ImageneBio (IMA) AI Stock Analysis

• Market Cap: $69.35M
• Dividend Yield: N/A
• Average Volume (3M): 69.52K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.71
• Revenue Growth: -100.00%
• EPS Growth: 45.48%
• Country: US
• Employees: 10
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): N/A
• Shares Outstanding: 10,654,281
• 10 Day Avg. Volume: 58,561
• 30 Day Avg. Volume: 69,515
• PEG Ratio: >-0.01
• Price to Book (P/B): 0.44
• Price to Sales (P/S): 42.01
• P/FCF Ratio: -0.70
• Enterprise Value/Market Cap: 0.64
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: -10.26
• Enterprise Value/Ebitda: -0.88
• 1Y Price Target: $2.00
• Price Target Upside: -67.74% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 2
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 42 Neutral
• Price Target: $5.50 ▼(-11.29% Downside)
• Action: Reiterated Date: 03/10/26
• Date: Action: Reiterated 03/10/26

The score is held down primarily by weak financial performance (no current revenue, large losses, and ongoing cash burn). Technicals add further pressure due to a clear downtrend, while valuation provides limited support because profitability is negative and there is no dividend.

Positive Factors

Low financial leverage

Modest leverage limits near-term solvency pressure for a pre-commercial biotech. Low debt reduces mandatory interest and principal outflows, lowering refinancing urgency and giving management more time to advance clinical programs before needing dilutive financings or high-cost borrowings.

Differentiated clinical asset (IMG-007)

IMG-007’s non-T-cell-depleting mechanism and an emerging safety database constitute a structural competitive advantage in immune-mediated diseases. A cleaner safety profile versus ADCC-enhanced competitors can improve trial success odds, broaden patient suitability, and strengthen long-term commercial differentiation.

Improving cash-burn trend

A materially reduced pace of free cash flow burn versus 2023 indicates successful cost controls or prioritization. If sustained, this trend extends runway and lowers near-term financing needs, improving the firm’s ability to fund pivotal trials and achieve value-inflection milestones without immediate large raises.

Negative Factors

No current revenue

The business is effectively pre-commercial with revenue at zero, removing internal organic funding sources. Without product sales or recurring licensing income, the company remains fully dependent on external capital to fund R&D and trials, a structurally higher-risk model over the medium term.

Persistent negative cash flow

Consistent, sizable negative operating and free cash flows indicate ongoing cash burn that is roughly tracking net losses. This undermines self-funding capability, increases dilution or refinancing risk, and constrains the company’s ability to expand programs or respond to setbacks without external capital.

Eroded equity/capital base

A sharply reduced equity base reflects cumulative losses and weaker financial resilience. With limited retained capital, the company has a smaller cushion for trial setbacks and faces greater probability of dilutive financings or strategic transactions to sustain operations through pivotal development stages.

ImageneBio Business Overview & Revenue Model

Company Description

Clinical-stage biotechnology company developing differentiated therapies for immunological/autoimmune & inflammatory (I&I) diseases, notably non‑depleting anti‑OX40 monoclonal antibody IMG‑007 in Phase 2b for atopic dermatitis

How the Company Makes Money

Ikena Oncology makes money primarily through the development and commercialization of its proprietary drug candidates. The company generates revenue through partnerships and collaborations with other pharmaceutical companies, which may include milestone payments, research funding, and potential royalties on successfully developed and marketed drugs. Additionally, Ikena may earn income by out-licensing its drug candidates or technology platforms to other firms within the pharmaceutical industry. The company's revenue is also influenced by its ability to advance its drug candidates through clinical trials, obtain regulatory approvals, and successfully launch products into the market.

ImageneBio Financial Statement Overview

Summary

Overall financials are weak: revenue has fallen to $0 in TTM 2025, losses remain deep (net loss ~-$52.3M TTM), and operating/free cash flow are persistently negative (FCF ~-$47.8M TTM). The main offset is modest leverage (low debt-to-equity), but equity has declined materially, increasing financing risk.

Income Statement

The business remains pre-commercial, with revenue falling sharply from $30.99M (2021) to $15.62M (2022), $9.16M (2023), $3.50M (2024), and $0 in TTM (Trailing-Twelve-Months) 2025. Profitability is consistently weak: operating results and net income are deeply negative each year, with losses worsening again in TTM (Trailing-Twelve-Months) 2025 (net loss of ~$52.3M vs. ~$36.6M in 2024). While biotech peers can run losses during R&D phases, the combination of declining revenue trajectory and sustained negative margins weighs heavily on the income statement assessment.

