IMA

Ignore the headline P/S of 37x and the -77% revenue 'collapse' — the $800K is incidental collaboration income, not a product line. ImageneBio is a clinical-stage biotech created by Ikena Oncology's July 2025 reverse merger with Legacy Inmagene (plus a 1-for-12 reverse split), and the only number that matters is the balance sheet versus the burn. On that basis it is extraordinary: a $29.6M market cap against $94.5M of cash, $133M of stockholders' equity, and just $19.8M of total liabilities with zero current debt (liabilities/equity 0.15x). Net cash alone is ~$19.40/share versus a $6.07 price, and net current asset value (current assets $140M less all liabilities) is ~$120M — roughly 4x the market cap. The market is handing you a dollar of cash for about thirty cents.

The reason for that discount is the burn, and it is real: operating cash flow was -$47.8M and the net loss -$45.3M in FY2025, with R&D of $28.5M funding lead asset IMG-007. At that pace the $94.5M cushion is roughly a two-year runway, after which a raise (dilution) on a 4.87M-share, thin float is near-certain. So this is not free money — it is optionality. You are buying a margin of safety (cash that, even after a full year of burn, still exceeds today's market cap) plus a call option on IMG-007 clinical readouts before the cushion erodes.