ImageneBio 2025 Q3 Earnings Net Loss Widens 678.5% Amid Zero Revenue

ImageneBio (IMA) reported Q3 2025 earnings on Nov 12, 2025, with results far below expectations. The company posted a net loss of $24.78 million, a 678.5% year-over-year increase, while revenue plummeted to $0 from $3.5 million. Guidance remained absent, but CEO Kristin Yarema emphasized ongoing clinical trials and a strengthened leadership team as strategic pivots.

Revenue

The total revenue of ImageneBio decreased by 100.0% to $0 in 2025 Q3, down from $3.50 million in 2024 Q3.

Earnings/Net Income

ImageneBio's losses deepened to $2.91 per share in 2025 Q3 from a loss of $2.58 per share in 2024 Q3 (12.8% wider loss). Meanwhile, the company's net loss widened to $-24.78 million in 2025 Q3, representing a 678.5% increase from the $-3.18 million loss recorded in 2024 Q3. The Company has sustained losses for 4 years over the corresponding fiscal quarter, highlighting ongoing financial headwinds. The EPS and net loss figures indicate a deteriorating financial position, with no meaningful improvement in profitability.

Price Action

The stock price of ImageneBio has climbed 3.39% during the latest trading day, has climbed 4.01% during the most recent full trading week, and has jumped 11.18% month-to-date.

Post-Earnings Price Action Review

The strategy of buying ImageneBio (IMA) shares on the date of release of its quarterly financial reports and holding for 30 days resulted in a significant loss. The 3-year cumulative return was -71.6%, with an average annual return of -25.2%. This indicates a poor performance relative to a passive strategy, such as holding shares continuously, which would likely have fared better given the overall market trend and IMA's business developments.

CEO Commentary

Kristin Yarema, Ph.D., CEO, highlighted ImageneBio’s strong position post-merger in addressing atopic dermatitis (AD), a $multibillion market with unmet needs. She emphasized the anti-OX40/OX40L class’s potential in AD and autoimmune diseases but stressed the need for differentiated, safe, and optimized-dose treatments. IMG-007’s unique profile—non-T cell depleting, receptor-targeting, and a 5-week half-life—positions it as a best-in-class candidate. The CEO underscored the importance of rigorous study design, citing the ADAPTIVE Phase 2b trial’s protocol amendment to optimize dosing regimens, evaluate patient-friendly intervals, and enhance study feasibility. Enrollment remains strong, with topline data expected in 2027. The tone is cautiously optimistic, balancing confidence in IMG-007’s differentiation with acknowledgment of clinical and regulatory challenges.

Guidance

ImageneBio provided forward-looking guidance on its ADAPTIVE Phase 2b trial, including protocol amendments to expand dosing regimens, assess loading doses, and evaluate short- and long-term treatment efficacy. Topline data is expected in 2027. The company will present novel alopecia areata (AA) and AD data at the November 2025 ISDS, showcasing IMG-007’s hair regrowth potential, biomarker suppression, and tolerability. The CEO reiterated IMG-007’s potential as a best-in-class anti-OX40 therapy, with a focus on optimizing study design to demonstrate its differentiated profile. No specific revenue or financial guidance was provided, but the $142.6 million cash position as of September 30, 2025, supports ongoing clinical development.

Additional News

ImageneBio completed a reverse merger with Ikena Oncology on July 25, 2025, followed by a $75.0 million private placement, boosting its cash reserves to $142.6 million. Key leadership additions include Dr. Kristin Yarema as CEO, Dr. Kurinji Pandiyan as Chief Strategy and Operations Officer, and Dr. Renuka Sivendran as Chief Technical Officer. The company also announced a protocol amendment for its ADAPTIVE Phase 2b trial of IMG-007 in atopic dermatitis to optimize study design, with topline data expected in 2027. These moves underscore ImageneBio’s strategic focus on advancing its lead candidate while addressing operational and clinical challenges.