ImageneBio, Inc. (IMA) AI Stock Analysis
IMA AI stock analysis summary
AI ResearchImageneBio, Inc. (IMA) is a clinical-stage biopharmaceutical company developing therapies for immunological, autoimmune, and inflammatory diseases. The company generated $0 in trailing twelve months revenue, recording net losses alongside negative free cash flow of -$47.8M in FY2025. It maintains a strong liquidity cushion with $136.2M in cash and short-term investments against $1.9M in total debt as of June 30, 2026.
- Market cap
- $46.0M
- Revenue (TTM)
- $0
- P/E
- —
- 1Y return
- -46.8% S&P 500 16.8%
- Avg. target
- $18.00 345.5% vs last close
Bull case
- ImageneBio holds $136.2M in cash and short-term investments with only $1.9M in total debt as of June 30, 2026.
- Wall Street analysts maintain a mean price target of $18.00, implying a 345.5% upside over the October 16, 2026 closing price of $4.04.
- The company's lead asset IMG-007 is actively advancing through a Phase 1b/2a clinical trial.
Bear case
- Revenue fell 77.1% in FY2025 to $800,000, and trailing twelve months revenue stood at $0.
- ImageneBio incurred negative free cash flow of -$47.8M in FY2025 and an annual net loss of -$45.3M.
- The 5-year stock return of -97.2% reflects substantial long-term underperformance versus the S&P 500 return of 83.0%.
What ImageneBio does
ImageneBio, Inc., formerly known as Ikena Oncology, Inc. until July 2025, is a clinical-stage biopharmaceutical company headquartered in San Diego, California. The company focuses on developing therapeutics for patients suffering from immunological, autoimmune, and inflammatory diseases. Its lead product candidate is IMG-007, a non-depleting anti-OX40 monoclonal antibody currently being evaluated in a Phase 1b/2a clinical trial. IMG-007 binds to the OX40 receptor on activated T cells to block receptor binding to the OX40 ligand. The company employs 18 individuals.
Growth and profitability
ImageneBio's annual revenue has contracted from $31.0M in FY2021 to $15.6M in FY2022, $9.2M in FY2023, $3.5M in FY2024, and $800,000 in FY2025, reflecting a 5-year revenue CAGR of -38.6%. Operating margin stood at -6056.4% in FY2025, with net margin at -5668.6% and a net loss of -$45.3M (or -$4.39 per share). Research and development expense totaled $28.5M in FY2025, down from $32.1M in FY2024. For the trailing twelve months ended June 30, 2026, revenue stood at $0, yielding an operating margin of 0.0% and diluted EPS of -$4.09.
Balance sheet and cash flow
As of June 30, 2026, ImageneBio held $136.2M in cash and short-term investments against total debt of $1.9M, producing net cash of $134.2M. Total assets were $152.0M, and shareholders' equity was $142.1M. The company had a current ratio of 21.47 and a debt-to-equity ratio of 0.01. Operating cash flow was -$47.8M in FY2025, resulting in free cash flow of -$47.8M. Over 5 years, the company's share count increased by 439.1%.
Valuation and performance
ImageneBio has a market capitalization of $46.0M and an enterprise value of -$79.3M. The stock trades at a price-to-sales ratio of 83.3x, compared to 4.1x for the median of its US-listed Healthcare peers. Its price-to-book ratio is 0.4x. Over the past year, IMA's stock price declined 46.8%, compared to a 16.8% gain for the S&P 500 (SPY). Over a 5-year timeframe, the stock has fallen 97.2%, while the S&P 500 returned 83.0%.
What analysts expect
Wall Street analyst coverage includes 3 Strong Buy ratings, 0 Buy ratings, 0 Hold ratings, 0 Sell ratings, and 1 Strong Sell rating. The mean price target is $18.00, representing a 345.5% premium to the last close of $4.04 on October 16, 2026. For the current fiscal year ending December 31, 2026, consensus estimates project revenue of $0 and an EPS of -$3.31. For the following fiscal year, 3 analysts project revenue of $0 and EPS of -$4.31. The company has beaten EPS expectations in 2 of the past 4 quarters, and its next earnings date is November 11, 2026.
Key risks and what to watch
- Continued cash burn could erode balance sheet liquidity, following FY2025 operating cash flow of -$47.8M.
- Shareholder dilution has been substantial, with the company's share count expanding by 439.1% over a 5-year period.
- Full clinical-stage reliance on IMG-007 in Phase 1b/2a trials carries significant pipeline development risk.
- Stock price momentum remains weak, with the closing price of $4.04 sitting 29.9% below its 200-day average.
AI-generated research summary. Written with AI from Quotelinks data as of October 16, 2026 and checked so every figure matches that data. For information only, not investment advice. Disclaimer
About this IMA AI stock analysis
This page is an AI-written research summary of ImageneBio, Inc. (IMA). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.
Related: IMA income statement, IMA balance sheet, IMA key metrics, IMA analyst forecast, IMA chart. See the IMA stock overview for the latest quote and news.
IMA AI stock analysis FAQ
What is ImageneBio's core clinical asset?
ImageneBio's lead product candidate is IMG-007, an anti-OX40 monoclonal antibody currently in a Phase 1b/2a clinical trial for immunological, autoimmune, and inflammatory diseases.
Does ImageneBio generate revenue?
For the trailing twelve months ended June 30, 2026, ImageneBio generated $0 in revenue, down from $800,000 in FY2025 and $3.5M in FY2024.
How strong is ImageneBio's balance sheet?
As of June 30, 2026, the company held $136.2M in cash and short-term investments and $1.9M in total debt, yielding a current ratio of 21.47.
What is the consensus analyst target for IMA stock?
Analysts have established a mean price target of $18.00, which sits 345.5% above the October 16, 2026 closing price of $4.04.