ImageneBio Inc
IMAHealthcare|Biotechnology|US
$4.11
-0.06 (-1.44%)
DCF Value
$4.48
Tangible Book / Share
$8.79
Cash / Share
$8.42
Financials
Financial Snapshot
Market Cap
$46.6M
Enterprise Value
-$46.2M
Revenue (TTM)
$0.00
Net Income (TTM)
-$52.5M
Cash & Investments
$136.2M
Net Cash
$134.2M
Free Cash Flow (TTM)
-$57.7M
Operating CF (TTM)
-$57.7M
Debt/Equity
0.01
Cash Runway & Burn Rate
Cash on Hand
$136.2M
Quarterly Burn
$14.4M
Monthly Burn
$4.8M
Est. Runway
~9.4 quarters
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $18.2M | $82.1M | $162.5M | $232.2M | $156.9M | $175.5M | $124.4M | $75.8M | $136.2M | |
| Operating Cash Flow | -$11.6M | $47.9M | -$37.8M | -$60.3M | -$74.1M | -$79.7M | -$46.0M | -$47.8M | -$57.7M | |
| Free Cash Flow | -$11.9M | $47.6M | -$38.6M | -$62.0M | -$75.5M | -$80.2M | -$46.0M | -$47.8M | -$57.7M | |
| Capital Expenditure | -$305.0K | -$316.0K | -$766.0K | -$1.8M | -$1.4M | -$414.0K | $0.00 | $0.00 | $0.00 | |
| Financing Cash Flow | $0.00 | $16.3M | $116.2M | $131.7M | $1.1M | $76.0M | $0.00 | $135.5M | $160.3M |
R&D Spending
R&D (TTM)
$33.4M
R&D Intensity
—
R&D Growth vs Prior
+17.1%
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $990.0K | $13.8M | $9.2M | $31.0M | $15.6M | $9.2M | $3.5M | $800.0K | $0.00 | |
| R&D Expense | $38.6M | $24.9M | $44.8M | $47.1M | $64.3M | $59.7M | $32.1M | $28.5M | $33.4M | |
| R&D % of Revenue | 3895.4% | 181.3% | 487.8% | 152.0% | 411.8% | 651.2% | 917.4% | 3565.6% | — | |
| SG&A | $2.9M | $7.3M | $8.9M | $18.0M | $22.2M | $24.9M | $8.4M | $20.7M | $21.9M |
Income Statement
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $990.0K | $13.8M | $9.2M | $31.0M | $15.6M | $9.2M | $3.5M | $800.0K | $0.00 | |
| Cost of Revenue | $39.0M | $24.9M | $44.8M | $47.1M | $64.3M | $1.0M | $1.5M | $1.0M | $735.0K | |
| Gross Profit | -$38.0M | -$11.2M | -$35.7M | -$16.1M | -$48.7M | $8.1M | $2.0M | -$233.0K | -$735.0K | |
| R&D | $38.6M | $24.9M | $44.8M | $47.1M | $64.3M | $59.7M | $32.1M | $28.5M | $33.4M | |
| SG&A | $2.9M | $7.3M | $8.9M | $18.0M | $22.2M | $24.9M | $8.4M | $20.7M | $21.9M | |
| Operating Income | -$40.9M | -$18.5M | -$44.5M | -$34.1M | -$70.9M | -$75.4M | -$37.0M | -$48.5M | -$59.0M | |
| Interest Expense | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $96.0K | |
| Pretax Income | -$40.9M | -$16.8M | -$44.3M | -$34.1M | -$68.8M | -$68.3M | -$36.6M | -$45.7M | -$52.8M | |
| Net Income | -$40.9M | -$16.8M | -$44.3M | -$34.1M | -$68.8M | -$68.2M | -$36.6M | -$45.3M | -$52.5M | |
| EPS (Diluted) | -13.68 | -5.63 | -14.81 | -11.38 | -22.80 | -19.60 | -40.52 | -9.64 | -5.21 | |
| EBITDA | -$40.4M | -$18.2M | -$44.2M | -$33.6M | -$68.0M | -$67.3M | -$35.0M | -$44.7M | -$53.0M | |
| Shares Out. (M) | 2.99 | 2.99 | 2.99 | 3.00 | 3.02 | 3.48 | 1.19 | 5.43 | 16.16 |
Balance Sheet
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $18.2M | $82.1M | $162.5M | $232.2M | $59.9M | $119.9M | $39.4M | $35.0M | $94.7M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $0.00 | $97.0M | $55.6M | $85.0M | $40.8M | $41.5M | |
