I-Mab(IMAB) - 2024 Q4 - Annual Report

Financial Performance - I-Mab reported a net loss of $(22.2) million for the year ended December 31, 2024, a significant decrease from $(207.7) million in 2023, with net loss per share improving from $(1.09) to $(0.12) [21] - Total revenues for the year ended December 31, 2024, were $0, compared to $632 million in 2023, indicating a significant decline [30] - The net loss from continuing operations for 2024 was $49.70 million, an improvement from a loss of $82.22 million in 2023 [30] - The company reported a net loss of $22.23 million for 2024, compared to a net loss of $207.73 million in 2023, reflecting a substantial reduction in losses [30] - Total comprehensive loss for 2024 was $28.62 million, significantly lower than the $202.12 million reported in 2023 [30] Cash and Investments - The company had cash, cash equivalents, and short-term investments totaling $173.4 million as of December 31, 2024, providing a runway into 2027 for ongoing clinical studies [11] - Cash and cash equivalents at the end of 2024 were $68.26 million, down from $310.67 million at the end of 2023 [39] - Net cash used in operating activities from continuing operations was $52.67 million in 2024, compared to $72.70 million in 2023, indicating improved cash flow management [36] Expenses - Research and development expenses increased to $21.8 million in 2024 from $21.4 million in 2023, primarily due to higher spending on the lead program, givastomig [13] - Administrative expenses rose to $29.7 million in 2024, up from $28.2 million in 2023, largely due to increased legal expenses related to trade secret disputes [14] - Research and development expenses increased slightly to $21.77 million in 2024 from $21.45 million in 2023, while administrative expenses rose to $29.66 million from $28.16 million [30] - The company incurred share-based compensation expenses of $1.95 million in 2024, a decrease from $10.24 million in 2023 [36] Asset Transactions - I-Mab completed the divestiture of its Greater China assets, recognizing a gain of $34.4 million from the transaction [19] - The company recorded a gain of $34.36 million on the sale of discontinued operations in 2024, contrasting with a loss of $125.51 million in 2023 [30] Clinical Development - Givastomig, a bispecific antibody targeting CLDN18.2, is being developed for first-line metastatic gastric cancers, with promising Phase 1 trial results indicating strong tumor-binding properties [4] - The first dose expansion cohort for givastomig's Phase 1b study was completed ahead of schedule, with ongoing momentum in the second cohort [5] - The company expects topline dose escalation data from the givastomig Phase 1b trial in the second half of 2025 [10] - The company anticipates continued development of its pipeline, focusing on givastomig and uliledlimab, with potential milestones expected in 2025 and 2026 [3] Share Information - As of December 31, 2024, I-Mab had 187,452,495 ordinary shares outstanding, equivalent to 81,501,085 ADSs [12] - The weighted-average number of ordinary shares used in calculating net loss per share was 186,728,372 for 2024, compared to 191,423,850 for 2023 [30]