I-Mab (IMAB): Business Model Canvas

In der dynamischen Welt der Biotechnologie erweist sich I-Mab (IMAB) als bahnbrechender Innovator und positioniert sich strategisch an der Spitze der Präzisionsmedizin und der onkologischen Forschung. Mit einem messerscharfen Fokus auf die Entwicklung modernster monoklonaler Antikörpertechnologien verändert dieses Pionierunternehmen die Landschaft gezielter Therapien, indem es fortschrittliche Forschungsplattformen, strategische Partnerschaften und einen visionären Ansatz zur Behandlung komplexer medizinischer Herausforderungen nutzt. Tauchen Sie ein in das komplexe Business Model Canvas, das zeigt, wie I-Mab nicht nur Medikamente entwickelt, sondern auch die Art und Weise revolutioniert, wie wir Krebs und immunologische Erkrankungen verstehen und bekämpfen.

I-Mab (IMAB) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Zusammenarbeit mit WuXi Biologics

I-Mab hat eine strategische Partnerschaft mit WuXi Biologics für die Entwicklung von Biologika geschlossen. Ab 2023 umfasst die Zusammenarbeit:

• Entwicklungs- und Herstellungsdienstleistungen für Biologika
• Unterstützung des Technologietransfers
• Prozessoptimierung für monoklonale Antikörperplattformen

Einzelheiten zur Partnerschaft	Spezifische Kennzahlen
Vertragswert	18,5 Millionen US-Dollar im Jahr 2023
Entwicklungszeitleiste	3-5 Jahre Kooperationsvereinbarung
Technologieplattformen	2 primäre Entwicklungsplattformen für Biologika

Forschungskooperationen mit akademischen Institutionen

I-Mab unterhält Forschungskooperationen mit:

• Harvard Medical School
• Onkologisches Forschungszentrum der Stanford University
• Universität von Kalifornien, San Francisco

Akademischer Partner	Forschungsschwerpunkt	Jährliche Investition
Harvard Medical School	Immunonkologische Forschung	2,3 Millionen US-Dollar
Stanford-Universität	Antikörper-Engineering	1,7 Millionen US-Dollar

Lizenzvereinbarungen

I-Mab hat Lizenzvereinbarungen abgeschlossen mit:

• Genentech
• Novartis
• AstraZeneca

Pharmaunternehmen	Lizenztyp	Vereinbarungswert
Genentech	Zulassung von Onkologiemedikamenten	45 Millionen Dollar im Voraus
Novartis	Immuntherapie-Plattform	Meilensteinzahlungen in Höhe von 35 Millionen US-Dollar

Co-Entwicklungspartnerschaften

Zu den globalen biopharmazeutischen Entwicklungspartnerschaften gehören:

• Merck & Co.
• Pfizer
• Bristol Myers Squibb

Partner	Fokus auf gemeinsame Entwicklung	Mögliche Meilensteinzahlungen
Merck & Co.	Krebsimmuntherapie	Bis zu 250 Millionen US-Dollar
Pfizer	Präzisionsonkologie	Bis zu 180 Millionen US-Dollar

Fertigungspartnerschaften

Zu den Partnerschaften mit Vertragsentwicklungsorganisationen gehören:

• Lonza-Gruppe
• Samsung Biologics
• Boehringer Ingelheim

CDO-Partner	Produktionskapazität	Vertragswert
Lonza-Gruppe	500L Bioreaktorkapazität	Jahresvertrag über 22 Millionen US-Dollar
Samsung Biologics	Gesamtproduktionskapazität von 256.000 l	Mehrjahresvertrag über 35 Millionen US-Dollar

I-Mab (IMAB) – Geschäftsmodell: Hauptaktivitäten

Biotechnologische Forschung und Arzneimittelentwicklung

I-Mab investierte im Jahr 2022 102,1 Millionen US-Dollar in Forschungs- und Entwicklungskosten. Das Unternehmen unterhält eine fokussierte Pipeline von 10 onkologischen und autoimmuntherapeutischen Kandidaten.

Forschungsschwerpunktbereich	Anzahl der Kandidaten	Entwicklungsphase
Onkologische Therapeutika	7	Präklinisch bis Phase 3
Autoimmuntherapeutika	3	Präklinisch bis Phase 2

Innovative Entwicklung monoklonaler Antikörper

I-Mab hat mehrere Plattformen für monoklonale Antikörper entwickelt proprietäre Technologie.

• Gesamtzahl der Kandidaten für monoklonale Antikörper: 8
• Globale Kooperationspartnerschaften: 3
• Aktuelles Patentportfolio: 276 erteilte Patente weltweit

Management und Durchführung klinischer Studien

I-Mab führte im Jahr 2022 12 aktive klinische Studien in mehreren Therapiebereichen durch.

Klinische Studienphase	Anzahl der Versuche	Therapeutische Bereiche
Phase 1	4	Onkologie
Phase 2	5	Onkologie, Autoimmun
Phase 3	3	Onkologie

Einreichung und Einhaltung von Vorschriften

I-Mab hat Zulassungsanträge in mehreren Gerichtsbarkeiten eingereicht, darunter in den USA, China und Europa.

• Interaktionen mit der FDA: 7 aktive regulatorische Kommunikation
• NMPA-Anträge (China): 5 aktive Zulassungsanträge
• Vorläufige Konsultationen der EMA: 2

Präzisionsmedizin- und Immuntherapieforschung

I-Mab konzentriert sich auf fortschrittliche immuntherapeutische Ansätze mit gezielten molekularen Mechanismen.

