IMA Home Investment Highlights Valuation & Metrics Price Chart Why The Stock Moved Return vs. Risk About IMA Interactive Breakdown Better Bets vs. IMA Peer Outperformance Latest Trefis Analyses Trade Ideas More From Trefis Peer Comparisons FDIC Bank Data FDA Approved Drugs Data Clinical Pipeline Financials Segment Financials Price Behavior Short Interest Earnings Returns History SEC Filings Forward Guidance Insider Activity Investor Activity (13F) Trade Sentinel Investor Videos Industry Resource Links External Quote Links

    ImageneBio (IMA)

    Market Price (11/6/2026): $4.1 | Market Cap: $46.5 MilSector: Health Care | Industry: Biotechnology

    ImageneBio (IMA)

    Market Price (11/6/2026): $4.1
    Market Cap: $46.5 Mil
    Sector: Health Care
    Industry: Biotechnology

    Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

    0

    Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -199%

    Megatrend and thematic drivers
    Megatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Gene Editing & Therapy, Advanced Diagnostics, Show more.

    Weak multi-year price returns
    2Y Excs Rtn is -107%, 3Y Excs Rtn is -155%

    Very low revenue
    Rev LTMTotal Revenue or Sales, Last Twelve Months is 0

    Not profitable at operating income level
    Op Inc LTMOperating Income, Last Twelve Months is -59 Mil

    Weak revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is null

    Yield minus risk free rate is negative
    ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -82%

    0 Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -199%
    1 Megatrend and thematic drivers
    Megatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Gene Editing & Therapy, Advanced Diagnostics, Show more.
    2 Weak multi-year price returns
    2Y Excs Rtn is -107%, 3Y Excs Rtn is -155%
    3 Very low revenue
    Rev LTMTotal Revenue or Sales, Last Twelve Months is 0
    4 Not profitable at operating income level
    Op Inc LTMOperating Income, Last Twelve Months is -59 Mil
    5 Weak revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is null
    6 Yield minus risk free rate is negative
    ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -82%

    IMA in ETFs

    Weight = IMA's share of each fund

    VTI0.00%

    Valuation & Metrics

    FYE: 12/31IMA [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$0.0 Mil—
    FY 2026 Sales$0.3 Mil—
    FY 2027 Sales$0.1 Mil—
    FY 2026 Sales Growth——
    FY 2027 Sales Growth-57.5%8.7%
    EARNINGS
    LTM Net Income (GAAP) [3]$-52.5 Mil—
    FY 2026 Net Income (Non-GAAP)$-17.7 Mil—
    FY 2027 Net Income (Non-GAAP)$-16.8 Mil—
    FY 2027 Net Income Growth—13.9%
    FY 2026 EPS (Non-GAAP)$-3.22—
    FY 2027 EPS (Non-GAAP)$-3.48—
    FY 2027 EPS Growth——
    VALUATION
    FY 2026 P/S136.81.7
    FY 2027 P/S321.6—
    FY 2026 P/E—8.7
    FY 2027 P/E——

    [1] IMA forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 11/30/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
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    AI Analysis | Feedback

    MetricValueDateSource
    Number of Patents (Applications and Grants)1097282025Link
    Number of Employees1010132025Link
    Number of Analysts Covering211062025Link

    Price Chart

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    Upcoming
    11/11/2026Earnings ReleaseRev: -
    EPS: -

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 11/1/2026

    ImageneBio (IMA) stock has lost about 25% since 7/31/2026 because of the following key factors:

    1. Lack of Immediate Positive Clinical Catalysts.

    ImageneBio, a clinical-stage biotechnology company, did not have any new, near-term positive clinical trial data readouts for its lead asset, Olevaprubart (IMG-007), during fiscal Q3 2026 (July-September 2026), contributing to investor uncertainty. While the Phase 2b ADAPTIVE trial in moderate-to-severe atopic dermatitis is progressing, topline data is not anticipated until fiscal Q4 2026. For a company relying on pipeline development, the absence of significant clinical milestones within this period can lead to a decline in stock value as investors await crucial data.

