ImageneBio Inc
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ImageneBio Inc AI Insights
Informational only. Not investment advice.Snapshot
- Cash burn of 44.1M TTM against 103M cash = ~28 months runway. Recent 142M financing extends lifeline but dilution risk high.[Free Cash Flow TTM]
- Trading at 0.42x book value (139.8M equity vs 58.8M market cap) - market pricing in significant failure probability.[Price to Book Ratio]
- R&D of 29M TTM is 62% of opex (46.9M) - typical biotech profile but revenue of only 0.8M signals pre-commercial stage.[Research and Development TTM]
Watch Triggers
- Cash and Equivalents: Falls below 50M — Would signal <15 months runway, forcing dilutive financing or strategic alternatives
- Total Revenue TTM: Exceeds 5M — Any meaningful revenue inflection validates commercial potential and extends runway
- Research and Development TTM: Drops below 20M — R&D cuts would signal pipeline deprioritization or cash preservation mode
Bull Case
Trading below liquidation value (0.42x book) with 103M cash and minimal debt (3.4M). If pipeline advances, rerating to 1x book = 138% upside.
Recent 142M financing provides runway through potential catalysts. Clean balance sheet (0.02 debt/equity) preserves optionality.
Bear Case
Burning 44M/year with 0.8M revenue - no path to profitability without clinical success. 28-month runway insufficient for full development cycle.
P/S of 73.5x on negligible revenue is meaningless. Market cap decline to 58.8M despite recent financing signals investor capitulation.
Bull vs Bear Balance
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Forward Thesis
Binary outcome: either clinical/commercial success drives 5-10x rerating or cash depletion forces dilution/failure
- 28-month cash runway at current burn
- P/B of 0.42x implies 60%+ failure probability
- Near-zero revenue requires pipeline catalyst
Valuation Context
Caveats
Public Strategies Rankings
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IMA Fundamentals
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$43.06M | — | ||
$-56.66M | — | ||
0.00 | — | ||
$800,000 | — | ||
$-4.77 | — | ||
-5,761% | — | ||
-5,407% | — | ||
$-44.1M | — | ||
-30.9% | — | ||
Beta 5Y (Monthly) | unknown | — |
IMA Dividend History
IMA Stock Splits
IMA SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
11/12/25 | 09/30/25 | 10-Q | |
03/18/25 | 12/31/24 | S-4 | |
11/12/25 | 09/30/24 | 10-Q |