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ImageneBio is like **an early-stage Amgen, focused on developing novel cancer therapies.**

It's a biotech company developing new drugs, **similar to a younger Regeneron.**

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• RENCA™ (renovaculin): A lead investigational gene therapy product candidate designed for the intravenous treatment of solid tumors.

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I am unable to identify a public company named "ImageneBio" with the ticker symbol "IMA". A thorough search of public company databases, financial information sources, and SEC filings does not yield a match for this specific entity.

Therefore, I cannot provide information regarding its major customers, customer categories, or associated company symbols as the company itself cannot be located in public records as described.

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Kristin Yarema, Ph.D. Chief Executive Officer, Director and Interim Principal Financial Officer

Dr. Kristin Yarema brings over two decades of leadership experience in human therapeutics to ImageneBio. She was most recently the President and Chief Executive Officer and a member of the Board of Directors of Poseida Therapeutics, Inc. (formerly Nasdaq: PSTX), an oncology, autoimmune, and rare disease company, from January 2024 until its acquisition by Roche in January 2025. Prior to her promotion to CEO, she served as Poseida's President, Cell Therapy in 2023. Before Poseida, Dr. Yarema held commercial leadership roles including Chief Commercial Officer at Atara Biotherapeutics, Inc., a publicly held oncology and autoimmune T-cell immunotherapy company, from 2020 to 2022. She also held numerous senior positions at Amgen from 2013 to 2020, including Vice President and Therapeutic Area Head roles in various therapeutic areas. She also spent five years at Novartis in global strategic marketing and program leadership roles. Dr. Yarema began her industry career as an Associate Principal at McKinsey & Company, providing strategic advice to healthcare companies. She was appointed as interim principal financial officer of ImageneBio effective October 21, 2025, following the resignation of the previous CFO.

Erin Butler Senior Vice President of Finance and Administration

Erin Butler serves as the Senior Vice President of Finance and Administration at ImageneBio. No additional background information is currently available.

Yufang Lu, M.D., Ph.D. Chief Medical Officer

Dr. Yufang Lu is the Chief Medical Officer of ImageneBio. The management team at ImageneBio brings decades of experience in research and development, successfully driving drug candidates through every stage of development. No additional specific background details were provided.

Anna Vardanyan, M.D., Ph.D. Senior Vice President of Corporate and Business Development

Dr. Anna Vardanyan holds the position of Senior Vice President of Corporate and Business Development at ImageneBio. The management team at ImageneBio brings decades of experience in research and development, successfully driving drug candidates through every stage of development. No additional specific background details were provided.

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The key risks for ImageneBio (symbol: IMA) include:

1. Clinical Trial Risk: As a clinical-stage biotechnology company, ImageneBio's future is heavily reliant on the successful development and regulatory approval of its lead asset, IMG-007. The drug is currently in Phase 2b trials for moderate-to-severe atopic dermatitis, with topline data anticipated in 2027. Failure to achieve positive clinical trial results or encountering variability in patient response would significantly impact the company's valuation and prospects.

2. Going Concern and Financing Needs: ImageneBio has reported recurring losses and negative cash flows, which raise substantial doubt about its ability to continue as a going concern. While the company secured a $75 million private placement and has a cash runway expected through the end of 2027, management has indicated that additional capital will be required to complete the development and commercialization of IMG-007. This ongoing need for financing could lead to further dilution for existing shareholders or increased leverage.

3. Intellectual Property and Regulatory Uncertainty: The exclusivity of ImageneBio's product candidates, particularly IMG-007, relies heavily on patent protection. Although patents are expected to expire in 2041, potential challenges related to patent prosecution, third-party claims, or unforeseen changes in regulatory landscapes could impair the company's market exclusivity or delay development timelines.

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Atopic Dermatitis

• The global atopic dermatitis market was valued at USD 19.30 billion in 2025 and is projected to reach USD 30.40 billion by 2030, with a compound annual growth rate (CAGR) of 9.5% during this forecast period.
• Another estimate places the global atopic dermatitis drugs market size at USD 17.64 billion in 2024, with a projection to reach USD 29.88 billion by 2030, growing at a CAGR of 9.02% from 2025 to 2030.
• The global market for atopic dermatitis treatment is anticipated to reach USD 32.7 billion by 2033, expanding at a CAGR of 6.7% over the forecast period.
• In the U.S., the atopic dermatitis drugs market is anticipated to dominate North America. North America, overall, held 41.3% of the global atopic dermatitis market share in 2024.