    2. Macroeconomic Headwinds for Smaller Biotechnology Firms.

    The broader biotechnology sector, particularly small and mid-cap companies, faced macroeconomic pressures during the period. The Nasdaq Biotechnology Index (NBI) experienced a slight decline in September 2026, primarily influenced by persistent inflationary concerns and a 25 basis point interest rate hike by the U.S. Federal Reserve on September 16, 2026. This rate increase disproportionately affected interest-rate-sensitive smaller biotech companies, such as ImageneBio, which had a market capitalization of approximately $46.54 million as of November 1, 2026. This broader market sentiment likely contributed to the downward trend for ImageneBio.

    Show more
    Updated on 11/1/2026

    ImageneBio (IMA) stock has lost about 25% since 7/31/2026 because of the following key factors:

    1. Lack of Immediate Positive Clinical Catalysts.

    ImageneBio, a clinical-stage biotechnology company, did not have any new, near-term positive clinical trial data readouts for its lead asset, Olevaprubart (IMG-007), during fiscal Q3 2026 (July-September 2026), contributing to investor uncertainty. While the Phase 2b ADAPTIVE trial in moderate-to-severe atopic dermatitis is progressing, topline data is not anticipated until fiscal Q4 2026. For a company relying on pipeline development, the absence of significant clinical milestones within this period can lead to a decline in stock value as investors await crucial data.

    2. Macroeconomic Headwinds for Smaller Biotechnology Firms.

    The broader biotechnology sector, particularly small and mid-cap companies, faced macroeconomic pressures during the period. The Nasdaq Biotechnology Index (NBI) experienced a slight decline in September 2026, primarily influenced by persistent inflationary concerns and a 25 basis point interest rate hike by the U.S. Federal Reserve on September 16, 2026. This rate increase disproportionately affected interest-rate-sensitive smaller biotech companies, such as ImageneBio, which had a market capitalization of approximately $46.54 million as of November 1, 2026. This broader market sentiment likely contributed to the downward trend for ImageneBio.

    3. Mixed Analyst Sentiment and Valuation Discrepancy.

    Analyst coverage for ImageneBio during the period showed mixed sentiment and a significant discrepancy in price targets. While H.C. Wainwright & Co. initiated coverage with a "Buy" rating and a price target of $28.00 per share on August 21, 2026, Wedbush maintained a "Sell" rating on August 6, 2026. The considerable difference between the stock's trading price (around $4.10 on October 31, 2026) and the optimistic price target from H.C. Wainwright suggests a cautious market sentiment and potential skepticism regarding the company's long-term prospects without more definitive clinical validation. This divergence in expert opinion may have failed to generate sustained buying interest to counteract the stock's decline.

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    Stock Movement Drivers

    Fundamental Drivers

    The -24.8% change in IMA stock from 7/31/2026 to 11/5/2026 was primarily driven by a 0.0% change in the company's Shares Outstanding (Mil).
    (LTM values as of)731202611052026Change
    Stock Price ($)5.544.17-24.8%
    Change Contribution By: 
    Total Revenues ($ Mil)�40.0%
    P/S Multiple�10.80.0%
    Shares Outstanding (Mil)11110.0%
    Cumulative Contribution0.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    7/31/2026 to 11/5/2026
    ReturnCorrelation
    IMA-24.8% 
    Market (SPY)-1.9%4.4%
    Sector (XLV)13.8%-0.9%

    Fundamental Drivers

    The -30.8% change in IMA stock from 4/30/2026 to 11/5/2026 was primarily driven by a -87.1% change in the company's P/S Multiple.
    (LTM values as of)430202611052026Change
    Stock Price ($)6.024.17-30.8%
    Change Contribution By: 
    Total Revenues ($ Mil)14437.5%
    P/S Multiple84.110.8-87.1%
    Shares Outstanding (Mil)11110.0%
    Cumulative Contribution-30.8%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    4/30/2026 to 11/5/2026
    ReturnCorrelation
    IMA-30.8% 
    Market (SPY)2.3%17.1%
    Sector (XLV)27.2%1.6%

