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I-Mab(IMAB) - 2024 Q4 - Annual Report
IMABI-Mab(IMAB)2025-04-03 20:02

Financial Performance - I-Mab reported a net loss of (22.2)millionfortheyearendedDecember31,2024,asignificantdecreasefrom(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(1.09) to (0.12) [21] - Total revenues for the year ended December 31, 2024, were 0,comparedto0, compared to 632 million in 2023, indicating a significant decline [30] - The net loss from continuing operations for 2024 was 49.70million,animprovementfromalossof49.70 million, an improvement from a loss of 82.22 million in 2023 [30] - The company reported a net loss of 22.23millionfor2024,comparedtoanetlossof22.23 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 28.62million,significantlylowerthanthe28.62 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 173.4millionasofDecember31,2024,providingarunwayinto2027forongoingclinicalstudies[11]−Cashandcashequivalentsattheendof2024were173.4 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 310.67millionattheendof2023[39]−Netcashusedinoperatingactivitiesfromcontinuingoperationswas310.67 million at the end of 2023 [39] - Net cash used in operating activities from continuing operations was 52.67 million in 2024, compared to 72.70millionin2023,indicatingimprovedcashflowmanagement[36]Expenses−Researchanddevelopmentexpensesincreasedto72.70 million in 2023, indicating improved cash flow management [36] Expenses - Research and development expenses increased to 21.8 million in 2024 from 21.4millionin2023,primarilyduetohigherspendingontheleadprogram,givastomig[13]−Administrativeexpensesroseto21.4 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 28.2millionin2023,largelyduetoincreasedlegalexpensesrelatedtotradesecretdisputes[14]−Researchanddevelopmentexpensesincreasedslightlyto28.2 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 21.45millionin2023,whileadministrativeexpensesroseto21.45 million in 2023, while administrative expenses rose to 29.66 million from 28.16million[30]−Thecompanyincurredshare−basedcompensationexpensesof28.16 million [30] - The company incurred share-based compensation expenses of 1.95 million in 2024, a decrease from 10.24millionin2023[36]AssetTransactions−I−MabcompletedthedivestitureofitsGreaterChinaassets,recognizingagainof10.24 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 34.36milliononthesaleofdiscontinuedoperationsin2024,contrastingwithalossof34.36 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]