I-Mab Reports Full Year 2024 Financial Results and Provides Business Update
I-Mab (NASDAQ: IMAB) reported its full year 2024 financial results, highlighting progress in its givastomig Phase 1b combination trial for first-line gastric cancer. The company completed enrollment ahead of schedule in the first expansion cohort, with topline dose escalation data expected in 2H 2025.
Financial highlights include a strong cash position of $173.4 million as of December 31, 2024, providing runway into 2027. The company reported a net loss of $22.2 million for 2024, compared to $207.7 million in 2023. R&D expenses were $21.8 million, while administrative expenses reached $29.7 million.
Key developments include the completion of Greater China assets divestiture and business operations restructuring. The company is focusing on advancing givastomig, a CLDN18.2 x 4-1BB bispecific antibody, with Phase 1b dose expansion study results expected in 1H 2026.
I-Mab (NASDAQ: IMAB) ha riportato i risultati finanziari per l'intero anno 2024, evidenziando i progressi nel suo studio combinato di fase 1b per il cancro gastrico in prima linea con givastomig. L'azienda ha completato l'arruolamento in anticipo rispetto al programma nel primo gruppo di espansione, con i dati preliminari sull'aumento della dose attesi nella seconda metà del 2025.
I punti salienti finanziari includono una solida posizione di liquidità di 173,4 milioni di dollari al 31 dicembre 2024, che garantisce liquidità fino al 2027. L'azienda ha registrato una perdita netta di 22,2 milioni di dollari per il 2024, rispetto ai 207,7 milioni di dollari del 2023. Le spese per R&S sono state di 21,8 milioni di dollari, mentre le spese amministrative hanno raggiunto i 29,7 milioni di dollari.
I principali sviluppi includono il completamento della dismissione degli asset in Cina continentale e la ristrutturazione delle operazioni aziendali. L'azienda si sta concentrando sul progresso di givastomig, un anticorpo bispecifico CLDN18.2 x 4-1BB, con i risultati dello studio di espansione della dose di fase 1b attesi nella prima metà del 2026.
I-Mab (NASDAQ: IMAB) informó sus resultados financieros del año completo 2024, destacando los avances en su ensayo combinado de fase 1b para el cáncer gástrico de primera línea con givastomig. La compañía completó la inscripción antes de lo previsto en la primera cohorte de expansión, con datos preliminares de escalado de dosis esperados para la segunda mitad de 2025.
Los aspectos financieros destacados incluyen una sólida posición de efectivo de 173,4 millones de dólares al 31 de diciembre de 2024, lo que proporciona liquidez hasta 2027. La compañía reportó una pérdida neta de 22,2 millones de dólares para 2024, en comparación con 207,7 millones de dólares en 2023. Los gastos de I+D fueron de 21,8 millones de dólares, mientras que los gastos administrativos alcanzaron los 29,7 millones de dólares.
Los desarrollos clave incluyen la finalización de la desinversión de activos en China continental y la reestructuración de las operaciones comerciales. La compañía se está enfocando en avanzar con givastomig, un anticuerpo bispecífico CLDN18.2 x 4-1BB, con los resultados del estudio de expansión de dosis de fase 1b esperados para la primera mitad de 2026.
I-Mab (NASDAQ: IMAB)는 2024년 전체 재무 결과를 보고하며, 첫 번째 라인 위암에 대한 givastomig의 1b 단계 조합 시험에서의 진행 상황을 강조했습니다. 회사는 첫 번째 확장 코호트에서 예정보다 빠르게 등록을 완료했으며, 2025년 하반기에 용량 증가 데이터가 예상됩니다.
재무 하이라이트에는 2024년 12월 31일 기준으로 1억 7340만 달러의 강력한 현금 포지션이 포함되어 있으며, 이는 2027년까지의 운영 자금을 제공합니다. 회사는 2024년에 2220만 달러의 순손실을 보고했으며, 이는 2023년의 2억 770만 달러와 비교됩니다. 연구 및 개발 비용은 2180만 달러였으며, 관리 비용은 2970만 달러에 달했습니다.
