ImageneBio (IMA) Q3 2026 earnings summary

Executive summary

• Olevaprubart (IMG-007), a non-depleting anti-OX40 antibody, is in development for atopic dermatitis (AD) and alopecia areata (AA).

• AD and AA trials are advancing; $126.6M in cash, cash equivalents and marketable securities is expected to fund planned operations into Q1 2028.

• No Kaposi sarcoma cases have been observed across clinical trials to date.

Financial highlights

• Q3 2026 license revenue was $0; operating expenses and operating loss were $17.3M vs. $26.2M YoY, and net loss was $15.6M vs. $24.8M.

• Q3 net loss per share was $0.91 vs. $2.91; weighted-average shares were 17.1M vs. 8.8M YoY.

• 9M 2026 revenue was $0 vs. $0.8M; operating loss was $41.2M vs. $39.5M and net loss was $36.4M vs. $38.4M.

• 9M net loss per share was $2.45 vs. $9.98; weighted-average shares were 14.9M vs. 4.6M, reflecting the post-merger capital structure and warrant shares.

Outlook and guidance

• ADAPTIVE Phase 2b topline data are expected in Q4 2027; the trial and long-term extension continue under an amended protocol.

• AA Phase 2 is expected to start by year-end 2026, with initial data expected in 2028; objectives include benefit-risk characterization and dose selection.

• $126.6M in cash, cash equivalents and marketable securities is expected to fund planned operations into Q1 2028; further funding will be needed for development and potential commercialization.