- Significant progress made year-to-date on key clinical
assets:
‐
Uliledlimab (CD73 antibody): Encouraging early results
were presented at ASCO 2023
‐
Givastomig (Claudin 18.2 x 4-1BB bispecific antibody):
Topline Phase 1 data with promising early efficacy signals,
including patients with low levels of Claudin 18.2 tumor
expression. Data to be presented at ESMO 2023
- Eftansomatropin alfa (long-acting recombinant human
growth hormone): Phase 3 pivotal study evaluating weekly injection
of eftansomatropin alfa met the primary endpoint of annualized
height velocity at week 52 and demonstrated non-inferiority to
Norditropin®, administered by daily injection. A BLA filing is
being planned for 2024
- Strong cash position of RMB3.0
billion (US$414.6 million) as
of June 30, 2023, to support
execution of the Company's strategic plan
- The Board of Directors authorized a new stock repurchase
program of up to US$40 million to
enhance long-term shareholder value
- Conference call planned for August 17,
2023 at 8:00 a.m. EST
ROCKVILLE, Md. and SHANGHAI, Aug. 17,
2023 /PRNewswire/ -- I-Mab (Nasdaq: IMAB) (the
"Company"), is a global biotechnology company focused on bringing
highly differentiated medicines to patients around the world
through the discovery, development, and commercialization of novel
immunotherapies and biologics for oncology, today announced its
financial results for the six months ended June 30, 2023, and provided key business
updates.
I-Mab has made significant progress in advancing its pipeline of
innovative assets over the last eight months.
"2023 is off to a great start with promising early results from
our two lead oncology programs, uliledlimab, and givastomig,
coupled with new, positive Phase 3 eftansomatropin alfa results,
thanks to the diligent efforts of our employees. As we move
forward, we plan to focus on three strategic pillars: prioritizing
two promising clinical assets in oncology to advance in the US,
maintaining our strong balance sheet, and focusing on establishing
a new operating model to become a US-based global biotech company,"
said Raj Kannan, Chief Executive Officer of I-Mab.
H1 2023 Key Clinical Program Highlights
Uliledlimab (CD73 mAb): Encouraging clinical and
translational data presented at ASCO 2023
Uliledlimab is a highly differentiated CD73 antibody which can
completely inhibit CD73 enzymatic activity without causing the
aberrant pharmacological property known as the "hook effect."
Results from an ongoing Phase 2 study of uliledlimab in combination
with toripalimab, a PD-1 inhibitor, showed a favorable safety
profile and an encouraging objective response rate (ORR) of 31%
(21/67) in the overall population regardless of CD73 and PD-L1
expression. In this study, without concomitant chemotherapy, in
patients whose tumors expressed higher levels of CD73 and had a
PD-L1 tumor proportion score (TPS) of >1%, the observed ORR was
63% (10/16).
Next steps: The clinical program is currently focused on
non-small cell lung cancer (NSCLC) and ovarian cancer. Enrollment
in the Phase 2 study of uliledlimab with toripalimab for patients
with ovarian cancer is ongoing in China. In the US, I-Mab plans to submit an IND
for uliledlimab in combination with chemotherapy and checkpoint
inhibitors in newly diagnosed patients with advanced NSCLC in H1
2024.
Givastomig (Claudin 18.2 x 4-1BB bispecific
Ab): Phase 1 trial data and publication highlight
potential for a differentiated program
Encouraging initial Phase 1 results: Givastomig was
designed as a bispecific antibody to target Claudin 18.2-positive
tumor cells and stimulate pro-immune 4-1BB signaling. Phase 1 dose
escalation has reached the highest planned dose level. Most
treatment-related adverse events have been low-grade. In this
study, encouraging findings of monotherapy efficacy were observed,
including in tumors with lower levels of Claudin 18.2 expression,
in patients with previously treated cancer that has relapsed or
progressed after prior standard treatments.
