I-Mab (IMAB): Business Model Canvas [Dec-2025 Updated]

You're looking at a company in the middle of a massive pivot, and as an analyst who's seen these transformations before, I can tell you the details matter. I-Mab (IMAB) is shedding its old skin to become a U.S.-centric global biotech platform, banking on its lead asset, Givastomig, to deliver a potential best-in-class cancer therapy. Honestly, with pro-forma cash of $226.8 million as of mid-2025, they have the runway to execute this shift, but the clock is ticking on translating that capital into late-stage success, especially given the $4.1 million R&D spend in the first half of the year. Let's break down the new Business Model Canvas for I-Mab (IMAB) to see exactly where the value is being built and what risks we need to watch as they transition to NovaBridge Biosciences.

I-Mab (IMAB) - Canvas Business Model: Key Partnerships

You're mapping out the core relationships that fuel I-Mab's engine, which is now evolving into what they call a global biotech platform, potentially changing its name to NovaBridge Bioscience subject to EGM approval on October 24, 2025. These partnerships are critical for pipeline advancement and financial stability, especially given the company's pro-forma cash balance of approximately $226.8 million as of June 30, 2025, which is expected to fund operations through Q4 2028.

Co-Development with ABL Bio for Bispecific Antibodies

The relationship with ABL Bio centers on two key bispecific assets, Givastomig and Ragistomig. For Givastomig (Claudin 18.2 x 4-1BB), I-Mab acts as the lead party, sharing worldwide rights equally with ABL Bio, with the exception of Greater China and South Korea. Ragistomig (PD-L1 x 4-1BB) flips the leadership, with ABL Bio taking the lead, again sharing worldwide rights equally, excluding China and South Korea. This structure lets I-Mab focus resources on its lead program, Givastomig, while still sharing in the upside of Ragistomig.

The clinical progress under this partnership is showing concrete data points:

• Givastomig monotherapy ORR was 18% (8/45) in heavily pre-treated gastroesophageal carcinoma patients (data cutoff June 10, 2025).
• Phase 1b combination data at ESMO GI 2025 showed an 83% ORR for Givastomig with immunochemotherapy in first-line gastric cancers.
• Topline data from the planned Phase 1b dose expansion study for Givastomig is expected in Q1 2026.

Also, I-Mab strengthened its Givastomig IP by acquiring upstream rights from Bridge Health, paying an upfront of $1.8 million plus $1.2 million in non-contingent payments through 2027, which reduces future milestones by up to $3.875 million and eliminates all royalty obligations for the parental antibody. That's a smart move to control future costs.

Clinical Supply Agreement with Bristol Myers Squibb (BMS)

Bristol Myers Squibb supplies nivolumab for I-Mab's multi-national Phase 1 study evaluating the triple-therapy regimen of Givastomig, nivolumab, and chemotherapy for advanced Claudin 18.2-positive gastric and esophageal cancers. This is a supply-only agreement, meaning I-Mab conducts and leads the study, but it secures access to a major commercial asset, nivolumab, for critical combination testing.

Strategic Investment and Backing from CBC Group

CBC Group is a major strategic partner, acting as the largest asset management firm in biotech health care in Asia. Wei Fu, Chairman of the Board at I-Mab, is also the Chief Executive Officer of CBC Group, ensuring strong alignment. CBC's activity shows their commitment to the space; they invested over 30 early-stage biotech companies in the past 18 months after screening more than a few hundred. Their in-licensing focus is on clinical-stage assets, aiming for the 5 to 10x value creation that comes from achieving proof-of-concept trials.

Here's a snapshot of the financial backing context:

In-Licensing from Global Innovators via New Platform Model

I-Mab is actively shifting to a platform company model, using its global reach to in-license high-value assets. This strategy aligns with the broader industry trend where 68% of blockbuster drugs in 2025 were sourced via licensing agreements rather than internal development. The focus is specifically on acquiring clinical stage assets to rapidly build out the pipeline, moving away from early discovery. This approach leverages the fact that many clinical-stage assets remain unpartnered.

Reliance on Clinical Research Organizations (CROs)

I-Mab relies on Clinical Research Organizations to execute its global trials efficiently, which is necessary for the multi-national Phase 1 study of Givastomig with BMS. The company's ability to complete enrollment in the first Phase 1b expansion cohort ahead of schedule suggests effective CRO management. I-Mab plans to initiate a global randomized Phase 2 study in Q1 2026, which will heavily depend on CRO capacity.

Finance: review the Q4 2025 cash burn projection against the $226.8 million balance by end of next week.

I-Mab (IMAB) - Canvas Business Model: Key Activities

The Key Activities for NovaBridge Biosciences, formerly I-Mab, center on advancing its core pipeline assets, executing a major corporate restructuring, and leveraging global business development capabilities.

Advancing lead asset Givastomig (CLDN18.2 x 4-1BB) into global Phase 2 trials

The company has accelerated investment in givastomig, its lead program, following compelling Phase 1b combination data presented at ESMO GI 2025, which showed an 83% ORR at selected doses when combined with immunochemotherapy in the first-line (1L) metastatic gastric cancer setting.

