I-Mab INDEX TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited Interim Condensed Consolidated Financial Statements for the Six Months Ended

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

Unaudited Interim Condensed Consolidated Financial Statements for the Six Months Ended June 30, 2020 and 2021

Consolidated Balance Sheets as of December 31, 2020 and

Unaudited Interim Condensed Consolidated Balance Sheet as of June 30, 2021

(All amounts in thousands, except for share and per share data, unless otherwise noted)

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial

Unaudited Interim Condensed Consolidated Statements of Comprehensive Loss

For the Six Months Ended June 30, 2020 and 2021

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial

Unaudited Interim Condensed Consolidated Statements of Changes in Shareholders Equity (Deficit)

For the Six Months Ended June 30, 2020 and 2021

(All amounts in thousands, except for share and per share data, unless otherwise noted)

Unaudited Interim Condensed Consolidated Statements of Changes in Shareholders Equity (Deficit) (Continued)

For the Six Months Ended June 30, 2020 and 2021

(All amounts in thousands, except for share and per share data, unless otherwise noted)

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial

Unaudited Interim Condensed Consolidated Statements of Cash Flows

For the Six Months Ended June 30, 2020 and 2021

(All amounts in thousands, except for share and per share data, unless otherwise noted)

Unaudited Interim Condensed Consolidated Statements of Cash Flows (Continued)

For the Six Months Ended June 30, 2020 and 2021

(All amounts in thousands, except for share and per share data, unless otherwise noted)

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

(All amounts in thousands, except for share and per share data, unless otherwise noted)

1. PRINCIPAL ACTIVITIES AND ORGANIZATION

I-Mab (the Company ) was incorporated in the Cayman Islands on June 30, 2016 as an exempted company with limited liability under the Companies Act of the Cayman Islands. The Company and its

subsidiaries (together the Group ) are principally engaged in discovering and developing transformational biologics in the fields of immuno-oncology and immuno-inflammation diseases in the People s Republic of China (the

PRC ) and other countries and regions.

On January 17, 2020, the Company consummated its IPO on the Nasdaq Global Market, where 7,407,400

American Depositary Shares ( ADSs ) were issued at the price of US$14.00 per ADS for total gross proceeds of US$103.7 million. On February 10, 2020, the underwriters of the IPO have exercised their over-allotment option to

purchase an additional 768,350 ADSs of the Company at the IPO price of US$14.00 per ADS. After giving effect to the exercise of the over-allotment option, the Company has issued and sold a total of 8,175,750 ADSs in the IPO, for total gross proceeds

of US$114.5 million. Each ten ADSs represents twenty-three ordinary shares of the Company.

As of June 30, 2021, the Company s

principal subsidiaries are as follows:

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

(All amounts in thousands, except for share and per share data, unless otherwise noted)

2. PRINCIPAL ACCOUNTING POLICIES

2.1 Basis of presentation

unaudited interim condensed consolidated financial statements of the Group have been prepared in accordance with the accounting principles generally accepted in the United States of America ( U.S. GAAP ) for interim financial information.

Accordingly, they do not include all of the information and footnotes normally included in the annual financial statements prepared in accordance with U.S. GAAP. Certain information and footnote disclosures normally included in the annual financial

statements prepared in accordance with U.S. GAAP have been condensed or omitted consistent with Article 10 of Regulation S-X. In the opinion of management, the Group s unaudited interim condensed

consolidated financial statements and accompanying notes include all adjustments (consisting of normal recurring adjustments) considered necessary for the fair statement of the Group s financial position as of June 30, 2021, and results of

operations and cash flows for the six months ended June 30, 2020 and 2021. Interim results of operations are not necessarily indicative of the results for the full year or for any future period. These unaudited interim condensed consolidated

financial statements should be read in conjunction with the audited consolidated financial statements as of and for the year ended December 31, 2020, and related notes included in the Group s audited consolidated financial statements. The

financial information as of June 30, 2021 presented in the unaudited interim condensed consolidated financial statements is derived from the audited consolidated financial statements as of December 31, 2020.

