ImageneBio Reports Fourth Quarter and Full Year 2025 Financial Results and Provides Company Update

ImageneBio Reports Fourth Quarter and Full Year 2025 Financial Results and Provides Company Update

SAN DIEGO, March 10, 2026 - ImageneBio, Inc. (Nasdaq: IMA) ("Imagene" or the "Company") today reported financial

results for the fourth quarter and full year ended December 31, 2025, and provided a company update.

"IMG-007 is now the leading receptor-targeting OX40 antagonist program in clinical development. Our approach is

entirely unlike that of ADCC-enhanced anti-OX40 antibodies such as rocatinlimab: published data has shown rocatinlimab treatment causes deep depletion of T cells, while IMG-007 is a non-T cell depleting antibody. This is a fundamental, intentional, and critical difference in our molecule's design," commented Kristin Yarema, PhD, Chief Executive Officer of Imagene. "While the

clinical profile of IMG-007 remains early, our safety database continues to grow and we have not seen any of the tolerability issues mechanistically linked to T cell depletion - pyrexia, chills, ulcers

- nor have we seen any malignancies. This emerging clinical profile adds to the compelling, competitive efficacy we saw in our proof-of-concept studies in atopic

dermatitis and alopecia areata. We are confident that ADAPTIVE, our Phase 2b dose-ranging study in AD, is robust and designed to well characterize IMG-007's efficacy, safety, and convenience for

IMG-007 Program Updates

IMG-007 is a novel, non-T cell depleting, receptor-targeting, anti-OX40

monoclonal antibody currently being evaluated in the Phase 2b ADAPTIVE trial in adults with moderate-to-severe AD. The study began enrolling in mid-2025 and is enrolling at North American sites.

"It has been inspiring to hear the enthusiasm for IMG-007 from our investigators and other leading

dermatologists, as well as their understanding of its unique features that we believe will prove key to establishing a differentiated efficacy, safety, and convenience profile." said Dr. Ben Porter-Brown, Chief Medical Officer.

'We continue to have strong conviction that IMG-007 has the potential to be the most efficacious of this novel class of agents. While we advance the study, we are also mindful of recent news

regarding competing Phase 3 development programs targeting OX40 or OX40L and the emerging focus on safety. Together with leaders in the field, we are actively exploring ways to better understand Kaposi's sarcoma, its link with HHV-8 viral reactivation and any potential relationship to OX40-OX40L signaling in the AD patient population. As we apply these learnings to the IMG-007 program, our priority

is to execute ADAPTIVE with rigor-and to continue to examine IMG-007's novel profile, including safety, as well as the promising efficacy IMG-007 showed in proof-of-concept studies."

Upcoming Scientific Presentation

Imagene will deliver an oral presentation of preclinical data, including characterization of IMG-007's non-T cell depleting profile, at the 83rd Annual Society for Investigative Dermatology (SID) Meeting in May 2026 in Chicago, IL.

In July 2025, ImageneBio, Inc. was

formed and funded through a reverse merger with Ikena Oncology, Inc. (Ikena) and a concurrent $75 million private placement. The transaction followed a strategic process in which Ikena evaluated multiple companies and selected Imagene

Biopharmaceuticals with the aim to fund and develop IMG-007.

In 2025 and early 2026, Imagene added several key

executives, including Dr. Ben Porter-Brown as Chief Medical Officer, and an independent board member.

The Company ended 2025 with a strong financial position to execute on its Phase 2b clinical program in atopic dermatitis, with $135.3 million in cash,

cash equivalents, and marketable securities as of December 31, 2025.

Fourth Quarter 2025 Financial Results

Cash Position: As of December 31, 2025, the Company had cash, cash equivalents, and marketable securities of $135.3 million as compared to

$12.1 million as of December 31, 2024. The increase is primarily the result of the completion of the merger between Inmagene Biopharmaceutics with Ikena (the Merger). Additionally, concurrently with the closing of the Merger, the Company

completed a $75.0 million private placement with a syndicate of existing Ikena investors and new investors.

Research and Development (R&D)

Expenses: R&D expenses for the three months ended December 31, 2025 were $3.3 million as compared to $3.8 million for the three months ended December 31, 2024. The company continues to invest in clinical trial and

personnel related expenses associated with its primary development program.

