32,000 | 1,926 | 273 | ||||||||||
Prepayments and other receivables | 136,036 | 131,130 | 18,560 | ||||||||||
Total current assets | 1,361,319 | 1,693,087 | 239,641 | ||||||||||
Property, equipment and software | 30,069 | 26,625 | 3,769 | ||||||||||
Operating lease right-of-use assets | 16,435 | 17,592 | 2,490 | ||||||||||
Intangible assets | 148,844 | 148,844 | 21,068 | ||||||||||
Goodwill | 162,574 | 162,574 | 23,011 | ||||||||||
Other non-current assets | 18,331 | - | - | ||||||||||
Total assets | 1,737,572 | 2,048,722 | 289,979 | ||||||||||
Liabilities, mezzanine equity and shareholders' equity (deficit) | |||||||||||||
Current liabilities | |||||||||||||
Short-term borrowings | 50,000 | - | - | ||||||||||
Accruals and other payables | 273,553 | 243,068 | 34,404 | ||||||||||
Operating lease liabilities, current | 6,807 | 8,202 | 1,161 | ||||||||||
Ordinary shares to be issued to Everest | 258,119 | - | - | ||||||||||
Total current liabilities | 588,479 | 251,270 | 35,565 | ||||||||||
Convertible promissory notes | 68,199 | 69,138 | 9,787 | ||||||||||
Operating lease liabilities, non-current | 7,492 | 7,254 | 1,027 | ||||||||||
Deferred subsidy income | 3,920 | 7,760 | 1,098 | ||||||||||
Other non-current liabilities | - | 9,424 | 1,334 | ||||||||||
Total liabilities | 668,090 | 344,846 | 48,811 | ||||||||||
Mezzanine equity | |||||||||||||
Series A convertible preferred shares (US | 687,482 | - | - | ||||||||||
Series B convertible preferred shares (US | 921,243 | - | - | ||||||||||
Series C convertible preferred shares (US | 1,306,633 | - | - | ||||||||||
Series C-1 convertible preferred shares (US | 188,819 | - | - | ||||||||||
Total mezzanine equity | 3,104,177 | - | - | ||||||||||
I-MAB | |||||||
As of December 31, | As of June 30, | ||||||
2019 | 2020 | ||||||
RMB | RMB | US$ | |||||
Shareholders' equity (deficit) | |||||||
Ordinary shares (US | 6 | 92 | 13 | ||||
Additional paid-in capital | 389,379 | 4,675,991 | 661,844 | ||||
Accumulated other comprehensive income | 70,127 | 104,853 | 14,841 | ||||
Accumulated deficit | (2,494,207) | (3,077,060) | (435,530) | ||||
Total shareholders' equity (deficit) | (2,034,695) | 1,703,876 | 241,168 | ||||
Total liabilities, mezzanine equity and shareholders' equity | 1,737,572 | 2,048,722 | 289,979 | ||||
I-MAB Consolidated Statements of Comprehensive Loss | |||||
For the six months ended June 30, | |||||
2019 | 2020 | ||||
RMB | RMB | US$ | |||
Revenues | |||||
Licensing and collaboration revenue | 15,000 | - | - | ||
Expenses | |||||
Research and development expenses (Note 1) | (265,084) | (442,291) | (62,602) | ||
Administrative expenses (Note 2) | (574,584) | (171,384) | (24,258) | ||
Loss from operations | (824,668) | (613,675) | (86,860) | ||
Interest income | 12,818 | 18,955 | 2,683 | ||
Interest expense | (1,936) | (957) | (135) | ||
Other gains, net | 303 | 12,824 | 1,815 | ||
Fair value change of warrants | (43,854) | - | - | ||
Loss before income tax expense | (857,337) | (582,853) | (82,497) | ||
Income tax expense | - | - | - | ||
Net loss attributable to I-MAB | (857,337) | (582,853) | (82,497) | ||
Net loss attributable to ordinary shareholders | (857,337) | (582,853) | (82,497) | ||
Net loss attributable to I-MAB | (857,337) | (582,853) | (82,497) | ||
Foreign currency translation adjustments, net of nil tax | (4,972) | 34,726 | 4,915 | ||
Total comprehensive loss attributable to I-MAB | (862,309) | (548,127) | (77,582) | ||
Net loss attributable to ordinary shareholders | (857,337) | (582,853) | (82,497) | ||
Weighted-average number of ordinary shares used in | 7,184,086 | 121,815,986 | 121,815,986 | ||
Net loss per share attributable to ordinary shareholders | |||||
—Basic | (119.34) | (4.78) | (0.68) | ||
—Diluted | (119.34) | (4.78) | (0.68) | ||
Note: (1) Includes share-based compensation expense of RMB308 and RMB132,724 (US (2) Includes share-based compensation expense of RMB366,048 and RMB97,071 (US | |||||
I-MAB Reconciliation of GAAP and Non-GAAP Results (All amounts in thousands, except for share and per share data, unless otherwise noted) | ||||||
For the six months ended June 30, | ||||||
2019 | 2020 | |||||
RMB | RMB | US$ | ||||
GAAP net loss attributable to I-MAB | (857,337) | (582,853) | (82,497) | |||
Add back: | ||||||
Share-based compensation expense | 366,356 | 229,795 | 32,525 | |||
Non-GAAP adjusted net loss attributable to I-MAB | (490,981) | (353,058) | (49,972) | |||
Non-GAAP adjusted net loss attributable to ordinary | (490,981) | (353,058) | (49,972) | |||
Weighted-average number of ordinary shares used in | 7,184,086 | 121,815,986 | 121,815,986 | |||
Non-GAAP adjusted net loss per share attributable to | ||||||
—Basic | (68.34) | (2.90) | (0.41) | |||
—Diluted | (68.34) | (2.90) | (0.41) | |||
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SOURCE I-Mab
FAQ
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