Key milestones related to this activity include:

• Enrollment in the first Phase 1b dose expansion cohort completed ahead of schedule.
• The second dose expansion cohort (n=20) is progressing well.
• Topline data from the planned Phase 1b dose expansion study is expected in Q1 2026.
• Initiation of a global randomized Phase 2 study is targeted for Q1 2026.
• The Phase 2 trial will compare givastomig plus nivolumab and chemotherapy against nivolumab and chemotherapy alone.
• Phase 1 monotherapy data was presented at the AACR-NCI-EORTC conference on October 23, 2025.

Translational medicine and differentiated clinical trial design in the U.S.

The clinical strategy involves testing givastomig in patient populations with unmet medical needs, such as those with low Claudin 18.2 and low PD-L1 expression, who are not eligible for existing approved Claudin 18.2 therapies. This translational approach is supported by a focused R&D spend, which was $3.3 million for the three months ended June 30, 2025, a decrease from $5.2 million in the comparable period of 2024.

Global business development for asset identification and acceleration

NovaBridge Biosciences is executing a global platform strategy that includes expanding capital access and acquiring new assets. The company is pursuing a dual listing on Nasdaq and the Hong Kong Stock Exchange (HKEX) via a planned Hong Kong Initial Public Offering (IPO). The company also entered an agreement to acquire VIS-101, a novel biologic targeting VEGF-A and ANG2 for eye disorders, through its subsidiary Visara, Inc.. This activity leverages the dynamic regional market, where Asia-Pacific contributes over 30% of global biopharma assets and more than $80 billion in deal value through regional collaborations. Year-to-date 2025 global licensing deal value reached $51.9 billion as of Q1 2025, representing over 60% of the global licensing deal value for that quarter.

Maintaining regulatory compliance with the FDA and other global agencies

The company's financial planning is explicitly tied to regulatory progression. The cash position, bolstered by an August 2025 underwritten offering, is expected to fund operating expenses and capital expenditure requirements through the fourth quarter of 2028, which covers the anticipated randomized Phase 2 trial of givastomig. As of June 30, 2025, the cash and short-term investments balance was $165.6 million, increasing to a pro-forma balance of approximately $226.8 million after the August 2025 offering.

Strategic transformation and rebranding to NovaBridge Biosciences

This is a core activity, marking the evolution from a clinical-stage China biotech to a China/U.S. global biotech platform operating a 'hub-and-spoke' model. Shareholder approval for the name change from I-Mab (IMAB) to NovaBridge Biosciences was secured on October 24, 2025. The American Depositary Shares began trading under the new ticker symbol 'NBP' starting October 30, 2025. The transformation also included the appointment of Mr. Kyler Lei as Chief Financial Officer to leverage expertise in global capital markets.

Here's the quick math on the financial state supporting this transformation:

The company is defintely shifting focus.

I-Mab (IMAB) - Canvas Business Model: Key Resources

You're looking at the core assets that power I-Mab's engine right now, the stuff that underpins their entire operation as a U.S.-based, global biotech company. Honestly, for a company at this stage, the balance sheet strength is a massive resource in itself.

The financial foundation is solid, giving them the necessary runway to push their lead candidate through critical trials. As of June 30, 2025, I-Mab reported a pro-forma cash and investments position of approximately $\mathbf{\$226.8 \text{ million}}$, which, following an August 2025 underwritten offering, is expected to fund planned operating expenses and capital expenditures through the $\mathbf{fourth \text{ quarter of } 2028}$.

The most critical tangible asset is the lead clinical program, Givastomig. This is a $\text{CLDN18.2 x 4-1BB bispecific antibody}$ that I-Mab has prioritized for accelerated development.

Here are the latest clinical data points supporting Givastomig's value:

• Phase 1b dose escalation study enrollment was completed in combination with nivolumab and chemotherapy.
• Positive data presented at $\text{ESMO GI } 2025$ showed an $\mathbf{83\% \text{ Objective Response Rate (ORR)}}$ at the doses selected for the ongoing expansion study.
• The ongoing dose expansion study involves $\mathbf{40 \text{ patients}}$.
• Topline data from this $\text{Phase 1b}$ dose expansion study is anticipated in $\text{Q1 2026}$.
• Plans are in place to launch a global randomized $\text{Phase 2}$ trial in $\text{early 2026}$.

I-Mab's ability to engineer and discover novel biologics is rooted in its technology platforms, often accessed through strategic collaborations. These platforms are what allow them to generate a globally competitive pipeline of next-generation assets.

The technology resource base includes access to several key modalities and technologies:

The company maintains a physical footprint supporting its global strategy. The primary U.S. operational hub is in $\text{Rockville, MD}$. This is complemented by a strategic presence in $\text{Asia}$ (following the divestiture of Greater China operations, the company still leverages its dual presence for global clinical trials).

The intellectual property portfolio is actively managed to secure asset value. A key recent development strengthening this resource was the expected closing in $\text{Q3 2025}$ of the acquisition of $\text{Bridge Health Co., Ltd.}$. This transaction provided I-Mab with upstream rights to the $\text{Claudin 18.2}$ parental antibody, which is crucial for Givastomig, and importantly, it eliminates all royalty obligations and reduces future milestones associated with that specific asset.

Finance: draft $\text{13-week}$ cash view by Friday.

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

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:

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:

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:

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:

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:

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:

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.