ImageneBio Inc (IMA) is a clinical-stage biotechnology company that discovers and develops drug candidates, operating without commercial products as of December 31, 2025. Its revenue model consists of license revenue recognized under collaboration and license agreements, with milestones and royalties owed to third parties under existing agreements, none of which were probable to occur as of December 31, 2025. The company carries contingent value right (CVR) liabilities tied to related-party agreements, reflecting obligations from prior transactions including the Ikena CVR Agreement and Legacy Inmagene CVR Agreement. ImageneBio reported net losses in both fiscal years ended December 31, 2025 and December 31, 2024, with operating expenses composed of research and development costs and general and administrative expenses. As of December 31, 2025, the company held two office facility leases in the United States, expiring between May 2026 and April 2027, with future minimum lease commitments of $3.1 million.

Revenue model

License revenue from collaboration and license agreements. Potential future milestone payments and royalties are owed to third parties but were not probable as of December 31, 2025. The company is pre-commercial and operates at a net loss.

Products and services

Drug candidates in development. The filing references patent portfolios covering biotechnology and pharmaceutical products and processes. No commercial products are disclosed in the filing excerpts.

Customers and end markets

The filing excerpts do not identify specific customers or end markets by name.

Value-chain role

Pre-commercial drug developer. The company conducts clinical trials, processes trial participant data, and licenses intellectual property. It relies on third-party collaborators and is subject to data privacy obligations across multiple jurisdictions including the U.S., EU, UK, Canada, Brazil, Australia, and Asia.

Geographic exposure

Headquartered in the United States with office facilities as of December 31, 2025. Conducts studies in Asia. Subject to data privacy regulations across the EU, UK, Canada, Brazil, Australia, and Asia.

Source: SEC 10-K, filed 2026-03-10

Industry: Biological Products, (No Diagnostic Substances) Peers: Lyra Therapeutics Inc CorMedix Inc DURECT CORP Johnson & Johnson MariMed Inc Paratek Pharmaceuticals, Inc. scPharmaceuticals Inc. Verrica Pharmaceuticals Inc