I-Mab (IMAB): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la biotecnología, I-MAB (IMAB) emerge como un innovador innovador, posicionándose estratégicamente a la vanguardia de la medicina de precisión y la investigación oncológica. Con un enfoque afilado en el desarrollo de tecnologías de anticuerpos monoclonales de vanguardia, esta compañía pionera está transformando el panorama de las terapias específicas al aprovechar plataformas de investigación avanzadas, asociaciones estratégicas y un enfoque visionario para tratar desafíos médicos complejos. Sumérgete en el intrincado lienzo de modelo de negocio que revela cómo I-Mab no solo está desarrollando medicamentos, sino revolucionando la forma en que entendemos y combatemos el cáncer y los trastornos inmunológicos.

I -MAB (IMAB) - Modelo de negocio: asociaciones clave

Colaboración estratégica con Wuxi Biologics

I-MAB ha establecido una asociación estratégica con Wuxi Biologics for Biologics Development. A partir de 2023, la colaboración implica:

• Servicios de desarrollo y fabricación biológicos
• Soporte de transferencia de tecnología
• Optimización de procesos para plataformas de anticuerpos monoclonales

Detalles de la asociación	Métricas específicas
Valor de contrato	$ 18.5 millones en 2023
Línea de tiempo de desarrollo	3-5 años de acuerdo de colaboración
Plataformas tecnológicas	2 plataformas de desarrollo de biológicos primarios

Asociaciones de investigación con instituciones académicas

I-MAB mantiene colaboraciones de investigación con:

• Escuela de Medicina de Harvard
• Centro de Investigación de Oncología de la Universidad de Stanford
• Universidad de California, San Francisco

Socio académico	Enfoque de investigación	Inversión anual
Escuela de Medicina de Harvard	Investigación de inmuno-oncología	$ 2.3 millones
Universidad de Stanford	Ingeniería de anticuerpos	$ 1.7 millones

Acuerdos de licencia

I-MAB ha asegurado acuerdos de licencia con:

• Genentech
• Novartis
• Astrazeneca

Compañía farmacéutica	Tipo de licencia	Valor de acuerdo
Genentech	Licencias de drogas oncológicas	$ 45 millones por adelantado
Novartis	Plataforma de inmunoterapia	Pagos de hitos de $ 35 millones

Asociaciones de desarrollo

Las asociaciones globales de co-desarrollo biofarmacéutica incluyen:

• Merck & Co.
• Pfizer
• Bristol Myers Squibb

Pareja	Coción de desarrollo	Pagos potenciales de hitos
Merck & Co.	Inmunoterapia con cáncer	Hasta $ 250 millones
Pfizer	Oncología de precisión	Hasta $ 180 millones

Asociaciones de fabricación

Las asociaciones de organizaciones de desarrollo de contratos incluyen:

• Grupo lonza
• Biológicos de Samsung
• Boehringer ingelheim

Socio de CDO	Capacidad de fabricación	Valor de contrato
Grupo lonza	500L Capacidad de biorreactor	Contrato anual de $ 22 millones
Biológicos de Samsung	Capacidad de fabricación total de 256,000l	Acuerdo de varios años de $ 35 millones

I -MAB (IMAB) - Modelo de negocio: actividades clave

Investigación de biotecnología y descubrimiento de fármacos

I-MAB invirtió $ 102.1 millones en gastos de I + D en 2022. La compañía mantiene una tubería enfocada de 10 candidatos terapéuticos autoinmunes y oncología.

Área de enfoque de investigación	Número de candidatos	Etapa de desarrollo
Terapéutica oncológica	7	Preclínico a la fase 3
Terapéutica autoinmune	3	Preclínico a la fase 2

Desarrollo innovador de anticuerpos monoclonales

I-MAB ha desarrollado múltiples plataformas de anticuerpos monoclonales con tecnología patentada.

• Antibueros monoclonales totales: 8
• Asociaciones de colaboración global: 3
• Portafolio de patentes actual: 276 patentes otorgadas en todo el mundo

Gestión y ejecución del ensayo clínico

I-MAB realizó 12 ensayos clínicos activos en múltiples áreas terapéuticas en 2022.

Fase de ensayo clínico	Número de pruebas	Áreas terapéuticas
Fase 1	4	Oncología
Fase 2	5	Oncología, autoinmune
Fase 3	3	Oncología

Presentación y cumplimiento regulatorio

I-MAB tiene presentaciones regulatorias en múltiples jurisdicciones, incluidos Estados Unidos, China y Europa.