    Fundamental Drivers

    The -52.2% change in IMA stock from 10/31/2025 to 11/5/2026 was primarily driven by a 0.0% change in the company's Shares Outstanding (Mil).
    (LTM values as of)1031202511052026Change
    Stock Price ($)8.714.17-52.2%
    Change Contribution By: 
    Total Revenues ($ Mil)�40.0%
    P/S Multiple�10.80.0%
    Shares Outstanding (Mil)11110.0%
    Cumulative Contribution0.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    10/31/2025 to 11/5/2026
    ReturnCorrelation
    IMA-52.2% 
    Market (SPY)8.4%19.0%
    Sector (XLV)29.8%8.8%

    Fundamental Drivers

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    Market Drivers

    10/31/2023 to 11/5/2026
    ReturnCorrelation
    IMA  
    Market (SPY)81.3%14.1%
    Sector (XLV)55.5%6.1%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    IMA Return-----54%-40%-72%
    Peers Return-30%-55%22%-16%52%35%-35%
    S&P 500 Return27%-19%24%23%16%12%105%

    Monthly Win Rates [3]
    IMA Win Rate----33%36% 
    Peers Win Rate39%31%48%39%53%55% 
    S&P 500 Win Rate75%42%67%75%67%45% 

    Max Drawdowns [4]
    IMA Max Drawdown------47% 
    Peers Max Drawdown-52%-65%-59%-48%-48%-37% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: TEM, GH, ILMN, RXRX, SDGR.
    [3] Win Rate = % of calendar months in which monthly returns were positive
    [4] Max drawdown represents maximum peak-to-trough decline within a year
    [5] 2026 data is for the year up to 11/5/2026 (YTD)

    How Low Can It Go

    IMA has limited trading history. Below is the Health Care sector ETF (XLV) in its place.

    EventXLVS&P 500
    2025 US Tariff Shock
      % Loss-11.7%-18.8%
      % Gain to Breakeven13.3%23.1%
      Time to Breakeven142 days79 days
    2022 Inflation Shock & Fed Tightening
      % Loss-13.8%-24.5%
      % Gain to Breakeven15.9%32.4%
      Time to Breakeven166 days427 days
    2020 COVID-19 Crash
      % Loss-27.9%-33.7%
      % Gain to Breakeven38.8%50.9%
      Time to Breakeven77 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-15.0%-19.2%
      % Gain to Breakeven17.6%23.8%
      Time to Breakeven191 days105 days
    2015-2016 China Devaluation / Global Growth Scare
      % Loss-15.9%-12.2%
      % Gain to Breakeven18.9%13.9%
      Time to Breakeven165 days62 days
    2011 US Debt Ceiling Crisis & European Contagion
      % Loss-15.8%-17.9%
      % Gain to Breakeven18.8%21.8%
      Time to Breakeven153 days123 days

    Compare to TEM, GH, ILMN, RXRX, SDGR

    In The Past

    State Street Health Care Select Sector SPDR ETF's stock fell -11.7% during the 2025 US Tariff Shock. Such a loss loss requires a 13.3% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    IMA has limited trading history. Below is the Health Care sector ETF (XLV) in its place.

    EventXLVS&P 500
    2020 COVID-19 Crash
      % Loss-27.9%-33.7%
      % Gain to Breakeven38.8%50.9%
      Time to Breakeven77 days140 days
    2008-2009 Global Financial Crisis
      % Loss-37.9%-53.4%
      % Gain to Breakeven61.1%114.4%
      Time to Breakeven767 days1085 days

    Compare to TEM, GH, ILMN, RXRX, SDGR

    In The Past

    State Street Health Care Select Sector SPDR ETF's stock fell -11.7% during the 2025 US Tariff Shock. Such a loss loss requires a 13.3% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    About ImageneBio (IMA)