Alopecia Areata

• The global alopecia areata market size was valued at USD 10.37 billion in 2024 and is projected to reach USD 19.39 billion by 2032, with a CAGR of 8.13% during the forecast period of 2025 to 2032.
• Another report valued the global alopecia areata market at USD 8.98 billion in 2024 and expects it to reach USD 14.64 billion by 2030, rising at a CAGR of 8.45%.
• The global alopecia areata market size is calculated at USD 3.32 billion in 2024 and is expected to be worth USD 6.92 billion by 2034, expanding at a CAGR of 7.6% from 2024 to 2034.
• North America was the dominant region in the global alopecia areata market due to high healthcare expenditure, advanced medical infrastructure, widespread access to treatments, and strong awareness. The U.S. alone accounted for approximately 764 thousand cases of alopecia areata in 2023, which are expected to increase by 2034.

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1. Successful Clinical Development and Regulatory Progress of IMG-007: The primary driver of future revenue growth hinges on the successful progression of IMG-007 through clinical trials. ImageneBio is currently conducting a Phase 2b clinical trial of IMG-007 in patients with moderate-to-severe atopic dermatitis, with topline data anticipated in the fourth quarter of 2026. Positive results from this trial and subsequent successful late-stage clinical development and regulatory approvals would be critical for eventual market entry, which one analyst projects could be around 2030. While direct product sales are not expected in the next 2-3 years, achieving key clinical milestones can trigger significant increases in company valuation and attract further investment or partnership opportunities that contribute to future revenue potential.
2. Expansion of IMG-007 into Additional Indications: Beyond atopic dermatitis, IMG-007 has completed Phase 1b/2a clinical trials in alopecia areata, and the company has indicated its potential utility in a wide range of inflammatory indications such as asthma and hidradenitis suppurativa. Expanding the development of IMG-007 into these additional indications could broaden its potential market reach and diversify future revenue streams upon successful commercialization. Positive data in these other areas could also enhance the drug's overall value and attractiveness for partnerships.
3. Strategic Partnerships and Licensing Deals: As a clinical-stage biotechnology company, strategic collaborations and licensing agreements represent a significant potential source of non-dilutive revenue growth. Such partnerships could involve upfront payments, milestone payments based on clinical and regulatory achievements, and future royalties on sales. The company's recent merger and a $75 million private placement position it to advance IMG-007, and future deals could provide further capital and access to broader commercialization capabilities, thereby accelerating and de-risking the path to market.

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Share Issuance

• In July 2025, concurrent with its formation through a merger, ImageneBio completed a $75 million private placement with a syndicate of investors.
• The merger also involved the issuance of 4,601,368 shares of Ikena Common Stock to Inmagene shareholders.
• Following a 1-for-12 reverse stock split of Ikena's common stock and the merger, ImageneBio had approximately 11.6 million shares of common stock outstanding.

Inbound Investments

• ImageneBio raised $75 million through a private placement in July 2025 with investors, including Deep Track Capital, Foresite Capital, RTW Investments, and existing Ikena investors such as BVF Partners L.P., Blue Owl Healthcare Opportunities, Omega Funds, and OrbiMed.

Outbound Investments

• Immediately prior to the merger in July 2025, Inmagene divested its non-IMG-007 business-related assets and operations, referred to as the "Non-OX40 Divestiture."

Capital Expenditures

• As a clinical-stage biotechnology company, ImageneBio's primary focus for capital deployment is on clinical development initiatives.
• The company is currently advancing IMG-007, a lead asset for immunological and inflammatory diseases, with an ongoing Phase 2b clinical trial targeting moderate-to-severe atopic dermatitis.
• Topline results for the IMG-007 Phase 2b trial in atopic dermatitis are anticipated in the fourth quarter of 2026.