Balance Sheet

Leverage is modest overall, with debt-to-equity generally low (about 3%–8% from 2021 through TTM (Trailing-Twelve-Months) 2025), which reduces financial risk despite ongoing losses. However, equity has declined materially from ~$207.9M (2021) to ~$75.8M in TTM (Trailing-Twelve-Months) 2025, reflecting cumulative losses and shrinking capital base. Returns on equity are consistently negative in recent years, indicating continued value erosion even with limited balance-sheet leverage.

Cash Flow

Cash generation is a key weakness: operating cash flow and free cash flow are negative every year shown, indicating persistent cash burn (e.g., free cash flow of about -$80.2M in 2023, -$46.0M in 2024, and -$47.8M in TTM (Trailing-Twelve-Months) 2025). The pace of burn improved meaningfully from 2023 to 2024 and remained roughly stable into TTM (Trailing-Twelve-Months) 2025, but cash flows are still not self-funding. Free cash flow roughly tracks net losses (close to 1x), suggesting losses are translating directly into cash usage rather than being cushioned by non-cash items.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	800.00K	3.50M	9.16M	15.62M	30.98M
Gross Profit	-233.00K	3.50M	8.14M	-48.70M	-16.12M
EBITDA	-47.42M	-35.47M	-74.40M	-70.15M	-33.59M
Net Income	-45.35M	-36.57M	-68.17M	-68.77M	-34.12M
Balance Sheet
Total Assets	82.81M	141.51M	192.09M	172.26M	247.88M
Cash, Cash Equivalents and Short-Term Investments	75.78M	124.39M	175.47M	156.95M	232.22M
Total Debt	9.99M	7.52M	10.74M	5.69M	6.99M
Total Liabilities	19.84M	15.58M	22.34M	25.29M	40.00M
Stockholders Equity	75.78M	125.93M	169.76M	146.97M	207.88M
Cash Flow
Free Cash Flow	-47.84M	-46.00M	-80.16M	-75.54M	-62.01M
Operating Cash Flow	-47.84M	-46.00M	-79.74M	-74.11M	-60.25M
Investing Cash Flow	-5.81M	-34.90M	64.14M	-99.28M	-1.76M
Financing Cash Flow	135.47M	0.00	75.98M	1.09M	131.74M

ImageneBio Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 6.20
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IMA, the sentiment is Neutral. The current price of 6.2 is below the 20-day moving average (MA) of 6.34, below the 50-day MA of 6.71, and below the 200-day MA of 10.07, indicating a bearish trend. The MACD of -0.23 indicates Positive momentum. The RSI at 45.08 is Neutral, neither overbought nor oversold. The STOCH value of 29.06 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IMA.

ImageneBio Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ALXO	54 Neutral	$273.75M	-0.60	-118.95%	―	―	31.98%
ADAG	53 Neutral	$188.05M	-1.36	-63.41%	―	-87.59%	11.53%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
PLRX	49 Neutral	$81.11M	-0.50	-71.51%	―	―	14.19%
IMUX	47 Neutral	$151.34M	-8.55	-1197.81%	―	―	30.16%
CSBR	47 Neutral	$86.79M	-90.96	-57.20%	―	9.06%	―
IMA	42 Neutral	$69.35M	-0.74	-33.05%	―	-100.00%	45.48%

ImageneBio Corporate Events

ImageneBio announces immediate resignation of board director

On February 12, 2026, ImageneBio, Inc. announced that Steven Hui Wang resigned from its Board of Directors, effective immediately. The company stated that Wang’s departure did not arise from any disagreement regarding ImageneBio’s operations, policies, practices or strategic direction, suggesting board-level continuity and no underlying governance dispute.

The resignation removes one member from ImageneBio’s board but, according to the disclosure, does not signal internal conflict or strategic turmoil. For stakeholders, the change appears to be a routine governance adjustment rather than an indication of operational or policy shifts at the biotech company.

The most recent analyst rating on (IMA) stock is a Hold with a $7.50 price target. To see the full list of analyst forecasts on ImageneBio stock, see the IMA Stock Forecast page.

ImageneBio Chief Medical Officer Resigns, Transition Planned

On December 12, 2025, ImageneBio announced that its Chief Medical Officer, Yufang Lu, M.D., Ph.D., had submitted her resignation, effective December 31, 2025, with the company noting that her departure did not stem from any disagreement over operations, policies, or practices. ImageneBio has begun searching for a new Chief Medical Officer and expects Dr. Lu to remain involved by providing transition advisory services after her resignation to support continuity in its medical and clinical functions.

The most recent analyst rating on (IMA) stock is a Sell with a $2.00 price target. To see the full list of analyst forecasts on ImageneBio stock, see the IMA Stock Forecast page.