    ImageneBio (IMA) operates as a professional diagnostic company, providing a comprehensive range of products and services across three primary healthcare segments: infectious disease, cardiometabolic conditions, and toxicology. In the infectious disease arena, the company develops and markets diagnostic tests for a wide array of illnesses, including viral hepatitis, influenza, tuberculosis, HIV/AIDS, and various gastrointestinal and sexually-transmitted diseases. Its offerings in this area encompass indirect fluorescent antibodies, serology diagnostics, enzyme-linked immunosorbent assays (ELISA), and automated instrumentation to facilitate these testing procedures.

    The company's cardiometabolic division focuses on rapid diagnostic test systems for critical care, point-of-care analyzers for monitoring blood glucose, cholesterol, and related lipids, as well as over-the-counter cholesterol tests. It also provides blood analysis systems for measuring blood gas, electrolytes, and metabolites, alongside disposable and lateral flow rapid tests for markers like D-dimer and troponin. Furthermore, ImageneBio addresses the toxicology market with device platforms for detecting illicit and prescription drugs of abuse, alcohol tests, consumer drug testing solutions, and comprehensive workplace drug and laboratory-based testing services.

    ImageneBio serves a diverse customer base through multiple channels. Its professional diagnostic products are marketed globally to healthcare professionals and institutions via its dedicated sales force and established distribution networks. For consumer-oriented products, such as its "First Check" brand for drug testing, the company leverages retail drug and food stores, drug wholesalers, and mass merchandisers, reaching individual consumers and employers seeking accessible diagnostic and monitoring tools.

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    ImageneBio (IMA) Management Team:

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

    Dr. Yarema brings over two decades of leadership experience in therapeutics. Her most recent role was Chief Executive Officer and Director of Poseida Therapeutics, which was acquired by Roche in January 2025, and she stayed to guide the transition. She previously served as President, Cell Therapy at Poseida and Chief Commercial Officer at Atara Biotherapeutics. Dr. Yarema also held various senior positions at Amgen, including Vice President and Therapeutic Area Head roles in inflammation, as well as commercial leadership. Earlier in her career, she held clinical development, portfolio, and global commercial leadership roles at Novartis and was an Associate Principal at McKinsey & Company.

    Dr. Ben Porter-Brown Chief Medical Officer

    Dr. Porter-Brown was appointed Chief Medical Officer effective February 16, 2026, bringing over 20 years of clinical development experience in autoimmune and inflammatory diseases. He previously served as Chief Medical Officer at MoonLake Immunotherapeutics. Prior to that, he led the development of amlitelimab, an anti-OX40 ligand monoclonal antibody, at Kymab, Ltd (now part of Sanofi) and held various leadership positions at Roche Pharmaceuticals for 16 years.

    Kurinji Pandiyan, Ph.D. Chief Strategy and Operations Officer

    Dr. Pandiyan joined ImageneBio in September 2025. She previously served as Head of Portfolio & Strategy and Chief of Staff to the CEO at Poseida Therapeutics, where she also led autoimmune disease development planning. Her past experience includes leadership roles at Atara Biotherapeutics and AVITA Medical, as well as a principal role at Boston Consulting Group (BCG).

    Renuka Sivendran, Ph.D. Chief Technical Officer

    Dr. Sivendran joined ImageneBio in September 2025. She previously led all CMC (Chemistry, Manufacturing, and Controls) functions as Vice President of Technical Operations at Agenus, Inc. from January 2021. Her background also includes leadership positions at Five Prime Therapeutics (acquired by Amgen), Amgen, and Regeneron.

