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

I-Mab (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 Financials

IMAB

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

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).

Rhea AI IMAB FY2025 2026-04-22

Cash runway, not sales, governs this development-stage business as R&D intensity drives losses in an asset-light model.

From FY2024 to FY2025, R&D spending jumped from $21.8M to $62.9M and operating loss widened to -$94.3M from -$51.4M, yet operating cash burn improved to -$20.6M from -$52.7M. That break between earnings and cash means the reported loss became much less cash-hungry, so the near-term constraint is runway management rather than debt service or heavy reinvestment.

FY2025 ended with $210.6M of cash against just $29.6M of total liabilities and $26.9M of current liabilities, leaving a liquidity-heavy balance sheet relative to current obligations. The move to 265.4M shares from 187.5M in FY2024 alongside low liabilities suggests balance-sheet support has leaned on equity capital more than creditor financing.

Free cash flow of -$20.6M was essentially the same as operating cash flow of -$20.6M because capital spending was only $7K. That makes this expense-driven rather than asset-driven: cash usage mostly reflects research and overhead choices, not factories, inventory, or equipment buildout.

Financial Health Signals

Financial Profile 33/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of I-Mab's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Leverage

I-Mab carries a low D/E ratio of 0.13, meaning only $0.13 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 99/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

100

With a current ratio of 8.09, I-Mab holds $8.09 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Returns

I-Mab generates a -20.0% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -11.1% the prior year.

Piotroski F-Score Weak

1/9

I-Mab passes 1 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality Low Quality

0.45x

For every $1 of reported earnings, I-Mab generates $0.45 in operating cash flow (-$20.6M OCF vs -$46.3M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

-$94.2M

YoY-84.3%

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.

Net Income

-$46.3M

YoY-108.1%

I-Mab reported -$46.3M in net income in fiscal year 2025. This represents a decrease of 108.1% from the prior year.

EPS (Diluted)

$-0.21

YoY-75.0%

I-Mab earned $-0.21 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 75.0% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$20.6M

YoY+60.9%

I-Mab generated -$20.6M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 60.9% from the prior year.

Cash & Debt

$210.6M

YoY+208.6%

5Y CAGR-22.0%

I-Mab held $210.6M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

265M

YoY+41.6%

5Y CAGR+10.0%

I-Mab had 265M shares outstanding in fiscal year 2025. This represents an increase of 41.6% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

-20.0%

YoY-9.0pp

5Y CAGR-28.4pp

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.

Capital Allocation

R&D Spending

$62.9M

YoY+189.0%

5Y CAGR-16.1%

I-Mab invested $62.9M in research and development in fiscal year 2025. This represents an increase of 189.0% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$7K

YoY-85.4%

5Y CAGR-64.4%

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.

IMAB Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	N/A	N/A	$632K	N/A	$13.8M-94.2%	$236.4M
Cost of Revenue	N/A	N/A	N/A	$3.9M-45.8%	$7.3M	N/A
Gross Profit	N/A	N/A	N/A	-$5.5M-184.3%	$6.5M	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
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
Operating Income	-$94.3M-83.3%	-$51.4M+28.6%	-$72.0M-35.7%	-$53.1M	N/A	N/A
Interest Expense	N/A	N/A	$102K+10100.0%	$1K	$0-100.0%	$147K
Income Tax	$0	$0	$0-100.0%	$103K+120.8%	-$495K-126.4%	$1.9M
Net Income	-$46.3M-108.1%	-$22.2M+89.3%	-$207.7M+44.0%	-$371.1M-1.4%	-$365.9M-607.0%	$72.2M
EPS (Diluted)	$-0.21-75.0%	$-0.12+89.0%	$-1.09+44.4%	$-1.96+6.2%	$-2.09-554.3%	$0.46

Metric	Q4'25	Q3'25	Q2'25	Q4'24	Q3'24	Q4'23	Q4'22	Q2'22
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

IMAB Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$260.5M+22.5%	$212.7M-42.4%	$368.9M-37.5%	$590.6M-32.8%	$878.9M-9.5%	$970.7M
Current Assets	$217.5M+23.1%	$176.7M-46.4%	$329.9M-37.3%	$525.8M-29.9%	$750.4M-8.4%	$819.0M
Cash & Equivalents	$210.6M+208.6%	$68.3M-76.6%	$291.5M-15.0%	$342.9M-38.0%	$552.9M-24.2%	$729.3M
Inventory	N/A	N/A	N/A	$0-100.0%	$4.3M	N/A
Accounts Receivable	N/A	N/A	N/A	$0-100.0%	$5.2M-74.0%	$20.0M
Goodwill	N/A	N/A	N/A	$23.6M-7.6%	$25.5M+2.4%	$24.9M
Total Liabilities	$29.6M+156.8%	$11.5M-90.9%	$126.3M-25.1%	$168.7M+3.2%	$163.5M+50.9%	$108.3M
Current Liabilities	$26.9M+218.1%	$8.5M-85.5%	$58.1M-47.1%	$109.9M+12.3%	$97.9M+10.9%	$88.3M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$230.9M+14.8%	$201.2M-17.1%	$242.6M-41.9%	$417.8M-41.6%	$715.1M-17.1%	$862.4M
Retained Earnings	-$1.3B-3.6%	-$1.3B-1.8%	-$1.3B-27.0%	-$994.9M-45.6%	-$683.4M-120.4%	-$310.1M

