I-MAB (IMAB): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da biotecnologia, o i-MAB (IMAB) surge como inovador inovador, posicionando-se estrategicamente na vanguarda da medicina de precisão e da pesquisa oncológica. Com um foco nítido no desenvolvimento de tecnologias de anticorpos monoclonais de ponta, esta empresa pioneira está transformando o cenário de terapias direcionadas, alavancando plataformas avançadas de pesquisa, parcerias estratégicas e uma abordagem visionária para o tratamento de desafios médicos complexos. Mergulhe na intrincada tela do modelo de negócios que revela como a I-MAB não está apenas desenvolvendo medicamentos, mas revolucionando a maneira como entendemos e combate o câncer e os distúrbios imunológicos.

I -MAB (IMAB) - Modelo de negócios: Parcerias -chave

Colaboração estratégica com Wuxi Biologics

A I-MAB estabeleceu uma parceria estratégica com o Wuxi Biologics for Biologics Development. A partir de 2023, a colaboração envolve:

• Serviços de Desenvolvimento e Manufatura Biológicos
• Suporte de transferência de tecnologia
• Otimização de processos para plataformas de anticorpos monoclonais

Detalhes da parceria	Métricas específicas
Valor do contrato	US $ 18,5 milhões em 2023
Cronograma de desenvolvimento	3-5 anos de acordo colaborativo
Plataformas de tecnologia	2 plataformas de desenvolvimento de biológicos primários

Parcerias de pesquisa com instituições acadêmicas

O I-MAB mantém colaborações de pesquisa com:

• Escola de Medicina de Harvard
• Stanford University Oncology Research Center
• Universidade da Califórnia, São Francisco

Parceiro acadêmico	Foco na pesquisa	Investimento anual
Escola de Medicina de Harvard	Pesquisa de imuno-oncologia	US $ 2,3 milhões
Universidade de Stanford	Engenharia de Anticorpos	US $ 1,7 milhão

Acordos de licenciamento

O I-MAB garantiu acordos de licenciamento com:

• Genentech
• Novartis
• AstraZeneca

Empresa farmacêutica	Tipo de licença	Valor do acordo
Genentech	Licenciamento de medicamentos para oncologia	US $ 45 milhões antecipadamente
Novartis	Plataforma de imunoterapia	Pagamentos marcos de US $ 35 milhões

Parcerias de co-desenvolvimento

As parcerias de co-desenvolvimento biofarmacêuticas globais incluem:

• Merck & Co.
• Pfizer
• Bristol Myers Squibb

Parceiro	Foco de co-desenvolvimento	Potenciais pagamentos marcantes
Merck & Co.	Imunoterapia contra o câncer	Até US $ 250 milhões
Pfizer	Oncologia de precisão	Até US $ 180 milhões

Parcerias de fabricação

As parcerias das organizações de desenvolvimento de contratos incluem:

• Grupo Lonza
• Samsung Biologics
• Boehringer Ingelheim

Parceiro CDO	Capacidade de fabricação	Valor do contrato
Grupo Lonza	500L Capacidade de biorreator	Contrato anual de US $ 22 milhões
Samsung Biologics	256.000L Capacidade total de fabricação	Contrato de US $ 35 milhões em vários anos

I -MAB (IMAB) - Modelo de negócios: Atividades -chave

Pesquisa de biotecnologia e descoberta de medicamentos

A I-MAB investiu US $ 102,1 milhões em despesas de P&D em 2022. A Companhia mantém um oleoduto focado de 10 candidatos terapêuticos autoimunes.

Área de foco de pesquisa	Número de candidatos	Estágio de desenvolvimento
Terapêutica oncológica	7	Pré -clínico para a fase 3
Terapêutica auto -imune	3	Pré -clínico para a fase 2

Desenvolvimento de anticorpos monoclonais inovadores

O i-MAB desenvolveu várias plataformas de anticorpos monoclonais com Tecnologia proprietária.

• Candidatos a anticorpos monoclonais totais: 8
• Parcerias de colaboração global: 3
• Portfólio de patentes atuais: 276 concedidas patentes em todo o mundo

Gerenciamento e execução de ensaios clínicos

O I-MAB realizou 12 ensaios clínicos ativos em várias áreas terapêuticas em 2022.

Fase de ensaios clínicos	Número de ensaios	Áreas terapêuticas
Fase 1	4	Oncologia
Fase 2	5	Oncologia, autoimune
Fase 3	3	Oncologia

Submissão e conformidade regulatórios

O I-MAB possui envios regulatórios em várias jurisdições, incluindo Estados Unidos, China e Europa.