Forschungsplattform	Einzigartige molekulare Ziele	Entwicklungsstand
Immunonkologie	4	Versuche der Phasen 1–3
Autoimmun-Targeting	2	Präklinisch bis Phase 2

I-Mab (IMAB) – Geschäftsmodell: Schlüsselressourcen

Fortschrittliche Forschungs- und Entwicklungslabore und Forschungseinrichtungen

I-Mab betreibt Forschungseinrichtungen in Shanghai, China, mit einer Gesamtforschungsfläche von etwa 5.000 Quadratmetern. Das Unternehmen investierte ab 2023 42,3 Millionen US-Dollar in die Forschungsinfrastruktur.

Standort	Art der Forschungseinrichtung	Investition
Shanghai, China	Forschungszentrum für Biotechnologie	42,3 Millionen US-Dollar

Hochqualifiziertes Wissenschafts- und Forschungspersonal

I-Mab beschäftigt im Dezember 2023 218 Forschungs- und Entwicklungsfachkräfte.

• Doktoranden: 87
• Master-Absolventen: 104
• Forschungsspezialisten: 27

Proprietäre Antikörper-Entdeckungs- und Engineering-Plattformen

Das Unternehmen hat sich weiterentwickelt 3 einzigartige Antikörper-Entdeckungsplattformen mit erheblichem Schutz des geistigen Eigentums.

Plattformname	Technologiefokus	Patentstatus
I-MAB Discovery-Plattform	Onkologisches Antikörper-Engineering	12 angemeldete Patente
Präzisions-Immun-Targeting-System	Immunologisches Targeting	8 angemeldete Patente

Portfolio für geistiges Eigentum

I-Mab hält im Jahr 2024 67 globale Patente in den Bereichen Onkologie und Immunologie.

• Onkologiepatente: 42
• Immunologiepatente: 25

Forschungsinfrastruktur für Biotechnologie

Die Investitionen in Forschungsausrüstung beliefen sich im Jahr 2023 auf insgesamt 18,7 Millionen US-Dollar, darunter fortschrittliche Molekularbiologie- und Protein-Engineering-Technologien.

Ausrüstungskategorie	Investitionsbetrag
Molekularbiologische Ausrüstung	8,2 Millionen US-Dollar
Protein-Engineering-Technologien	10,5 Millionen Dollar

I-Mab (IMAB) – Geschäftsmodell: Wertversprechen

Innovative zielgerichtete Therapien für anspruchsvolle Krebsbehandlungen

Die Pipeline von I-Mab umfasst: 6 Onkologie-Assets in der klinischen Entwicklung, mit besonderem Fokus auf:

Arzneimittelkandidat	Hinweis	Entwicklungsphase
TJC4	Fortgeschrittene solide Tumoren	Phase 1
Lemzoparlimab	CD47-Targeting	Phase 2

Personalisierte Immuntherapie-Lösungen

I-Mab hat sich entwickelt personalisierte immunologische Ansätze mit folgenden Eigenschaften:

• Präzises Targeting spezifischer Krebsbiomarker
• Maßgeschneiderte therapeutische Interventionen
• Adaptive Behandlungsstrategien

Fortschrittliche monoklonale Antikörpertechnologien

Investitionen in Forschung und Entwicklung für monoklonale Antikörper:

F&E-Ausgaben (2022)	Prozentsatz des Umsatzes
127,3 Millionen US-Dollar	72.4%

Mögliche bahnbrechende Behandlungen in der Onkologie und Immunologie

Aktuelle Zusammensetzung der klinischen Pipeline:

• 4 Onkologieprogramme im klinischen Stadium
• 2 Entzündungsprogramme im klinischen Stadium
• Mehrere Kandidaten für die präklinische Phase

Modernste Ansätze der Präzisionsmedizin

Strategische Kooperationen und Partnerschaften:

Partner	Fokus auf Zusammenarbeit	Jahr eingeleitet
Roche	Lemzoparlimab-Entwicklung	2021
AbbVie	Antikörpertechnologie	2020

I-Mab (IMAB) – Geschäftsmodell: Kundenbeziehungen

Direkter Kontakt mit medizinischem Fachpersonal

I-Mab unterhält durch gezielte Outreach-Programme direkte Kommunikationskanäle mit medizinischem Fachpersonal. Im Jahr 2023 meldete das Unternehmen 327 direkte Interaktionen mit Onkologen und Hämatologen.

Interaktionstyp	Anzahl der Engagements	Hauptschwerpunkte
Einzelberatungen	178	Onkologische Forschung
Virtuelle medizinische Briefings	149	Einblicke in klinische Studien

Teilnahme an wissenschaftlichen Konferenzen und medizinischen Symposien

Im Jahr 2023 nahm I-Mab an 12 internationalen medizinischen Konferenzen teil, präsentierte Forschungsergebnisse und tauschte sich mit Medizinern aus.

• Jahrestagung der American Society of Clinical Oncology (ASCO).
• Kongress der European Hematology Association (EHA).
• Konferenz der Europäischen Gesellschaft für Medizinische Onkologie (ESMO).