주요 개발 사항에는 중국 본토 자산 매각 및 사업 운영 재구성이 포함됩니다. 회사는 CLDN18.2 x 4-1BB 이중 특이성 항체인 givastomig의 발전에 집중하고 있으며, 2026년 상반기에 1b 단계 용량 확장 연구 결과가 예상됩니다.
I-Mab (NASDAQ: IMAB) a publié ses résultats financiers pour l'année complète 2024, mettant en évidence les progrès de son essai combiné de phase 1b pour le cancer gastrique de première ligne avec givastomig. L'entreprise a terminé l'inscription en avance sur le calendrier dans la première cohorte d'expansion, avec des données préliminaires sur l'escalade de dose attendues au second semestre 2025.
Les points forts financiers incluent une solide position de trésorerie de 173,4 millions de dollars au 31 décembre 2024, offrant une marge de manœuvre jusqu'en 2027. L'entreprise a enregistré une perte nette de 22,2 millions de dollars pour 2024, contre 207,7 millions de dollars en 2023. Les dépenses de R&D se sont élevées à 21,8 millions de dollars, tandis que les dépenses administratives ont atteint 29,7 millions de dollars.
Les développements clés incluent l'achèvement de la cession des actifs en Chine continentale et la restructuration des opérations commerciales. L'entreprise se concentre sur l'avancement de givastomig, un anticorps bispécifique CLDN18.2 x 4-1BB, avec des résultats de l'étude d'expansion de dose de phase 1b attendus au premier semestre 2026.
I-Mab (NASDAQ: IMAB) hat seine Finanzzahlen für das Gesamtjahr 2024 veröffentlicht und dabei Fortschritte in seiner Phase-1b-Kombinationsstudie mit givastomig zur Erstlinientherapie bei Magenkrebs hervorgehoben. Das Unternehmen hat die Einschreibung im ersten Erweiterungs-Kohorte vorzeitig abgeschlossen, wobei die ersten Daten zur Dosissteigerung in der zweiten Hälfte von 2025 erwartet werden.
Zu den finanziellen Höhepunkten gehört eine starke Liquiditätsposition von 173,4 Millionen US-Dollar zum 31. Dezember 2024, die einen finanziellen Spielraum bis 2027 bietet. Das Unternehmen meldete für 2024 einen Nettoverlust von 22,2 Millionen US-Dollar, verglichen mit 207,7 Millionen US-Dollar im Jahr 2023. Die F&E-Ausgaben beliefen sich auf 21,8 Millionen US-Dollar, während die Verwaltungskosten 29,7 Millionen US-Dollar erreichten.
Wichtige Entwicklungen umfassen den Abschluss der Veräußerung von Vermögenswerten in Festlandchina und die Umstrukturierung der Geschäftsabläufe. Das Unternehmen konzentriert sich darauf, givastomig, einen bispezifischen Antikörper CLDN18.2 x 4-1BB, voranzutreiben, wobei die Ergebnisse der Dosissteigerungsstudie der Phase 1b in der ersten Hälfte von 2026 erwartet werden.
- Significant improvement in net loss to $22.2M in 2024 from $207.7M in 2023
- Strong cash position of $173.4M providing runway into 2027
- Ahead of schedule enrollment completion in first givastomig Phase 1b dose expansion cohort
- Successful completion of Greater China assets divestiture, resulting in $34.4M gain
- Increased administrative expenses to $29.7M from $28.2M YoY
- Higher R&D expenses at $21.8M compared to $21.4M in 2023
- Decreased interest income to $7.5M from $9.3M YoY
Insights
I-Mab's 2024 financial results reveal a significant improvement in their financial position despite ongoing operational losses. The net loss narrowed to
The company's strategic pivot to a U.S.-based biotech operation, following divestiture of Greater China assets, has streamlined their focus onto high-potential assets—particularly givastomig, their Claudin-18.2 x 4-1BB bispecific antibody for gastric cancer. The early completion of enrollment in the first dose expansion cohort signals strong clinical execution and potential timeline acceleration.
While administrative expenses increased to
The key value driver remains the givastomig program, which has demonstrated potential best-in-class attributes in targeting CLDN18.2-expressing tumors while minimizing toxicities common to 4-1BB agents. With topline data expected in 2H 2025, followed by expansion cohort results in 1H 2026, the company has established clear near-term catalysts that could drive valuation.
