ImageneBio (IMA) AI Stock Analysis

• Market Cap: $83.04M
• Dividend Yield: N/A
• Average Volume (3M): 69.52K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.67
• 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: 11,181,672
• 10 Day Avg. Volume: 58,561
• 30 Day Avg. Volume: 69,515
• PEG Ratio: 0.69
• Price to Book (P/B): 7.54
• Price to Sales (P/S): 271.35
• P/FCF Ratio: -20.64
• Enterprise Value/Market Cap: -0.16
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: 1.62
• Enterprise Value/Ebitda: 0.25
• 1Y Price Target: $2.00
• Price Target Upside: -71.59% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 2
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 45 Neutral
• Price Target: $6.00 ▼(-14.77% Downside)

The score is primarily weighed down by weak financial performance (near-zero revenue, sizable ongoing losses, and continued cash burn) and a bearish technical setup (below key moving averages with negative MACD). These are partially offset by a low-leverage balance sheet and a positive corporate update citing a runway through 2027 for the lead program.

Positive Factors

Strong Cash Position

A strong cash position provides financial flexibility, allowing Ikena Oncology to invest in R&D and navigate periods of low revenue without immediate liquidity concerns.

Proprietary Platform

Ikena's proprietary platform for targeted oncology treatments positions it to potentially develop breakthrough therapies, offering a competitive edge in the biotech industry.

Low Debt Levels

Low debt levels reduce financial risk and interest obligations, allowing more resources to be allocated towards strategic growth initiatives and R&D.

Negative Factors

Declining Revenues

The absence of revenue growth poses a significant challenge, limiting the company's ability to fund operations and invest in future growth without external financing.

Negative Cash Flow

Negative cash flow indicates ongoing cash burn, necessitating reliance on external funding, which can dilute shareholder value and increase financial risk.

Profitability Challenges

Continuous profitability challenges hinder the company's ability to self-sustain, impacting its long-term viability and attractiveness to investors.

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

Operating fundamentals are very weak: revenue has fallen to ~$0 TTM while losses remain large (TTM EBIT about -$58.7M) and cash burn persists (TTM OCF/FCF about -$46.9M). The main offset is a relatively strong balance sheet with low leverage (debt-to-equity ~0.05) and positive equity (~$139.8M), though ongoing losses are eroding capital (ROE ~-25%).

Income Statement

Results remain heavily loss-making and volatile. Revenue has trended down sharply over the last several years (from ~$31.0M in 2021 to $3.5M in 2024, and $0 in TTM (Trailing-Twelve-Months)), while operating losses persist (TTM (Trailing-Twelve-Months) EBIT of about -$58.7M). Profitability is structurally weak with consistently negative earnings, though the net loss did narrow versus 2022–2023 levels, suggesting some cost control or lower expense intensity.

Balance Sheet

The balance sheet is a relative strength: leverage is low with debt-to-equity around ~0.05 in TTM (Trailing-Twelve-Months), supported by positive equity (~$139.8M) and sizable assets (~$160.9M). However, equity has declined from prior years and returns remain meaningfully negative (TTM (Trailing-Twelve-Months) return on equity around -25%), reflecting ongoing losses that can continue to erode capital over time.

Cash Flow

Cash generation is weak, with persistent cash burn from operations and negative free cash flow (TTM (Trailing-Twelve-Months) operating cash flow and free cash flow both about -$46.9M). The burn rate has improved versus 2022–2023 (when operating cash outflows were closer to -$74M to -$80M), but cash flow still does not cover obligations and remains highly dependent on external funding until profitability improves.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	3.50M	9.16M	15.62M	30.98M	9.19M
Gross Profit	-8.34M	3.50M	8.14M	-48.70M	-16.12M	-35.65M
EBITDA	-54.47M	-35.47M	-74.40M	-70.15M	-33.59M	-44.22M
Net Income	-45.29M	-36.57M	-68.17M	-68.77M	-34.12M	-44.26M
Balance Sheet
Total Assets	160.88M	141.51M	192.09M	172.26M	247.88M	168.40M
Cash, Cash Equivalents and Short-Term Investments	142.58M	124.39M	175.47M	156.95M	232.22M	162.49M
Total Debt	10.96M	7.52M	10.74M	5.69M	6.99M	186.00K
Total Liabilities	21.05M	15.58M	22.34M	25.29M	40.00M	269.45M
Stockholders Equity	139.83M	125.93M	169.76M	146.97M	207.88M	-101.05M
Cash Flow
Free Cash Flow	-46.89M	-46.00M	-80.16M	-75.54M	-62.01M	-38.59M
Operating Cash Flow	-46.89M	-46.00M	-79.74M	-74.11M	-60.25M	-37.83M
Investing Cash Flow	-3.99M	-34.90M	64.14M	-99.28M	-1.76M	2.92M
Financing Cash Flow	135.47M	0.00	75.98M	1.09M	131.74M	116.18M

ImageneBio Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 7.04
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IMA, the sentiment is Negative. The current price of 7.04 is above the 20-day moving average (MA) of 6.97, above the 50-day MA of 6.70, and below the 200-day MA of 11.11, indicating a neutral trend. The MACD of 0.15 indicates Negative momentum. The RSI at 51.78 is Neutral, neither overbought nor oversold. The STOCH value of 68.45 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IMA.

ImageneBio Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ALXO	61 Neutral	$91.09M	-0.92	-118.95%	―	―	31.98%
CSBR	55 Neutral	$99.04M	41.83	102.74%	―	9.06%	―
ADAG	53 Neutral	$138.57M	-4.58	-63.41%	―	-87.59%	11.53%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
IMA	45 Neutral	$83.04M	-0.87	-33.05%	―	-100.00%	45.48%
IMUX	44 Neutral	$78.65M	-0.76	-398.50%	―	―	30.16%
PLRX	42 Neutral	$73.12M	-0.42	-64.27%	―	―	14.19%

ImageneBio Corporate Events

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.

ImageneBio Highlights IMG-007 in Corporate Update

On November 19, 2025, ImageneBio updated its corporate presentation, highlighting the potential of its lead product, IMG-007, in treating atopic dermatitis. The presentation emphasized the unique features of IMG-007, including its receptor targeting, T cell-preserving properties, and extended half-life, which aim to address the unmet needs in the atopic dermatitis market. The company is well-funded with a cash runway expected through the end of 2027, and it holds worldwide commercialization rights for IMG-007.

The most recent analyst rating on (IMA) stock is a Buy with a $30.00 price target. To see the full list of analyst forecasts on ImageneBio stock, see the IMA Stock Forecast page.

ImageneBio Expands Board, Appoints New Audit Chair

On November 1, 2025, ImageneBio, Inc. expanded its Board of Directors from six to seven members and appointed Joseph P. Slattery as a new director and Chair of the Audit Committee. This strategic move is part of the company’s efforts to strengthen its governance and oversight capabilities.

The most recent analyst rating on (IMA) stock is a Buy with a $30.00 price target. To see the full list of analyst forecasts on ImageneBio stock, see the IMA Stock Forecast page.