ImageneBio, Inc.
For the period ended Mar 31, 2026. Filed May 7, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 7, 2026
IMA$4.11-1.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-11-12.
0001193125-25-275932
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-07.
0001193125-26-212073
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 128 previous paragraphs and 88 current paragraphs.
26 unchanged; 22 reworded; 39 added; 77 removed; 3 previous and 1 current paragraphs rearranged.
Tables are not compared: 3 previous and 4 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (39)
Current report
A multi-country Phase 2b dose-finding AD study began in 2025 and is progressing under an amended protocol. The amendment enables optimized dosing of patients with a range of dose exposures. Topline data from the Phase 2b clinical trial is expected in the fourth quarter of 2027.
Current report
We expect to initiate a Phase 2 study in AA by the end of 2026. The study objectives will be characterization of the benefit-risk of IMG-007 and dose selection for future pivotal studies. We expect to have initial data from the Phase 2 study in AA in 2028.
Current report
In April 2026, we entered into a Securities Purchase Agreement (the “Purchase Agreement”) with certain institutional and accredited investors (the “Investors”), pursuant to which we issued and sold pre-funded warrants to purchase up to 5,770,335 shares of voting common stock (the “Warrant Shares”) at $0.001 per share, in a private placement transaction (the “Private Placement”) at a purchase price of $5.199 per Warrant Share to the Investors for gross proceeds of $30.0 million.
Current report
Completion of the Reverse Merger, Non-OX40 Divestiture and 2025 PIPE Financing
Current report
On July 25, 2025, we completed the Merger. In connection with the completion of the Merger, we changed our name from “Ikena Oncology, Inc.” to “ImageneBio, Inc.” and the business conducted by us became primarily the business conducted by Legacy Inmagene.
Current report
See Item 1 of Part I “Financial Statements––Note 1 –Organization” for additional information.
Current report
We expect to continue to incur significant expenses for the foreseeable future as we seek to advance IMG-007 through clinical development, including in additional indications, complete clinical trials, seek regulatory approval and, if we receive regulatory approval, commercialize our products. Furthermore, the costs of advancing product candidates into each succeeding clinical phase tend to increase substantially over time. The total costs to advance IMG-007 or any future product candidate to regulatory approval in even a single jurisdiction would be substantial. Because of the numerous risks and uncertainties associated with product development, we are unable to accurately predict the timing or amount of increased expenses.
Current report
Other Income (Expense)
Current report
Interest income (expense) consists of interest earned on cash, cash equivalents and marketable securities, including amortization of purchase premiums and accretion of discounts of marketable securities. Interest income (expense) for 2025 also included interest expense on a term loan from Ikena that was settled as part of the Merger. We no longer incur interest expense.
Current report
Other income (expense), net consists of miscellaneous income (expense) unrelated to our core operations.
Current report
License revenue for the three months ended March 31, 2025 related to non-OX40 programs. Following the Non-OX40 Divestiture, we no longer generate revenue under license and collaboration agreements.
Current report
Research and Development Expenses
Current report
The following table sets forth our research and development expenses (in thousands):
Current report
Research and development expenses for the three months ended March 31, 2026 were $6.0 million compared to $4.0 million for the three months ended March 31, 2025. The increase in program costs of $1.4 million was primarily due to increased clinical trial costs related to our Phase 2b dose-finding AD study that began in 2025, partially offset by a decrease in manufacturing costs.
Current report
The following table sets forth our general and administrative expenses (in thousands):
Current report
General and administrative expenses for the three months ended March 31, 2026 were $6.1 million compared to $2.8 million for the three months ended March 31, 2025. The increase of $3.4 million was primarily due to an increase in personnel-related expenses of $1.3 million primarily from retention and severance costs of $0.8 million as well as overall compensation increases and increased headcount, and increased stock-based compensation expense of $0.7 million. Facilities-related and other also increased by $1.0 million primarily due to an increase of $0.5 million in facilities costs primarily related to an Ikena lease that expires in April 2027 and increases in insurance costs and other costs to support our operations as a public company.
Current report
Other Income (Expense)
Current report
Interest Income (Expense)
Current report
Interest income (expense) for the three months ended March 31, 2026 consisted of $1.1 million of interest earned on our invested cash balances. Interest income (expense) for the three months ended March 31, 2025 consisted of interest expense of $0.1 million on a previously outstanding term loan from Ikena, partially offset by interest income of less than $0.1 million earned on our cash balances. Our term loan from Ikena was settled as part of the Merger and we no longer incur interest expense.
Current report
As of March 31, 2026, we had cash, cash equivalents and marketable securities of $117.2 million. In April 2026, we received gross proceeds of $30.0 million from the Private Placement.
Current report
Cash Flows
Current report
Changes in prepaid expenses and other current assets, accounts payable, and accrued expenses and other current liabilities are generally due to the advancement of our research and development programs and the timing of vendor invoicing and payments.
Current report
There was no cash used in or provided by investing activities for the three months ended March 31, 2025.