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    ImageneBio (IMA), a clinical-stage biotechnology company, is primarily focused on developing therapeutics for immunological, autoimmune, and inflammatory diseases. The company's future revenue growth over the next 2-3 years will largely be driven by the advancement and potential commercialization of its lead product candidate, IMG-007. Here are 3-5 expected drivers of future revenue growth for ImageneBio:
    • Successful Clinical Development and Regulatory Approval of IMG-007: The most significant driver of future revenue growth hinges on the successful completion of clinical trials for IMG-007, particularly the ongoing Phase 2b ADAPTIVE trial in moderate-to-severe atopic dermatitis (AD). Topline data from this trial is anticipated in 2027. Positive results and subsequent regulatory approval would pave the way for commercialization, generating substantial revenue for the company.
    • Expansion of IMG-007 to Additional Therapeutic Indications: ImageneBio is developing IMG-007 as a treatment for a range of immunological, autoimmune, and inflammatory conditions. Beyond atopic dermatitis, IMG-007 has completed Phase 1b/2a clinical trials for alopecia areata. Successfully expanding the use of IMG-007 to other dermatology and inflammatory conditions could significantly broaden its market reach and revenue potential.
    • Differentiated Profile and Patient Adoption of IMG-007: IMG-007 is highlighted as a receptor-targeting, non-depleting anti-OX40 monoclonal antibody with a differentiated clinical profile and multiple distinguishing features. Notably, it aims to avoid the severe T cell depletion associated with other ADCC-enhanced anti-OX40 antibodies. If these differentiating features translate into a superior safety, efficacy, or dosing profile (such as an approximately five-week half-life supporting less frequent dosing), it could lead to strong market adoption and drive revenue once approved.

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    Peer Outperformance in Biotechnology

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    Share of Biotechnology constituents that IMA has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
    1Y
    35%
    of 452 industry peers · -49.3% return
    3Y
    —
    insufficient peer history
    5Y
    —
    insufficient peer history
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    Median price return by industry across the Health Care sector, ranked by 5Y. Biotechnology is IMA's own industry. Use this to see which corners of the sector have carried the returns.
    Industry Names 1Y med3Y med5Y med Top 3 by 5Y
    Health Care Distributors 6 7.6%56.6%93.6% CAH 498% · MCK 396% · COR 181%
    Health Care Services 20 33.8%28.8%6.1% HIMS 189% · RDNT 125% · DGX 100%
    Health Care Facilities 25 13.9%27.4%-1.4% THC 280% · NHC 210% · EHC 186%
    Managed Health Care 8 47.9%1.6%-2.2% OSCR 95% · HQY 52% · ELV 10%
    Health Care Equipment 50 11.0%17.8%-17.6% UFPT 355% · GKOS 286% · PLSE 127%
    Pharmaceuticals 61 -12.9%10.6%-37.3% LQDA 977% · XERS 571% · KNSA 500%
    Health Care Supplies 11 23.9%17.0%-40.1% LNTH 248% · HAE 66% · MMSI 29%
    Life Sciences Tools & Services 108 -8.1%-18.9%-74.5% AXGN 255% · NTRA 214% · MEDP 181%
    Biotechnology ← 364 -25.8%-36.1%-82.0% ELVN 1073% · TRVI 995% · DNTH 956%
    Health Care Technology 21 -21.4%-50.4%-82.8% VEEV -3% · DOCS -51%
    Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

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    Peer Comparisons

    Peers to compare with:

    Financials

    IMATEMGHILMNRXRXSDGRMedian
    NameImageneB.Tempus AIGuardant.Illumina Recursio.Schrodin. 
    Mkt Price4.1071.10141.00208.873.5629.0050.05
    Mkt Cap0.112.918.731.51.92.27.5
    Rev LTM01,5091,1834,53867269726
    Op Inc LTM-59-279-470970-495-134-206
    FCF LTM-53-151-2411,057-314-117-134
    FCF 3Y Avg--202-271868-367-98-202
    CFO LTM-53-108-1851,230-311-113-110
    CFO 3Y Avg--173-2351,016-357-92-173

