I-Mab Financials
This page shows I-Mab (IMAB) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
FY2025 shows a research-funded biotech rebuilding cash through equity financing while capital needs stay unusually light.
In FY2025, cash burn detached from accounting loss: operating cash flow improved to-$20.6M from-$52.7M even as R&D spending nearly tripled to$62.9M and operating loss widened to-$94.3M . When cash consumption falls while research expense rises, the income statement is reflecting more non-cash or timing effects than near-term cash outflow, which matters more for a development-stage business than headline earnings do.
The balance sheet was reloaded with cash: cash rose to
This is an asset-light research operation, not a capital-hungry buildout. Capex was only
Financial Health Signals
I-Mab does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
I-Mab passes 1 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).
I-Mab reported a net loss of $46.3M while operations used $20.6M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
I-Mab's EBITDA was -$94.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 84.3% from the prior year.
I-Mab reported -$46.3M in net income in fiscal year 2025. This represents a decrease of 108.1% from the prior year.
I-Mab earned -$0.21 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 75.0% from the prior year.
Not reported for fiscal year 2025.
Cash & Balance Sheet
I-Mab recorded an outflow of $20.6M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents an increase of 60.9% from the prior year.
I-Mab held $210.6M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
I-Mab's ROE was -20.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 9.0 percentage points from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Capital Allocation
I-Mab invested $62.9M in research and development in fiscal year 2025. This represents an increase of 189.0% from the prior year.
I-Mab invested $7K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 85.4% from the prior year.
Not reported for fiscal year 2025.
IMAB Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|
| Revenue | N/A | N/A | $632K | N/A | $13.8M-94.2% | $236.4M+5386.7% | $4.3M |
| Cost of Revenue | N/A | N/A | N/A | $3.9M-45.8% | $7.3M | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | -$5.5M-184.3% | $6.5M | N/A | N/A |
| R&D Expenses | $62.9M+189.0% | $21.8M+1.5% | $21.4M-4.9% | $22.5M-88.2% | $190.3M+26.1% | $150.9M+25.0% | $120.7M |
| SG&A Expenses | $31.4M+5.8% | $29.7M+5.3% | $28.2M-2.8% | $29.0M-79.5% | $141.2M+129.0% | $61.7M-34.4% | $94.0M |
| Operating Income | -$94.3M-83.3% | -$51.4M+28.6% | -$72.0M-35.7% | -$53.1M | N/A | N/A | N/A |
| Interest Expense | N/A | N/A | $102K+10100.0% | $1K | $0-100.0% | $147K-65.8% | $430K |
| Income Tax | $0 | $0 | $0-100.0% | $103K+120.8% | -$495K-126.4% | $1.9M | N/A |
| Net Income | -$46.3M-108.1% | -$22.2M+89.3% | -$207.7M+44.0% | -$371.1M-1.4% | -$365.9M-607.0% | $72.2M+134.6% | -$208.6M |
| EPS (Diluted) | -$0.21-75.0% | -$0.12+89.0% | -$1.09+44.4% | -$1.96+6.2% | -$2.09-554.3% | $0.46 | -$28.90 |
IMAB Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|
| Total Assets | $260.5M+22.5% | $212.7M-42.4% | $368.9M-37.5% | $590.6M-32.8% | $878.9M-9.5% | $970.7M+288.9% | $249.6M |
| Current Assets | $217.5M+23.1% | $176.7M-46.4% | $329.9M-37.3% | $525.8M-29.9% | $750.4M-8.4% | $819.0M+318.8% | $195.5M |
| Cash & Equivalents | $210.6M+208.6% | $68.3M-76.6% | $291.5M-15.0% | $342.9M-38.0% | $552.9M-24.2% | $729.3M+346.4% | $163.4M |
| Inventory | N/A | N/A | N/A | $0-100.0% | $4.3M | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | $0-100.0% | $5.2M-74.0% | $20.0M | N/A |
| Goodwill | N/A | N/A | N/A | $23.6M-7.6% | $25.5M+2.4% | $24.9M+6.7% | $23.4M |
| Total Liabilities | $29.6M+156.8% | $11.5M-90.9% | $126.3M-25.1% | $168.7M+3.2% | $163.5M+50.9% | $108.3M-80.0% | $541.9M |
| Current Liabilities | $26.9M+218.1% | $8.5M-85.5% | $58.1M-47.1% | $109.9M+12.3% | $97.9M+10.9% | $88.3M+4.5% | $84.5M |
| Total Equity | $230.9M+14.8% | $201.2M-17.1% | $242.6M-41.9% | $417.8M-41.6% | $715.1M-17.1% | $862.4M+395.1% | -$292.3M |
| Retained Earnings | -$1.3B-3.6% | -$1.3B-1.8% | -$1.3B-27.0% | -$994.9M-45.6% | -$683.4M-120.4% | -$310.1M+13.4% | -$358.3M |
Not reported in any period shown, so not listed: Long-Term Debt.