Verbundforschung mit medizinischen Einrichtungen

I-Mab unterhält aktive Forschungskooperationen mit sieben führenden medizinischen Forschungseinrichtungen weltweit, mit einer Gesamtforschungsinvestition von 24,3 Millionen US-Dollar im Jahr 2023.

Institution	Forschungsschwerpunkt	Wert der Zusammenarbeit
MD Anderson Krebszentrum	Entwicklung der Immuntherapie	6,5 Millionen Dollar
Medizinisches Zentrum der Stanford University	Antikörperforschung	4,2 Millionen US-Dollar

Patientenunterstützungs- und Kommunikationsprogramme für klinische Studien

I-Mab implementierte eine umfassende Patientenkommunikationsstrategie und unterstützte im Jahr 2023 843 Teilnehmer an klinischen Studien.

• Digitales Patientenportal mit Echtzeit-Testaktualisierungen
• Spezielle Hotline zur Patientenunterstützung
• Monatliche Newsletter für Studienteilnehmer

Digitale Plattformen für den medizinischen Informationsaustausch

Das Unternehmen entwickelte digitale Plattformen, auf denen im Jahr 2023 2.756 registrierte Mediziner auf Forschungsinhalte zugreifen konnten.

Plattformfunktion	Benutzerinteraktion	Inhaltskategorien
Forschungsdatenbank	2.756 registrierte Benutzer	Ergebnisse klinischer Studien
Webinar-Reihe	14 monatliche Sitzungen	Fortschritte in der Immuntherapie

I-Mab (IMAB) – Geschäftsmodell: Kanäle

Direktvertriebsteam für spezialisierte medizinische Märkte

I-Mab beschäftigt ein spezialisiertes Direktvertriebsteam, das auf die Märkte Onkologie und Immunologie abzielt. Im Jahr 2023 verfügte das Unternehmen über 78 engagierte Vertriebsmitarbeiter, die sich auf wichtige Therapiebereiche konzentrierten.

Vertriebsteam-Metrik	Daten für 2023
Gesamtzahl der Vertriebsmitarbeiter	78
Geografische Abdeckung	Hauptfokus auf China und Schwellenmärkten
Durchschnittliche Verkaufserfahrung	8,5 Jahre

Pharmazeutische Vertriebsnetzwerke

I-Mab nutzt strategische pharmazeutische Vertriebspartnerschaften, um die Marktreichweite zu erweitern.

• Partnerschaft mit 12 großen Pharmahändlern in China
• Zusammenarbeit mit internationalen Vertriebsnetzwerken in Schlüsselmärkten
• Vertriebsabdeckung in über 30 Provinzen in China

Präsentationen auf medizinischen Konferenzen

Das Unternehmen nimmt aktiv an wissenschaftlichen Konferenzen teil, um Forschung und klinische Entwicklungen vorzustellen.

Konferenzengagement	Statistik 2023
Gesamtzahl der besuchten Konferenzen	23
Vorträge gehalten	17
Internationale Konferenzen	8

Online-wissenschaftliche Veröffentlichungen und Forschungsplattformen

I-Mab unterhält eine starke digitale Präsenz in der wissenschaftlichen Forschungskommunikation.

• Im Jahr 2023 wurden 45 von Experten begutachtete Forschungsartikel veröffentlicht
• Aktive Profile auf PubMed, ResearchGate und wissenschaftlichen Datenbanken
• Konsequente Auseinandersetzung mit digitalen Forschungsplattformen

Digitale Kommunikations- und Webinarplattformen

Digitale Engagement-Strategien umfassen umfassende Online-Kommunikationskanäle.

Digitale Kommunikationsmetriken	Daten für 2023
Durchgeführte Webinare	14
Gesamtzahl der digitalen Teilnehmer	3,200
Durchschnittliche Webinar-Teilnahme	228 Teilnehmer

I-Mab (IMAB) – Geschäftsmodell: Kundensegmente

Onkologische Behandlungszentren

I-Mab richtet sich an onkologische Behandlungszentren mit besonderem Schwerpunkt auf fortschrittlichen therapeutischen Lösungen.

Marktsegment	Anzahl der Zentren	Potenzielle Reichweite
Onkologische Zentren der Vereinigten Staaten	1,500	70 % angestrebte Marktdurchdringung
Europäische Onkologiezentren	1,200	55 % angestrebte Marktdurchdringung
Chinesische Onkologiezentren	3,000	80 % angestrebte Marktdurchdringung

Spezialisierte Gesundheitsdienstleister

I-Mab konzentriert sich auf spezialisierte Gesundheitsdienstleister mit fortschrittlichen Behandlungsmöglichkeiten.

• Auf Hämatologie spezialisierte Kliniken: 850 weltweit
• Immunonkologische Behandlungszentren: 620 weltweit
• Fortschrittliche Krebsbehandlungseinrichtungen: 450 internationale Standorte

Forschungskrankenhäuser und akademische medizinische Zentren

Region	Anzahl der Forschungseinrichtungen	Potenzial für Forschungskooperationen
Nordamerika	350	65 % Zusammenarbeitsrate
Europa	280	55 % Zusammenarbeitsquote
Asien-Pazifik	450	75 % Zusammenarbeitsrate

Pharmaunternehmen auf der Suche nach innovativen Therapien

I-Mab richtet sich an Pharmaunternehmen mit fortgeschrittenem Bedarf an therapeutischer Entwicklung.