Current report
Funding Requirements
Current report
the type, number, scope, progress, expansions, results, costs and timing of, discovery, preclinical studies and clinical trials of IMG-007 and any future product candidates;
Current report
the costs and timing of manufacturing for IMG-007 and any future product candidates, including if we develop our own manufacturing capabilities;
Current report
the outcome, timing and cost of meeting regulatory requirements established by the FDA and comparable foreign regulatory authorities;
Current report
the cost of obtaining, maintaining and protecting our intellectual property portfolio, including filing, prosecuting, defending and enforcing our patent claims and other intellectual property rights;
Current report
the cost of establishing a sales, marketing and distribution infrastructure to commercialize IMG-007 and any future product candidates for which we may obtain regulatory approval;
Current report
the timing and amount of royalty, milestone or other payments made to our current or future suppliers, collaborators or licensors;
Current report
the timing and amount of the milestone or other payments made to us under any future collaboration or licensing agreements;
Current report
costs associated with growing our workforce and retaining and motivating our employees;
Current report
the initiation, progress, timing and results of our commercialization of IMG-007 and any future product candidates, if approved for commercial sale;
Current report
costs associated with any products or technologies that we may in-license or acquire;
Current report
our implementation of additional internal systems and infrastructure, including operational, financial and management information systems.
Current report
For more information as to the risks associated with our future funding needs, see the section titled “Risk Factors—Risks Related to Our Limited Operating History, Financial Position and Need for Additional Capital.”
Current report
There have been no material changes to our cash commitments from those disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025.
Current report
There have been no material changes to our critical accounting policies and estimates from those disclosed in our audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2025 included in our Annual Report on Form 10-K.
Current report
See Note 2 –Summary of Significant Accounting Policies to our unaudited condensed consolidated financial statements included in this Quarterly Report.
Removed paragraphs (77)
Previous report
Autoimmune and inflammatory diseases have a large and growing unmet medical need affecting hundreds of millions of patients worldwide. The global immunology market is expected to grow from approximately $103 billion in 2024 to approximately $257 billion by 2032. Many of these diseases are chronic, highly symptomatic, and occur in both children and adults, indicating debilitating symptoms can occur in patients for many years, or throughout their entire lives. Numerous immunological diseases have overlapping pathogenic mechanisms, often rooted in inflammation and autoimmune reactions. Accordingly, therapeutics for such diseases have often been developed for multiple different disease indications. For example, Humira®, which targets TNFα, is approved and utilized at least nine indications in the U.S., including rheumatoid arthritis, Crohn’s disease, and plaque psoriasis, while Skyrizi®, which targets IL-23, is approved and used in four indications, including psoriatic arthritis, plaque psoriasis, and ulcerative colitis. These types of molecularly targeted products have become pipelines within themselves, serving a wide range and large numbers of patients, who tend to be treated chronically, and expanding to become revenue franchises.
Previous report
IMG-007 targets the OX40 receptor and is initially being developed for the treatment of AD with the potential to grow into a “pipeline within a product” for the treatment of various immunological, autoimmune and inflammatory conditions. We believe IMG-007 has the potential to demonstrate a differentiated clinical profile from other AD therapies. In our Phase 1b/2a AD study, 54% of patients achieved EASI-75 (75% reduction in eczema area and severity index) at Week 20 after only three treatments. Out of all 13 treated patients there were no serious adverse events, and no patients experienced pyrexia and chills. A Phase 2b dose-finding AD study was initiated in mid-2025 and dosing of patients is underway, and we plan to submit a protocol amendment to expand the number and exposure range of dosing regimens studied to fully characterize the clinical profile of IMG-007 in the near term. Topline data from the Phase 2b clinical trial is expected in 2027.
Previous report
Recent Developments
Previous report
The Merger
Previous report
On July 25, 2025 (the “Closing Date”), the Delaware corporation formerly known as “Ikena Oncology, Inc.” (“Ikena”)
Previous report
completed its previously announced merger with Inmagene Biopharmaceuticals, an exempted company with limited liability incorporated and existing under the laws of the Cayman Islands (“Legacy Inmagene”), in accordance with the terms of the Agreement and Plan of Merger (the “Merger Agreement”), dated as of December 23, 2024, by and among Ikena, Insight Merger Sub I, an exempted company with limited liability incorporated and existing under the laws of the Cayman Islands and a direct, wholly owned subsidiary of Ikena (“Merger Sub I”), Insight Merger Sub II, an exempted company with limited liability incorporated and existing under the laws of the Cayman Islands and a direct, wholly owned subsidiary of Ikena (“Merger Sub II”), and Legacy Inmagene, providing for the merger of Merger Sub I with and into Legacy Inmagene, with Legacy Inmagene surviving as a wholly owned subsidiary of Ikena (such transaction, the “First Merger”), and the subsequent merger of the surviving entity of the First Merger with and into Merger Sub II, with Merger Sub II surviving as a wholly owned subsidiary of Ikena (with the “Second Merger” and, together with the First Merger, the “Merger”). Also on July 25, 2025, Ikena changed its name from “Ikena Oncology, Inc.” to “ImageneBio, Inc.”