- Continued positive momentum in givastomig Phase 1b combination trial in first-line gastric cancer, with topline dose escalation data (n=17) expected in 2H 2025
- Enrollment completed ahead of schedule in the first givastomig Phase 1b dose expansion cohort; momentum continues in the second expansion cohort
- Strong financial position supported by
$173.4 million of cash and cash equivalents, and short-term investments as of December 31, 2024; provides runway into 2027, through expected clinical readouts for givastomig
ROCKVILLE, Md., April 03, 2025 (GLOBE NEWSWIRE) -- I-Mab (NASDAQ: IMAB) (the “Company”), a U.S.-based, global biotech company, focused on the development of precision immuno-oncology agents for the treatment of cancer, today announced financial results for the full year ended December 31, 2024, and highlighted recent pipeline progress and business updates.
“The last year has been transformational for I-Mab. We successfully established a new model as a U.S.-based biotech company, divested all business operations in China, redefined our strategy, strengthened our leadership team, reprioritized our pipeline and accelerated the development of our lead program, givastomig, a novel Claudin-18.2 targeted therapy,” said Sean Fu, PhD, MBA, CEO and board member of I-Mab. “We believe givastomig is uniquely situated to be a potential best-in-class, Claudin-18.2 therapy, with broad applicability in gastric cancer and beyond, and our strong cash balance positions us to build on the momentum.”
2024 Selected Finance and Corporate Development Highlights:
- Appointment of Sean (Xi-Yong) Fu, PhD, MBA, as Chief Executive Officer.
- Completed divestiture of Greater China assets and business operations, including settlement of all non-participating shareholder redemption obligations.
Pipeline Overview and Potential Upcoming Milestones
In January 2025, the Company announced a portfolio re-prioritization, with a focus on advancing its lead program, givastomig, a CLDN18.2 x 4-1BB bispecific antibody, targeting first-line (1L) metastatic gastric cancers, with further potential in other solid tumors. The Company continues to monitor development of uliledlimab, an antibody designed to target CD73, the rate-limiting enzyme critical for adenosine-driven immunosuppression in the tumor microenvironment, in Phase 2 studies with its partner, TJ Biopharma, and support ongoing studies underway with its partner, ABL Bio, for ragistomig, a bispecific, Fc-silent antibody designed to provide anti-PD-L1 activity and conditional 4-1BB-driven T-cell activation in one molecule.
Givastomig
Givastomig (TJ033721 / ABL111) is a bispecific antibody targeting CLDN18.2-positive tumor cells. It conditionally activates T cells through the 4-1BB signaling pathway in the tumor microenvironment where CLDN18.2 is expressed. Givastomig is being developed for 1L metastatic gastric cancers, with further potential in other solid tumors. In Phase 1 trials, givastomig was observed to maintain a strong tumor-binding property and promising anti-tumor activity, attributable to a potential synergistic effect of proximal interaction between CLDN18.2 and 4-1BB, while minimizing toxicities commonly seen with other 4-1BB agents.
Enrollment recently completed in the first dose expansion cohort (n=20), ahead of schedule, with continued momentum in the second dose expansion cohort (n=20). The Phase 1b study is evaluating givastomig for the treatment of gastric cancer in the 1L setting in combination with standard of care, nivolumab (an anti-PD-1 checkpoint inhibitor) plus chemotherapy. The study builds on positive Phase 1 monotherapy data.
Givastomig is being jointly developed through a global partnership with ABL Bio, in which I-Mab is the lead party and shares worldwide rights, excluding Greater China and South Korea, equally with ABL Bio.
Upcoming Phase 1b Givastomig Milestones:
- 2H 2025: Phase 1b dose escalation data (n=17) expected to be presented at a medical meeting.
- 1H 2026: Expected topline results from the ongoing dose expansion study (n=40).
Full Year 2024 Financial Results
Cash Position
As of December 31, 2024, the Company had cash, cash equivalents, and short-term investments of
Shares Outstanding
As of December 31, 2024, the Company had 187,452,495 ordinary shares issued and outstanding, representing the equivalent of 81,501,085 ADSs, assuming the conversion of all ordinary shares into ADSs.