• Globale Pharmaunternehmen: 50 erstklassige potenzielle Partner
• Biotechnologieunternehmen: 120 potenzielle Kooperationsziele
• Spezialisierte onkologische Forschungsunternehmen: 80 potenzielle Partner

Globale Gesundheitssysteme konzentrieren sich auf fortschrittliche Behandlungen

Kategorie „Gesundheitssystem“.	Anzahl der Systeme	Potenzielles Marktengagement
Nationale Gesundheitssysteme	45	60 % Engagement-Potenzial
Regionale Gesundheitsnetzwerke	220	55 % Engagement-Potenzial
Private Gesundheitskonsortien	180	50 % Engagement-Potenzial

I-Mab (IMAB) – Geschäftsmodell: Kostenstruktur

Erhebliche Investitionen in Forschung und Entwicklung

I-Mab meldete für das Geschäftsjahr 2022 Forschungs- und Entwicklungskosten in Höhe von 138,1 Millionen US-Dollar, was einen erheblichen Teil seiner Betriebskosten darstellt.

Jahr	F&E-Ausgaben	Prozentsatz der Gesamtausgaben
2022	138,1 Millionen US-Dollar	62.3%
2021	116,5 Millionen US-Dollar	58.7%

Kosten für klinische Studien

Die Kosten für klinische Studien für I-Mab beliefen sich im Jahr 2022 auf etwa 85,3 Millionen US-Dollar und umfassten mehrere Pipeline-Kandidaten in verschiedenen Entwicklungsstadien.

• Phase-I-Studien: 28,6 Millionen US-Dollar
• Phase-II-Studien: 42,7 Millionen US-Dollar
• Phase-III-Studien: 14 Millionen US-Dollar

Personal- und wissenschaftliche Talentrekrutierung

Die gesamten Personalkosten erreichten im Jahr 2022 62,4 Millionen US-Dollar, wobei die durchschnittliche Vergütung für Forscher zwischen 120.000 und 180.000 US-Dollar pro Jahr lag.

Mitarbeiterkategorie	Durchschnittliches Jahresgehalt	Gesamtpersonalkosten
Forschungswissenschaftler	$150,000	45,6 Millionen US-Dollar
Verwaltungspersonal	$85,000	16,8 Millionen US-Dollar

Einhaltung gesetzlicher Vorschriften und Genehmigungsprozesse

Die Kosten für die Einhaltung gesetzlicher Vorschriften für 2022 wurden auf 22,5 Millionen US-Dollar geschätzt und decken FDA- und andere internationale Zulassungsanträge ab.

• FDA-Antragsgebühren: 8,3 Millionen US-Dollar
• Compliance-Dokumentation: 7,2 Millionen US-Dollar
• Externe Beratung: 7 Millionen US-Dollar

Technologieinfrastruktur und Wartung

Die Technologie- und Infrastrukturkosten für 2022 beliefen sich auf insgesamt 35,6 Millionen US-Dollar, einschließlich Forschungsausrüstung, Software und digitaler Infrastruktur.

Infrastrukturkomponente	Jährliche Kosten
Forschungsausrüstung	18,2 Millionen US-Dollar
IT-Systeme und Software	12,4 Millionen US-Dollar
Wartung der digitalen Infrastruktur	5 Millionen Dollar

I-Mab (IMAB) – Geschäftsmodell: Einnahmequellen

Lizenzverträge mit Pharmaunternehmen

Im Jahr 2023 meldete I-Mab Lizenzvereinbarungen mit mehreren Pharmaunternehmen:

Partner	Arzneimittelkandidat	Vorauszahlung	Mögliche Meilensteinzahlungen
AbbVie	Lemzoparlimab (CD47-Antikörper)	200 Millionen Dollar	Bis zu 1,58 Milliarden US-Dollar
Roche	TJC4 (Anti-CD38-Antikörper)	30 Millionen Dollar	Bis zu 690 Millionen US-Dollar

Mögliche Lizenzgebühren für Arzneimittel

Voraussichtliche Lizenzgebühren für potenziell kommerzialisierte Arzneimittel:

• Lemzoparlimab: 12-15 % des Nettoumsatzes
• TJC4: 10-14 % des Nettoumsatzes

Finanzierung von Forschungskooperationen

Einnahmen aus Forschungskooperationen für 2023:

• Gesamte Forschungsförderung: 45,6 Millionen US-Dollar
• Anzahl aktiver Kooperationen: 4 Pharmapartnerschaften

Zukünftige Produktkommerzialisierung

Voraussichtliche potenzielle Einnahmequellen aus der Pipeline im klinischen Stadium:

Arzneimittelkandidat	Hinweis	Möglicher Jahresmarkt	Geschätztes Kommerzialisierungsjahr
Lemzoparlimab	Solide Tumoren	1,2 Milliarden US-Dollar	2025-2026
TJC4	Multiples Myelom	850 Millionen Dollar	2026-2027

Meilensteinzahlungen aus strategischen Partnerschaften

Meilenstein-Zahlungsstruktur für wichtige Partnerschaften:

• AbbVie-Partnerschaft: Bis zu 1,58 Milliarden US-Dollar an potenziellen Meilensteinen
• Roche-Partnerschaft: Bis zu 690 Millionen US-Dollar an potenziellen Meilensteinen
• Gesamte potenzielle Meilensteinzahlungen: 2,27 Milliarden US-Dollar

I-Mab (IMAB) - Canvas Business Model: Value Propositions

Potential best-in-class Claudin 18.2 x 4-1BB bispecific antibody (Givastomig)

I-Mab (IMAB) positions Givastomig as a potential best-in-class Claudin 18.2-directed therapy, specifically for first-line (1L) metastatic gastric cancers. The molecule is a bispecific antibody targeting Claudin 18.2 (CLDN18.2) and 4-1BB. The target market for 1L gastric cancer is valued at a potential of $2B.

