What is I-MAB American's earnings per share (EPS)?

I-MAB American (IMAB) reported diluted earnings per share of -$0.21 for fiscal year 2025. This represents a -75.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

I-MAB American (IMAB) Financials

IMAB

FY2025 annual

Net Income -$46.3M -108.1% YoY

EPS (Diluted) -$0.21 -75.0% YoY

Free Cash Flow -$20.6M +60.9% YoY

Operating Cash Flow -$20.6M +60.9% YoY

Source SEC Filings (10-K/10-Q) Latest period FY2025, ended Dec 31, 2025 Reported Apr 7, 2026 Currency USD FYE December

Newest figures come from the 10-K for FY2025, filed Apr 7, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the IMAB SEC filings page.

This page shows I-MAB American (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).

Rhea AI IMAB FY2025 2026-10-03

I-Mab remains a development-stage business: rising R&D drives losses, while minimal capital spending keeps cash use primarily operating rather than reinvestment-driven.

Cash conversion differs from accounting earnings: free cash flow tracked operating cash flow closely in FY2024 and FY2025 because capital expenditures were negligible. Yet FY2025’s net loss widened while operating cash outflow narrowed, showing that non-cash or timing effects materially shape the gap between reported loss and cash consumption.

Development investment accelerated sharply: R&D nearly tripled from $21.8M in FY2024 to $62.9M in FY2025, while operating loss widened from $51.4M to $94.3M. With revenue not reported in either year, the company is funding a research program rather than operating as a revenue-funded commercial business.

The balance sheet is primarily equity-funded: FY2025 liabilities of $29.6M were small beside equity of $230.9M. Current assets of $217.5M versus current liabilities of $26.9M also indicate substantial short-term balance-sheet coverage, without establishing future funding needs.

Financial Health Signals

Financial health score not available

I-MAB American 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.

Piotroski F-Score Partial

1/6

I-MAB American 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).

Earnings Quality No Cash Backing

N/A

I-MAB American 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

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Earnings & Revenue

None of these metrics is reported for Q4 2025.

Cash & Balance Sheet

Free Cash Flow

-$14.6M

YoY-32.8%

QoQ-893.7%

I-MAB American recorded an outflow of $14.6M in free cash flow in Q4 2025, representing a cash shortfall after capex. This represents a decrease of 32.8% from the same quarter a year earlier. Against the prior quarter it is down 893.7%.

Cash & Debt

$210.6M

YoY+208.6%

QoQ-7.6%

I-MAB American held $210.6M in cash as of Q4 2025; long-term debt is not reported for that period.

Shares Outstanding

265M

YoY+41.6%

QoQ+0.1%

I-MAB American had 265M shares outstanding in Q4 2025. This represents an increase of 41.6% from the same quarter a year earlier. Against the prior quarter it is up 0.1%.

Dividends Per Share

Not reported for Q4 2025.

Margins & Returns

None of these metrics is reported for Q4 2025.

Capital Allocation

Capital Expenditures

YoY-100.0%

I-MAB American reported no capital expenditure in Q4 2025. This represents a decrease of 100.0% from the same quarter a year earlier.

R&D Spending

Not reported for Q4 2025.

Share Buybacks

Not reported for Q4 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. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

IMAB quarterly income statement

Metric	FY2510-K	FY2410-K	FY2310-K	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
EBITDA	-$94.2M-84.3%	-$51.1M+28.5%	-$71.5M-35.2%	-$52.9M	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 (Basic)	-$0.21-75.0%	-$0.12+89.0%	-$1.09+44.4%	-$1.96+6.2%	-$2.09-487.0%	$0.54+101.9%	-$28.90
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
Diluted Shares (Avg)	220M+18.0%	187M-2.5%	191M+0.9%	190M+8.6%	175M+11.1%	157M	7M

Metric	Q4'2510-K	Q3'2510-Q	Q2'256-K	Q4'2410-K	Q3'2410-Q	Q4'23	Q4'22	Q2'22

Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA, Interest Expense, Income Tax, Net Income, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).

IMAB Balance Sheet

IMAB quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	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
Short-Term Investments	$210K	N/A	N/A	N/A	N/A	N/A	N/A
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
Long-Term Investments	$0	N/A	N/A	N/A	N/A	N/A	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
Non-Current Liabilities	$2.7M-12.4%	$3.1M-95.5%	$68.2M+16.0%	$58.8M-10.3%	$65.5M+227.6%	$20.0M-95.6%	$457.3M
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

