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Disclaimer and forward-looking statements This investor presentation and
any accompanying oral commentary have been prepared by ImageneBio, Inc. (the Company) for informational purposes only and not for any other purpose. This investor presentation and any accompanying oral commentary contain 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 potential benefits of OX40/OX40L antagonists generally and IMG-007 specifically,
including as a treatment option for AD and AA, its best-in-class potential, its differentiating features and as a pipeline in a product; expected cash runway; the current estimated global market size in autoimmune and inflammatory indications where
OX40/OX40L signaling has been implicated; the estimated market opportunity, patient population and demographics of patients with AD; the ongoing Phase 2b ADAPTIVE study, including the aims thereof and the expected timing for topline data; and other
statements regarding management's intentions, plans, beliefs, expectations or forecasts for the future. Words such as will, can, expect, may, plan, potential, opportunity, goal, believe, 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 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 factors described in the section titled Risk Factors in the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, filed with the SEC on November 12, 2025, and in
the Company's other documents subsequently filed 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
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to patient demographics and other data about our industry. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. This investor presentation contains trademarks, service marks,
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shall there be any sale of such securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. 2
Innovating in immunology Established as a public company (NASDAQ:
Anchored on IMG-007, a differentiated anti- IMA) in July 2025 through Inmagene-Ikena OX40 monoclonal antibody (mAb) in Phase 2b reverse merger and concurrent financing for atopic dermatitis, the most common type of eczema Well-funded with strong
investor group and cash runway expected through end of 2027 Worldwide commercialization rights Headquartered in San Diego, CA Designed to be different: developing a potential best-in-class anti-OX40 treatment with features that matter to patients 3
In the large atopic dermatitis (AD) population, patients are being
underserved 1 As of today, it is estimated that there are The global AD biologics market is estimated at $15 billion in 2025, and People living in the US with AD 26 million 2 growing year-over-year Children living in the US with AD 7 million
Persistent symptoms despite treatment: Even with biologics and JAK inhibitors, 30- 40% of patients report inadequate disease Adults living in the US have 6.8 million 3 control moderate-to-severe AD Quality of life crisis: Itch, sleep loss, and
People living around the world with AD 237 million mental health impacts plague patients Children living around the world with AD Burdensome regimens: Existing products 96 million require daily or bi-weekly dosing Adults living around the world have
Access and adoption gap: Only ~15% of 49 million moderate-to-severe AD 3 biologic-eligible patients receive treatment JAKi: JAK inhibitor (Janus Kinase inhibitor) https://nationaleczema.org/ patient submitted pictures 1. Market research report
sourced from: National Eczema Association, 2024; Fuxench et al., 2019; CDC, January 2023; Global Data; TARGET-DERM-AD registry; Laughter et al., 2021; Tian et al., 2024; Ab Hadi et al., 2021; Suaini et al., 2020; ,International League of
Dermatological Societies, 2022 Report. 2. Global Data 3. Multiple sources on market reporting and publications including Ann P Quick, J Silverberg, et Al. 707 - Contemporary systemic treatment patterns in atopic dermatitis, British Journal of
OX40 signaling plays a central role in inflammation, with involvement
across multiple T cell subtypes OX40 is a receptor protein that is highly expressed on various subtypes of activated T cells Markers of these T cells are found in the circulating bloodstreams and skin of patients with atopic
dermatitis OX40 binding to its ligand OX40L, which is found primarily in the tissues, initiates a signaling cascade leading to: Proliferation and differentiation of pathogenic effector T cells of various subtypes such as Th1, Th2,
Th22, & Th17, which cause acute and chronic inflammation Embedding pathogenic T memory cells, which can drive disease chronicity Suppression of regulatory T cells (T regs) that would ordinarily calm overactive inflammatory
responses Croft, et Al. OX40 in the Pathogenesis of Atopic Dermatitis, American Journal of Clinical Dermatology, 2024. 5
OX40's role across T cell subsets underscores its potential in
atopic dermatitis Atopic dermatitis is well known as a heterogeneous disease where patients can have multiple pathways over-activated simultaneously Inhibiting OX40/OX40L signal cascade is a promising novel therapeutic approach
because it may help restore balance to multiple inflammation-related pathways at once OX40/OX40L blockade contrasts with biologic therapies that inhibit a single pathway; for example, anti-IL-13 or anti-IL4R drug, like dupillimab,
primarily block Th2 signaling We believe OX40 inhibition could be a very effective and novel monotherapy approach and may also have potential in combinations with other agents given its broad, rebalancing (vs. immunosuppressing) mechanism
https://nationaleczema.org/ patient submitted pictures Guttman-Yassky, Croft, M., Esfandiari, E., Chong, C. et al. OX40 in the Pathogenesis of Atopic Dermatitis-A New Therapeutic Target. Am J Clin Dermatol 25, 447-461 (2024) Chovatiya R,
Silverberg JI. The Heterogeneity of Atopic Dermatitis. J Drugs Dermatol. 2022 Feb 1;21(2):172-176. doi: 10.36849/JDD.6408. PMID: 35133102; PMCID: PMC10119386. 6
Designed to be different: IMG-007, a next generation anti-OX40 mAb 1.