Research & Development Expenses
Research and development expenses were
Administrative Expenses
Administrative expenses were
Interest Income
Interest income was
Other Expenses, Net
Other expenses, net were
Equity in Loss of Affiliates
Equity in loss of affiliates was
Net Loss from Continuing Operations
Net loss from continuing operations was
Net Loss from Discontinued Operations
On April 2, 2024, the Company closed the China divestiture announced on February 7, 2024 (the “Transaction”). The Company determined that the Transaction represented a strategic shift that had a major effect on the business and therefore, met the criteria for classification as discontinued operations at December 31, 2024. Accordingly, the carrying value of in-process research and development and the net assets associated with the Greater China business operations are reported as discontinued operations in accordance with ASC 205-20, Discontinued Operations. Amounts applicable to prior years have been recast to conform to the discontinued operations presentation. The Company recognized a gain on the Transaction in the amount of
Net Loss
Net loss was
About I-Mab
I-Mab (NASDAQ: IMAB) is a U.S.-based, global biotech company, focused on the development of precision immuno-oncology agents for the treatment of cancer. I-Mab has established operations in the U.S. in Rockville, Maryland, and Short Hills, New Jersey. For more information, please visit https://www.i-mabbiopharma.com and follow us on LinkedIn and X.
Exchange Rate Information
As part of I-Mab’s strategic transition to a U.S.-based biotech, effective April 2, 2024, the Company changed its reporting currency from RMB to USD. As indicated in its interim financial results, reported on August 28, 2024, the Company applied this change retrospectively to its historical results of operations and financial statements, as if the Company had always used the U.S. dollar as its reporting currency.
I-Mab Forward Looking Statements
This announcement contains forward-looking statements. These statements are made under 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”, “believes”, “designed to”, “anticipates”, “future”, “intends”, “plans”, “potential”, “estimates”, “confident”, and similar terms or the negative thereof. I-Mab may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about I-Mab’s beliefs and expectations, are forward-looking statements. Forward-looking statements in this press release include, without limitation, statements regarding: the Company’s pipeline and clinical development of I-Mab’s drug candidates, including givastomig; the projected advancement of the Company’s portfolio and anticipated milestones and related timing; the Company’s expectations regarding the impact of data from ongoing and future clinical trials; the Company’s expectations regarding its cash runway; the timing and progress of studies and trials (including with respect to patient enrollment); the potential benefits of givastomig; and the availability of data and information from ongoing studies and trials. Forward-looking statements involve inherent risks and uncertainties that may cause actual results to differ materially from those contained in these forward-looking statements, including but not limited to the following: I-Mab’s ability to demonstrate the safety and efficacy of its drug candidates; the clinical results for its drug candidates, which may or may not support further development or New Drug Application/Biologics License Application (NDA/BLA) approval; the content and timing of decisions made by the relevant regulatory authorities regarding regulatory approval of I-Mab’s drug candidates; I-Mab’s ability to achieve commercial success for its drug candidates, if approved; I-Mab’s ability to obtain and maintain protection of intellectual property for its technology and drugs; I-Mab’s reliance on third parties to conduct drug development, manufacturing and other services; and I-Mab’s limited operating history and I-Mab’s ability to obtain additional funding for operations and to complete the development and commercialization of its drug candidates, as well as those risks more fully discussed in the “Risk Factors” section in I-Mab’s annual report on Form 20-F filed with the SEC on April 3, 2025, as well as the discussions of potential risks, uncertainties, and other important factors in I-Mab’s subsequent filings with the SEC. All forward-looking statements are based on information currently available to I-Mab. I-Mab undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required by law.