    Growth & Margins

    IMATEMGHILMNRXRXSDGRMedian
    NameImageneB.Tempus AIGuardant.Illumina Recursio.Schrodin. 
    Rev Chg LTM-100.0%36.6%42.7%5.8%54.3%4.8%21.2%
    Rev Chg 3Y Avg-47.1%32.6%0.6%19.7%11.5%19.7%
    Rev Chg Q-23.1%44.3%4.2%262.3%18.7%23.1%
    QoQ Delta Rev Chg LTM-5.4%9.5%1.0%24.2%3.9%5.4%
    Op Inc Chg LTM-173.8%-15.2%-2.1%21.6%31.6%21.6%9.7%
    Op Inc Chg 3Y Avg--64.1%4.6%160.0%-26.1%6.6%4.6%
    Op Mgn LTM--18.5%-39.7%21.4%-738.7%-49.6%-39.7%
    Op Mgn 3Y Avg--49.5%-58.3%15.1%-1,005.2%-76.3%-58.3%
    QoQ Delta Op Mgn LTM-1.3%1.7%1.5%269.9%9.6%1.7%
    CFO/Rev LTM--7.2%-15.7%27.1%-463.4%-41.8%-15.7%
    CFO/Rev 3Y Avg--18.9%-29.3%23.0%-657.2%-42.3%-29.3%
    FCF/Rev LTM--10.0%-20.3%23.3%-469.3%-43.4%-20.3%
    FCF/Rev 3Y Avg--21.6%-33.2%19.7%-675.3%-44.6%-33.2%

    Valuation

    IMATEMGHILMNRXRXSDGRMedian
    NameImageneB.Tempus AIGuardant.Illumina Recursio.Schrodin. 
    Mkt Cap0.112.918.731.51.92.27.5
    P/S-8.515.87.028.88.18.5
    P/Op Inc-1.1-46.2-39.832.5-3.9-16.2-10.1
    P/EBIT-1.1-94.1-41.727.3-4.0-16.2-10.1
    P/E-1.3-68.1-41.335.2-4.1-36.6-20.4
    P/CFO-1.3-119.0-101.225.6-6.2-19.3-12.8
    Total Yield-77.9%-1.5%-2.2%2.8%-25.0%-2.8%-2.5%
    Dividend Yield0.0%0.0%0.0%0.0%0.0%0.0%0.0%
    FCF Yield 3Y Avg--1.7%-5.1%4.0%-17.6%-6.0%-5.1%
    D/E0.00.10.10.10.00.00.1
    Net D/E-2.00.10.00.0-0.2-0.1-0.0

    Returns

    IMATEMGHILMNRXRXSDGRMedian
    NameImageneB.Tempus AIGuardant.Illumina Recursio.Schrodin. 
    1M Rtn-10.9%-1.2%-17.4%-23.6%-23.1%0.3%-14.1%
    3M Rtn-27.2%54.2%-10.5%7.8%11.9%62.8%9.9%
    6M Rtn-30.6%43.7%52.8%50.6%8.9%118.4%47.2%
    12M Rtn-50.1%-13.6%48.3%70.6%-28.2%46.7%16.6%
    3Y Rtn-72.4%76.6%408.3%90.5%-35.6%4.8%40.7%
    1M Excs Rtn-9.6%2.5%-14.9%-20.5%-15.2%7.7%-12.3%
    3M Excs Rtn-27.1%37.5%-15.5%12.0%11.5%60.6%11.7%
    6M Excs Rtn-35.3%38.9%48.4%45.8%4.0%113.5%42.3%
    12M Excs Rtn-63.6%-29.5%31.2%65.1%-42.6%31.4%0.9%
    3Y Excs Rtn-154.5%-7.5%368.2%12.7%-117.3%-50.4%-28.9%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q3
    Period End6/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/2024
    Filing Date8/5/20265/7/20263/10/202611/12/20258/5/20265/7/20263/18/202511/12/2025
    Key Financials Quarterly        
    Total Revenue00000104
    Ebitda-12-12-8-26-7-6-6-2
    Operating Income-12-12-9-27-7-6-6-2
    Net Income-10-11-7-25-8-6-5-3
    EPS-0.63-0.95-0.62-2.91-0.96-0.82-0.70-0.55
    Key Financials TTM        
    Total Revenue TTM00114---
    Ebitda TTM-58-53-47-46-21---
    Operating Income TTM-59-55-48-46-22---
    Net Income TTM-52-50-45-43-22---
    Growth Rates Quarterly        
    Total Revenue Growth--100.0%--100.0%----
    EBITDA Growth-59.5%-101.3%-31.3%-1191.0%----
    Operating Income Growth-60.2%-101.5%-38.5%-1206.2%----
    Net Income Growth-34.2%-74.7%-43.6%-678.5%----
    Margins Quarterly        
    EBITDA Margin------739.4%--58.2%
    Operating Income Margin------749.4%--58.2%
    Net Income Margin------759.6%--90.9%
    Cash & Debt        
    Total Cash136117135143--12-
    Total Debt22330080
    Net Debt / (Cash)-134-115-132-139---4-
    Cash Flows Quarterly        
    FCF from Operations-9-15-7-21-12-7-3-
    Cash Flows TTM        
    FCF from Operations TTM-53-55-48-44----
    Returns to Shareholders Quarterly        
    Dividends00000000
    Share Repurchases-0-0-0-0-0-0-0-0
    Return on Invested Capital (ROIC) Quarterly        
    ROIC-18.2%-19.4%-14.2%-47.4%---160.9%-
    Return on Invested Capital (ROIC) TTM        
    ROIC TTM-22.7%-21.7%-20.8%-20.6%----