Previous report
At the effective time of the First Merger (the “First Effective Time”), (i) each ordinary share and preferred share of Legacy Inmagene (each such share, an “Legacy Inmagene Share”) held as treasury shares were canceled and ceased to exist and no consideration was delivered in exchange therefor, (ii) each then-outstanding Legacy Inmagene Share was converted into the right to receive 0.0030510 shares of Ikena common stock, par value $0.001 per share (“Ikena Common Stock”) (such ratio, the “Exchange Ratio”) and (iii) each then-outstanding option to purchase Legacy Inmagene Shares was converted into an option to purchase Ikena Common Stock, subject to adjustment as set forth in the Merger Agreement. In connection with the Merger, Ikena issued an aggregate of 4,601,375 shares of Ikena Common Stock to Legacy Inmagene shareholders. Following the Reverse Stock Split (as defined below), the Merger and the PIPE Financing (defined below) a total of 11,181,672 shares of common stock of the Company were outstanding.
Previous report
The Merger was accounted for as a reverse recapitalization in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). Under this method of accounting, Legacy Inmagene was deemed to be the accounting acquirer for financial reporting purposes. This determination was primarily due to: (i) the Legacy Inmagene stockholders receiving the largest portion of the voting rights in the Company following the First Merger, (ii) Legacy Inmagene’s largest shareholder retained the largest interest in the Company, (iii) Legacy Inmagene designated three of the six members to the Company’s Board of Directors on the closing of the Merger, and (iv) certain members of Legacy Inmagene’s executive management team became the management of the Company. Accordingly, for accounting purposes: (i) the Merger was treated as the equivalent of pre-Merger Legacy Inmagene issuing stock to acquire the net assets of Ikena, and (ii) the reported historical operating results of the Company prior to the Merger are those of Legacy Inmagene. Additional information regarding the Merger is included in Note 3 to the condensed consolidated financial statements included elsewhere in this Quarterly Report.
Previous report
Reverse Stock Split
Previous report
Immediately prior to the First Effective Time, Ikena effected a 1-for-12 reverse stock split of its issued Ikena Common Stock, which became effective on July 25, 2025 (the “Reverse Stock Split”). The shares of Ikena Common Stock traded on The Nasdaq Global Market through the close of business on Friday, July 25, 2025, under the ticker symbol “IKNA.” Following the Merger, the shares of the Company’s common stock commenced trading on The Nasdaq Capital Market on a post-Reverse Stock Split adjusted basis under the ticker symbol “IMA” on July 28, 2025.
Previous report
All references to common stock, options to purchase common stock, outstanding common stock warrants, common stock and preferred share data, per share data, and related information contained in the condensed consolidated financial statements have been retrospectively adjusted to reflect the effect of the Exchange Ratio for all periods presented, including the change from ordinary shares to common stock, unless otherwise specifically indicated or the context otherwise requires.
Previous report
PIPE Financing
Previous report
The Non-OX40 Divestiture
Previous report
As part of the Non-OX40 Divestiture, Miragene Co, a newly formed private company (“BuyCo”) held by the holders of outstanding Legacy Inmagene Shares prior to the Merger, purchased from us all of the outstanding share capital of Miragene (holding the Non-OX40 Business) in exchange for a promissory note in the amount of $8.9 million issued by BuyCo to us. The promissory note accrues interest at an annual rate of 4.61%, with interest payments due monthly in arrears, unless BuyCo elects to capitalize the interest through payment-in-kind (“PIK”) treatment. The promissory note matures on the earlier of (i) the year 2035 or (ii) the date on which we declare the promissory note due and payable on or after the occurrence of an event of default. Additionally, in the event that BuyCo receives certain specified milestone or license payments, after the second anniversary of the promissory note, 50% of such proceeds must be used to prepay the outstanding balance of the promissory note. Any payments made under the promissory note from BuyCo to us will be distributed to Legacy Inmagene CVR holders as Legacy Inmagene CVR Payments.
Previous report
Transition Services Agreement
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facilities, depreciation and other allocated expenses, which include direct and allocated expenses for rent and maintenance of facilities, depreciation of leasehold improvements and equipment, and laboratory supplies;
Previous report
gains and losses on disposal of research and development property and equipment.
Previous report
We expense research and development costs as incurred. Costs of certain activities are recognized based on an evaluation of the progress to completion of specific tasks. However, payments made prior to the receipt of goods or services that will be used or rendered for future research and development activities are deferred and capitalized as research and development prepaid expenses on our condensed consolidated balance sheets. The capitalized amounts are recognized as expense as the goods are delivered or services are performed. The successful development of any future product candidates is highly uncertain. Therefore, we cannot reasonably estimate or know the nature, timing and estimated costs of the efforts that would be necessary to complete the potential development and commercialization of any future product candidates.
Previous report
Interest (Expense) Income
Previous report
Interest (expense) income consists of the accrued interest on the Term Loan Advances (as defined in Note 7 to our condensed consolidated financial statements included elsewhere in this Quarterly Report) from Ikena to us and interest earned on cash, cash equivalents and marketable securities.
