I-MAB (IMAB): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique de la biotechnologie, I-MAB (IMAB) émerge comme un innovateur révolutionnaire, se positionnant stratégiquement à l'avant-garde de la médecine de précision et de la recherche oncologique. Avec un accent accéléré sur le rasoir sur le développement des technologies d'anticorps monoclonales de pointe, cette entreprise pionnière transforme le paysage des thérapies ciblées en tirant parti des plateformes de recherche avancées, des partenariats stratégiques et une approche visionnaire du traitement des défis médicaux complexes. Plongez dans la toile du modèle commercial complexe qui révèle comment I-MAB ne développe pas seulement les médicaments, mais révolutionnant la façon dont nous comprenons et combattre le cancer et les troubles immunologiques.

I-MAB (IMAB) - Modèle commercial: partenariats clés

Collaboration stratégique avec les biologiques Wuxi

I-MAB a établi un partenariat stratégique avec Wuxi Biologics for Biologics Development. En 2023, la collaboration implique:

• Services de développement et de fabrication biologiques
• Support de transfert de technologie
• Optimisation du processus pour les plates-formes d'anticorps monoclonales

Détails du partenariat	Métriques spécifiques
Valeur du contrat	18,5 millions de dollars en 2023
Calendrier de développement	3-5 ans Collaborative ACCORD
Plates-formes technologiques	2 plateformes de développement biologique primaires

Partenariats de recherche avec les établissements universitaires

I-MAB maintient des collaborations de recherche avec:

• École de médecine de Harvard
• Centre de recherche en oncologie de l'Université de Stanford
• Université de Californie, San Francisco

Partenaire académique	Focus de recherche	Investissement annuel
École de médecine de Harvard	Recherche d'immuno-oncologie	2,3 millions de dollars
Université de Stanford	Ingénierie des anticorps	1,7 million de dollars

Accords de licence

I-MAB a obtenu des accords de licence avec:

• Genentech
• Novartis
• Astrazeneca

Entreprise pharmaceutique	Type de licence	Valeur de l'accord
Genentech	Licence de médicament en oncologie	45 millions de dollars d'avance
Novartis	Plate-forme d'immunothérapie	35 millions de dollars de paiement jalon

Partenariats de co-développement

Les partenariats mondiaux de co-développement biopharmaceutique comprennent:

• Miserrer & Co.
• Pfizer
• Bristol Myers Squibb

Partenaire	Focus de co-développement	Paiements de jalons potentiels
Miserrer & Co.	Immunothérapie contre le cancer	Jusqu'à 250 millions de dollars
Pfizer	Oncologie de précision	Jusqu'à 180 millions de dollars

Partenariats de fabrication

Les partenariats des organisations de développement de contrats comprennent:

• Groupe Lonza
• Samsung Biologics
• Boehringer Ingelheim

Partenaire CDO	Capacité de fabrication	Valeur du contrat
Groupe Lonza	Capacité de bioréacteur de 500L	Contrat annuel de 22 millions de dollars
Samsung Biologics	Capacité de fabrication totale de 256 000 L	Contrat pluriannuel de 35 millions de dollars

I-MAB (IMAB) - Modèle d'entreprise: Activités clés

Recherche de biotechnologie et découverte de médicaments

I-MAB a investi 102,1 millions de dollars dans les dépenses de R&D en 2022. La société maintient un pipeline ciblé de 10 candidats thérapeutiques en oncologie et auto-immunes.

Domaine de mise au point de recherche	Nombre de candidats	Étape de développement
Thérapeutique en oncologie	7	Préclinique à la phase 3
Thérapeutique auto-immune	3	Préclinique à la phase 2

Développement innovant des anticorps monoclonaux

I-MAB a développé plusieurs plateformes d'anticorps monoclonaux avec technologie propriétaire.

• Total des anticorps monoclonaux candidats: 8
• Partenariats de collaboration mondiale: 3
• Portefeuille de brevets actuel: 276 Brevets accordés dans le monde entier

Gestion et exécution des essais cliniques

I-MAB a mené 12 essais cliniques actifs dans plusieurs zones thérapeutiques en 2022.

Phase d'essai clinique	Nombre de procès	Zones thérapeutiques
Phase 1	4	Oncologie
Phase 2	5	Oncologie, auto-immune
Phase 3	3	Oncologie

Soumission et conformité réglementaires

I-MAB a des soumissions réglementaires dans plusieurs juridictions, notamment les États-Unis, la Chine et l'Europe.