    Segment Financials

    Revenue by Segment
    $ Mil202520242023
    Single Segment148
    Total148


    Price Behavior

    Price Behavior
    Market Price$4.17 
    Market Cap ($ Bil)0.1 
    First Trading Date12/29/2006 
    Distance from 52W High-51.6% 
       50 Days200 Days
    DMA Price$4.55$5.58
    DMA Trenddowndown
    Distance from DMA-8.5%-25.4%
     3M1YR
    Volatility37.2%56.7%
    Downside Capture164.76138.38
    Upside Capture-29.2835.18
    Correlation (S&P 500)6.6%21.1%
    IMA Betas & Captures as of 10/31/2026

     1M2M3M6M1Y3Y
    Beta0.060.150.390.860.94-0.13
    Up Beta-3.19-0.830.101.060.850.23
    Down Beta-0.79-0.81-0.630.361.38-0.17
    Up Capture-38%-18%-2%46%22%1%
    Bmk +ve Days12182862130427
    Stock +ve Days10162656103127
    Down Capture127%147%167%138%121%86%
    Bmk -ve Days10253664121325
    Stock -ve Days12263768142187

    [1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
    Based On 1-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with IMA
    IMA-49.6%56.7%-1.00-
    Sector ETF (XLV)29.2%16.9%1.338.9%
    Equity (SPY)9.5%13.6%0.4119.0%
    Gold (GLD)3.6%28.7%0.116.8%
    Commodities (DBC)37.7%21.2%1.40-4.2%
    Real Estate (VNQ)12.0%14.2%0.5510.6%
    Bitcoin (BTCUSD)-20.8%43.3%-0.4216.9%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 5-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with IMA
    IMA-22.5%68.3%-1.14-
    Sector ETF (XLV)8.6%15.4%0.366.1%
    Equity (SPY)11.3%17.3%0.4814.1%
    Gold (GLD)17.5%19.1%0.743.4%
    Commodities (DBC)8.0%19.6%0.29-2.4%
    Real Estate (VNQ)1.2%18.9%-0.050.3%
    Bitcoin (BTCUSD)5.9%51.5%0.2913.8%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 10-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with IMA
    IMA-12.0%68.3%-1.14-
    Sector ETF (XLV)12.2%16.8%0.606.1%
    Equity (SPY)14.9%18.0%0.7014.1%
    Gold (GLD)12.0%16.5%0.593.4%
    Commodities (DBC)7.6%18.1%0.33-2.4%
    Real Estate (VNQ)5.7%20.7%0.230.3%
    Bitcoin (BTCUSD)61.3%66.2%1.0113.8%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date10152026
    Short Interest: Shares Quantity0.1 Mil
    Short Interest: % Change Since 930202686.7%
    Average Daily Volume0.0 Mil
    Days-to-Cover Short Interest4.2 days
    Basic Shares Quantity16.2 Mil
    Short % of Basic Shares0.4%