Previous report
Other Income, Net
Previous report
Other income, net primarily relates to government assistance in the form of grants for qualifying property and equipment, and gains and losses resulting from foreign currency transactions which are denominated in currencies other than the functional currency.
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Income Taxes
Previous report
We recorded an income tax benefit of $0.1 million during the nine months ended September 30, 2025. There was no income tax provision for the nine months ended September 30, 2024. We have recorded a full valuation allowance against our net deferred tax assets at each balance sheet date, as we believe that it is not more likely than not that no benefit will be realized due to the cumulative losses generated to date and expectation of future losses.
Previous report
There was no license revenue for the three months ended September 30, 2025. License revenue for the three months ended September 30, 2024 was from a non-refundable payment from the IMG-013 Agreement (Note 13 to our condensed consolidated financial statements included elsewhere in this Quarterly Report).
Previous report
Research and development expenses for the three months ended September 30, 2025 were $15.6 million compared to $3.9 million for the three months ended September 30, 2024. The increase of $11.7 million was primarily due to a $10.0 million increase in stock based compensation, an increase of $0.6 million in compensation costs and a $0.8 million increase related to clinical program development.
Previous report
General and administrative expenses for the three months ended September 30, 2025 were $11.0 million compared to $1.7 million for the three months ended September 30, 2024. The increase of $9.3 million was primarily due to a $5.2 million increase in stock based compensation, an increase of $1.0 million in compensation costs, a $1.3 million increase in professional services costs, and a $0.2 million increase in insurance expense.
Previous report
Interest income (expense) for the three months ended September 30, 2025 was $0.1 million compared to interest income of $46,000 for the three months ended September 30, 2024. The increase of $0.1 million was primarily due to interest expense recorded on the initial Term Loan Advance, which was borrowed in December 2024.
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Comparison of the Nine Months Ended September 30, 2025 and September 30, 2024
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Licensing Revenue
Previous report
Licensing revenue for the nine months ended September 30, 2025 was $0.8 million which resulted from a non-refundable payment from the IMG-008 Agreement. License revenue for the nine months ended September 30, 2024 was $3.5 million from a non-refundable payment from the IMG-013 Agreement (Note 13 to our condensed consolidated financial statements included elsewhere in this Quarterly Report).
Previous report
Research and development expenses for the nine months ended September 30, 2025 were $25.3 million compared to $28.4 million for the nine months ended September 30, 2024. The decrease of $3.1 million is a result of a $14 million decrease in research and development expense related to the exercise of our option under the Hutchmed Agreement in the prior year, offset by an increase of $10.1 million in stock based compensation, and an increase of $0.4 million related to clinical program development.
Previous report
General and Administrative Expenses
Previous report
General and administrative expenses for the nine months ended September 30, 2025 was $15.5 million compared with $6.0 million for the nine months ended September 30, 2024. The increase of $9.5 million was primarily due to a $5.3 million increase in stock based compensation, an increase of $0.7 million compensation costs, a $2.6 million increase in professional services costs, and $0.3 million in insurance expense.
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Interest (Expense) Income
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Interest expense for the nine months ended September 30, 2025 was $0.4 million compared to interest income of $0.3 million for the nine months ended September 30, 2024. The increase of $0.7 million was primarily due to $0.5 million of interest expense recorded on the initial Term Loan Advance, which was borrowed in December 2024, and a decrease of $0.3 million of interest income due to reduced account balances compared to the prior year.
Previous report
Other income, net for the nine months ended September 30, 2025 was $1.8 million was primarily related to a $1.2 million of interest and dividend income from the available-for-sale securities, and a $0.3 million of sublease income. Other expense, net of $1.2 million for the nine months ended September 30, 2024 was primarily due to a loss on disposal of property and equipment.
Previous report
Since inception, we have devoted substantially all of our resources to advancing the development of our portfolio of programs, organizing and staffing, business planning, raising capital, and providing general and administrative support for these operations. Current and future programs will require significant research and development efforts, including preclinical and clinical trials, and regulatory approvals for commercialization. These efforts require significant amounts of additional capital, adequate personnel, and infrastructure. Even if our development efforts are successful, it is uncertain when, if ever, we will realize significant revenue from product sales. If we obtain regulatory approval for any of our product candidates and start to generate revenue, we expect to incur significant expenses related to developing our internal commercialization capability to support product sales, marketing, and distribution.
Previous report
Concurrent with the execution of the Merger Agreement, Ikena entered into the Subscription Agreements with the PIPE Investors, pursuant to which, immediately following the closing of the Second Merger, the PIPE Investors subscribed for and purchased, and Ikena issued and sold, an aggregate of 2,508,339 shares of Ikena Common Stock in a private placement at a price of approximately $29.90 per share for aggregate gross proceeds of approximately $75.0 million. The net proceeds from the PIPE Financing are expected to advance our discovery and clinical phase pipeline, business development activities, working capital, and other general corporate purposes.