| Total Current Assets | $20.0M | $85.2M | $166.0M | $236.5M | $160.0M | $178.7M | $127.2M | $140.3M | $141.1M | |
| Total Assets | $20.7M | $86.0M | $168.4M | $247.9M | $172.3M | $192.1M | $141.5M | $153.0M | $152.0M | |
| Total Current Liabilities | $3.8M | $24.3M | $28.3M | $27.2M | $21.5M | $14.2M | $10.8M | $11.2M | $6.6M | |
| Long-Term Debt | $62.6M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $7.0M | $0.00 | |
| Total Liabilities | $66.5M | $147.4M | $269.5M | $40.0M | $25.3M | $22.3M | $15.6M | $19.8M | $10.0M | |
| Stockholders' Equity | -$45.8M | -$61.5M | -$101.0M | $207.9M | $147.0M | $169.8M | $125.9M | $133.1M | $142.1M | |
| Retained Earnings | -$50.3M | -$67.1M | -$111.3M | -$145.5M | -$214.2M | -$282.4M | -$331.6M | -$230.1M | -$250.8M |
Cash Flow Statement
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$11.6M | $47.9M | -$37.8M | -$60.3M | -$74.1M | -$79.7M | -$46.0M | -$47.8M | -$57.7M | |
| Capital Expenditure | -$305.0K | -$316.0K | -$766.0K | -$1.8M | -$1.4M | -$414.0K | $0.00 | $0.00 | $0.00 | |
| Free Cash Flow | -$11.9M | $47.6M | -$38.6M | -$62.0M | -$75.5M | -$80.2M | -$46.0M | -$47.8M | -$57.7M | |
| Investing Cash Flow | $11.0M | -$316.0K | $2.9M | -$1.8M | -$99.3M | $64.1M | -$34.9M | -$5.8M | -$39.5M | |
| Financing Cash Flow | $0.00 | $16.3M | $116.2M | $131.7M | $1.1M | $76.0M | $0.00 | $135.5M | $160.3M | |
| Issuance of Stock | $0.00 | $16.3M | $0.00 | $131.3M | $0.00 | $37.6M | $0.00 | $65.8M | $90.6M | |
| Repurchase of Stock | $0.00 | $0.00 | -$57.0K | $0.00 | $0.00 | -$663.0K | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $15.0M | $15.0M | |
| Stock Based Comp. | $314.0K | $1.2M | $1.8M | $5.2M | $7.5M | $0.00 | $5.3M | $15.4M | $1.8M | |
| Net Change in Cash | -$639.0K | $63.9M | $81.3M | $69.7M | -$172.3M | $60.0M | -$80.9M | $82.4M | $36.4M |
Dilution Tracker
Shares outstanding grew 81.8% over 5 years — significant dilution
Shares Outstanding
11M
5-Year Share Growth
+81.8%
Stock Issuance (TTM)
$90.6M
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 2.99 | 2.99 | 2.99 | 3.00 | 3.02 | 3.48 | 1.19 | 5.43 | 16.16 | |
| Change vs Prior % | — | 0.0% | 0.0% | 0.3% | 0.6% | 15.3% | -65.7% | 354.9% | 197.5% | |
| Stock Issuance | $0.00 | $16.3M | $0.00 | $131.3M | $0.00 | $37.6M | $0.00 | $65.8M | $90.6M | |
| Stock Repurchase | $0.00 | $0.00 | -$57.0K | $0.00 | $0.00 | -$663.0K | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $314.0K | $1.2M | $1.8M | $5.2M | $7.5M | $0.00 | $5.3M | $15.4M | $1.8M |
Margins & Profitability
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | -3838.0% | -81.3% | -387.8% | -52.0% | -311.8% | 88.9% | 56.4% | -29.1% | — | |
| Operating Margin % | -4130.7% | -134.5% | -484.2% | -110.2% | -454.0% | -823.3% | -1057.1% | -6056.4% | — | |