    Earnings Returns History

    Updated 9/8/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    8/5/20260.7%-1.8%-13.1%
    5/7/2026-10.5%0.0%-4.7%
    3/10/20262.5%4.7%-22.8%
    11/12/2025-0.7%-11.4%-24.5%
    SUMMARY STATS   
    # Positive220
    # Negative224
    Median Positive1.6%2.4% 
    Median Negative-5.6%-6.6%-18.0%
    Max Positive2.5%4.7% 
    Max Negative-10.5%-11.4%-24.5%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    8/5/20260.7%-1.8%-13.1%
    5/7/2026-10.5%0.0%-4.7%
    3/10/20262.5%4.7%-22.8%
    11/12/2025-0.7%-11.4%-24.5%
    SUMMARY STATS   
    # Positive220
    # Negative224
    Median Positive1.6%2.4% 
    Median Negative-5.6%-6.6%-18.0%
    Max Positive2.5%4.7% 
    Max Negative-10.5%-11.4%-24.5%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    06/30/202608/05/202610-Q
    03/31/202605/07/202610-Q
    12/31/202503/10/202610-K
    09/30/202511/12/202510-Q
    12/31/202403/18/2025S-4
     Collapse to Preview
    Report DateFiling DateFiling
    06/30/202608/05/202610-Q
    03/31/202605/07/202610-Q
    12/31/202503/10/202610-K
    09/30/202511/12/202510-Q
    12/31/202403/18/2025S-4

    Recent Forward Guidance

    Updated 11/2/2026

    Latest: Q2 2026 Earnings Reported 8/5/2026

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    2028 Operational Funding RunwayReported      


    Prior: Q1 2026 Earnings Reported 5/7/2026

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    2028 Cash RunwayReported      

    Q4 2025 Earnings Reported 3/10/2026

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    2027 ADAPTIVE trial topline readoutReported 2027   AffirmedGuidance: 2027 for 2027

    Insider Activity

    Updated 7/28/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Lally, Robert BPrincipal Accounting OfficerDirectSell72020265.341,5258,144296,808Form
    2Lally, Robert BPrincipal Accounting OfficerDirectSell72020265.501,6719,190314,088Form
    3Slattery, Joseph PDirectBuy122920255.9916,00095,84095,840Form
    4Bonita, David PSee FootnoteBuy730202529.9083,6112,499,9698,607,762Form
    5Stampacchia, OtelloOmega Fund VI, L.P.Buy730202529.90267,5567,999,92413,603,962Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Lally, Robert BPrincipal Accounting OfficerDirectSell72020265.341,5258,144296,808Form
    2Lally, Robert BPrincipal Accounting OfficerDirectSell72020265.501,6719,190314,088Form
    3Slattery, Joseph PDirectBuy122920255.9916,00095,84095,840Form
    4Bonita, David PSee FootnoteBuy730202529.9083,6112,499,9698,607,762Form
    5Stampacchia, OtelloOmega Fund VI, L.P.Buy730202529.90267,5567,999,92413,603,962Form

    Investor Activity (13F)

    Updated Nov 6, 2026
    13F holdings as of Mar 31, 2026 (Q1 2026)

    Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    BVF Inc/Il$5.6 Mil0.2%41ADD +38.4%13F
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    BVF Inc/Il$5.6 Mil0.2%41ADD +38.4%13F
    Active Manager
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    BVF Inc/Il$5.6 Mil0.2%41ADD +38.4%13F

    Industry Resources

    External Quote Links


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    Core Cache Last Updated: 11/5/2026