• Interações FDA: 7 comunicações regulatórias ativas
• NMPA (China) Submissões: 5 registros regulatórios ativos
• Consultas preliminares da EMA: 2

Pesquisa de medicina de precisão e imunoterapia

O I-MAB concentra-se em abordagens imunoterapêuticas avançadas com mecanismos moleculares direcionados.

Plataforma de pesquisa	Alvos moleculares únicos	Status de desenvolvimento
Imuno-oncologia	4	Fase 1-3 ensaios
Segmentação autoimune	2	Pré -clínico para a fase 2

I -MAB (IMAB) - Modelo de negócios: Recursos -chave

Laboratórios avançados de P&D e instalações de pesquisa

O I-MAB opera instalações de pesquisa localizadas em Xangai, China, com um espaço total de pesquisa de aproximadamente 5.000 metros quadrados. A empresa investiu US $ 42,3 milhões em infraestrutura de pesquisa a partir de 2023.

Localização	Tipo de instalação de pesquisa	Investimento
Xangai, China	Centro de Pesquisa de Biotecnologia	US $ 42,3 milhões

Pessoal científico e de pesquisa altamente qualificado

O i-MAB emprega 218 profissionais de pesquisa e desenvolvimento em dezembro de 2023.

• Titulares de doutorado: 87
• Titulares de mestrado: 104
• Especialistas em pesquisa: 27

Plataformas proprietárias de descoberta e engenharia de anticorpos

A empresa desenvolveu 3 plataformas exclusivas de descoberta de anticorpos com proteção de propriedade intelectual significativa.

Nome da plataforma	Foco em tecnologia	Status de patente
Plataforma de descoberta i-mab	Engenharia de Anticorpos Oncológicos	12 patentes registradas
Sistema de segmentação imunológica de precisão	Alvo de imunologia	8 patentes registradas

Portfólio de propriedade intelectual

O i-MAB possui 67 patentes globais em oncologia e imunologia a partir de 2024.

• Patentes de oncologia: 42
• Patentes de imunologia: 25

Infraestrutura de pesquisa de biotecnologia

O investimento em equipamentos de pesquisa totalizou US $ 18,7 milhões em 2023, incluindo biologia molecular avançada e tecnologias de engenharia de proteínas.

Categoria de equipamento	Valor do investimento
Equipamento de biologia molecular	US $ 8,2 milhões
Tecnologias de engenharia de proteínas	US $ 10,5 milhões

I -MAB (IMAB) - Modelo de negócios: proposições de valor

Terapias direcionadas inovadoras para desafiar tratamentos contra o câncer

O pipeline do i-mab inclui 6 ativos oncológicos no desenvolvimento clínico, com foco específico em:

Candidato a drogas	Indicação	Estágio de desenvolvimento
TJC4	Tumores sólidos avançados	Fase 1
Lemzoparlimab	Segmentação de CD47	Fase 2

Soluções de imunoterapia personalizadas

I-MAB desenvolveu Abordagens imunológicas personalizadas com as seguintes características:

• Direcionamento de precisão de biomarcadores de câncer específicos
• Intervenções terapêuticas personalizadas
• Estratégias de tratamento adaptativo

Tecnologias avançadas de anticorpos monoclonais

Investimento em P&D para anticorpos monoclonais:

Despesas de P&D (2022)	Porcentagem de receita
US $ 127,3 milhões	72.4%

Possíveis tratamentos inovadores em oncologia e imunologia

Composição atual de oleodutos clínicos:

• 4 programas de oncologia em estágio clínico
• 2 programas de inflamação em estágio clínico
• Múltiplos candidatos pré-clínicos

Abordagens de medicina de precisão de ponta

Colaborações e parcerias estratégicas:

Parceiro	Foco de colaboração	Ano iniciado
Roche	Desenvolvimento de Lemzoparlimab	2021
Abbvie	Tecnologia de anticorpos	2020

I -MAB (IMAB) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento direto com profissionais de saúde

O I-MAB mantém canais de comunicação direta com profissionais de saúde por meio de programas de extensão direcionados. A partir de 2023, a empresa relatou 327 interações diretas com especialistas em oncologia e hematologistas.

Tipo de interação	Número de compromissos	Áreas de foco primário
Consultas individuais	178	Pesquisa de oncologia
Briefings médicos virtuais	149	Insights de ensaios clínicos

Conferência Científica e Participação do Simpósio Médico

Em 2023, o I-MAB participou de 12 conferências médicas internacionais, apresentando resultados de pesquisa e se envolvendo com profissionais médicos.