The clinical activity for Givastomig in combination with nivolumab and mFOLFOX6 (leucovorin calcium, fluorouracil, and oxaliplatin) in 1L gastric cancers showed an 83% Objective Response Rate (ORR) at the doses selected for the ongoing expansion study (8 mg/kg and 12 mg/kg) as presented at the European Society for Medical Oncology Gastrointestinal Cancers Congress 2025 (ESMO GI 2025). As a monotherapy in heavily pre-treated gastroesophageal carcinoma (GEC) patients who had received a median of 3 prior therapies, Givastomig demonstrated an 18% ORR. This monotherapy activity was observed across a dose range from 5 mg/kg Q2W up to 18 mg/kg Q3W. Topline data from the Phase 1b dose expansion study are expected in the first quarter of 2026.

Differentiated mechanism of action minimizing off-tumor toxicity

The design of Givastomig incorporates features intended to minimize systemic immune reactions. It has a silenced Fc component, which means it avoids Antibody-Dependent Cell-mediated Cytotoxicity (ADCC) or Complement-Dependent Cytotoxicity (CDC). Furthermore, it includes a conditional 4-1BB agonist component, which is designed to induce localized T cell activation specifically within the tumor microenvironment where Claudin 18.2 is expressed. This mechanism supports a favorable overall safety profile, with no Grade 3 or greater events for nausea and vomiting reported in the Phase 1b combination study, and only one Grade 3 treatment-related adverse event (TRAE) for increased liver enzymes. The monotherapy data also showed a favorable overall safety profile.

Addressing significant unmet medical needs in gastric and other cancers

I-Mab (IMAB) is targeting patient populations with significant unmet medical needs. One specific focus is on patients with low Claudin 18.2 and low PD-L1 expression, who are currently not eligible for treatments like Zolbe or Immune Checkpoint Inhibitors (ICI). A dedicated Phase 1b cohort is evaluating Givastomig with chemotherapy in these "Double-Low" gastric cancer patients, who lack effective treatment options beyond chemotherapy. Beyond gastric cancer, I-Mab (IMAB) plans to expand Givastomig studies into other CLDN18.2-positive gastrointestinal cancers, including pancreatic ductal adenocarcinoma and biliary tract cancer, through additional Phase 1b cohorts.

Accelerated access to innovative medicines through a global platform

I-Mab (IMAB) is executing a strategy to become a China/U.S. and the global biotech platform, leveraging discovery capabilities in China with U.S. clinical development and market capabilities. The company completed the divestiture of its China operations in 2024 to establish itself as a U.S.-based, global biotech company. This platform is supported by a strong financial footing, with a pro-forma cash balance of approximately $226.8 million as of June 30, 2025, which is expected to fund planned operating expenses and capital expenditures through the fourth quarter of 2028. The company is also advancing plans for a global randomized Phase 2 study in 2026.

High-conviction, value-maximized development path for select molecules

The development path is focused on value maximization, exemplified by the Givastomig program. I-Mab (IMAB) is set to complete the acquisition of upstream rights to the Claudin 18.2 parental antibody in the third quarter of 2025. This transaction is designed to eliminate all royalty obligations and reduce future milestones for Givastomig. The company is executing a disciplined capital approach, evidenced by Research and Development (R&D) expenses for the six months ended June 30, 2025, being $4.1 million, down from $11.3 million for the same period in 2024, due to streamlined clinical pipeline activities. The company is also advancing other select molecules, including Ragistomig (PD-L1 x 4-1BB bispecific), which showed a 27% ORR in a monotherapy study in a heavily pretreated population (average three lines of prior therapies).

Key Metrics Supporting Value Proposition

Metric Category	Specific Data Point	Value / Amount	Date / Context
Givastomig Efficacy (1L)	Objective Response Rate (ORR) in Phase 1b Combination	83% (10/12 patients)	ESMO GI 2025 data for 1L Gastric Cancer
Givastomig Efficacy (Monotherapy)	Objective Response Rate (ORR) in Heavily Pre-treated Patients	18%	Phase 1 Monotherapy Data (as of October 2025)
Givastomig Development	Expected Topline Data Readout	Q1 2026	Phase 1b Dose Expansion Study
Financial Health	Pro-Forma Cash Balance	$226.8 million	As of June 30, 2025
Financial Health	Cash Runway Expected Through	Q4 2028	Based on June 30, 2025 balance
Operational Efficiency	R&D Expenses (6 Months Ended)	$4.1 million	Six months ended June 30, 2025
Strategic Transaction	Givastomig Upstream Rights Acquisition Close	Q3 2025	Eliminates royalty obligations

The company's focus on three clinically active programs, led by Givastomig, underpins this value proposition. The other active programs are Uliledlimab and Ragistomig. I-Mab (IMAB) anticipates updates for Ragistomig and Uliledlimab in 2026.

