I-Mab (NasdaqGM:IMAB) FY Conference Transcript

Summary of I-Mab Biopharma FY Conference Call Company Overview - Company: I-Mab Biopharma (NasdaqGM:IMAB) - Industry: Clinical-stage biotechnology focused on precision immuno-oncology therapies - Key Assets: Jeva Stomach, Raja Stomach, Uli Ledla Mab - Financial Position: $227 million in cash, providing runway through Q4 2028 [3] Core Points and Arguments - Strategic Focus: I-Mab has divested its China operations to concentrate solely on the U.S. market [2] - Lead Asset - Jeva Stomach: - Positioned as a best-in-class Claudin 18.2 therapeutic for front-line metastatic gastric cancer [4] - Ongoing phase one study combining Jeva with standard care (I/O plus chemotherapy) [5] - Plans to initiate a randomized phase two study in Q1 2026 [2][5] - Market Opportunity: Gastric cancer represents a $12 billion market opportunity, with high unmet medical need due to low five-year survival rates [9] - Clinical Data: - Objective Response Rate (ORR) of 18% in monotherapy with no dose-limiting toxicity [9] - Recruitment for gastric cancer trials is significantly higher than historical norms, indicating strong investigator interest [21] - ORR of 71% across the cohort in the phase one study, exceeding benchmarks from other treatments [22] - Comparison with Competitors: - Jeva Stomach has a lower eligibility threshold for Claudin 18.2 expression (1%) compared to Zolbetuximab (75%), potentially doubling the patient pool [11] - Jeva shows a better safety profile with lower rates of nausea and vomiting compared to Zolbetuximab [19][25] - Future Development: - Expansion into other tumor types such as biliary tract cancer and pancreatic cancer, with market opportunities of $6 billion and $3 billion respectively [26] - Plans for a large randomized phase two study with 180 patients [26] Important but Overlooked Content - Toxicity Profile: Jeva Stomach has a favorable toxicity profile compared to competitors, with only 33% of patients experiencing grade three or above treatment-related adverse events [19] - Durability of Response: Responses to Jeva Stomach are rapid, deepen over time, and show durability, with some patients remaining progression-free beyond a year [23] - Intellectual Property: Strong intellectual property protection is in place for Jeva Stomach, enhancing its competitive position [27] - Competitive Landscape: The competitive landscape includes several Claudin 18.2 assets, with Zolbetuximab being the leading competitor, but I-Mab's unique positioning may provide an advantage in front-line settings [30]