Receptor targeting for optimal efficacy profile IMG-007 has a trifecta of 2. T cell-preserving for safety and tolerability differentiating features 3. Extended half-life for patient- and physician-friendly dosing schedules 7
Designed to be different: IMG-007, a next generation anti-OX40 mAb 1.
Receptor targeting for optimal efficacy profile Targeting OX40 receptor (OX40) rather than OX40 ligand (OX40L) allows IMG-007 to inhibit OX40-OX40L signaling in both blood and tissues. 2. T cell-preserving for safety and tolerability 3. Extended
half-life for patient- and physician-friendly dosing schedules 8
Designed to be different: IMG-007, a next generation anti-OX40 mAb 1.
Receptor targeting for optimal efficacy profile Illustrative OX40/OX40L Interaction Targeting OX40 receptor (OX40) rather than OX40 ligand (OX40L) allows IMG-007 to inhibit OX40-OX40L signaling in both blood and tissues. 2. T cell-preserving for
safety and tolerability IMG-007 incorporates an engineered Fc region that silences ADCC function, meaning activated T cell signaling is attenuated, but T cells are not killed and depleted. This advantage can potentially improve tolerability and
increase the therapeutic window, allowing higher dosing, more efficacy, all while maintaining safety. 3. Extended half-life for patient- and physician- friendly dosing schedules ADCC: Antibody dependent cellular cytotoxicity 9
Designed to be different: IMG-007, a next generation anti-OX40 mAb 1.
Receptor targeting for optimal efficacy profile Half-Life Targeting OX40 receptor (OX40) rather than OX40 ligand (OX40L) allows IMG-007 to inhibit OX40-OX40L signaling in both blood and tissues. Roca 2. T cell-preserving for safety and tolerability
Amli IMG-007 incorporates an engineered Fc region that silences ADCC function, meaning activated T cell signaling is attenuated, but T cells are not killed and depleted. This advantage can potentially improve tolerability and increase the
therapeutic IMG-007 window, allowing higher dosing, more efficacy, all while maintaining safety. 0 10 20 30 40 (Days) 3. Extended half-life for patient- and physician- friendly dosing schedules SC formulation, available for IMG-007 and rocatinlimab,
IMG-007's engineering has resulted in a half-life of approximately 5 weeks in a are presented. Half-life data for amlitelimab SC is not available, therefore data from the IV PK study is patient's bloodstream, opening the potential for dosing
intervals of once every presented. (see slide 12 for further detail on studies) No head-to-head trials have been conducted among the results shown and cross-trial comparisons must be few months or beyond. interpreted with caution. As a result,
conclusive cross- trial comparisons cannot be made 10
Designed to be different: IMG-007, a next generation anti-OX40 mAb 1.
Receptor targeting for optimal efficacy profile Efficacy, safety, and convenience all drive IMG-007 has a product choice among physicians and patients in trifecta of inflammatory and autoimmune disease 2. T cell-preserving for safety and
tolerability differentiating features As a non-T cell depleting, receptor targeting anti- OX40, with a roughly 5-week half-life and well tolerated profile, investigational IMG-007 is well positioned to emerge as a best-in-class OX40 treatment 3.