• Interacciones de la FDA: 7 comunicaciones regulatorias activas
• Presentaciones de NMPA (China): 5 presentaciones regulatorias activas
• Consultas preliminares de EMA: 2

Medicina de precisión e investigación de inmunoterapia

I-MAB se centra en enfoques inmunoterapéuticos avanzados con mecanismos moleculares específicos.

Plataforma de investigación	Objetivos moleculares únicos	Estado de desarrollo
Inmuno-oncología	4	Ensayos de fase 1-3
Orientación autoinmune	2	Preclínico a la fase 2

I -MAB (IMAB) - Modelo de negocio: recursos clave

Laboratorios e instalaciones de investigación avanzados de I + D

I-MAB opera instalaciones de investigación ubicadas en Shanghai, China, con un espacio de investigación total de aproximadamente 5,000 metros cuadrados. La compañía invirtió $ 42.3 millones en infraestructura de investigación a partir de 2023.

Ubicación	Tipo de instalación de investigación	Inversión
Shanghai, China	Centro de investigación biotecnología	$ 42.3 millones

Personal científico e de investigación altamente calificado

I-MAB emplea a 218 profesionales de investigación y desarrollo a diciembre de 2023.

• Titulares de doctorado: 87
• Titulares de maestría: 104
• Especialistas en investigación: 27

Plataformas de descubrimiento e ingeniería de anticuerpos patentados

La compañía ha desarrollado 3 plataformas únicas de descubrimiento de anticuerpos con significativa protección de la propiedad intelectual.

Nombre de la plataforma	Enfoque tecnológico	Estado de patente
Plataforma de descubrimiento I-mab	Ingeniería de anticuerpos oncológicos	12 patentes registradas
Sistema de orientación inmune de precisión	Dirección de inmunología	8 patentes registradas

Cartera de propiedades intelectuales

I-MAB posee 67 patentes globales en oncología e inmunología a partir de 2024.

• Patentes de oncología: 42
• Patentes de inmunología: 25

Infraestructura de investigación de biotecnología

La inversión en equipos de investigación totalizó $ 18.7 millones en 2023, incluidas las tecnologías avanzadas de biología molecular y ingeniería de proteínas.

Categoría de equipo	Monto de la inversión
Equipo de biología molecular	$ 8.2 millones
Tecnologías de ingeniería de proteínas	$ 10.5 millones

I -MAB (IMAB) - Modelo de negocio: propuestas de valor

Terapias dirigidas innovadoras para desafiar los tratamientos contra el cáncer

La tubería de I-Mab incluye 6 activos oncológicos en desarrollo clínico, con enfoque específico en:

Candidato a la droga	Indicación	Etapa de desarrollo
TJC4	Tumores sólidos avanzados	Fase 1
Lemzoparlimab	Orientación CD47	Fase 2

Soluciones de inmunoterapia personalizadas

I-mab se ha desarrollado enfoques inmunológicos personalizados Con las siguientes características:

• Dirección de precisión de biomarcadores de cáncer específicos
• Intervenciones terapéuticas personalizadas
• Estrategias de tratamiento adaptativo

Tecnologías avanzadas de anticuerpos monoclonales

Inversión en I + D para anticuerpos monoclonales:

Gasto de I + D (2022)	Porcentaje de ingresos
$ 127.3 millones	72.4%

Posibles tratamientos innovadores en oncología e inmunología

Composición actual de tuberías clínicas:

• 4 programas de oncología de etapa clínica
• 2 programas de inflamación de etapas clínicas
• Múltiples candidatos de etapa preclínica

Enfoques de medicina de precisión de vanguardia

Colaboraciones y asociaciones estratégicas:

Pareja	Enfoque de colaboración	Año iniciado
Roche	Desarrollo de lemzoparlimab	2021
Abad	Tecnología de anticuerpos	2020

I -MAB (IMAB) - Modelo de negocios: relaciones con los clientes

Compromiso directo con profesionales de la salud

I-MAB mantiene canales de comunicación directa con profesionales de la salud a través de programas de divulgación específicos. A partir de 2023, la compañía reportó 327 interacciones directas con especialistas en oncología y hematólogos.

Tipo de interacción	Número de compromisos	Áreas de enfoque primario
Consultas individuales	178	Investigación oncológica
Informes médicos virtuales	149	Insights de ensayos clínicos

Conferencia científica y participación del simposio médico

En 2023, I-MAB participó en 12 conferencias médicas internacionales, presentando hallazgos de la investigación y participando con profesionales médicos.