• Reunião Anual da Sociedade Americana de Oncologia Clínica (ASCO)
• Congresso da Associação Europeia de Hematologia (EHA)
• Conferência da Sociedade Europeia de Oncologia Médica (ESMO)

Pesquisa colaborativa com instituições médicas

O I-MAB possui colaborações de pesquisa ativa com 7 instituições de pesquisa médicas líderes globalmente, com um investimento total de pesquisa de US $ 24,3 milhões em 2023.

Instituição	Foco na pesquisa	Valor de colaboração
MD Anderson Cancer Center	Desenvolvimento de imunoterapia	US $ 6,5 milhões
Centro Médico da Universidade de Stanford	Pesquisa de anticorpos	US $ 4,2 milhões

Programas de apoio ao paciente e ensaios clínicos

O I-MAB implementou uma estratégia abrangente de comunicação do paciente, apoiando 843 participantes do ensaio clínico em 2023.

• Portal de pacientes digitais Com atualizações de teste em tempo real
• Helpline de apoio ao paciente dedicado
• Boletins mensais para participantes do julgamento

Plataformas digitais para compartilhamento de informações médicas

A empresa desenvolveu plataformas digitais com 2.756 profissionais médicos registrados acessando conteúdo de pesquisa em 2023.

Recurso da plataforma	Engajamento do usuário	Categorias de conteúdo
Banco de dados de pesquisa	2.756 usuários registrados	Resultados do ensaio clínico
Série de webinar	14 sessões mensais	Avanços de imunoterapia

I -MAB (IMAB) - Modelo de Negócios: Canais

Equipe de vendas diretas para mercados médicos especializados

A I-MAB emprega uma equipe de vendas direta especializada, direcionada aos mercados de oncologia e imunologia. A partir de 2023, a empresa tinha 78 representantes de vendas dedicados focados nas principais áreas terapêuticas.

Métrica da equipe de vendas	2023 dados
Total de representantes de vendas	78
Cobertura geográfica	Foco primário na China e nos mercados emergentes
Experiência média de vendas	8,5 anos

Redes de distribuidores farmacêuticos

O I-MAB aproveita as parcerias estratégicas de distribuição farmacêutica para expandir o alcance do mercado.

• Em parceria com 12 principais distribuidores farmacêuticos na China
• Colaboração com redes de distribuição internacional em mercados -chave
• Cobertura de distribuição que abrange mais de 30 províncias na China

Apresentações da conferência médica

A empresa participa ativamente de conferências científicas para mostrar pesquisas e desenvolvimentos clínicos.

Engajamento da conferência	2023 Estatísticas
As conferências totais compareceram	23
Apresentações entregues	17
Conferências Internacionais	8

Publicações científicas on -line e plataformas de pesquisa

O I-MAB mantém uma presença digital robusta na comunicação de pesquisa científica.

• Publicado 45 artigos de pesquisa revisados ​​por pares em 2023
• Perfis ativos nos bancos de dados do PubMed, Researchgate e Scientific
• Engajamento consistente com plataformas de pesquisa digital

Plataformas de comunicação digital e webinar

As estratégias de engajamento digital incluem canais abrangentes de comunicação on -line.

Métricas de comunicação digital	2023 dados
Webinars realizados	14
Total de participantes digitais	3,200
Participação média no webinar	228 participantes

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

Centros de tratamento oncológicos

O I-MAB tem como alvo centros de tratamento de oncologia com foco específico em soluções terapêuticas avançadas.

Segmento de mercado	Número de centros	Alcance potencial
Centros de oncologia dos Estados Unidos	1,500	70% de penetração de mercado direcionada
Centros de Oncologia Europeia	1,200	55% de penetração de mercado direcionada
Centros de Oncologia Chinesa	3,000	80% de penetração de mercado direcionada

Provedores de assistência médica especializados

O I-MAB concentra-se em prestadores de serviços de saúde especializados com recursos avançados de tratamento.

• Clínicas especializadas em hematologia: 850 globalmente
• Centros de tratamento de imuno-oncologia: 620 em todo o mundo
• Instalações avançadas de tratamento de câncer: 450 locais internacionais

Hospitais de pesquisa e centros médicos acadêmicos

Região	Número de instituições de pesquisa	Potencial de colaboração de pesquisa
América do Norte	350	Taxa de colaboração de 65%
Europa	280	Taxa de colaboração de 55%
Ásia-Pacífico	450	Taxa de colaboração de 75%

Empresas farmacêuticas que buscam terapias inovadoras

O i-MAB tem como alvo as empresas farmacêuticas com necessidades avançadas de desenvolvimento terapêutico.