Previous report
Concurrent with the execution of the Merger Agreement, Legacy Inmagene and Ikena entered into a Loan and Security Agreement (the “Loan Agreement”), pursuant to which Ikena agreed to lend up to $22.5 million in Term Loan Advances in increments of at least $7.5 million, subject to certain drawdown conditions, of which the first advance of $7.5 million was funded in December 2024. In April 2025, we received a second advance of $7.5 million and in May 2025, we received the third advance of $7.5 million (see Note 7 to our condensed consolidated financial statements included elsewhere in this Quarterly Report). The Term Loan Advances bore interest, on the outstanding daily balance thereof, at a rate equal to 6.0% per annum. The Term Loan Advances were secured by all assets of Legacy Inmagene and its subsidiaries in respect of anti-OX40 monoclonal antibody asset, IMG-007. Upon consummation of the Merger on July 25, 2025, all obligations under the Loan Agreement were automatically forgiven in accordance with provisions contained therein.
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Reworded paragraphs (22)
Previous wording
You should read the following discussion and analysis of our financial condition and results of operations together with the condensed consolidated financial statements and the related notes thereto included elsewhere in this Quarterly Report on Form 10-Q (this “Quarterly Report”) and the audited financial statements and the related notes and the discussion under the heading “Inmagene Biopharmaceuticals’ Management’s and Discussion and Analysis of Financial Condition and Results of Operations” in our Registration Statement on Form S-1 (the “Registration Statement”), filed with the Securities and Exchange Commission (the “SEC”) on September 8, 2025 and declared effective on September 15, 2025. The following discussion contains forward-looking statements that involve risks and uncertainties, such as statements regarding our plans, objectives, expectations, intentions and projections. Our actual results could differ materially from those described in or implied by these forward-looking statements. Factors that could cause or contribute to these differences include, but are not limited to, those discussed below and elsewhere in the Registration Statement, particularly in the sections titled “Risk Factors” and “Special Note Regarding Forward-Looking Statements.” We do not intend, and undertake no obligation, to update these forward-looking statements, except as required by law. Unless otherwise stated or the context otherwise requires, the references to the “Company,” “we,” “our,” or “us” refer to Inmagene Biopharmaceuticals together with its consolidated subsidiaries prior to the Merger and to ImageneBio, Inc. together with its consolidated subsidiaries following the Merger, references to “Ikena” refer to Ikena Oncology, Inc. prior to the Merger, references to “Legacy Inmagene” refer to Inmagene Biopharmaceuticals together with its consolidated subsidiaries prior to the Merger and references to “common stock” refer to the Company’s voting and non-voting shares of common stock for periods following the Merger and to Legacy Inmagene’s ordinary shares for periods prior to the Merger.
Current wording
You should read the following discussion and analysis of our financial condition and results of operations together with the condensed consolidated financial statements and the related notes thereto included elsewhere in this Quarterly Report and the audited financial statements and the related notes and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our annual report on Form 10-K, filed with the SEC on March 10, 2026. The following discussion contains forward-looking statements that involve risks and uncertainties, such as statements regarding our plans, objectives, expectations, intentions and projections. Our actual results could differ materially from those described in or implied by these forward-looking statements. Factors that could cause or contribute to these differences include, but are not limited to, those discussed below and elsewhere in this Quarterly Report, particularly in the sections titled “Risk Factors” and “Special Note Regarding Forward-Looking Statements.” We do not intend, and undertake no obligation, to update these forward-looking statements, except as required by law.
Previous wording
We are a clinical-stage biopharmaceutical company developing therapeutics for patients with immunological, autoimmune and inflammatory diseases. Our lead asset IMG-007 is a non-depleting anti-OX40 monoclonal antibody which binds specifically to OX40 receptor on activated T cells to block their binding to OX40 ligand (“OX40L”). IMG-007 is being developed to potentially treat multiple autoimmune and inflammatory diseases and disorders, with initial evaluation in atopic dermatitis (“AD”). In our Phase 1b/2a clinical proof of concept (“POC”) trial, four-week treatment with IMG-007 resulted in marked clinical activity which sustained up to 24 weeks based on multiple outcome measures. In addition, durable inhibition of serum inflammatory markers of diverse T helper (“Th”) cells, including Th1, Th2 and Th17 cells was observed. IMG-007 was well-tolerated overall. The cumulative clinical and pharmacodynamic activity of IMG-007 coupled with the safety profile observed to date support further clinical development.
Current wording
We are a clinical-stage biopharmaceutical company developing therapeutics for patients with immunological, autoimmune and inflammatory diseases. Our lead asset, IMG-007, is a non-depleting anti-OX40 monoclonal antibody that binds specifically to OX40 receptor on activated T cells to block receptor binding to OX40 ligand (“OX40L”). IMG-007 is being developed to potentially treat multiple autoimmune and inflammatory diseases and disorders, with initial evaluation in AD and AA. OX40 signaling is thought to be important in driving the pathogenesis of a spectrum of immunological, autoimmune and inflammatory diseases, including additional dermatological diseases, respiratory, gastrointestinal, and rheumatic diseases. IMG-007 is initially being developed for the treatment of AD and AA, and we believe it has further “pipeline within a product” potential. We may explore additional indications with IMG-007 such as asthma, rheumatoid arthritis, and hidradenitis suppurativa, among others.
