**ImageneBio, Inc. Reports Fiscal Year 2025 Results Following Merger with Inmagene Biopharmaceuticals**
ImageneBio, Inc., formerly Ikena Oncology, Inc., announced its fiscal year 2025 financial results following the completion of its merger with Inmagene Biopharmaceuticals on July 25, 2025. The merger, accounted for as a reverse recapitalization, positions ImageneBio as a clinical-stage biopharmaceutical company focused on developing therapeutics for immunological, autoimmune, and inflammatory diseases, with IMG-007 as its lead asset. The company reported license revenue of $800,000 for the year ended December 31, 2025, a decrease from $3.5 million in 2024, primarily due to a non-refundable payment from the IMG-008 Agreement.
The company's operating expenses totaled $49.3 million for 2025, compared to $40.5 million in 2024. Research and development expenses decreased to $28.5 million from $32.1 million, mainly due to a prior year expense related to the Hutchmed Agreement and reimbursements from a related party, offset by increased stock-based compensation and clinical program development costs. General and administrative expenses significantly increased to $20.7 million from $8.4 million, driven by higher stock-based compensation, professional fees, wages, facility expenses, and insurance costs. ImageneBio reported a net loss of $45.3 million for 2025, compared to a net loss of $36.6 million in 2024.
Key operational developments included the initiation of a Phase 2b dose-finding study for IMG-007 in atopic dermatitis, with topline data expected in 2027. The company also submitted a protocol amendment to the FDA and Health Canada to optimize dose exposures in this study. As of December 31, 2025, ImageneBio had fifteen full-time employees, with eight dedicated to research and development. The company's cash, cash equivalents, and marketable securities totaled $135.3 million.
ImageneBio identified a material weakness in its internal control over financial reporting related to segregation of duties. The company is implementing measures to remediate this weakness, but there is no guarantee that these measures will be sufficient or that additional weaknesses will not be identified in the future. The company believes its current cash resources are sufficient to fund operations for at least the next 12 months. However, substantial additional funding will be required to advance IMG-007 through clinical development and potential commercialization.
About ImageneBio, Inc.
Ikena Oncology Inc. develops targeted cancer therapies focusing on molecular pathways such as RAS and RAF. Its lead candidate, IK-595, is a dual MEK-RAF inhibitor aimed at treating RAS pathway-driven cancers. The company advances its pipeline through clinical trials, collaborates with biotech partners, and relies on intellectual property protections. It seeks regulatory approval for innovative oncology drugs and explores strategic alternatives to maximize shareholder value.
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