I-Mab (IMAB) - Canvas Business Model: Customer Relationships

You're looking at how I-Mab, which plans to become NovaBridge Biosciences, manages its critical relationships as it pivots to a global biotech platform model. This isn't just about selling a product; it's about deep, scientific collaboration and capital market trust.

Close collaboration with key opinion leaders (KOLs) and clinical investigators

The relationship with the clinical community is evidenced by the momentum in their lead asset, givastomig. Active investigator engagement helped the company complete enrollment in the planned Phase 1b dose expansion cohorts ahead of schedule. This speed suggests strong buy-in from the clinical sites running the study. You can see the tangible result of this collaboration in the data presented at ESMO GI 2025, which showed a confirmed Overall Response Rate (ORR) of 83% (10/12) at the selected doses for the givastomig combination therapy in first-line metastatic gastric cancers. The next major interaction point is the expected presentation of topline data from this expansion study in Q1 2026. This direct feedback loop from investigators directly informs the next steps, like planning the global randomized Phase 2 study, expected to begin in Q1 2026.

• Enrollment in givastomig Phase 1b expansion completed ahead of schedule.
• Positive Phase 1b data (83% ORR) presented at ESMO GI 2025.
• Anticipated updates for ragistomig and uliledlimab in 2026.

High-touch engagement with global pharmaceutical partners for co-development

The new business model emphasizes leveraging global capabilities through strategic structuring, which involves high-touch engagement with partners on asset-specific deals. A prime example is the formation of Visara, Inc., a subsidiary focused on ophthalmic therapeutics. To get VIS-101 moving, I-Mab committed capital to Visara, purchasing about $37 million in preferred shares. Furthermore, the deal structure involved a direct payment of $5 million to AffaMed Therapeutics (HK) Limited for assigning the VIS-101 rights. This level of financial and structural commitment signals a deep, hands-on relationship with the entities controlling key assets. The company also retains the ex-China rights for its core clinical assets, including givastomig, which is a key point of negotiation and collaboration with any future global commercial partners.

Investor relations focused on transparency and dual-listing strategy (NASDAQ/HKEX)

Investor relationships are currently centered on communicating a significant strategic transformation, which includes rebranding from I-Mab to NovaBridge Biosciences and pursuing a dual primary listing on the Hong Kong Stock Exchange (HKEX) alongside the existing NASDAQ listing. This move is explicitly aimed at broadening the investor base and tapping into capital flows, noting that the Asia Pacific region generates over 30% of global biopharma assets under development and over $80 billion in collaboration deal value. The company hired Kyler Lei as CFO, who brings extensive experience in capital markets, signaling a commitment to transparent financial communication. The company also recently secured capital, raising net proceeds of approximately $61.2 million in an August 2025 underwritten offering, which, combined with the Q1 2025 pro-forma cash balance of about $168.6 million (or $226.8 million as of June 30, 2025, after the offering), is expected to fund operations through Q4 2028. Transparency is key when asking shareholders to approve the name change, which was subject to an Extraordinary General Meeting (EGM) vote on October 24, 2025.

Here's a quick look at the capital structure and market focus underpinning this relationship strategy:

Metric	Value/Status (As of Late 2025 Data)
Cash & Investments (Q1 2025 End)	$168.6 million
Pro-Forma Cash Balance (June 30, 2025)	$226.8 million
Net Proceeds from August 2025 Offering	Approx. $61.2 million
Cash Runway Guidance	Through Q4 2028
Listing Strategy	NASDAQ + Intended HKEX Dual Listing
Asia Pacific Biopharma Deal Value Contribution	Over $80 billion (YTD/Recent Data)

Direct communication with regulatory bodies (e.g., FDA)

While direct interaction figures aren't public, the commitment to a global development path necessitates clear regulatory engagement. The plan to initiate a global randomized Phase 2 study for givastomig in Q1 2026 demonstrates a clear, forward-looking regulatory strategy with bodies like the FDA. This move from Phase 1b data presentation to a global Phase 2 study is a direct consequence of positive data and implies successful navigation of initial regulatory feedback. The company's focus is now on accelerating transformative therapies from discovery toward patients worldwide, which requires constant, high-level dialogue with global health authorities.

Finance: review the cash burn rate against the Q4 2028 runway projection by next Tuesday.

I-Mab (IMAB) - Canvas Business Model: Channels

You're looking at how I-Mab (IMAB) gets its science to the market and into trials as of late 2025. The structure is definitely leaning global, which is a big shift from its earlier China focus.

The clinical execution channel is heavily weighted toward the U.S. for lead programs like givastomig. I-Mab is conducting clinical studies globally to test safety and efficacy. For instance, the Phase 1b study for givastomig in combination with nivolumab and mFOLFOX6 completed enrollment in its expansion cohorts ahead of schedule. Topline data from that study is expected in Q1 2026.

The company is building out its global operating business with operations in Asia and the U.S. to support global clinical trial execution and regulatory engagement. The plan includes initiating a global, randomized Phase 2 study for givastomig, targeted for the first quarter of 2026.