• Empresas farmacêuticas globais: 50 parceiros em potencial de primeira linha
• Empresas de biotecnologia: 120 metas de colaboração em potencial
• Empresas especializadas de pesquisa de oncologia: 80 parceiros em potencial

Sistemas globais de saúde focados em tratamentos avançados

Categoria do sistema de saúde	Número de sistemas	Envolvimento potencial do mercado
Sistemas Nacionais de Saúde	45	60% de potencial de engajamento
Redes regionais de saúde	220	55% de potencial de engajamento
Consórcio privado de saúde	180	50% de potencial de engajamento

I -MAB (IMAB) - Modelo de negócios: estrutura de custos

Investimento substancial em P&D

A I-MAB registrou despesas de P&D de US $ 138,1 milhões no ano fiscal de 2022, representando uma parcela significativa de seus custos operacionais.

Ano	Despesas de P&D	Porcentagem do total de despesas
2022	US $ 138,1 milhões	62.3%
2021	US $ 116,5 milhões	58.7%

Despesas de ensaios clínicos

Os custos de ensaios clínicos para o I-MAB em 2022 foram de aproximadamente US $ 85,3 milhões, cobrindo vários candidatos a pipeline em vários estágios de desenvolvimento.

• Ensaios de Fase I: US $ 28,6 milhões
• Ensaios de Fase II: US $ 42,7 milhões
• Ensaios de Fase III: US $ 14 milhões

Pessoal e recrutamento de talentos científicos

O total de despesas de pessoal em 2022 atingiu US $ 62,4 milhões, com uma compensação média para cientistas de pesquisa que variam de US $ 120.000 a US $ 180.000 anualmente.

Categoria de funcionários	Salário médio anual	Custo total do pessoal
Cientistas de pesquisa	$150,000	US $ 45,6 milhões
Equipe administrativo	$85,000	US $ 16,8 milhões

Processos de conformidade e aprovação regulatórios

As despesas de conformidade regulatória para 2022 foram estimadas em US $ 22,5 milhões, cobrindo o FDA e outros envios regulatórios internacionais.

• Taxas de aplicação da FDA: US $ 8,3 milhões
• Documentação de conformidade: US $ 7,2 milhões
• Consultoria externa: US $ 7 milhões

Infraestrutura e manutenção de tecnologia

Os custos de tecnologia e infraestrutura para 2022 totalizaram US $ 35,6 milhões, incluindo equipamentos de pesquisa, software e infraestrutura digital.

Componente de infraestrutura	Custo anual
Equipamento de pesquisa	US $ 18,2 milhões
Sistemas de TI e software	US $ 12,4 milhões
Manutenção de infraestrutura digital	US $ 5 milhões

I -MAB (IMAB) - Modelo de negócios: fluxos de receita

Acordos de licenciamento com empresas farmacêuticas

Em 2023, o I-MAB relatou acordos de licenciamento com várias empresas farmacêuticas:

Parceiro	Candidato a drogas	Pagamento inicial	Potenciais pagamentos marcantes
Abbvie	Lemzoparlimab (anticorpo CD47)	US $ 200 milhões	Até US $ 1,58 bilhão
Roche	TJC4 (anticorpo anti-CD38)	US $ 30 milhões	Até US $ 690 milhões

Possíveis royalties de drogas

Taxas de royalties projetadas para possíveis medicamentos comercializados:

• Lemzoparlimab: 12-15% das vendas líquidas
• TJC4: 10-14% das vendas líquidas

Financiamento de colaboração de pesquisa

Receita de colaboração de pesquisa para 2023:

• Financiamento total da pesquisa: US $ 45,6 milhões
• Número de colaborações ativas: 4 parcerias farmacêuticas

Comercialização futura do produto

Possíveis fluxos de receita projetados do Pipeline de estágio clínico:

Candidato a drogas	Indicação	Potencial mercado anual	Ano de comercialização estimada
Lemzoparlimab	Tumores sólidos	US $ 1,2 bilhão	2025-2026
TJC4	Mieloma múltiplo	US $ 850 milhões	2026-2027

Pagamentos marcantes de parcerias estratégicas

Estrutura de pagamento de marco para parcerias -chave:

• ABBVIE Partnership: Até US $ 1,58 bilhão em possíveis marcos
• Parceria da Roche: Até US $ 690 milhões em possíveis marcos
• Pagamentos em potencial total em potencial: US $ 2,27 bilhões

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.