I-Mab Reports Full Year 2024 Financial Results and Provides Business Update

Core Insights - I-Mab has undergone a transformational year, establishing itself as a U.S.-based biotech company, divesting operations in China, and focusing on its lead program, givastomig, a novel therapy for gastric cancer [2][3] Financial Highlights - As of December 31, 2024, the company reported cash and cash equivalents of $173.4 million, providing a financial runway into 2027 for ongoing clinical studies [8][11] - Research and development expenses for the year were $21.8 million, slightly up from $21.4 million in 2023, primarily due to increased spending on givastomig [13] - Administrative expenses increased to $29.7 million from $28.2 million, largely due to higher professional services fees related to legal disputes [14] - The net loss from continuing operations was $(49.7) million for 2024, an improvement from $(82.2) million in 2023, with a net loss per share of $(0.27) compared to $(0.43) [18][21] Pipeline and Development Updates - Givastomig is a bispecific antibody targeting CLDN18.2-positive tumor cells, currently in Phase 1b trials for first-line metastatic gastric cancer, showing promising anti-tumor activity [4][5] - Enrollment in the first dose expansion cohort for givastomig was completed ahead of schedule, with continued momentum in the second cohort [5][8] - Upcoming milestones include topline dose escalation data expected in the second half of 2025 and topline results from the ongoing dose expansion study anticipated in the first half of 2026 [10][8] Strategic Changes - The company has redefined its strategy and strengthened its leadership team, with Sean Fu appointed as CEO [2][9] - The divestiture of Greater China assets was completed, resulting in a gain of $34.4 million for the year [20] Shareholder Information - As of December 31, 2024, the company had 187,452,495 ordinary shares outstanding, equivalent to 81,501,085 ADSs [12]