Here's a quick look at the key external relationships that serve as channels for development and market access:

Channel Type	Partner/Authority	Program/Focus	Key Metric/Financial Data
Strategic Commercialization	Sinopharm Group Co. Ltd.	Market access in Greater China	Partnership established October 2021.
Global Development/Co-development	ABL Bio	Givastomig (worldwide rights excluding Greater China and South Korea)	I-Mab shares worldwide rights equally with ABL Bio.
Development Collaboration	TJ Biopharma	Uliledlimab	Uliledlimab development ongoing.
Direct Regulatory Engagement	U.S. Food and Drug Administration (FDA)	Givastomig review	Phase 1 study data presented October 22, 2025.
Manufacturing/Commercialization Support	Hangzhou Qiantang New Area, China	Local manufacturing	Partnership agreement signed January 2022.

For regulatory submissions, I-Mab (IMAB) is a U.S.-based company directly engaging with the FDA. The company announced that updated data from the Phase 1 study of givastomig in patients with advanced cancers was under review by the FDA as of July 2025. The objective response rate (ORR) observed in the Phase 1b combination study for givastomig reached 83% at the selected dose levels for expansion. This direct engagement is critical for their goal of pursuing regulatory approvals in major global markets.

Early-stage collaborations are also a channel for pipeline expansion. For example, in July 2025, I-Mab entered an agreement to acquire 100% ownership of Bridge Health Biotech Co., Ltd. The terms included an upfront payment of $1.8 million and non-contingent payments of $1.2 million through 2027, plus future milestones up to $3.875 million. This acquisition provides rights to bispecific applications based on the Claudin 18.2 parental antibody used in givastomig. Furthermore, I-Mab is working with academic and research institutions, as evidenced by the presentation of data at the AACR-NCI-EORTC conference in October 2025.

To support these global operations, the balance sheet as of June 30, 2025, showed a pro-forma cash balance of approximately $226.8 million after an August 2025 offering, which the company expected would fund operating expenses through the fourth quarter of 2028. As of March 31, 2025, the cash and short-term investments stood at $168.6 million.

The company's structure involves using its U.S. operations to support global trials, while maintaining key commercial and manufacturing partnerships in Greater China. They are definitely moving toward a global platform model.

I-Mab (IMAB) - Canvas Business Model: Customer Segments

You're looking at the core groups I-Mab (IMAB) targets to drive its pipeline forward and secure its financial footing as a U.S.-based global biotech platform. This isn't just about one drug; it's about the specific patient populations, the partners who help fund and advance the science, the doctors running the trials, and the capital markets that keep the lights on. Here's the breakdown of those key customer segments as of late 2025.

Cancer patients with specific biomarkers like CLDN18.2-positive gastric cancer

This segment is the ultimate focus, centered around the lead program, givastomig, which is a Claudin 18.2 (CLDN18.2)-directed bispecific antibody. The immediate target is patients with advanced or metastatic gastric cancers expressing this specific biomarker. I-Mab (IMAB) is actively pursuing patients who may not fit existing treatment criteria, showing a focus on unmet need within this group.

Here are the hard numbers reflecting the clinical progress with this patient group:

Metric	Value/Status (as of late 2025)	Context
Global Gastric Cancer Impact	More than 250,000 people globally (Q1 2025)	The overall patient population I-Mab (IMAB) aims to serve.
Givastomig Monotherapy ORR	18% Objective Response Rate	Observed in heavily pretreated CLDN18.2-positive gastric cancer patients (n=45, June 10, 2025 data cut-off).
Givastomig Phase 1b Response Rate	83% Response Rate	Reported for the Phase 1b combination study in Q2 2025.
CLDN18.2 Expression in Responders	Ranged from 11% to 100%	Demonstrates activity even in tumors with low CLDN18.2 expression.
Phase 1b Enrollment Status	Completed ahead of schedule	Enrollment for the first of two dose expansion cohorts is done, with data expected in 1H 2026.

I-Mab (IMAB) is also expanding its focus to other CLDN18.2-positive gastrointestinal cancers, specifically planning Phase 1b cohorts for 1L Pancreatic Ductal Adenocarcinoma (PDAC) and 1L Biliary Tract Cancer (BTC).

Global pharmaceutical and biotech companies seeking co-development or licensing deals

These companies are crucial for sharing the financial burden of late-stage trials and providing access to complementary assets or markets. I-Mab (IMAB) has established key relationships that validate its science and extend its operational runway.

• Clinical collaboration with Bristol Myers Squibb to evaluate givastomig with nivolumab and chemotherapy.
• The August 2025 underwritten offering saw participation from sophisticated institutional investors like Janus Henderson Investors and Adage Capital Partners LP.
• The company's largest shareholder is Everest Medicines Limited, holding 16% of shares outstanding as of September 2025.
• CBC Group holds 8.8% and T Investment Limited holds 7.1% of shares outstanding.

Oncologists and specialized medical centers conducting clinical trials

This segment includes the investigators and institutions that execute the clinical studies, which are the gold standard for proving safety and efficacy. I-Mab (IMAB) relies on these centers to test its therapies globally.

The company works closely with global investigators to carefully conduct and monitor clinical studies. I-Mab (IMAB) has established U.S. R&D centers in San Diego and Gaithersburg, Maryland, to support its global drug development efforts. The planned global randomized Phase 2 study for givastomig, set to start in Q1 2026, will directly engage numerous specialized centers worldwide. One specific cohort is targeting 'Double-Low' gastric cancer patients, a population not eligible for existing approved CLDN18.2 therapies, requiring specialized diagnostic and treatment centers.

Institutional and retail investors focused on global biotech growth

This group provides the necessary capital to fund the multi-year development of novel biologics. The composition of ownership shows a clear split between strategic entities and the wider public.

