ImageneBio, Inc.

What they do

The company develops olevaprubart, also known as IMG-007, a non-T cell-depleting, ADCC-silenced anti-OX40 receptor antagonist with an extended half-life. Its lead programs are moderate-to-severe atopic dermatitis (AD) through the Phase 2b ADAPTIVE trial, and alopecia areata (AA) with a planned Phase 2 study. ImageneBio was formed when Ikena Oncology merged with Inmagene Biopharmaceuticals on July 25, 2025, and it divested its non-OX40 business so that IMG-007 is its only clinical-stage product candidate.

Revenue drivers

• Product revenue — The company reported no product revenue in the quarter ended September 30, 2025, and annual revenue has fallen from $31.0 million in 2021 to $0.8 million in 2025 as the business shifted to a clinical-stage model.
• Olevaprubart (IMG-007) — The lead asset targeting the OX40 pathway is the only clinical-stage product candidate following the Non-OX40 Divestiture; it is not approved or commercialized and generates no revenue.
• Financing proceeds — Operations are funded by equity financings rather than product sales, including a $75.0 million 2025 PIPE Financing and a $30.0 million private placement in April 2026.

Recent performance

ImageneBio reported second quarter 2026 results on August 5, 2026, with $136.2 million in cash, cash equivalents and marketable securities as of June 30, 2026. Annual revenue declined to $0.8 million in 2025 from $3.5 million in 2024, and no revenue was reported for the quarter ended September 30, 2025. Net loss was $45.3 million in 2025, compared with $36.6 million in 2024. Operating cash flow was negative $47.8 million in 2025 versus negative $21.3 million in 2024. Total assets were $152.0 million and total liabilities were $10.0 million as of June 30, 2026.

Strategy

Management is focused on advancing olevaprubart through clinical development, with the Phase 2b ADAPTIVE trial in atopic dermatitis continuing under an amended protocol and topline data expected in the fourth quarter of 2027. The company plans to initiate a Phase 2 study in alopecia areata by the end of 2026, with initial data expected in 2028. A long-term extension study for ADAPTIVE patients has been opened and is enrolling. The company raised capital through a $30.0 million private placement in April 2026 and stated that cash resources are expected to fund planned operations into the first quarter of 2028. It is also preparing scientific presentations at the 2026 EADV Congress.

Risks

• No product revenue — The company is clinical-stage and dependent on olevaprubart, which is not approved or commercialized and generated no revenue as of the quarter ended September 30, 2025.
• Clinical trial timing risk — Topline Phase 2b ADAPTIVE data are not anticipated until the fourth quarter of 2027, and the alopecia areata Phase 2 study has not yet begun.
• Cash burn and financing need — The company reported negative operating cash flow of $47.8 million in 2025 and expects its $136.2 million in cash, cash equivalents and marketable securities as of June 30, 2026 to fund operations only into the first quarter of 2028.
• Single-asset concentration — Following the Non-OX40 Divestiture, IMG-007 became the only product candidate in clinical development, concentrating risk in one program.

Outlook

Management anticipates topline data from the Phase 2b ADAPTIVE trial of olevaprubart in moderate-to-severe atopic dermatitis in the fourth quarter of 2027. The company expects to initiate a Phase 2 study of olevaprubart in alopecia areata by the end of 2026, with initial data expected in 2028. ImageneBio states that its $136.2 million in cash, cash equivalents and marketable securities as of June 30, 2026 provides anticipated funding for planned operations into the first quarter of 2028.