Extended half-life for patient- and physician-friendly dosing schedules 11
Next generation IMG-007 has best-in-class potential among OX40/OX40L
antagonists OX40 Targeting Optimization IMG-007 (Ph2b) Rocatinlimab (Ph3) Amlitelimab (Ph3) Receptor Targeting X (Ligand-targeting) Optimized Half-Life ~5 weeks ~1.5 weeks ~3 weeks Non-T Cell Depleting X IMG-007 is
designed to be differentiated where it will matter to patients and treating physicians The data for rocatinlimab and IMG-007 are based on studies in healthy adults (for IMG-007 ; half-life data for amlitelimab is based on a multiple dose study in
healthy adults; showing mean half-life results for rocatinlimab 3 mg/kg SC (Furihata K et al. Clin Pharm Drug Dev 2021;10[8]:870-883), amlitelimab 4 mg/kg IV at baseline followed with 2 mg/kg at Weeks 4 and 8 (Sagari M et al 2022; Clin Pharmacol
& Therapeutics 111[5]:1121-1132). IMG-007 SC half-life of approximately ~5 weeks is estimated for a single SC dose of IMG-007 600 mg. Results are presented from different clinical trials at different points in time with differences in trial
design. No head-to- head trials have been conducted among the results shown and cross-trial comparisons must be interpreted with caution. 12 The IMG-007 trifecta
IMG-007 Phase 1b/2a in adults with moderate-to-severe atopic dermatitis
(AD) enrolled a typical patient population Patient demographics, n=13 Mean Age, years (SD): 49.8 (15.0) IMG-007 monotherapy Gender: Female 31%, Male 69% Mean BMI (SD): 31.4 (8.7) No topical or systemic AD medications allowed
Caucasian: 46%, Non-Caucasian: Ethnicity: 54% 13 patients enrolled; open label Mean duration of AD, 29.6 (19.8) years (SD): 3 IV doses of 300 mg each at week 0, 2 and 4 Mean baseline EASI 29.5 (13.7) (SD): Follow up to 24
weeks Mean baseline BSA % 52.0 (25.5) (SD): IGA=3 / IGA=4: 62% / 38% SD: Standard deviation BMI: Body mass index EASI: Eczema Area and Severity Index, a clinical tool that measures the severity of atopic dermatitis BSA: Body surface area IGA:
Investigator's Global Assessment IV: Intravenous 13
IMG-007 proof of concept: notable, rapid improvement in AD skin signs
among treated patients in Phase 1b/2a Mean percent (%) change from baseline in BSA score Mean percent (%) change from baseline in EASI score Four-week IMG-007 treatment with only three doses resulted in 87% mean reduction in EASI score from baseline
at week 20 Rapid onset to improvement was seen in both EASI score and affected body surface area Mean Standard Error n=13. Mixed-effect model with repeated measures (MMRM) was utilized for the analysis EASI: Eczema Area and Severity Index;
EASI is a composite scoring system used in clinical trials to measure the extent (area) and severity of atopic eczema (dermatitis) 14 BSA: Body Surface Area; BSA is a tool used in clinical trials to measure the extent of atopic dermatitis % change
from baseline in BSA score
The majority of patients achieved 75% or more and almost one third
achieved 90% or more improvement in EASI score by week 16 EASI-75, a 75% improvement Proportion of patients achieving EASI-75 and EASI-90 in EASI score or better, was achieved by 54%, 54% and 46% of participants at weeks 16, 20, and 24,
respectively EASI-90, a 90% improvement in EASI score or better, was achieved by 31% of patients at week 16 and maintained through week 24 Durable activity observed in patients through week 24 after only 3 IV doses over 4 weeks n=13;
Patients who received rescue therapies were counted as "non-responders". Last observation carried forward (LOCF) imputation was used for missing data, except for missing data that arises following study discontinuation with reason
lack of efficacy' (none in the study). 15 EASI: Eczema Area and Severity Index; EASI is a composite scoring system used in clinical trials to measure the extent (area) and severity of atopic eczema (dermatitis)
