I-Mab Reports First Quarter 2025 Financial Results and Provides Business Update

Core Insights - I-Mab has reported strong progress in its lead program, givastomig, aimed at treating gastric cancers, with patient enrollment in Phase 1b dose expansion cohorts completed ahead of schedule [2][3] - The company has a robust cash position of $168.6 million as of March 31, 2025, which is expected to fund ongoing studies and development initiatives into 2027 [6][8] - The anticipated milestones for givastomig include data presentations at the ESMO GI Congress in July 2025 and further updates in 2026 [3][4] Financial Performance - For Q1 2025, research and development expenses decreased to $0.8 million from $6.1 million in Q1 2024, primarily due to reimbursements and lower costs [10] - Administrative expenses increased to $4.5 million in Q1 2025 from $2.4 million in Q1 2024, influenced by changes in employee share-based compensation [11] - The net loss from continuing operations was $(3.2) million for Q1 2025, a significant reduction from $(9.4) million in Q1 2024, with net loss per share improving from $(0.05) to $(0.02) [15][17] Pipeline and Development - Givastomig is a bispecific antibody targeting CLDN18.2-positive tumor cells, currently in Phase 1b trials for first-line metastatic gastric cancers [18][20] - The ongoing Phase 1b study is evaluating givastomig in combination with nivolumab and chemotherapy, with enrollment in the first dose expansion cohort completed ahead of schedule [20][21] - The company is also developing uliledlimab and ragistomig in collaboration with partners, with updates expected in 2026 [4][8]