• Interactions de la FDA: 7 communications réglementaires actives
• NMPA (Chine) Soumissions: 5 dépôts réglementaires actifs
• Consultations préliminaires de l'EMA: 2

Recherche de médecine de précision et d'immunothérapie

I-MAB se concentre sur les approches immunothérapeutiques avancées avec des mécanismes moléculaires ciblés.

Plateforme de recherche	Cibles moléculaires uniques	Statut de développement
Immuno-oncologie	4	Essais de phase 1-3
Ciblage auto-immune	2	Préclinique à la phase 2

I-MAB (IMAB) - Modèle d'entreprise: Ressources clés

Laboratoires de R&D avancés et installations de recherche

I-MAB exploite des installations de recherche situées à Shanghai, en Chine, avec un espace de recherche total d'environ 5 000 mètres carrés. La société a investi 42,3 millions de dollars dans les infrastructures de recherche en 2023.

Emplacement	Type d'installation de recherche	Investissement
Shanghai, Chine	Centre de recherche en biotechnologie	42,3 millions de dollars

Personnel scientifique et de recherche hautement qualifié

I-MAB emploie 218 professionnels de la recherche et du développement en décembre 2023.

• Tapisseurs de doctorat: 87
• Titulaires de maîtres: 104
• Spécialistes de la recherche: 27

Plates-formes de découverte et d'ingénierie des anticorps propriétaires

L'entreprise a développé 3 plateformes de découverte d'anticorps uniques avec une protection importante de la propriété intellectuelle.

Nom de la plate-forme	Focus technologique	Statut de brevet
Plateforme de découverte I-MAB	Ingénierie d'anticorps en oncologie	12 brevets enregistrés
Système de ciblage immunitaire de précision	Ciblage d'immunologie	8 brevets enregistrés

Portefeuille de propriété intellectuelle

I-MAB détient 67 brevets mondiaux en oncologie et en immunologie à partir de 2024.

• Brevets en oncologie: 42
• Brevets d'immunologie: 25

Infrastructure de recherche en biotechnologie

L'investissement en équipement de recherche a totalisé 18,7 millions de dollars en 2023, notamment les technologies avancées de biologie moléculaire et d'ingénierie des protéines.

Catégorie d'équipement	Montant d'investissement
Équipement de biologie moléculaire	8,2 millions de dollars
Technologies d'ingénierie des protéines	10,5 millions de dollars

I-MAB (IMAB) - Modèle d'entreprise: propositions de valeur

Thérapies ciblées innovantes pour remettre en question les traitements contre le cancer

Le pipeline de I-Mab comprend 6 actifs d'oncologie Dans le développement clinique, avec un accent spécifique sur:

Drogue	Indication	Étape de développement
TJC4	Tumeurs solides avancées	Phase 1
Lemzoparlim	Ciblage CD47	Phase 2

Solutions d'immunothérapie personnalisées

I-MAB a développé approches immunologiques personnalisées avec les caractéristiques suivantes:

• Ciblage de précision de biomarqueurs du cancer spécifiques
• Interventions thérapeutiques personnalisées
• Stratégies de traitement adaptatif

Technologies anticorps monoclonaux avancés

Investissement dans la R&D pour les anticorps monoclonaux:

Dépenses de R&D (2022)	Pourcentage de revenus
127,3 millions de dollars	72.4%

Traitements de percée potentielles en oncologie et immunologie

Composition actuelle du pipeline clinique:

• 4 programmes d'oncologie à stade clinique
• 2 programmes d'inflammation à un stade clinique
• Plusieurs candidats sur scène préclinique

Approches de médecine de précision de pointe

Collaborations stratégiques et partenariats:

Partenaire	Focus de la collaboration	Année initiée
Roche	Développement du lemzoparlimab	2021
Abbvie	Technologie des anticorps	2020

I-MAB (IMAB) - Modèle d'entreprise: Relations clients

Engagement direct avec les professionnels de la santé

I-MAB maintient les canaux de communication directs avec les professionnels de la santé grâce à des programmes de sensibilisation ciblés. En 2023, la société a signalé 327 interactions directes avec des spécialistes en oncologie et des hématologues.

Type d'interaction	Nombre d'engagements	Domaines d'intervention primaire
Consultations individuelles	178	Recherche en oncologie
Briefings médicaux virtuels	149	Insistance à l'essai clinique

Conférence scientifique et participation du symposium médical

En 2023, I-MAB a participé à 12 conférences médicales internationales, présentant des résultats de recherche et s'engageant avec des professionnels de la santé.