IMAB Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$20.6M+60.9% | -$52.7M+71.3% | -$183.8M-15.0% | -$159.9M-4.7% | -$152.7M-329.8% | $66.4M+153.3% | -$124.7M |
| Capital Expenditures | $7K-85.4% | $48K-70.7% | $164K-92.2% | $2.1M-55.5% | $4.7M+282.8% | $1.2M-30.2% | $1.8M |
| Free Cash Flow | -$20.6M+60.9% | -$52.7M+71.3% | -$184.0M-13.6% | -$162.0M-2.9% | -$157.4M-341.3% | $65.2M+151.6% | -$126.4M |
| Investing Cash Flow | N/A | N/A | $14.4M-78.3% | $66.5M+158.2% | -$114.1M-268.8% | -$30.9M-201.4% | $30.5M |
| Financing Cash Flow | N/A | N/A | $1.1M-82.6% | $6.1M-93.4% | $93.2M-82.3% | $527.3M+2303.7% | $21.9M |
| Share Buybacks | N/A | $335K-96.1% | $8.6M+187.6% | $3.0M | $0-100.0% | $5.3M | N/A |
Not reported in any period shown, so not listed: Dividends Paid.
IMAB Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | 47.3% | N/A | N/A |
| Operating Margin | N/A | N/A | -11395.1% | N/A | N/A | N/A | N/A |
| Net Margin | N/A | N/A | -32868.5% | N/A | -2648.7% | 30.5% | -4840.1% |
| Return on Equity | -20.0%-9.0pp | -11.1%+74.6pp | -85.6%+3.2pp | -88.8%-37.6pp | -51.2%-59.5pp | 8.4% | N/A |
| Return on Assets | -17.8%-7.3pp | -10.4%+45.9pp | -56.3%+6.5pp | -62.8%-21.2pp | -41.6%-49.1pp | 7.4%+91.0pp | -83.6% |
| Current Ratio | 8.09-12.8x | 20.90+15.2x | 5.67+0.9x | 4.78-2.9x | 7.66-1.6x | 9.28+7.0x | 2.31 |
| Debt-to-Equity | 0.13+0.1x | 0.06-0.5x | 0.52+0.1x | 0.40+0.2x | 0.23+0.1x | 0.13 | N/A |
| FCF Margin | N/A | N/A | -29107.9% | N/A | -1139.5% | 27.6% | -2934.2% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
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Where I-Mab Ranks
Frequently Asked Questions
Is I-Mab profitable?
No, I-Mab (IMAB) reported a net income of -$46.3M in fiscal year 2025.
What is I-Mab's EBITDA?
I-Mab (IMAB) had EBITDA of -$94.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is I-Mab's return on equity (ROE)?
I-Mab (IMAB) has a return on equity of -20.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is I-Mab's free cash flow?
I-Mab (IMAB) recorded an outflow of $20.6M in free cash flow during fiscal year 2025. This represents a 60.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is I-Mab's operating cash flow?
I-Mab (IMAB) recorded an outflow of $20.6M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are I-Mab's total assets?
I-Mab (IMAB) had $260.5M in total assets as of fiscal year 2025, including both current and long-term assets.
What are I-Mab's capital expenditures?
I-Mab (IMAB) invested $7K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does I-Mab spend on research and development?
I-Mab (IMAB) invested $62.9M in research and development during fiscal year 2025.
What is I-Mab's current ratio?
I-Mab (IMAB) had a current ratio of 8.09 as of fiscal year 2025, which is generally considered healthy.
What is I-Mab's debt-to-equity ratio?
I-Mab (IMAB) had a debt-to-equity ratio of 0.13 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is I-Mab's return on assets (ROA)?
I-Mab (IMAB) had a return on assets of -17.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is I-Mab's Piotroski F-Score?
I-Mab (IMAB) has a Piotroski F-Score of 1 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are I-Mab's earnings high quality?
I-Mab (IMAB) reported a net loss of $46.3M while operations used $20.6M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.