ImageneBio, Inc. (IMA)·Q3 2025 Earnings Summary

Executive Summary

• Q3 2025 was ImageneBio’s first quarter post-merger; revenue was $0 and net loss widened materially to $24.8M as R&D and G&A scaled with clinical progress and stock-based compensation from the reverse recapitalization .
• EPS of -$2.91 missed Wall Street consensus of -$1.00; no revenue beat/miss as consensus was $0.0. The EPS shortfall reflects higher operating costs tied to the merger, program acceleration, and equity compensation. Bold miss: EPS -$2.91 vs -$1.00 consensus | -$1.00*.
• Liquidity strengthened: cash and marketable securities were $142.6M, supported by $75M PIPE financing and Ikena cash acquired at closing; management views the runway as sufficient for at least the next 12 months .
• Program update: protocol amendment planned for the Phase 2b ADAPTIVE study of IMG-007 to optimize dosing/exposure and execution; topline data expected in 2027; AA and AD biomarker/efficacy data presented at ISDS add to the mechanistic and clinical rationale .

What Went Well and What Went Wrong

What Went Well

• Strengthened balance sheet and runway: $142.6M in cash, cash equivalents and marketable securities at quarter-end; PIPE raised ~$75M; reverse recapitalization added ~$54.6M cash and ~$40.1M marketable securities from Ikena .
• Clinical momentum and clarity: planned protocol amendment to expand IMG-007 dosing regimens (including loading doses and patient-friendly intervals) to best demonstrate differentiated potential; topline Phase 2b AD data expected in 2027 .
• Positive external validation signals: AA oral presentation and AD poster at ISDS showed dose-related hair regrowth, durable suppression of activated T-cell biomarkers, and robust EASI responses (EASI-75 54% at Week 16–24; EASI-90 31% at Week 16), with good tolerability (no pyrexia/chills) .

Management quotes:

• “We believe IMG-007 is the only anti-OX40 in mid- to late-stage clinical development that is non-T cell depleting and receptor-targeting, with a roughly 5-week half-life.” — CEO Kristin Yarema, Ph.D.
• “We intend to use our learnings to amend the study in ways that we believe will help us best demonstrate the differentiated potential of IMG-007.” — CEO Kristin Yarema, Ph.D.

What Went Wrong

• EPS and loss widened sharply: net loss -$24.8M vs -$3.2M YoY, driven by increased R&D (up $11.7M YoY) and G&A (up $9.3M YoY), including ~$15.3M YTD stock-based compensation tied to merger-related vesting .
• No product revenue; licensing revenue was $0 in Q3 (vs $3.5M in Q3 2024), reflecting portfolio streamlining (Non-OX40 divestiture) and a single clinical asset focus .
• Litigation and disclosure demands around the merger create overhang and potential incremental costs; management intends to vigorously defend the actions/demands .

Financial Results

Summary P&L vs prior periods and estimates

Notes:

• Q2 2025 revenue shown as $0.00 based on nine-month license revenue ($0.8M) and Q1 recognition ($0.8M), implying no revenue in Q2/Q3 .
• Asterisks denote values retrieved from S&P Global.

Operating expenses and margins

Margins are not meaningful this quarter due to zero revenue; net loss margin and EBIT margin are therefore not presented .

Liquidity

KPIs (clinical and corporate)

Guidance Changes

Earnings Call Themes & Trends

No Q3 2025 earnings call transcript was available in our catalog; themes below reflect press release and 10-Q MD&A.

Management Commentary

• Differentiation: “We believe IMG-007 is the only anti-OX40 in mid- to late-stage clinical development that is non-T cell depleting and receptor-targeting, with a roughly 5-week half-life.” — CEO Kristin Yarema, Ph.D.
• Execution focus: “Both thoughtful study design and high-quality execution are essential to achieve success—we must ‘sweat the small stuff.’” — CEO Kristin Yarema, Ph.D.
• Pipeline-in-a-product: “The promising early data IMG-007 has shown in AA patients illustrates this program’s potential as a ‘pipeline in a product.’” — CEO Kristin Yarema, Ph.D.

Q&A Highlights

• No earnings call transcript for Q3 2025 was available in our catalog; therefore, Q&A themes, guidance clarifications, and tone shifts cannot be assessed from a call transcript this quarter.

Estimates Context

• EPS: Consensus -$1.00 vs actual -$2.91; miss by -$1.91, driven by step-up in R&D/G&A and merger-related and stock-based compensation impacts noted in filings . Consensus: -$1.00*
• Revenue: Consensus $0.0 vs actual $0.0; in line with expectation given zero product sales and limited licensing activity . Consensus: $0.0*
• Coverage depth: # of EPS estimates: 1; # of revenue estimates: 2.*

Values retrieved from S&P Global.

Estimates vs Actuals Table

Key Takeaways for Investors

• EPS miss reflects intentional investment in clinical execution and post-merger scaling; watch for operating expense normalization after one-off vesting and transaction-related costs .
• Balance sheet is materially stronger post-merger/PIPE; management guides to ≥12 months runway, but single-asset concentration means future financing needs likely before commercialization .
• Protocol amendment is a positive step to maximize IMG-007 differentiation (non-depleting, receptor-targeting, ~5-week half-life); dosing optimization and loading strategies may be key catalysts in 2026–2027 .
• External data presentations in AA/AD underpin mechanistic/clinical plausibility and tolerability; look for additional readouts and regulatory feedback as early signals of broader indication potential .
• No financial guidance provided; revenue remains non-product based; monitor business development/licensing as potential non-dilutive funding levers .
• Legal overhang exists from merger-related actions/demands; not currently material but adds headline risk and potential cost .
• Near-term trading: stock likely sensitive to protocol amendment details, clinical site expansion/enrollment updates, and any BD/licensing activity; medium-term thesis depends on successful Phase 2b execution and differentiation vs OX40/OX40L class peers .

S&P Global disclaimer: Asterisks (*) denote values retrieved from S&P Global.