• Réunion annuelle de l'American Society of Clinical Oncology (ASCO)
• Congrès de l'Association européenne de l'hématologie (EHA)
• Conférence de la Société européenne pour l'oncologie médicale (ESMO)

Recherche collaborative avec des institutions médicales

I-MAB possède des collaborations de recherche actives avec 7 principaux établissements de recherche médicale dans le monde, avec un investissement total de recherche de 24,3 millions de dollars en 2023.

Institution	Focus de recherche	Valeur de collaboration
MD Anderson Cancer Center	Développement d'immunothérapie	6,5 millions de dollars
Centre médical de l'Université de Stanford	Recherche d'anticorps	4,2 millions de dollars

Programmes de communication des patients et des essais cliniques

I-MAB a mis en œuvre une stratégie complète de communication des patients, soutenant 843 participants à l'essai clinique en 2023.

• Portail des patients numériques avec les mises à jour d'essai en temps réel
• Helpline de soutien aux patients dévoués
• Newsletters mensuels pour les participants au procès

Plateformes numériques pour le partage d'informations médicales

La société a développé des plateformes numériques avec 2 756 professionnels de la santé enregistrés accédant au contenu de recherche en 2023.

Fonctionnalité de plate-forme	Engagement des utilisateurs	Catégories de contenu
Base de données de recherche	2 756 utilisateurs enregistrés	Résultats des essais cliniques
Webinaire Series	14 séances mensuelles	Avances d'immunothérapie

I-MAB (IMAB) - Modèle d'entreprise: canaux

Équipe de vente directe pour les marchés médicaux spécialisés

I-MAB utilise une équipe de vente directe spécialisée ciblant les marchés d'oncologie et d'immunologie. En 2023, la société comptait 78 représentants des ventes dédiés axés sur les principaux domaines thérapeutiques.

Métrique de l'équipe de vente	2023 données
Représentants des ventes totales	78
Couverture géographique	Focus primaire sur la Chine et les marchés émergents
Expérience de vente moyenne	8,5 ans

Réseaux de distributeurs pharmaceutiques

I-MAB exploite les partenariats stratégiques de distribution pharmaceutique pour étendre la portée du marché.

• En partenariat avec 12 grands distributeurs pharmaceutiques en Chine
• Collaboration avec les réseaux de distribution internationaux sur les marchés clés
• Couverture de distribution couvrant plus de 30 provinces en Chine

Présentations de la conférence médicale

La société participe activement à des conférences scientifiques pour présenter la recherche et les développements cliniques.

Engagement de la conférence	2023 statistiques
Les conférences totales ont assisté	23
Présentations présentées	17
Conférences internationales	8

Publications scientifiques en ligne et plateformes de recherche

I-MAB maintient une présence numérique solide dans la communication de recherche scientifique.

• Publié 45 articles de recherche évalués par des pairs en 2023
• Profils actifs sur les bases de données PubMed, ResearchGate et Scientific
• Engagement cohérent avec les plateformes de recherche numérique

Plateformes de communication numérique et de webinaires

Les stratégies d'engagement numérique incluent des canaux de communication en ligne complets.

Métriques de communication numérique	2023 données
Webinaires réalisés	14
Participants numériques totaux	3,200
Présistance au webinaire moyen	228 participants

I-MAB (IMAB) - Modèle d'entreprise: segments de clientèle

Centres de traitement en oncologie

I-MAB cible les centres de traitement en oncologie avec un accent spécifique sur les solutions thérapeutiques avancées.

Segment de marché	Nombre de centres	Portée potentielle
Centres d'oncologie américains	1,500	70% de pénétration ciblée du marché
Centres d'oncologie européens	1,200	55% de pénétration ciblée du marché
Centres d'oncologie chinois	3,000	80% de pénétration ciblée du marché

Fournisseurs de soins de santé spécialisés

I-MAB se concentre sur des prestataires de soins de santé spécialisés ayant des capacités de traitement avancées.

• Cliniques spécialisées par l'hématologie: 850 dans le monde entier
• Centres de traitement par immuno-oncologie: 620 dans le monde
• Installations de traitement du cancer avancé: 450 emplacements internationaux

Hôpitaux de recherche et centres médicaux universitaires

Région	Nombre d'institutions de recherche	Potentiel de collaboration de recherche
Amérique du Nord	350	Taux de collaboration de 65%
Europe	280	Taux de collaboration de 55%
Asie-Pacifique	450	Taux de collaboration de 75%

Les sociétés pharmaceutiques à la recherche de thérapies innovantes

I-MAB cible les sociétés pharmaceutiques ayant des besoins avancés de développement thérapeutique.