Previous wording
On July 25, 2025, immediately prior to consummation of the Merger, we consummated the divestiture of the non-IMG-007 business related assets, business and operations (the “Non-OX40 Business”) controlled us immediately prior to the Merger (the “Non-OX40 Divestiture”). Specifically, we sold and transferred (including via sublicense) all of the Non-OX40 Business to Miragene Inc, a newly formed private company and our wholly owned subsidiary (“Miragene”).
Current wording
On July 25, 2025, immediately prior to consummation of the Merger, we consummated the divestiture of the non-IMG-007 business related assets, business and operations (the “Non-OX40 Business”) controlled by us immediately prior to the Merger (the “Non-OX40 Divestiture”) by selling and transferring (including via sublicense) all of the Non-OX40 Business to Miragene Inc, a newly formed private company and our wholly owned subsidiary (“Miragene”). As part of the Non-OX40 Divestiture, Miragene Co, a newly formed private company and related party (“BuyCo”) held by the holders of outstanding Legacy Inmagene Shares prior to the Merger, purchased Miragene from us in exchange for a promissory note in the amount of $8.9 million. Any payments made under the promissory note to us will be distributed to Legacy Inmagene CVR holders as Legacy Inmagene CVR Payments.
Previous wording
In connection with the Non-OX40 Divestiture, we entered into a Transition Services Agreement (the “Transition Services Agreement”), dated July 25, 2025, with Miragene for the provision of certain transitional services related to the ongoing operations of our business with respect to the IMG-007 program, which may include services related to chemistry, manufacturing and controls, regulatory affairs, clinical trial support and operations, translational science research and support, bioanalytics and pharmacovigilance (collectively, the “Miragene Services”). The initial term of the Transition Services Agreement is six months (the “Initial Term”), which would have been automatically extended for an additional six months if we did not provide written notice to terminate within the first three months of the Initial Term. In addition, we may extend the Initial Term with respect to any or all of the Miragene Services for up to an additional 12 months upon a 60-day written notice prior to the end of the Initial Term. Upon the closing of the Merger, we paid Miragene $1.25 million as a prepayment for the services to be provided during the Initial Term. On October 23, 2025, we provided written notice to Miragene of our election to (i) not have the Transition Services Agreement automatically renew and (ii) extend the term for an additional six months following the end of the Initial Term of the Transition Servies Agreement for certain Miragene Services for aggregate service fees in the amount of $0.2 million.
Current wording
As a result of the Non-OX40 Divestiture, IMG-007 became the only product candidate we have in clinical development. In connection with the Non-OX40 Divestiture, we entered into a Transition Services Agreement (the “Transition Services Agreement”), dated July 25, 2025, with Miragene for the provision of certain transitional services related to our ongoing IMG-007 program.
Previous wording
Concurrently with the execution of the Merger Agreement, Ikena entered into subscription agreements (the “Subscription Agreements”) with certain accredited investors (the “PIPE Investors”), pursuant to which, immediately following the closing of the Second Merger, the PIPE Investors subscribed for and purchased, and Ikena issued and sold, an aggregate of 2,508,339 shares of Ikena Common Stock in a private placement at a price of approximately $29.90 per share for aggregate gross proceeds of approximately $75.0 million (the “PIPE Financing”).
Current wording
Concurrently with the execution of the Merger Agreement, and in order to provide us with additional capital for our IMG-007 program, Ikena entered into subscription agreements with certain accredited investors, pursuant to which, immediately following the closing of the Merger, Ikena issued and sold, an aggregate of 2,508,337 shares of common stock in a private placement at a price of $29.90 per share for aggregate gross proceeds of $75.0 million (the “2025 PIPE Financing”).
Previous wording
We have not generated any revenue from product sales. Our revenue has been derived from license payments under collaboration and license agreements.
Current wording
We have not generated any revenue from product sales. Our revenue has been derived from license payments under collaboration and license agreements, which were divested in connection with the Non-OX40 Divestiture described above.
Previous wording
Our operating expenses consist of (i) research and development expenses and (ii) general and administrative expenses.
Current wording
Our operating expenses consist of research and development expenses and general and administrative expenses.
Previous wording
Research and development expenses consist primarily of costs incurred in connection with the research and development of our programs. These expenses include:
Current wording
Research and development expenses consist of costs incurred in connection with the research and development of our programs. These expenses primarily include:
Previous wording
employee-related expenses, including salaries, benefits, travel, and stock-based compensation;
Current wording
employee-related expenses, including salaries, benefits, travel, and stock-based compensation; and
Previous wording
license and sub-license fees; and
Current wording
license and sub-license fees.
Previous wording
General and administrative expenses consist primarily of personnel-related expenses, including salaries, bonuses, benefits and stock-based compensation, for individuals in our executive, finance, operations, human resources, business development and other administrative functions. Other significant general and administrative expenses include legal fees relating to corporate matters and patent-related activities, allocated facilities and other overhead costs, including insurance and information technology, and professional and consulting fees associated with accounting, audit, tax and investor and public relations.
