I-Mab is a clinical-stage biopharmaceutical company committed to the discovery, development and commercialization of first-in-class or best-in-class biologics to treat diseases with significant unmet medical needs, particularly cancers and autoimmune disorders.
I-Mab aims to capture the opportunities presented by the confluence of two major developments—the emergence of an attractive and growing biologics market in China, and the revolutionary scientific breakthroughs in cancer and autoimmune disease medicines.
The company is well-positioned to become a biotech leader in China because of its innovative discovery expertise, fit-for-purpose technology platforms, biomarker-enabled translational medicine capabilities, and clinical development capabilities
As of October 2019, I-Mab had a pipeline of more than 10 clinical and pre-clinical stage assets through its internal research and development efforts and in-licensing arrangements with global pharmaceutical and biotech companies.
The company’s mission is to bring transformational medicines to patients through innovation.To achieve this mission and capitalize on the commercial opportunities, I-Mab has operated through a business model based on two pillars: a fast-to-market China strategy and a fast-to-PoC (proof of concept) global strategy.
For 2018, I-Mab reported revenue of $7.8 million, a fivefold increase from 2017. Net losses that year widened 35% to $58.7 million, according to the report. In the six months through June 2019, I-Mab said revenue was $2.2 million, down 30% year-over-year. Net loss was $124.9 million in the half-year. As of June 30, I-Mab had cash and cash equivalents of $184.9 million, the prospectus stated.
China's biologics market is expected to reach $189.4 billion in sales by 2030, I-Mab said, citing research by Frost & Sullivan. That growth rate is reportedly faster than that of the global biologics market.
To date, I-Mab’s research and development capabilities encompass discovery, biologics CMC development, pre-clinical development and clinical development with footprints in Shanghai, Beijing and the United States.
Selina Cheng, CFA
Head of Equity Research