I-Mab Investor & Media Contacts
| PJ Kelleher | |
| LifeSci Advisors | |
| +1-617-430-7579 | |
| pkelleher@lifesciadvisors.com | |
| IR@imabbio.com |
| I-Mab | |||||||
| Consolidated Balance Sheets | |||||||
| (All amounts in thousands, except for share data) | |||||||
| As of December 31, | |||||||
| 2024 | 2023 | ||||||
| Assets | |||||||
| Current assets | |||||||
| Cash and cash equivalents | $ | 68,263 | $ | 291,506 | |||
| Short-term investments | 105,135 | 20,221 | |||||
| Prepayments and other receivables | 3,295 | 2,503 | |||||
| Current assets of discontinued operations | — | 15,682 | |||||
| Total current assets | 176,693 | 329,912 | |||||
| Property, equipment and software | 201 | 1,777 | |||||
| Operating lease right-of-use assets | 3,597 | 3,777 | |||||
| Investments at fair value, available-for-sale debt securities (amortized cost of | 30,824 | — | |||||
| Other non-current assets | 1,365 | 248 | |||||
| Non-current assets of discontinued operations | — | 33,208 | |||||
| Total assets | $ | 212,680 | $ | 368,922 | |||
| Liabilities and shareholders’ equity | |||||||
| Current liabilities | |||||||
| Accruals and other payables | $ | 7,638 | $ | 7,849 | |||
| Operating lease liabilities, current | 816 | 626 | |||||
| Current liabilities of discontinued operations | — | 49,669 | |||||
| Total current liabilities | 8,454 | 58,144 | |||||
| Put right liabilities, non-current | — | 13,852 | |||||
| Operating lease liabilities, non-current | 3,066 | 3,261 | |||||
| Other non-current liabilities | — | 106 | |||||
| Non-current liabilities of discontinued operations | — | 50,975 | |||||
| Total liabilities | 11,520 | 126,338 | |||||
| Commitments and contingencies | |||||||
| Shareholders’ equity | |||||||
| Ordinary shares ( December 31, 2024 and 2023; 187,452,495 and 185,613,662 shares issued and outstanding as of December 31, 2024 and 2023, respectively) | 19 | 19 | |||||
| Treasury stock | (6,225 | ) | (8,007 | ) | |||
| Additional paid-in capital | 1,460,021 | 1,474,610 | |||||
| Accumulated other comprehensive income | 33,384 | 39,771 | |||||
| Accumulated deficit | (1,286,039 | ) | (1,263,809 | ) | |||
| Total shareholders’ equity | 201,160 | 242,584 | |||||
| Total liabilities and shareholders’ equity | $ | 212,680 | $ | 368,922 | |||
| I-Mab | |||||||||||
| Consolidated Statements of Comprehensive Loss | |||||||||||
| (All amounts in thousands, except for share and per share data) | |||||||||||
| Year Ended December 31, | |||||||||||
| 2024 | 2023 | 2022 | |||||||||
| Revenues | |||||||||||
| Licensing and collaboration revenue | $ | — | $ | 632 | $ | (1,551 | ) | ||||
| Total revenues | — | 632 | (1,551 | ) | |||||||
| Expenses | |||||||||||
| Research and development expenses(1) | (21,770 | ) | (21,448 | ) | (22,547 | ) | |||||
| Administrative expenses(2) | (29,656 | ) | (28,160 | ) | (28,980 | ) | |||||
| Impairment of goodwill | — | (23,041 | ) | — | |||||||
| Total expenses | (51,426 | ) | (72,649 | ) | (51,527 | ) | |||||
| Loss from operations | (51,426 | ) | (72,017 | ) | (53,078 | ) | |||||
| Interest income | 7,486 | 9,294 | 4,954 | ||||||||
| Other expenses, net | (4,718 | ) | (8,090 | ) | (28,269 | ) | |||||
| Equity in loss of affiliates(3) | (1,038 | ) | (11,404 | ) | (64,707 | ) | |||||
| Loss from continuing operations before income tax expense | (49,696 | ) | (82,217 | ) | (141,100 | ) | |||||
| Income tax expense | — | — | (103 | ) | |||||||
| Loss from continuing operations | $ | (49,696 | ) | $ | (82,217 | ) | $ | (141,203 | ) | ||
| Discontinued operations: | |||||||||||
| Loss from operations of discontinued operations(4) | $ | (6,898 | ) | $ | (125,512 | ) | $ | (229,850 | ) | ||