Significant accounting policies followed by the Group in the preparation of the accompanying consolidated financial statements are summarized below.

2.2 Basis of consolidation

consolidated financial statements reflect the accounts of the Company and all of its subsidiaries in which a controlling interest is maintained. All inter-company balances and transactions have been eliminated in consolidation.

The Group consolidates entities in which it has a controlling financial interest based on either the variable interest entity (VIE) or voting interest model.

The Group is required to first apply the VIE model to determine whether it holds a variable interest in an entity, and if so, whether the entity is a VIE. If the Group determines it does not hold a variable interest in a VIE, it then applies the

voting interest model. Under the voting interest model, the Group consolidates an entity when it holds a majority voting interest in an entity.

Company accounts for investments in which it has significant influence but not a controlling financial interest using the equity method of accounting (see Note 8).

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

(All amounts in thousands, except for share and per share data, unless otherwise noted)

2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED)

2.2 Basis of consolidation (continued)

An entity is considered to be a VIE if any of the following conditions exist: (a) the total equity investment at risk is not sufficient to permit the

entity to finance its activities without additional subordinated financial support, (b) the holders of the equity investment at risk, as a group, lack either the direct or indirect ability through voting rights or similar rights to make

decisions that have a significant effect on the success of the entity or the obligation to absorb the entity s expected losses or right to receive the entity s expected residual returns, or (c) the voting rights of some equity

investors are disproportionate to their obligation to absorb losses of the entity, their rights to receive returns from an entity, or both and substantially all of the entity s activities either involve or are conducted on behalf of an investor

with disproportionately few voting rights.

Under the VIE model, limited partnerships are considered VIE unless the limited partners hold substantive kick-out or participating rights over the general partner. The Group consolidates entities that are VIEs when the Group determines it is the primary beneficiary. Generally, the primary beneficiary of a VIE is a

reporting entity that has (a) the power to direct the activities that most significantly affect the VIE s economic performance, and (b) the obligation to absorb losses of, or the right to receive benefits from, the VIE that could

potentially be significant to the VIE.

As of December 30, 2020 and June 30, 2021, the Group determined that the one entity subject to the

consolidation guidance is a VIE for which the Group is not the primary beneficiary.

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

(All amounts in thousands, except for share and per share data, unless otherwise noted)

2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED)

2.3 Use of estimates

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the

reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates are

used when accounting for amounts recorded in connection with acquisitions, including initial fair value determinations of assets and liabilities and other intangible assets as well as subsequent fair value measurements. Additionally, estimates are

used in determining items such as fair value measurements of wealth management products, warrants and put right liabilities, impairment of accounts receivables, contract assets, other receivables, long-lived assets, intangible assets and goodwill,

useful lives of property, equipment and software, recognition of right-of-use assets and lease liabilities, variable consideration in collaboration revenue arrangements,

determination of the standalone selling price of each performance obligation in the Company s revenue arrangements, valuation of share-based compensation arrangements and deferred tax assets valuation allowances. Management bases the estimates

on historical experience, known trends and various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from

2.4 Fair value measurements

Financial assets and liabilities of the Group primarily comprise of cash and cash equivalents, restricted cash, short-term investments, accounts receivable,

contract assets, other receivables, short-term borrowings, accruals and other payables and put right liabilities. As of December 31, 2020 and June 30, 2021, except for short-term investments and put right liabilities, the carrying values

of these financial assets and liabilities approximated their fair values because of their generally short maturities. The Group reports short-term investments and put right liabilities at fair value at each balance sheet date and changes in fair

value are reflected in the consolidated statements of comprehensive loss.

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

(All amounts in thousands, except for share and per share data, unless otherwise noted)

2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED)

2.4 Fair value measurements (continued)

The Group measures its financial assets and liabilities using inputs from the following three levels of the

fair value hierarchy. The three levels are as follows:

Level 1 inputs are unadjusted quoted prices in active markets for identical assets that the

management has the ability to access at the measurement date.

Level 2 inputs include quoted prices for similar assets in active markets, quoted