ImageneBio, Inc. Annual Report: A New Chapter Unfolds

This guide provides a plain-English summary of ImageneBio, Inc.'s latest annual report. The year 2025 marked a pivotal period for the company, transforming it into a new entity poised for innovation in biopharmaceuticals.

The Birth of ImageneBio: A Strategic Merger

On July 25, 2025, Ikena Oncology, Inc. completed a significant merger with privately held Inmagene Biopharmaceuticals ("Legacy Inmagene"). This strategic combination united Ikena's public listing and capital access with Inmagene's promising pipeline and research capabilities. Immediately following the merger, Ikena Oncology, Inc. officially changed its name to ImageneBio, Inc. Therefore, when we discuss ImageneBio's current operations and future, we primarily refer to the combined strengths and assets of both former companies, particularly Legacy Inmagene's drug candidates.

Before the merger, on July 24, 2025, Ikena Oncology executed a 1-for-12 reverse stock split. This action consolidated shares, increased the per-share price, and helped the company maintain its listing requirements—a common step preceding such a significant corporate event.

Financial Performance: Investing in the Future

As a newly combined biopharmaceutical company focused on drug development, ImageneBio's financial performance for the fiscal year ending December 31, 2025, reflects substantial investment in research and development.

• Revenue: For the year ended December 31, 2025, ImageneBio reported minimal revenue of approximately $2.5 million. This revenue primarily stemmed from collaboration agreements inherited from Legacy Inmagene.
• Net Loss: The company reported a significant net loss of $85.3 million for the year, driven by intensive R&D activities and operational expenses.
• Research & Development (R&D) Expenses: R&D expenditures totaled $68.7 million, underscoring the company's commitment to advancing its pipeline.

Financial Health

• Cash Position: As of December 31, 2025, ImageneBio held $112.5 million in cash and cash equivalents. Management estimates this cash runway will fund operations into late 2026, assuming current burn rates.
• Liquidity: The company's liquidity primarily relies on its cash and cash equivalents, which it expects to fund operations for the next year.
• Market Capitalization: As of March 2, 2026, with approximately 10.65 million voting common shares outstanding, ImageneBio's total market capitalization was approximately $120 million. The public float (shares held by non-affiliates) was valued at roughly $41.7 million as of June 30, 2025.

Business Overview: Advancing Immunological and Inflammatory Therapies

ImageneBio is a clinical-stage biopharmaceutical company. We discover, develop, and commercialize innovative therapies for immunological and inflammatory diseases, as well as select oncology indications.

• Lead Program: IMG-007: Our primary focus is IMG-007, a novel, oral small molecule inhibitor. We designed it to target specific pathways involved in chronic inflammatory conditions. IMG-007 is currently in Phase 2 clinical trials for the treatment of atopic dermatitis and asthma. Initial data from early-stage trials have shown promising safety and efficacy signals.
• Broader Pipeline: Beyond IMG-007, we are also advancing several pre-clinical programs targeting other autoimmune diseases. We also hold early-stage assets in oncology, leveraging proprietary drug discovery platforms.

Future Outlook: Strategic Outlook and Key Milestones

ImageneBio's strategy centers on rapidly advancing its lead candidate, IMG-007, through clinical development and exploring its potential in additional indications. We also aim to build a diversified pipeline.

• IMG-007 Development: We anticipate reporting top-line data from our Phase 2 atopic dermatitis trial in mid-2026 and from our Phase 2 asthma trial in early 2027. We also plan to initiate a Phase 1b trial for IMG-007 in lupus nephritis by the end of 2026.
• Pipeline Expansion: ImageneBio aims to nominate a new pre-clinical candidate for IND-enabling studies in Q4 2026, focusing on a novel target in inflammatory bowel disease.
• Commercialization Strategy: If IMG-007 achieves regulatory approval, ImageneBio plans to pursue a targeted commercialization strategy. This may involve strategic partnerships for broader market access, particularly in ex-U.S. territories.
• Capital Raising: Given our current cash runway, we anticipate needing to raise additional capital through equity financing, debt, or strategic collaborations by mid-2026 to fund ongoing clinical trials and pipeline expansion.

Competitive Position

ImageneBio operates in highly competitive and rapidly evolving therapeutic areas, including immunology, inflammation, and oncology. Our competitive advantages primarily stem from our innovative drug candidates and proprietary scientific platforms.

• IMG-007: For our lead program, IMG-007, we aim to differentiate ourselves through its novel mechanism of action, oral administration, and promising safety and efficacy profile observed in early clinical trials. The market for atopic dermatitis and asthma treatments is crowded with established therapies (e.g., corticosteroids, biologics) and numerous investigational drugs. ImageneBio believes IMG-007's specific target and potential for broad applicability could offer a significant advantage.
• Proprietary Platforms: We leverage our proprietary drug discovery platforms to identify and develop novel small molecules, which we believe can lead to best-in-class or first-in-class therapies.
• Intellectual Property: ImageneBio relies on a robust intellectual property portfolio, including patents and trade secrets, to protect its technologies and drug candidates, providing a competitive barrier.

Key competitors include large pharmaceutical companies with significant resources and established market presence, as well as other biotechnology companies developing similar or alternative treatments. ImageneBio's ability to compete effectively will depend on its success in clinical development, regulatory approvals, manufacturing, and commercialization, as well as its ability to attract and retain skilled personnel and protect its intellectual property.

Risk Factors: Key Risks for Investors

Investing in a clinical-stage biopharmaceutical company like ImageneBio carries significant risks. Investors must understand these crucial factors:

• Clinical Trial Success: The success of IMG-007 and other pipeline candidates remains highly uncertain. Clinical trials can fail at any stage due to lack of efficacy, unacceptable safety profiles, or other unforeseen issues.
• Regulatory Approval: Even with positive clinical data, regulatory bodies (like the FDA) offer no guarantee of approval for IMG-007 or other candidates for commercialization. The approval process is lengthy, complex, and expensive.
• Competition: The fields of immunology, inflammation, and oncology are highly competitive, with many established pharmaceutical companies and emerging biotechs developing similar or alternative therapies.
• Funding Needs: ImageneBio will require substantial additional capital to fund its operations and advance its pipeline. Failure to secure adequate funding on favorable terms could significantly impact our ability to continue development. This could lead to dilution for existing shareholders.
• Intellectual Property: The company's success depends on its ability to obtain and maintain patent protection for its technologies and products, and to operate without infringing on the intellectual property rights of others.
• Merger Integration: While the merger is complete, ongoing risks exist regarding the integration of operations, cultures, and scientific approaches of two distinct entities.

This annual report highlights ImageneBio's ambitious vision and the significant progress we have made in forming a new entity focused on innovative drug development. While our financial results reflect heavy investment, the company's strategic focus on IMG-007 and its broader pipeline offers potential for future growth, albeit with the inherent risks of the biotech industry.