Early IMG-007 data support a favorable emerging safety profile; no
fever or chills observed Treatment-emergent adverse events in Phase 1b/2a Participants with at least one TEAE 9 (69%) In the Phase 1b/2a of IMG-007 in moderate- to-severe AD there were Study treatment related TEAEs 0 No serious
adverse events Serious AE 0 No treatment-related AEs TEAE by CTCAE grade No infusion-related reactions Grade 1 (Mild) 3 (23%) No reports of pyrexia or chills reported Grade 2 (Moderate) 5 (38%) All AEs were of mild or
moderate intensity, Grade 3 (Severe) 1 (8%) except for one patient who experienced an unrelated severe AE of AD flare TEAE that are infusion-related reactions 0 The well-tolerated profile can potentially be TEAE of pyrexia (fever) or chills
0 attributed to IMG-007's silenced ADCC TEAE leading to 4-week dosing period 0 function and resulting lack of T cell depletion discontinuation IMG-007 safety profile has been consistent across all four clinical studies conducted to date,
including the AD proof-of-concept, alopecia areata proof-of-concept, and two healthy volunteer studies AE: adverse event CTCAE: Common terminology criteria for adverse events TEAE: treatment-emergent adverse event 16
Th1, Th2, and Th17 biomarkers were reduced to within healthy volunteer
ranges in IMG-007 treated AD patients in the Phase 1b/2a proof-of-concept study Th2 serum proteins Th17 serum proteins Th1 serum proteins th 50 percentile th of healthy 50 percentile th subjects of healthy 50 percentile subjects of healthy subjects
(Mean SEM) (Mean SEM) (Mean SEM) AD: Atopic dermatitis Two-way ANOVA with Dunnett's multiple comparisons test; SEM: standard error of the mean n numbers at baseline, wk16, and 24 were 13, 6 and 6, respectively
Post-systemic rescue treatment results were censored from the analysis 17
ADAPTIVE: the IMG-007 phase 2b clinical trial in atopic dermatitis (AD)
The phase 2b ADAPTIVE trial is a randomized, double-blind, placebo-controlled dose-finding study of IMG-007 in adults with moderate-to-severe AD, recruiting both biologic- and/or JAK inhibitor-experienced and naive patients and using a subcutaneous
formulation Aims of the ADAPTIVE study: Continue to assess overall efficacy and safety of IMG-007 in AD Currently recruiting in North More fully characterize the clinical profile, including at a range of America, Europe to
follow drug exposures Expert team with specialty CRO to Understand the role of short- and longer-term treatment drive trial execution Characterize the role of loading doses in driving the magnitude of efficacy and time to
onset of effect Topline data expected in 2027 Evaluate patient-friendly dosing intervals 18
IMG-007 has pipeline-in-a-product growth potential Inflamm- Rheumatoid
Multiple atory Atopic $10 billion+ arthritis sclerosis bowel dermatitis markets each disease Systemic lupus Type 1 Asthma $5-10 billion (biologics) erythemat diabetes markets each osus Alopecia Systemic Prurigo Myasthenia Hidradenitis Celiac areata
<$5 billion sclerosis nodularis gravis suppurativa disease (AA) markets each OX40/OX40L signaling has been implicated in over a dozen autoimmune and inflammatory diseases Directional global market size estimates derived from Global Data and
publicly available market research reports. Fu, et al. The OX40/OX40L Axis Regulates T Follicular Helper Cell Differentiation: Implications for Autoimmune Diseases, Front. Immunol. 2021 Croft M, Salek-Ardakani S, Song J, et al. Regulation of T Cell
Immunity by OX40 and OX40L. In: Madame Curie Bioscience Database [Internet]. Austin (TX): Landes Bioscience; 2000-2013 19 Yu Fu, Qing Lin, Zhirong Zhang, Ling Zhang, Therapeutic strategies for the costimulatory molecule OX40 in T-cell-mediated