| Income tax expense | — | — | — | ||||||||
| Gain on sale of discontinued operations | 34,364 | — | — | ||||||||
| Gain (loss) from discontinued operations | $ | 27,466 | $ | (125,512 | ) | $ | (229,850 | ) | |||
| Net loss | $ | (22,230 | ) | $ | (207,729 | ) | $ | (371,053 | ) | ||
| Other comprehensive income (loss): | |||||||||||
| Unrealized loss on available-for-sale debt securities, net of tax | $ | (8,168 | ) | $ | — | $ | — | ||||
| Foreign currency translation adjustments, net of tax | 1,781 | 5,605 | 5,587 | ||||||||
| Total comprehensive loss | $ | (28,617 | ) | $ | (202,124 | ) | $ | (365,466 | ) | ||
| Weighted-average number of ordinary shares used in calculating net loss per share - basic and diluted | 186,728,372 | 191,423,850 | 189,787,292 | ||||||||
| Net loss from continuing operations per share - basic and diluted | $ | (0.27 | ) | $ | (0.43 | ) | $ | (0.74 | ) | ||
| Net gain (loss) from discontinued operations per share - basic and diluted | $ | 0.15 | $ | (0.66 | ) | $ | (1.22 | ) | |||
| Net loss per share - basic and diluted | $ | (0.12 | ) | $ | (1.09 | ) | $ | (1.96 | ) | ||
| Net loss from continuing operations per ADS(5)- basic and diluted | $ | (0.61 | ) | $ | (0.99 | ) | $ | (1.71 | ) | ||
| Net gain (loss) from discontinued operations per ADS(5)- basic and diluted | $ | 0.34 | $ | (1.51 | ) | $ | (2.79 | ) | |||
| Net loss per ADS(5)- basic and diluted | $ | (0.27 | ) | $ | (2.50 | ) | $ | (4.50 | ) | ||
(1) Includes share-based compensation expense of
(2) Includes share-based compensation expense of
(3) Includes share-based compensation expense of
(4) Includes share-based compensation expense of
(5) Each 10 ADSs represents 23 ordinary shares.
| I-Mab | |||||||||||
| Consolidated Statements of Cash Flows | |||||||||||
| (All amounts in thousands) | |||||||||||
| Year Ended December 31, | |||||||||||
| 2024 | 2023 | 2022 | |||||||||
| Cash flows from operating activities | |||||||||||
| Net loss | $ | (22,230 | ) | $ | (207,729 | ) | $ | (371,053 | ) | ||
| Less: net gain (loss) from discontinued operations | 27,466 | (125,512 | ) | (229,850 | ) | ||||||
| Net loss from continuing operations | (49,696 | ) | (82,217 | ) | (141,203 | ) | |||||
| Adjustments to reconcile net loss to net cash used in operating activities from continuing operations | |||||||||||
| Share-based compensation | (1,949 | ) | 10,239 | 13,149 | |||||||
| Change in fair value and extinguishment of put right liabilities | (13,852 | ) | 1,118 | (5,070 | ) | ||||||
| Equity in loss of affiliates | 1,038 | 11,404 | 64,707 | ||||||||
| Depreciation of property, equipment and software | 261 | 475 | 206 | ||||||||
| Impairment of goodwill | — | 23,041 | — | ||||||||
| Settlement of TJ Biopharma repurchase obligations | 12,388 | — | — | ||||||||
| Amortization of right-of use assets | 717 | 586 | 1,209 | ||||||||
| Impairment of fixed assets | 622 | — | — | ||||||||
| Impairment of assets held for sale | 624 | — | — | ||||||||
| Gain on disposal of property and equipment | (11 | ) | — | (27 | ) | ||||||
| Change in fair value of short-term and other investments | — | (221 | ) | (1,898 | ) | ||||||
| Recognition of deferred cost for planned dual listing | — | — | 2,253 | ||||||||
| Changes in operating assets and liabilities | |||||||||||
| Prepayments and other receivables | (1,904 | ) | 28 | (1,800 | ) | ||||||
| Accruals and other payables | (213 | ) | (35,681 | ) | 18,337 | ||||||
| Other non-current liabilities | (106 | ) | (894 | ) | 226 | ||||||
| Operating lease liability, net | (588 | ) | (575 | ) | (1,217 | ) | |||||
