Press Release: I-Mab Reports Third Quarter 2024 Results

Total revenues                --             315            --           627 
Expenses 
 Research and 
  development 
  expenses (Note 
  1)                     (4,475)         (5,088)      (15,740)      (13,286) 
 Administrative 
  expenses (Note 
  2)                     (7,937)         (5,861)      (22,315)      (19,895) 
                     -----------   -------------   -----------   ----------- 
Loss from 
 operations             (12,412)        (10,634)      (38,055)      (32,554) 
 Interest income           2,449           2,483         5,289         6,989 
 Other income 
  (expenses), net       (10,528)           2,379       (5,048)       (9,102) 
 Equity in loss of 
  affiliates (Note 
  3)                          --         (2,449)       (1,038)      (10,640) 
Loss from 
 continuing 
 operations before 
 income tax 
     expense            (20,491)         (8,221)      (38,852)      (45,307) 
 Income tax 
 expense                      --              --            --            -- 
                     -----------   -------------   -----------   ----------- 
Loss from 
 continuing 
 operations         $   (20,491)  $      (8,221)  $   (38,852)  $   (45,307) 
 
Discontinued 
operations: 
 Loss from 
  operations of 
  discontinued 
  operations 
      (Note 4)      $         --  $     (25,035)  $    (6,898)  $   (94,522) 
 Income tax 
 expense                      --              --            --            -- 
 Gain on sale of 
 discontinued 
 operations                   --              --        32,582            -- 
                     -----------   -------------   -----------   ----------- 
Income (loss) from 
 discontinued 
 operations         $         --  $     (25,035)  $     25,684  $   (94,522) 
 
Net loss 
 attributable to 
 I-Mab              $   (20,491)  $     (33,256)  $   (13,168)  $  (139,829) 
                     ===========   =============   ===========   =========== 
Net loss 
 attributable to 
 ordinary 
 shareholders       $   (20,491)  $     (33,256)  $   (13,168)  $  (139,829) 
 
Net loss 
 attributable to 
 I-Mab              $   (20,491)  $     (33,256)  $   (13,168)  $  (139,829) 
 Foreign currency 
  translation 
  adjustments net 
  of tax                   1,071        (13,547)         (494)         8,887 
                     -----------   -------------   -----------   ----------- 
Total 
 comprehensive 
 loss attributable 
 to I-Mab           $   (19,420)  $     (46,803)  $   (13,662)  $  (130,942) 
 
Net loss from 
 continuing 
 operations per 
 share 
     attributable 
 to ordinary 
 shareholders 
     --Basic and 
 diluted            $     (0.11)  $       (0.04)  $     (0.21)  $     (0.24) 
Net loss from 
 continuing 
 operations per 
 ADS 
     attributable 
 to ordinary 
 shareholders 
 (Note 5) 
     --Basic and 
 diluted            $     (0.25)  $       (0.09)  $     (0.48)  $     (0.55) 
 
Net income (loss) 
 from discontinued 
 operations per 
     share 
 attributable to 
 ordinary 
 shareholders 
     --Basic and 
 diluted            $          -  $       (0.13)  $       0.14  $     (0.49) 
Net income (loss) 
 from discontinued 
 operations per 
     ADS 
 attributable to 
 ordinary 
 shareholders 
 (Note 5) 
     --Basic and 
 diluted            $          -  $       (0.30)  $       0.32  $     (1.13) 
 
Net loss 
 attributable to 
 ordinary 
 shareholders 
     --Basic and 
 diluted            $     (0.11)  $       (0.17)  $     (0.07)  $     (0.73) 
Net loss per ADS 
 attributable to 
 ordinary 
     shareholders 
 (Note 5) 
     --Basic and 
 diluted            $     (0.25)  $       (0.39)  $     (0.16)  $     (1.68) 
 
Weighted-average 
 number of 
 ordinary shares 
     outstanding 
 --Basic and 
 diluted             187,440,440     192,922,665   186,485,241   191,306,670 
 

Notes:

(1) Includes share-based compensation expense of $0.6 million and $0.9 million for the three and nine months ended September 30, 2024, respectively, compared to $0.6 million and $2.3 million for the three and nine months ended September 30, 2023, respectively.

(2) Includes share-based compensation expense of $(0.3) million and ($3.7) million for the three and nine months ended September 30, 2024, respectively, compared to $1.5 million and $6.2 million for the three and nine months ended September 30, 2023, respectively. The period ended September 30, 2024 includes forfeitures as a result of the divestiture of China operations and organizational changes.

(3) Includes share-based compensation expense of $0.0 million and ($0.7) million for the three and nine months ended September 30, 2024, respectively, compared to $0.1 million and $0.7 million for the three and nine months ended September 30, 2023, respectively. The period ended September 30, 2024 includes forfeitures as a result of the divestiture of China operations.

(4) Includes share-based compensation expense of $0.0 million and ($11.5) million for the three and nine months ended September 30, 2024, respectively, compared to $2.7 million and $14.8 million for the three and nine months ended September 30, 2023, respectively. The period ended September 30, 2024 includes forfeitures as a result of the divestiture of China operations.

(5) Each 10 ADSs represents 23 ordinary shares.

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SOURCE I-Mab Biopharma

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November 14, 2024 07:00 ET (12:00 GMT)