• Reunión anual de la Sociedad Americana de Oncología Clínica (ASCO)
• Congreso de la Asociación Europea de Hematología (EHA)
• Conferencia de la Sociedad Europea de Oncología Médica (ESMO)

Investigación colaborativa con instituciones médicas

I-MAB tiene colaboraciones de investigación activa con 7 instituciones de investigación médica líderes a nivel mundial, con una inversión de investigación total de $ 24.3 millones en 2023.

Institución	Enfoque de investigación	Valor de colaboración
Centro de cáncer de MD Anderson	Desarrollo de inmunoterapia	$ 6.5 millones
Centro Médico de la Universidad de Stanford	Investigación de anticuerpos	$ 4.2 millones

Soporte del paciente y programas de comunicación de ensayos clínicos

I-MAB implementó una estrategia integral de comunicación del paciente, que respalda a 843 participantes de ensayos clínicos en 2023.

• Portal de paciente digital con actualizaciones de prueba en tiempo real
• Línea de ayuda de apoyo al paciente dedicado
• Boletines mensuales para participantes en el juicio

Plataformas digitales para compartir información médica

La compañía desarrolló plataformas digitales con 2.756 profesionales médicos registrados que acceden al contenido de investigación en 2023.

Característica de la plataforma	Compromiso de usuario	Categorías de contenido
Base de datos de investigación	2.756 usuarios registrados	Resultados del ensayo clínico
Serie de seminarios web	14 sesiones mensuales	Avances de inmunoterapia

I -MAB (IMAB) - Modelo de negocio: canales

Equipo de ventas directas para mercados médicos especializados

I-MAB emplea a un equipo especializado de ventas directas dirigidas a los mercados de oncología e inmunología. A partir de 2023, la compañía tenía 78 representantes de ventas dedicados centrados en áreas terapéuticas clave.

Métrica del equipo de ventas	2023 datos
Representantes de ventas totales	78
Cobertura geográfica	Enfoque principal en China y los mercados emergentes
Experiencia promedio de ventas	8.5 años

Redes de distribuidores farmacéuticos

I-MAB aprovecha las asociaciones estratégicas de distribución farmacéutica para expandir el alcance del mercado.

• Se asoció con 12 principales distribuidores farmacéuticos en China
• Colaboración con redes de distribución internacional en mercados clave
• La cobertura de distribución que abarca más de 30 provincias en China

Presentaciones de conferencia médica

La compañía participa activamente en conferencias científicas para mostrar la investigación y los desarrollos clínicos.

Compromiso de conferencia	2023 estadísticas
Conferencias totales a las que asistió	23
Presentaciones entregadas	17
Conferencias internacionales	8

Publicaciones científicas en línea y plataformas de investigación

I-MAB mantiene una sólida presencia digital en la comunicación de investigación científica.

• Publicado 45 artículos de investigación revisados ​​por pares en 2023
• Perfiles activos en bases de datos PubMed, ResearchGate y Científicas
• Compromiso constante con plataformas de investigación digital

Comunicación digital y plataformas de seminarios web

Las estrategias de participación digital incluyen canales integrales de comunicación en línea.

Métricas de comunicación digital	2023 datos
Webinarios realizados	14
Participantes digitales totales	3,200
Asistencia promedio de seminarios web	228 participantes

I -MAB (IMAB) - Modelo de negocio: segmentos de clientes

Centros de tratamiento oncológico

I-MAB se dirige a los centros de tratamiento de oncología con enfoque específico en soluciones terapéuticas avanzadas.

Segmento de mercado	Número de centros	Alcance potencial
Centros de oncología de los Estados Unidos	1,500	70% de penetración del mercado dirigido
Centros europeos de oncología	1,200	55% de penetración de mercado dirigida
Centros de oncología chinos	3,000	80% de penetración de mercado dirigida

Proveedores de atención médica especializados

I-MAB se centra en proveedores de atención médica especializados con capacidades de tratamiento avanzadas.

• Clínicas específicas de hematología: 850 a nivel mundial
• Centros de tratamiento de inmuno-oncología: 620 en todo el mundo
• Instalaciones avanzadas de tratamiento del cáncer: 450 ubicaciones internacionales

Hospitales de investigación y centros médicos académicos

Región	Número de instituciones de investigación	Potencial de colaboración de investigación
América del norte	350	Tasa de colaboración del 65%
Europa	280	Tasa de colaboración del 55%
Asia-Pacífico	450	Tasa de colaboración del 75%

Compañías farmacéuticas que buscan terapias innovadoras

I-MAB se dirige a compañías farmacéuticas con necesidades avanzadas de desarrollo terapéutico.