| Accounts receivable | — | — | (2,755 | ) | |||||||
| Contract assets | — | — | 4,301 | ||||||||
| Net cash used in operating activities from continuing operations | (52,669 | ) | (72,697 | ) | (49,582 | ) | |||||
| Cash flows from investing activities | |||||||||||
| Proceeds from disposal of short-term and other investments | 109,834 | 85,000 | 764,421 | ||||||||
| Purchase of short-term and other investments | (194,748 | ) | (100,000 | ) | (767,510 | ) | |||||
| Purchase of available-for-sale debt securities | (51,115 | ) | — | — | |||||||
| Purchase of property, equipment and software | (48 | ) | (164 | ) | (2,091 | ) | |||||
| Proceeds from disposal of property and equipment | 62 | — | — | ||||||||
| Net cash used in investing activities from continuing operations | (136,015 | ) | (15,164 | ) | (5,180 | ) | |||||
| Cash flows from financing activities | |||||||||||
| Payment for stock repurchases | (335 | ) | (8,644 | ) | (3,006 | ) | |||||
| Proceeds from exercise of stock options | — | 407 | 6,918 | ||||||||
| Net cash (used in) generated from financing activities from continuing operations | $ | (335 | ) | $ | (8,237 | ) | $ | 3,912 | |||
| I-Mab | |||||||||||
| Consolidated Statements of Cash Flows (continued) | |||||||||||
| (All amounts in thousands) | |||||||||||
| Year Ended December 31, | |||||||||||
| 2024 | 2023 | 2022 | |||||||||
| Discontinued operations: | |||||||||||
| Net cash used in operating activities | $ | (27,498 | ) | $ | (109,791 | ) | $ | (116,663 | ) | ||
| Net cash (used in) generated from investing activities | (22,289 | ) | 26,077 | 73,216 | |||||||
| Net cash (used in) generated from financing activities | (4,171 | ) | 9,911 | 2,805 | |||||||
| Net cash used in discontinued operations | (53,958 | ) | (73,803 | ) | (40,642 | ) | |||||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 573 | 5,197 | 14,197 | ||||||||
| Net decrease in cash and cash equivalents | (242,404 | ) | (164,704 | ) | (77,295 | ) | |||||
| Cash and cash equivalents, beginning of year | 310,667 | 475,371 | 552,666 | ||||||||
| Cash and cash equivalents, end of year | $ | 68,263 | $ | 310,667 | $ | 475,371 | |||||
| Additional ASC 842 supplemental disclosures | |||||||||||
| Cash paid for fixed operating lease costs included in the measurement of lease obligations in operating activities | $ | 805 | $ | 739 | $ | 909 | |||||
| Right-of-use assets obtained in exchange for operating lease obligations | $ | 282 | $ | 1,426 | $ | — | |||||
| Other supplemental cash flow disclosures | |||||||||||
| Income tax paid | $ | — | $ | — | $ | 103 | |||||
| Interest paid | $ | — | $ | — | $ | — | |||||
| Non-cash activities | |||||||||||
| Payables for purchase of property, equipment and software | $ | — | $ | — | $ | 124 | |||||
| Unrealized loss on available-for-sale debt securities | $ | 8,168 | $ | — | $ | — | |||||
| The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated Balance Sheets: | |||||||||||
| Cash and cash equivalents | $ | 68,263 | $ | 291,506 | $ | 342,922 | |||||
| Restricted cash(1) | — | — | 5,000 | ||||||||
| Cash and cash equivalents in current assets of discontinued operations | — | 10,843 | 8,894 | ||||||||
| Restricted cash in non-current assets of discontinued operations | — | 8,318 | 118,555 | ||||||||
| Total cash and cash equivalents and restricted cash | $ | 68,263 | $ | 310,667 | $ | 475,371 | |||||
(1) The
FAQ
What are the key milestones for IMAB's givastomig trial in 2025-2026?
How much cash does IMAB have and how long will it last?
What was IMAB's net loss for full year 2024?
What is the status of IMAB's givastomig Phase 1b trial enrollment?