Metric	Q4'25	Q3'25	Q2'25	Q4'24	Q3'24	Q4'23	Q4'22	Q2'22
Total Assets	$260.5M-6.1%	$277.4M+34.2%	$206.7M-2.8%	$212.7M	N/A	$368.9M-37.5%	$590.6M-20.7%	$745.2M
Current Assets	$217.5M-6.6%	$232.8M+38.9%	$167.6M-5.1%	$176.7M	N/A	$329.9M-37.3%	$525.8M-18.4%	$644.2M
Cash & Equivalents	$210.6M-7.6%	$228.1M+37.9%	$165.4M+142.3%	$68.3M-13.9%	$79.3M-72.8%	$291.5M-15.0%	$342.9M-38.1%	$554.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	$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-2.9%	$24.3M
Total Liabilities	$29.6M+59.9%	$18.5M+85.4%	$10.0M-13.4%	$11.5M	N/A	$126.3M-25.1%	$168.7M+15.9%	$145.6M
Current Liabilities	$26.9M+67.1%	$16.1M+119.0%	$7.3M-13.1%	$8.5M	N/A	$58.1M-47.1%	$109.9M+24.8%	$88.1M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$230.9M-10.8%	$258.9M+31.6%	$196.7M-2.2%	$201.2M-8.5%	$219.7M-9.4%	$242.6M-41.9%	$417.8M-30.3%	$599.6M
Retained Earnings	-$1.3B-2.4%	-$1.3B-0.5%	-$1.3B-0.7%	-$1.3B	N/A	-$1.3B-27.0%	-$994.9M-23.4%	-$806.5M

IMAB Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
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
Capital Expenditures	$7K-85.4%	$48K-70.7%	$164K-92.2%	$2.1M-55.5%	$4.7M+282.8%	$1.2M
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
Investing Cash Flow	N/A	N/A	$14.4M-78.3%	$66.5M+158.2%	-$114.1M-268.8%	-$30.9M
Financing Cash Flow	N/A	N/A	$1.1M-82.6%	$6.1M-93.4%	$93.2M-82.3%	$527.3M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	$335K-96.1%	$8.6M+187.6%	$3.0M	$0-100.0%	$5.3M

Metric	Q4'25	Q3'25	Q2'25	Q4'24	Q3'24	Q4'23	Q4'22	Q2'22
Operating Cash Flow	-$14.6M-893.7%	$1.8M	N/A	-$10.9M-230.0%	$8.4M	N/A	N/A	N/A
Capital Expenditures	$0	$0	N/A	$38K+3700.0%	$1K	N/A	N/A	N/A
Free Cash Flow	-$14.6M-893.7%	$1.8M	N/A	-$11.0M-230.5%	$8.4M	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	$0	$0	N/A	N/A	N/A

IMAB Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	47.3%	N/A
Operating Margin	N/A	N/A	-11395.1%	N/A	N/A	N/A
Net Margin	N/A	N/A	-32868.5%	N/A	-2648.7%-2679.3pp	30.5%
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%
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%
Current Ratio	8.09-12.8	20.90+15.2	5.67+0.9	4.78-2.9	7.66-1.6	9.28
Debt-to-Equity	0.13+0.1	0.06-0.5	0.52+0.1	0.40+0.2	0.23+0.1	0.13
FCF Margin	N/A	N/A	-29107.9%	N/A	-1139.5%-1167.1pp	27.6%

Metric	Q4'25	Q3'25	Q2'25	Q4'24	Q3'24	Q4'23	Q4'22	Q2'22
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	8.09-6.4	14.47-8.4	22.82+1.9	20.90	N/A	5.67+0.9	4.78-2.5	7.31
Debt-to-Equity	0.13+0.1	0.07+0.0	0.050.0	0.06	N/A	0.52+0.1	0.40+0.2	0.24
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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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) generated -$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) generated -$20.6M in operating cash flow during fiscal year 2025, representing cash generated from 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.

How many shares does I-Mab have outstanding?

I-Mab (IMAB) had 265M shares outstanding as of 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 cash runway?

Based on fiscal year 2025 data, I-Mab (IMAB) had $210.6M in cash against an annual operating cash burn of $20.6M. This gives an estimated cash runway of approximately 123 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is I-Mab's Piotroski F-Score?

I-Mab (IMAB) has a Piotroski F-Score of 1 out of 9, indicating weak financial health. 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) has an earnings quality ratio of 0.45x, considered low quality (accrual-driven). 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.

How financially healthy is I-Mab?

I-Mab (IMAB) scores 33 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.