10-K · March 10, 2026
ImageneBio (formerly Ikena Oncology) is a clinical-stage biopharmaceutical company focused on IMG-007, a non‑depleting anti‑OX40 monoclonal antibody being developed initially for atopic dermatitis (AD). The 10‑K…
Earnings analysis · 10-Q
IMA earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
ImageneBio, Inc. reported a net loss of $10.6 million for Q1 2026, increasing from a $6.1 million loss in Q1 2025. The company reported no revenue during the quarter, consistent with analyst expectations, while…
Read full summary
ImageneBio, Inc. reported a net loss of $10.6 million for Q1 2026, increasing from a $6.1 million loss in Q1 2025. The company reported no revenue during the quarter, consistent with analyst expectations, while significantly ramping up both research and development and general administrative expenses. The company's cash position remains strong following a $30 million private placement in April 2026 and should support operations into 2028.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-10.619
What stood out
-
Net Loss Increased
The net loss for Q1 2026 was $10.6 million, compared to a loss of $6.1 million in Q1 2025.
-
No Revenue Generated
ImageneBio reported no revenue for the quarter, consistent with previous performance.
-
Increased Operating Expenses
Total operating expenses were $12.1 million for Q1 2026, up from $6.8 million in Q1 2025.
-
Cash Position Strong
As of March 31, 2026, the company had $117.2 million in cash, cash equivalents and marketable securities.
-
Significant R&D Investment
Research and development expenses increased to $5.96 million for Q1 2026, up from $4.04 million in Q1 2025.
-
Private Placement Funding
The company secured $30.0 million in gross proceeds from a private placement in April 2026.
What to watch
-
Increased Operating Losses
For the three months ended March 31, 2026, the operating loss was $12.08 million compared to $5.99 million in Q1 2025.
-
Material Weakness in Internal Control
The company identified a material weakness in internal control over financial reporting that remains unresolved as of Q1 2026.
-
No Revenue Generation
The company continues to generate no revenue from product sales, impacting future growth potential.
Management's outlook
No forward guidance was provided in the filing.
Earlier filings 4
10-K · March 6, 2025
Ikena Oncology has shifted from stand-alone drug development to pursuing strategic alternatives, signing a merger agreement with Inmagene in December 2024 (expected to close mid-2025). The company retains a lead…
10-K · March 12, 2024
Ikena Oncology is a clinical-stage targeted oncology company advancing TEAD inhibitor IK-930 (Phase 1 monotherapy dose escalation with initial anti-tumor activity reported November 2023) and RAS-pathway candidate IK-595…
10-Q · November 9, 2023
Ikena Oncology reported Q3 2023 collaboration revenue of $1,185,000 (down from $6,402,000 in Q3 2022) while operating expenses fell to $20,688,000 from $24,278,000, leaving a Q3 net loss of $17,343,000 (essentially flat…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.