Metric	Q4'2510-K	Q3'2510-Q	Q2'256-K	Q4'2410-K	Q3'2410-Q	Q4'23	Q4'22	Q2'22
Total Assets	$260.5M+22.5%	$277.4M	$206.7M	$212.7M-42.4%	N/A	$368.9M-37.5%	$590.6M-32.8%	$745.2M
Current Assets	$217.5M+23.1%	$232.8M	$167.6M	$176.7M-46.4%	N/A	$329.9M-37.3%	$525.8M-29.9%	$644.2M
Cash & Equivalents	$210.6M+208.6%	$228.1M+187.5%	$165.4M	$68.3M-76.6%	$79.3M	$291.5M-15.0%	$342.9M-38.0%	$554.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	$0-100.0%	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	$0-100.0%	$76K
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	$23.6M-7.6%	$24.3M
Total Liabilities	$29.6M+156.8%	$18.5M	$10.0M	$11.5M-90.9%	N/A	$126.3M-25.1%	$168.7M+3.2%	$145.6M
Current Liabilities	$26.9M+218.1%	$16.1M	$7.3M	$8.5M-85.5%	N/A	$58.1M-47.1%	$109.9M+12.3%	$88.1M
Non-Current Liabilities	$2.7M-12.4%	$2.4M	$2.6M	$3.1M-95.5%	N/A	$68.2M+16.0%	$58.8M-10.3%	$57.6M
Total Equity	$230.9M+14.8%	$258.9M+17.8%	$196.7M	$201.2M-17.1%	$219.7M	$242.6M-41.9%	$417.8M-41.6%	$599.6M
Retained Earnings	-$1.3B-3.6%	-$1.3B	-$1.3B	-$1.3B-1.8%	N/A	-$1.3B-27.0%	-$994.9M-45.6%	-$806.5M

Not reported in any period shown, so not listed: Short-Term Investments, Long-Term Investments, Long-Term Debt.

IMAB Cash Flow Statement

IMAB quarterly cash flow statement

Metric	FY2510-K	FY2410-K	FY2310-K	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
Depreciation & Amortization	$68K-77.3%	$300K-40.0%	$500K+150.0%	$200K-91.2%	$2.3M+4.2%	$2.2M+55.2%	$1.4M
Stock-Based Compensation	$6.0M+406.5%	-$1.9M-119.0%	$10.2M-22.1%	$13.1M-86.2%	$95.5M+26.3%	$75.6M+43.5%	$52.7M
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

Metric	Q4'2510-K	Q3'2510-Q	Q2'256-K	Q4'2410-K	Q3'2410-Q	Q4'23	Q4'22	Q2'22
Operating Cash Flow	-$14.6M-33.3%	$1.8M-78.2%	N/A	-$10.9M	$8.4M	N/A	N/A	N/A
Capital Expenditures	$0-100.0%	$0-100.0%	N/A	$38K	$1K	N/A	N/A	N/A
Free Cash Flow	-$14.6M-32.8%	$1.8M-78.2%	N/A	-$11.0M	$8.4M	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	$0	$0	N/A	N/A	N/A

Not reported in any period shown, so not listed: Depreciation & Amortization, Stock-Based Compensation, Investing Cash Flow, Financing Cash Flow, Dividends Paid.

IMAB Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

IMAB quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	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
Asset Turnover	N/A	N/A	0.000.0x	0.000.0x	0.02-0.2x	0.24+0.2x	0.02
FCF Margin	N/A	N/A	-29107.9%	N/A	-1139.5%	27.6%	-2934.2%

Metric	Q4'2510-K	Q3'2510-Q	Q2'256-K	Q4'2410-K	Q3'2410-Q	Q4'23	Q4'22	Q2'22
Current Ratio	8.09-12.8x	14.47	22.82	20.90+15.2x	N/A	5.67+0.9x	4.78-2.9x	7.31
Debt-to-Equity	0.13+0.1x	0.07	0.05	0.06-0.5x	N/A	0.52+0.1x	0.40+0.2x	0.24

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Return on Equity, Return on Assets, Asset Turnover, FCF Margin.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
I-MAB American IMAB	FY2025	N/A	-$46.3M	N/A	$378.1M	—
Aldeyra Therapeutics, Inc. ALDX	FY2025	N/A	-$33.8M	N/A	$55.3M	—
ADC Therapeutics SA ADCT	FY2025	$81.4M	-$142.6M	N/A	$220.9M	49/100
CytomX Therapeutics, Inc. CTMX	FY2025	$76.2M	-$17.4M	-22.8%	$560.0M	49/100
Assembly Biosciences, Inc ASMB	FY2025	$72.3M	-$6.1M	-8.5%	$479.1M	61/100
MBX Biosciences, Inc. MBX	FY2025	N/A	-$87.0M	N/A	$2.6B	—

Where I-MAB American Ranks

Frequently Asked Questions

Is I-MAB American profitable?

No, I-MAB American (IMAB) reported a net income of -$46.3M in fiscal year 2025.

What is I-MAB American's EBITDA?

I-MAB American (IMAB) had EBITDA of -$94.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is I-MAB American's return on equity (ROE)?

I-MAB American (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 American's free cash flow?

I-MAB American (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 American's operating cash flow?

I-MAB American (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 American's total assets?

I-MAB American (IMAB) had $260.5M in total assets as of fiscal year 2025, including both current and long-term assets.

What are I-MAB American's capital expenditures?

I-MAB American (IMAB) invested $7K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does I-MAB American spend on research and development?

I-MAB American (IMAB) invested $62.9M in research and development during fiscal year 2025.

How many shares does I-MAB American have outstanding?

I-MAB American (IMAB) had 265M shares outstanding as of fiscal year 2025.

What is I-MAB American's current ratio?

I-MAB American (IMAB) had a current ratio of 8.09 as of fiscal year 2025, which is generally considered healthy.

What is I-MAB American's debt-to-equity ratio?

I-MAB American (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 American's return on assets (ROA)?

I-MAB American (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 American's Piotroski F-Score?

I-MAB American (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 American's earnings high quality?

I-MAB American (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.