• Compañías farmacéuticas globales: 50 socios potenciales de primer nivel
• Empresas de biotecnología: 120 objetivos de colaboración potenciales
• Empresas de investigación de oncología especializada: 80 socios potenciales

Sistemas de atención médica globales centrados en tratamientos avanzados

Categoría del sistema de salud	Número de sistemas	Compromiso del mercado potencial
Sistemas nacionales de atención médica	45	Potencial de compromiso del 60%
Redes de salud regionales	220	55% de potencial de compromiso
Consorcios de atención médica privados	180	Potencial de compromiso del 50%

I -MAB (IMAB) - Modelo de negocio: Estructura de costos

Inversión sustancial de I + D

I-MAB reportó gastos de I + D de $ 138.1 millones para el año fiscal 2022, que representa una parte significativa de sus costos operativos.

Año	Gastos de I + D	Porcentaje de gastos totales
2022	$ 138.1 millones	62.3%
2021	$ 116.5 millones	58.7%

Gastos de ensayo clínico

Los costos de ensayos clínicos para I-MAB en 2022 fueron de aproximadamente $ 85.3 millones, que cubren múltiples candidatos de tuberías en varias etapas de desarrollo.

• Pruebas de fase I: $ 28.6 millones
• Pruebas de fase II: $ 42.7 millones
• Pruebas de fase III: $ 14 millones

Personal y reclutamiento de talento científico

Los gastos totales de personal en 2022 alcanzaron los $ 62.4 millones, con una compensación promedio de científicos de investigación que van desde $ 120,000 a $ 180,000 anuales.

Categoría de empleado	Salario anual promedio	Costo total de personal
Investigar científicos	$150,000	$ 45.6 millones
Personal administrativo	$85,000	$ 16.8 millones

Procesos de cumplimiento y aprobación regulatoria

Los gastos de cumplimiento regulatorio para 2022 se estimaron en $ 22.5 millones, que cubren la FDA y otras presentaciones regulatorias internacionales.

• Tarifas de solicitud de la FDA: $ 8.3 millones
• Documentación de cumplimiento: $ 7.2 millones
• Consultoría externa: $ 7 millones

Infraestructura y mantenimiento de la tecnología

Los costos de tecnología e infraestructura para 2022 totalizaron $ 35.6 millones, incluidos equipos de investigación, software e infraestructura digital.

Componente de infraestructura	Costo anual
Equipo de investigación	$ 18.2 millones
Sistemas de TI y software	$ 12.4 millones
Mantenimiento de infraestructura digital	$ 5 millones

I -MAB (IMAB) - Modelo de negocio: flujos de ingresos

Acuerdos de licencia con compañías farmacéuticas

En 2023, I-MAB informó acuerdos de licencia con múltiples compañías farmacéuticas:

Pareja	Candidato a la droga	Pago por adelantado	Pagos potenciales de hitos
Abad	Lemzoparlimab (anticuerpo CD47)	$ 200 millones	Hasta $ 1.58 mil millones
Roche	TJC4 (anticuerpo anti-CD38)	$ 30 millones	Hasta $ 690 millones

Posibles regalías de drogas

Tasas de regalías proyectadas para posibles drogas comercializadas:

• Lemzoparlimab: 12-15% de las ventas netas
• TJC4: 10-14% de las ventas netas

Financiación de la colaboración de investigación

Ingresos de colaboración de investigación para 2023:

• Financiación total de la investigación: $ 45.6 millones
• Número de colaboraciones activas: 4 asociaciones farmacéuticas

Comercialización futura de productos

Flujos de ingresos potenciales proyectados desde la tubería de etapa clínica:

Candidato a la droga	Indicación	Mercado anual potencial	Año de comercialización estimado
Lemzoparlimab	Tumores sólidos	$ 1.2 mil millones	2025-2026
TJC4	Mieloma múltiple	$ 850 millones	2026-2027

Pagos de hitos de asociaciones estratégicas

Estructura de pago de hitos para asociaciones clave:

• ABBVIE Partnership: Hasta $ 1.58 mil millones en hitos potenciales
• Asociación de Roche: Hasta $ 690 millones en hitos potenciales
• Pagos de hito potencial total: $ 2.27 mil millones

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.