ImageneBio — Third Quarter 2026 Earnings Summary

Financial Performance:

• Net loss for the three months ended September 30, 2026, was $15.6 million, compared to a net loss of $24.8 million for the same period in 2025.
• Net loss per share (basic and diluted) was $0.91 for the three months ended September 30, 2026, compared to $2.91 in the same period in 2025.
• Research and development expenses were $11.3 million for the three months ended September 30, 2026, down from $15.2 million in the same period in 2025.
• General and administrative expenses were $6.0 million for the three months ended September 30, 2026, down from $11.0 million in the same period in 2025.
• Total operating expenses for the nine months ended September 30, 2026, were $41.2 million, compared to $40.3 million for the same period in 2025.
• Net loss for the nine months ended September 30, 2026, was $36.4 million, compared to $38.4 million for the same period in 2025.
• Cash, cash equivalents, and marketable securities totaled $126.6 million as of September 30, 2026.
• Interest income, net, was $1.2 million for the three months ended September 30, 2026, compared to $1.1 million in the same period in 2025.
• Total other income, net, was $1.7 million for the three months ended September 30, 2026, compared to $1.3 million in the same period in 2025.

Guidance and Future Outlook:

• The Phase 2b ADAPTIVE trial and long-term extension study for olevaprubart in atopic dermatitis are progressing as planned, with topline data anticipated in the fourth quarter of 2027.
• A Phase 2 study of olevaprubart in alopecia areata is on track to initiate by the end of 2026.
• Initial data from the alopecia areata Phase 2 study is expected in 2028.
• The Company's cash resources are expected to fund planned operations into the first quarter of 2028.

Business Segments and Product Lines:

• Olevaprubart (IMG-007) is a non-T cell-depleting, ADCC-silenced, anti-OX40 receptor antagonist with an extended half-life of approximately five weeks.
• No cases of Kaposi sarcoma have been observed to date across all clinical trials.
• Scientific presentations at the 2026 EADV Congress highlighted olevaprubart's profile, including exploratory biomarker insights from a proof-of-concept study in alopecia areata.
• In the alopecia areata proof-of-concept study, recovery of hair and follicle-associated genes at the scalp was observed with olevaprubart treatment.
• No statistically significant changes were found in peripheral or scalp measures of OX40 indicating depletion of OX40+ cells, consistent with the drug's non-depleting nature.
• The Company completed Phase 1b/2a clinical trials of olevaprubart in both atopic dermatitis and alopecia areata.

Market and Competitive Landscape:

• Olevaprubart targets the OX40 pathway, which plays a key role in the activation, expansion, and survival of T cell subtypes, across autoimmune, inflammatory, and immunological conditions.
• The Company is leveraging its clinical operations and investigator network developed through its atopic dermatitis program and alopecia areata proof-of-concept trial to advance the alopecia areata study.

Risks and Challenges:

• Risks include potential delays in clinical trial completion, potential safety and other complications, and the risk that interim or topline data may not be predictive of future results.
• There is a risk that competitor data may materially and adversely impact the Company's business and future prospects.
• The Company faces the risk of requiring additional capital to advance the olevaprubart program, which may not be available on favorable terms or at all.
• Risks also include the ability to attract and retain skilled personnel, protect intellectual property, and reliance on third-party manufacturers and research organizations.

Management Commentary and Tone:

• CEO Kristin Yarema, Ph.D., stated the Company is advancing trials to develop a robust data set demonstrating olevaprubart's disease-modifying potential and tolerability.
• Management noted they are gaining experience across biologic- and JAK-experienced patients as well as those naive to advanced therapies.
• The CEO emphasized executing with capital discipline and being poised to deliver data demonstrating the true value potential of olevaprubart.

Other Key Points:

• The Company ended the period with 12,456,281 shares of voting common stock issued and outstanding as of September 30, 2026, up from 10,650,925 shares as of December 31, 2025.
• Accumulated deficit increased to $(266.5) million as of September 30, 2026, from $(230.1) million as of December 31, 2025.
• Total stockholders' equity decreased to $128.1 million as of September 30, 2026, from $133.1 million as of December 31, 2025.
• The Company reported no license revenue for the three or nine months ended September 30, 2026, compared to $0.8 million in license revenue for the nine months ended September 30, 2025.