Current wording
General and administrative expenses consist primarily of personnel-related expenses, including salaries, bonuses, benefits and stock-based compensation, for individuals in our executive, finance, human resources, business development and other administrative functions. Other significant general and administrative expenses include legal fees relating to corporate matters and patent-related expenses, allocated facilities and overhead costs, including insurance and information technology, and professional and consulting fees associated with accounting, audit, tax and investor and public relations. We expect our general and administrative expenses to increase over the next several years as we continue our research and development activities, prepare for potential commercialization of IMG-007 and any future product candidates, as well as expand our operations and operate as a public company.
Previous wording
Other income, net for the three months ended September 30, 2025 was $1.8 million was primarily related to a $1.2 million of interest and dividend income from the available-for-sale securities, and $0.3 million of sublease income. Other expense, net of $1.1 million for the three months ended September 30, 2024 was primarily due to a loss on disposal of property and equipment.
Current wording
Other income (expense), net for the three months ended March 31, 2026 of $0.3 million consisted primarily of sublease income. Other income (expense), net for the three months ended March 31, 2025 was insignificant.
Previous wording
We have incurred recurring losses and negative cash flows from operations since our inception. For the nine months ended September 30, 2025, we incurred a net loss of $38.4 million and used $40.6 million of cash in operating activities. As of September 30, 2025, we had an accumulated deficit of $223.1 million and cash, cash equivalents and marketable securities of $142.6 million.
Current wording
Since inception, we have devoted substantially all of our resources to advancing the development of our portfolio of programs, organizing and staffing, business planning, raising capital, and providing general and administrative support for these operations. We have incurred recurring losses and negative cash flows from operations since our inception. For the three months ended March 31, 2026, we incurred a net loss of $10.6 million and, as of March 31, 2026, we had an accumulated deficit of $240.7 million. Prior to the Merger, we primarily funded our operations with proceeds from the sale and issuance of Inmagene preferred shares. Assets acquired in the Merger included $94.7 million of cash, cash equivalents and marketable securities. Additionally, we received gross proceeds of $75.0 million from the associated 2025 PIPE Financing.
Previous wording
The following table sets forth a summary of the net cash flow activity for the nine months ended September 30, 2025 and 2024 (in thousands):
Current wording
The following table sets forth a summary of cash flows (in thousands):
Previous wording
Net cash used in operating activities for the nine months ended September 30, 2024, was $17.8 million, consisting primarily of net loss incurred during the period of $31.8 million and a net change of $2.8 million in our operating assets and liabilities, partially offset by $16.7 million in non-cash charges. The non-cash charges included $14.0 million of non-cash research and development expense for the commitment of common stock related to the Hutchmed Agreement, $1.1 million in depreciation and amortization, a loss on disposal of property and equipment of $1.3 million, and $0.3 million of amortization of right-of-use assets. The net change in operating assets and liabilities primarily related to a $0.7 million decrease in accrued expenses and other current liabilities, a $0.3 million decrease in operating lease liabilities, a $2.2 million decrease in accounts payable, and $0.2 million increase in prepaid expenses and other current assets, partially offset by a $0.7 million increase in deferred revenue and a $0.1 million decrease in other non-current assets.
Current wording
Net cash used in operating activities for the three months ended March 31, 2026 was $14.8 million, consisting primarily of our net loss of $10.6 million and net cash used by changes in our operating assets and liabilities of $5.2 million, partially offset by net non-cash charges of $1.0 million. Cash used by changes in our operating assets and liabilities primarily related to a $3.5 million increase in deposits and other non-current assets related to our clinical trials, a $1.4 million decrease in accounts payable and accrued expenses and other current liabilities and a $0.6 million decrease in operating lease liabilities.
Previous wording
Net cash used in operating activities for the nine months ended September 30, 2025 was $40.6 million, consisting primarily of net loss incurred during the period of $38.4 million and a net change of $18.3 million in our operating assets and liabilities, partially offset by non-cash charges of $16.1 million. The non-cash charges included $15.3 million of stock-based compensation, $0.5 million in non-cash interest expense and $0.5 million of amortization of right-of-use assets. The net change in operating assets and liabilities primarily related to a $3.6 million increase in prepaid expenses and other current assets, a $1.3 million increase in other non-current assets, a $2.2 million decrease in accounts payable, a $9.9 million decrease in accrued expenses and other current liabilities, a $0.7 million decrease in operating lease liabilities, and a $0.7 million decrease in deferred revenue.
Current wording
Net cash used in operating activities for the three months ended March 31, 2025 was $7.2 million, consisting primarily of our net loss of $6.1 million and net cash used by changes in our operating assets and liabilities of $1.4 million, partially offset by non-cash charges of $0.3 million. Cash used by changes in our operating assets and liabilities primarily related to a $1.8 million increase in prepaid expenses and other current assets and a $0.7 million decrease in deferred revenue, partially offset by a $1.1 million net increase in accounts payable and accrued expenses and other current liabilities.