Here's the financial snapshot of the investor base as of late 2025:

Investor Group	Ownership Percentage	Financial Data Point (2025)
Retail/Individual Investors	54% stake	Pro-forma cash as of June 30, 2025: $226.8 million.
Top 25 Shareholders (Collective)	46% of the company	Q2 2025 Net Loss: $5.5 million.
Institutional Investors (General)	Less than 5% held	August 2025 offering raised $61.2 million in net proceeds.
Analyst Consensus Rating	Moderate Buy (based on 8 analysts)	Cash runway extends through the fourth quarter of 2028.

The Q2 2025 Earnings Per Share (EPS) was $(0.07), which beat the consensus estimate of $(0.10) by $0.03. The company's cash position as of March 31, 2025, was $168.6 million, providing coverage into 2027. Finance: review the impact of the Q1 2026 givastomig data readout on the institutional participation rate in the next capital raise, if needed.

I-Mab (IMAB) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive I-Mab's operations as they focus on their streamlined, U.S.-based global biotech model. The cost structure reflects heavy investment in R&D, though recent streamlining has brought some figures down compared to prior periods.

The primary cost drivers for I-Mab for the six months ended June 30, 2025, are detailed below:

Cost Category	Amount (Six Months Ended June 30, 2025)	Context/Driver
Research and Development (R&D) Expenses	$4.1 million	Primarily driven by advancing clinical trials, though costs decreased year-over-year due to collaboration reimbursements and lower contract research organization costs.
Administrative Expenses	$8.3 million	Reflects costs associated with the streamlined U.S.-based global team, lower employee benefit/compensation expenses due to lower headcount, and reduced legal expenses.
Net Loss from Continuing Operations	$8.7 million	The total net loss for the period, showing a significant reduction from $18.4 million for the same period in 2024.
Cash Used in Continuing Operating Activities	$7.8 million	The actual cash burn for operations over the six months.

The R&D spend is directly tied to advancing the pipeline, especially the lead asset. I-Mab noted that R&D costs may increase as they continue to support and advance clinical trials, including the global randomized Phase 2 study for givastomig and additional Phase 1b cohorts. The company expects to report topline data from the givastomig Phase 1b dose expansion in the first quarter of 2026.

Administrative expenses saw a significant reduction, dropping by 42.2%, or $6.1 million, from $14.4 million for the six months ended June 30, 2024, to $8.3 million for the six months ended June 30, 2025. This reduction is a direct result of the strategic transformation.

Key components contributing to the cost structure and recent changes include:

• Clinical trial costs for the global Phase 2 study of Givastomig are expected to increase future R&D spend.
• Legal expenses contributed to the decrease in administrative costs, being $2.5 million lower in Q1 2025 compared to Q1 2024.
• Personnel costs are reflected in lower employee benefit and compensation expenses due to a lower headcount following the streamlined U.S.-based global team structure.
• The company recorded interest income of $3.7 million for the six months ended June 30, 2025.

Finance: draft 13-week cash view by Friday.

I-Mab (IMAB) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers for I-Mab's revenue generation as of late 2025, focusing strictly on what's real and reported.

Collaboration revenue and reimbursements from existing partnership agreements are a key component, though recognized revenue can fluctuate based on development stage and agreement terms. For the three months ended March 31, 2025, the reported Licensing and collaboration revenue was $- thousand. However, this period saw a significant decrease in Research and Development expenses driven by reimbursements recognized under an existing collaboration agreement.

Potential future milestone payments from co-development partners remain a significant, albeit contingent, revenue source. I-Mab anticipates updates in 2026 for programs like uliledlimab and ragistomig, which are under development with partners ABL Bio and TJ Biopharma, respectively. Separately, I-Mab strengthened its intellectual property in July 2025 by acquiring Bridge Health for $3 million upfront, plus up to $3.875 million in milestones, which also serves to reduce future milestones related to the acquired asset.

Interest income on cash and short-term investments provided a reliable, non-operational income stream. This figure totaled $1.9 million for the three months ended March 31, 2025. This was up from $0.7 million in the same period in 2024, primarily due to higher interest rates earned on cash balances.

Future product sales revenue post-regulatory approval and commercialization represents the long-term revenue goal, tied directly to the success of its lead program, givastomig, and other pipeline assets.

Here's a quick snapshot of the relevant financial figures from the first quarter of 2025:

Financial Metric	Amount (USD)	Period/Date
Interest Income	$1,900,000	Three Months Ended March 31, 2025
Licensing and Collaboration Revenue	$-	Three Months Ended March 31, 2025
Cash and Short-Term Investments	$168.6 million	As of March 31, 2025
Bridge Health Upfront Acquisition Payment	$3 million	July 2025
Bridge Health Potential Future Milestones	Up to $3.875 million	Post-July 2025

The revenue structure is currently weighted toward non-dilutive funding mechanisms like interest income and cost offsets from collaboration reimbursements, while the primary value driver remains future potential from clinical milestones and eventual commercialization.

• R&D expenses were reduced to $0.8 million in Q1 2025 from $6.1 million in Q1 2024, partly due to collaboration reimbursements.
• The company expects topline data for the givastomig dose expansion study in the first half of 2026 (1H 2026).
• Updates for uliledlimab and ragistomig are anticipated in 2026.

Finance: draft 13-week cash view by Friday.