• Global Pharmaceutical Companies: 50 partenaires potentiels de premier niveau
• Biotechnology Firms: 120 cibles de collaboration potentielles
• Spécialités de recherche en oncologie: 80 partenaires potentiels

Les systèmes de santé mondiaux se sont concentrés sur les traitements avancés

Catégorie de système de santé	Nombre de systèmes	Engagement potentiel du marché
Systèmes nationaux de santé	45	Potentiel d'engagement de 60%
Réseaux de soins de santé régionaux	220	Potentiel d'engagement de 55%
Consortiums de soins de santé privés	180	Potentiel d'engagement à 50%

I-MAB (IMAB) - Modèle d'entreprise: Structure des coûts

Investissement de R&D substantiel

I-MAB a déclaré des dépenses de R&D de 138,1 millions de dollars pour l'exercice 2022, ce qui représente une partie importante de ses coûts opérationnels.

Année	Dépenses de R&D	Pourcentage des dépenses totales
2022	138,1 millions de dollars	62.3%
2021	116,5 millions de dollars	58.7%

Dépenses des essais cliniques

Les coûts des essais cliniques pour I-MAB en 2022 étaient d'environ 85,3 millions de dollars, couvrant plusieurs candidats au pipeline à divers stades de développement.

• Essais de phase I: 28,6 millions de dollars
• Essais de phase II: 42,7 millions de dollars
• Essais de phase III: 14 millions de dollars

Recrutement du personnel et des talents scientifiques

Les dépenses totales du personnel en 2022 ont atteint 62,4 millions de dollars, avec une compensation moyenne pour les chercheurs allant de 120 000 $ à 180 000 $ par an.

Catégorie des employés	Salaire annuel moyen	Coût total du personnel
Chercheur	$150,000	45,6 millions de dollars
Personnel administratif	$85,000	16,8 millions de dollars

Processus de conformité et d'approbation réglementaires

Les frais de conformité réglementaire pour 2022 étaient estimés à 22,5 millions de dollars, couvrant la FDA et d'autres soumissions réglementaires internationales.

• Frais de demande de la FDA: 8,3 millions de dollars
• Documentation de la conformité: 7,2 millions de dollars
• Conseil externe: 7 millions de dollars

Infrastructure et maintenance technologiques

Les coûts de technologie et d'infrastructure pour 2022 ont totalisé 35,6 millions de dollars, notamment des équipements de recherche, des logiciels et des infrastructures numériques.

Composant d'infrastructure	Coût annuel
Équipement de recherche	18,2 millions de dollars
Systèmes informatiques et logiciels	12,4 millions de dollars
Maintenance des infrastructures numériques	5 millions de dollars

I-MAB (IMAB) - Modèle d'entreprise: Strots de revenus

Accords de licence avec des sociétés pharmaceutiques

En 2023, I-MAB a signalé des accords de licence avec plusieurs sociétés pharmaceutiques:

Partenaire	Drogue	Paiement initial	Paiements de jalons potentiels
Abbvie	Lemzoparlimab (anticorps CD47)	200 millions de dollars	Jusqu'à 1,58 milliard de dollars
Roche	TJC4 (anticorps anti-CD38)	30 millions de dollars	Jusqu'à 690 millions de dollars

Royalités de drogue potentielles

Taux de redevance prévus pour les médicaments commercialisés potentiels:

• Lemzoparlimab: 12-15% des ventes nettes
• TJC4: 10-14% des ventes nettes

Financement de collaboration de recherche

Revenus de collaboration pour la recherche pour 2023:

• Financement total de la recherche: 45,6 millions de dollars
• Nombre de collaborations actives: 4 partenariats pharmaceutiques

Future commercialisation des produits

Projeté de revenus potentiels projetés à partir du pipeline à stade clinique:

Drogue	Indication	Marché annuel potentiel	Année de commercialisation estimée
Lemzoparlim	Tumeurs solides	1,2 milliard de dollars	2025-2026
TJC4	Myélome multiple	850 millions de dollars	2026-2027

Payments d'étape provenant de partenariats stratégiques

Structure de paiement d'étape pour les partenariats clés:

• AbbVie Partnership: Jusqu'à 1,58 milliard de dollars de jalons potentiels
• Partnership Roche: Jusqu'à 690 millions de dollars de jalons potentiels
• Paiements de jalons potentiels totaux: 2,27 milliards de dollars

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.