| Net Margin % | -4127.8% | -122.3% | -481.4% | -110.1% | -440.3% | -744.2% | -1044.8% | -5668.6% | — | |
| EBITDA Margin % | -4085.2% | -132.7% | -481.0% | -108.3% | -435.5% | -734.8% | -1000.8% | -5583.3% | — | |
| FCF Margin % | -1203.3% | 346.2% | -419.8% | -200.1% | -483.7% | -875.1% | -1314.4% | -5980.5% | — | |
| ROE % | 89.1% | 27.4% | 43.8% | -16.4% | -46.8% | -40.2% | -29.0% | -34.1% | -39.0% | |
| ROA % | -197.6% | -19.6% | -26.3% | -13.8% | -39.9% | -35.5% | -25.8% | -29.6% | -34.5% | |
| ROIC % | -242.7% | -30.0% | -31.7% | -15.3% | -46.4% | -41.5% | -27.5% | -33.4% | -39.8% | |
| R&D / Revenue % | 3895.4% | 181.3% | 487.8% | 152.0% | 411.8% | 651.2% | 917.4% | 3565.6% | — |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 1289.2% | -33.1% | 237.0% | -49.6% | -41.3% | -61.8% | -77.1% | |
| Gross Profit | 0.0% | 70.6% | -218.8% | 54.8% | -202.1% | 116.7% | -75.7% | -111.8% | |
| Operating Income | 0.0% | 54.8% | -140.7% | 23.3% | -107.7% | -6.4% | 50.9% | -30.9% | |
| Net Income | 0.0% | 58.8% | -163.2% | 22.9% | -101.6% | 0.9% | 46.4% | -24.0% | |
| EPS (Diluted) | 0.0% | 58.8% | -163.1% | 23.2% | -100.4% | 14.0% | -106.7% | 76.2% | |
| Operating Cash Flow | 0.0% | 512.9% | -178.9% | -59.3% | -23.0% | -7.6% | 42.3% | -4.0% | |
| Free Cash Flow | 0.0% | 499.7% | -181.1% | -60.7% | -21.8% | -6.1% | 42.6% | -4.0% | |
| R&D Expense | 0.0% | -35.3% | 79.8% | 5.0% | 36.5% | -7.3% | -46.2% | -11.2% | |
| SG&A Expense | 0.0% | 152.1% | 21.3% | 103.2% | 23.2% | 12.3% | -66.3% | 147.0% | |
| Total Assets | 0.0% | 315.8% | 95.9% | 47.2% | -30.5% | 11.5% | -26.3% | 8.1% | |
| Book Value / Share | 0.0% | -34.1% | -64.4% | 305.0% | -29.7% | 0.2% | 116.1% | -76.8% | |
| Debt | 0.0% | -100.0% | 0.0% | 3655.9% | -18.5% | 88.6% | -30.0% | 32.9% | |
| Diluted Shares | 0.0% | 0.0% | 0.0% | 0.3% | 0.6% | 15.3% | -65.7% | 354.9% |
Valuation
P/E (TTM)At Loss
P/S0.00
10Y Low / Med / High6.16 / 46.85 / 1158.83
P/B0.47
10Y Low / Med / High0.19 / 0.48 / 2.17
EV/EBITDA0.87
EV/Revenue0.00
10Y Low / Med / High2.69 / 77.45 / 1203.70
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$4.48
Tangible Book / Share
$8.79
Net Current Assets / Share
$11.55
Graham Net-Net
$7.93
Cash / Share
$8.42
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -28.07 | -68.21 | -25.93 | -13.22 | -1.40 | -1.21 | -0.49 | -0.72 | -0.79 | |
| P/S Ratio | 1158.83 | 83.42 | 124.78 | 14.56 | 6.16 | 8.98 | 6.71 | 46.85 | 0.00 | |
| P/B Ratio | -25.03 | -18.67 | -11.35 | 2.17 | 0.65 | 0.48 | 0.19 | 0.28 | 0.47 | |
| EV/EBITDA | -29.47 | -58.37 | -22.27 | -6.73 | -0.62 | 0.40 | 0.24 | -0.28 | 0.87 | |
| EV/Revenue | 1203.70 | 77.45 | 107.13 | 7.29 | 2.69 | -2.94 | -2.39 | 15.64 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
0.38
Distress
Piotroski F-Score
1
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $340.2K | $144.7K | $61.5K |
| Net Income | -$17.7M | -$16.8M | -$15.7M |
| EPS | $-3.22 | $-3.48 | $-3.75 |
| # Analysts (EPS) | 3 | 3 | 4 |