Previous wording
Net cash used in investing activities for the nine months ended September 30, 2025 was $4.5 million resulting from payments of $5.2 million made in connection with the Non-OX40 Divestiture, maturities and sale of available-for-sale securities of $2.3 million offset by purchases of available-for-sale securities of $1.5 million.
Current wording
Net cash used in investing activities for the three months ended March 31, 2026 was $0.4 million consisting of purchases of available-for-sale securities of $10.9 million, partially offset by maturities of available-for-sale securities of $10.5 million.
Previous wording
Net cash provided by financing activities for the nine months ended September 30, 2024 was zero.
Current wording
Net cash used in financing activities for the three months ended March 31, 2026 of $3.2 million was primarily due to the payment of issuance costs incurred in 2025 in connection with the reverse recapitalization. Net cash provided by financing activities for the three months ended March 31, 2025 was insignificant.
Previous wording
We believe that our existing cash, cash equivalents and marketable securities are sufficient to support operations through at least the next 12 months from the date of issuance date of the condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q. We will need substantial additional funding to support our operating activities as we advance our potential product candidates through development, seek regulatory approval, and prepare for and, if any of our product candidates are approved, proceed to commercialization. Until such time as we can generate significant revenue from product sales, if ever, we expect to finance our operating activities through a combination of equity offerings, government of private party grants, debt financings and license and collaboration agreements. Adequate funding may not be available to us on acceptable terms, or at all.
Current wording
As of March 31, 2026, we had cash, cash equivalents and marketable securities of $117.2 million. In April 2026, we received gross proceeds of $30.0 million from the Private Placement. We believe that our cash, cash equivalents and marketable securities are sufficient to support operations through at least the next 12 months from the date of issuance of the condensed consolidated financial statements included elsewhere in this Quarterly Report.
Previous wording
We expect our general and administrative expenses to increase over the next several years as we continue our research and development activities, prepare for potential commercialization of IMG-007 and any future product candidates, as well as expand our operations and begin operating as a public company following the Merger. These increases will likely include increases related to the hiring of additional personnel and legal, regulatory and other fees and services associated with maintaining compliance with the Nasdaq listing rules and SEC requirements, director and officer insurance premiums and investor relations costs associated with being a public company.
Current wording
the costs associated with being a public company; and
Previous wording
If we are unable to obtain additional funding, we will assess our capital resources and may be required to delay, reduce the scope of, or eliminate some or all of our planned operations, which may have a material adverse effect on our business, financial condition, results of operations, and ability to operate as a going concern.
Current wording
Until such time as we can generate significant revenue from product sales, if ever, we expect to finance our operating activities through a combination of equity offerings, debt financings and license and collaboration agreements. Adequate funding may not be available to us on acceptable terms, or at all. If we are unable to obtain additional funding, we will assess our capital resources and may be required to delay, reduce the scope of, or eliminate some or all of our planned operations, which may have a material adverse effect on our business, financial condition, results of operations, and ability to operate as a going concern.
Previous wording
Our discussion and analysis of our results of operations and liquidity and capital resources are based on our condensed consolidated financial statements which have been prepared in accordance with U.S. GAAP. Our significant accounting policies are more fully described in Note 2 to our condensed consolidated financial statements included elsewhere in this Quarterly Report. The preparation of our condensed consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, expenses and the related disclosures of contingent liabilities in our condensed consolidated financial statements and accompanying notes. We base our estimates and assumptions on historical experience and other factors that we believe to be reasonable under the circumstances. We evaluate our estimates and judgments on an ongoing basis. Actual results may differ significantly from these estimates under different assumptions, judgments or conditions.
Current wording
Our condensed consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States. The preparation of our condensed consolidated financial statements and related disclosures requires us to make estimates, assumptions and judgments that affect the reported amounts of assets, liabilities, costs and expenses, and related disclosures. We evaluate our estimates on an ongoing basis. Our actual results may differ from these estimates under different assumptions or conditions.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
We will need substantial additional funding to support our operating activities as we advance our potential product candidates through development, seek regulatory approval, and prepare for and, if any of our product candidates are approved, proceed to commercialization. Because the length of time and activities associated with successful development of IMG-007 and any future product candidates are highly uncertain, we are unable to estimate the actual funds we will require for development and any marketing and commercialization activities. Our future funding requirements will depend on many factors, including, but not limited to:
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
OX40 signaling is thought to be important in driving the pathogenesis of a wide spectrum of immunological, autoimmune and inflammatory diseases including dermatological, respiratory, gastrointestinal, and rheumatic diseases, and we intend to explore additional indications with IMG-007 including alopecia areata (“AA”), asthma, and chronic obstructive pulmonary disease (“COPD”).
Previous report — wording carried elsewhere
As a result of the Non-OX40 Divestiture, IMG-007, a non-depleting anti-OX40 monoclonal antibody, for the treatment of AD and other potential indications, became the only product candidate we have in clinical development.
Previous report — wording carried elsewhere
The following table summarizes our results of operations for the nine months ended September 30, 2025 and 2024 (in thousands):