General and administrative (G&A) Expenses: G&A expenses for

the three months ended December 31, 2025 were $5.2 million as compared to $2.4 million for the three months ended December 31, 2024. The increase of $2.8 million is primarily due to a $0.6 million increase in

professional fees associated with the Merger and $1.8 million in personnel and non-cash stock-based compensation expenses.

Net Loss: Net loss for the three months ended December 31, 2025 was $6.9 million as compared to $4.8 million for the same period in

2024. The increase of $2.1 million was due to additional operating costs following the Merger and associated transaction costs.

About IMG-007 ADAPTIVE Trial

IMG-007 is a novel, antibody-dependent cellular

cytotoxicity (ADCC) silenced, non-T cell depleting, receptor targeting, anti-OX40 monoclonal antibody with approximately a 5-week half-life. The ADAPTIVE trial

(NCT07037901) is an ongoing Phase 2b, randomized, placebo-controlled dose ranging study designed to evaluate the efficacy and safety of various dose regimens of IMG-007 in adults with moderate-to-severe AD, recruiting both biologic- and/or JAK inhibitor-experienced and naive patients.

About ImageneBio, Inc.

Imagene is a clinical-stage

biotechnology company dedicated to developing therapeutics for patients with immunological, autoimmune and inflammatory diseases with differentiated clinical profiles. The Company's program, IMG-007, is

a receptor targeting, nondepleting anti-OX40 monoclonal antibody with multiple differentiating features. Imagene has completed Phase 1b/2a clinical trials of IMG-007 in both atopic dermatitis and alopecia

areata and is currently conducting a Phase 2b clinical trial of IMG-007 in patients with moderate-to-severe atopic dermatitis.

For more information, please visit www.imagenebio.com.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities

Litigation Reform Act of 1995, including, without limitation, statements regarding: the ongoing Phase 2b ADAPTIVE study; the potential benefits of the protocol amendment; belief that the anti-OX40/OX40L class is on a promising path towards

adoption in AD and other inflammatory and autoimmune indications; the potential benefits of OX40/OX40L antagonists generally and IMG-007 specifically in AD and AA; the ability of the Company to grow its safety

database related to IMG-007; the Company's plans to further explore Kaposi's

sarcoma, its link with HHV-8 viral reactivation and its potential relationship to OX40-OX40L signaling in the AD patient population; and other statements

regarding management's intentions, plans, beliefs, expectations or forecasts for the future. Words such as "will," "can," "expect," "may," "plan," "potential,"

"goal," or other words that convey uncertainty of future events or outcomes are used to identify these forward-looking statements. These statements are subject to a number of risks, uncertainties and assumptions, including, but not

limited to: risks associated with the nonclinical and clinical development and regulatory approval of IMG-007, including potential delays in the completion of clinical trials and potential safety and other

complications thereof; the timing of the availability of data from the Company's clinical trials; the risk that competitor data may materially and adversely impact the Company, its business, and its future prospects; the clinical utility,

potential differentiation and/or benefits and market acceptance of IMG-007; the requirement for additional capital to continue to advance the IMG-007 program, which may

not be available on favorable terms or at all; the Company's ability to attract, hire, and retain skilled executive officers and employees; the Company's ability to protect its intellectual property and proprietary technologies; the

Company's reliance on third parties, contract manufacturers, and contract research organizations; the possibility that the Company may be adversely affected by other economic, political, business, or competitive factors; and risks associated

with changes in applicable laws or regulations or government resources and policies. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and

uncertainties. These and other risks and uncertainties are more fully described in the Company's filings with the Securities and Exchange Commission (the SEC), including the risks set forth under the heading "Risk Factors" in our

Annual Report on Form 10-K for the year ended December 31, 2025, and our subsequent Quarterly Reports on Form 10-Q, to be filed with the SEC, and in our other

filings with the SEC. You should not place undue reliance on these forward-looking statements, which are made only as of the date hereof. The Company undertakes no obligation to update such statements to reflect events that occur or circumstances

that exist after the date on which they were made, except as required by law.

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Condensed Consolidated Statements of Operations

Condensed Consolidated Balance Sheets