I-Mab (Nasdaq: IMAB), a clinical-stage biopharmaceutical company, has announced its financial results for the year ended December 31, 2022, along with key business updates, highlighting significant pipeline advancements and strategic reprioritization efforts.
The company faced macroeconomic and geopolitical challenges in 2022, prompting a business repositioning to focus on key clinical assets and streamline operations. These measures have led to a reduced cash burn rate and a strengthened position to deliver on pipeline progress and global partnerships.
Pipeline Development Highlights
I-Mab is focusing on five key clinical assets: eftansomatropin alfa, felzartamab, lemzoparlimab, uliledlimab, and givastomig. Significant progress was made in 2022, including positive Phase 2 data for lemzoparlimab and uliledlimab, and encouraging Phase 1 data for givastomig.
- Eftansomatropin alfa: A Phase 3 trial for pediatric growth hormone deficiency (PGHD) is ongoing in China, with final data expected in the second half of 2023, followed by a potential BLA submission by the end of 2023 or early 2024. I-Mab has a commercial partnership with Jumpcan for this asset.
- Felzartamab: A pivotal trial for third-line multiple myeloma has been completed, with topline data meeting preset endpoints. A China Phase 3 trial as a second-line treatment for MM has completed patient enrollment. The company is focusing on local manufacturing to support BLA submission.
- Lemzoparlimab: Encouraging Phase 2 data of lemzoparlimab in combination with azacitidine (AZA) for myelodysplastic syndromes (MDS) were presented at ESMO 2022. The overall response rate (ORR) was 86.7%, and the complete response rate (CRR) was 40.0%. A Phase 3 trial of lemzoparlimab in combination with AZA as a first-line treatment for HR-MDS has been approved in China.
- Uliledlimab: Preliminary results from a Phase 2 study of uliledlimab in combination with toripalimab (PD-1 inhibitor) in Stage 4 NSCLC were presented at ASCO 2022. An ORR of 26% and a DCR of 74% were observed. A biomarker-guided pivotal trial is planned for the second half of 2023.
- Givastomig: Phase 1 trial data of givastomig in patients with advanced or metastatic solid tumors showed that the dose escalation part of the study reached 15 mg/kg without encountering DLT. Partial response (PR) and stable disease (SD) signals of givastomig monotherapy were observed across different dose levels in gastric cancer patients.
Other Active Clinical Assets
I-Mab is also advancing other clinical assets, including:
- TJ-L14B (ABL503): A 4-1BB-based bi-specific antibody targeting both PD-L1 and 4-1BB. A Phase 1 dose-escalation and dose-expansion trial is ongoing.
- Efineptakin alfa (TJ107): A Phase 2 clinical trial in combination with pembrolizumab (Keytruda®) in patients with advanced solid tumors is underway.
Financial Highlights
As of December 31, 2022, I-Mab had cash, cash equivalents, restricted cash, and short-term investments of RMB3.5 billion (US$514.2 million). Total net revenue for the full year of 2022 was RMB-221.6 million (US$-32.1 million), compared with RMB88.0 million for the full year of 2021. Research and development expenses for the full year of 2022 were RMB904.9 million (US$131.2 million), compared with RMB1,213.0 million for the full year of 2021. Net loss for the full year of 2022 was RMB2,411.8 million (US$349.7 million), compared with RMB2,331.5 million for the year 2021.
Strategic Reprioritization and Cost Reduction
In 2022, I-Mab implemented measures to reduce costs and preserve cash, including pipeline prioritization, workforce streamlining, and reduction in operating costs. These efforts resulted in a 20% reduction in the yearly gross cash burn rate at the end of 2022.
Commitment to ESG
I-Mab is committed to environmental, social, and governance (ESG) responsibilities and strives to make a positive impact through its medicines. The company has established an ESG committee and was granted an "A" rating by MSCI ESG in February 2023.