Preclinical data on this program were published in the
July 2023 issue of the Journal of
Immunotherapy of Cancer, and the Phase 1 monotherapy dose
escalation data were selected for presentation at the European
Society of Medical Oncology (ESMO) in October 2023. An expansion cohort of patients
with Claudin 18.2 positive gastric, gastroesophageal junction
(GEJ), and esophageal cancer whose disease has progressed after
previous treatment is enrolling, and interim results are expected
in H1 2024.
Based upon these encouraging signals, dose escalation is
expected to begin in combination with standard chemotherapy and
immunotherapy regimens for patients with treatment naïve gastric,
GEJ, and esophageal cancer in the US, Japan, and China in H1 2024.
The program is being developed in collaboration with ABL
Bio.
TJ-L14B/ABL503 (PD-L1 x 4-1BB bispecific antibody): Phase 1
Dose Expansion initiated in H1 2023
TJ-L14B/ABL503 was designed to treat PD-(L)1 antibody-resistant
tumors. The antibody acts by inducing conditional activation of
4-1BB when it binds to its target, PD-L1. A Phase 1 dose-escalation
study is underway in patients with progressive, locally advanced or
metastatic solid tumors who are relapsed or refractory following
prior lines of treatment. A preliminary efficacy signal has been
observed, and a maximally tolerated dose (MTD) has not yet been
reached. The dose expansion portion of the Phase 1 study is
underway in the US and South
Korea. The program is also being developed in collaboration
with ABL Bio.
New Data: Eftansomatropin alfa (long-acting recombinant human
growth hormone)
I-Mab today announced positive topline results from its
multi-center, randomized, open-label, active-controlled pivotal
phase 3 study (CTJ101PGHD301) evaluating the efficacy and safety of
eftansomatropin alfa in children with growth hormone
deficiency.
The study met its primary endpoint of annualized height velocity
(AHV) at week 52 and demonstrated that eftansomatropin alfa was
non-inferior to Norditropin®. Eftansomatropin alfa was given by
weekly injection vs. Norditropin® given by daily injection. The
mean AHV was 10.76 (cm/year) for eftansomatropin alfa vs. 10.28
(cm/year) for Norditropin®, with a difference of 0.47 [95% CI
-0.06,1.00] and non-inferiority p-value <0.0001. Eftansomatropin
alfa was well tolerated and no drug discontinuation was reported
due to treatment related adverse events. The safety profile of
eftansomatropin alfa was comparable to Norditropin®. The Company is
planning to file a BLA submission in China in 2024.
Commercial partnership with Jumpcan for product launch and
commercialization of eftansomatropin alfa in China is ongoing.
Felzartamab (CD38 antibody): Phase 3 Multiple Myeloma Results
Expected in 2024
Felzartamab is in development for the treatment of multiple
myeloma (MM). Clinical studies have been conducted in second- and
third-line treatment settings. The randomized, open-label,
parallel-controlled Phase 3 study of felzartamab in combination
with lenalidomide and dexamethasone as a second-line treatment for
MM with progression-free survival (PFS) as the primary endpoint is
ongoing with a projected read-out in 2024, followed by planned BLA
submission.
Lemzoparlimab (CD47 antibody): Phase 3 trial underway in
China
The development of lemzoparlimab, focused on China, has the potential to be the
first-in-class CD47 antibody for hematologic malignancies in this
market. The Phase 3 program is evaluating lemzoparlimab in
combination with azacytidine (AZA) as first-line treatment for
patients with newly diagnosed higher-risk myelodysplastic syndrome
(MDS). Enrollment in the Phase 3 trial was initiated in
April 2023. The Company will continue
to review Phase 2 clinical follow-up data in the higher risk-MDS
study and analyze details from other trials evaluating other
CD47-targeting agents as they are released, to inform the Company's
decisions on the future steps for the program.
Corporate Development
- In August 2023, the Board of
Directors of the Company authorized a new share repurchase program
under which the Company may repurchase up to US$40 million of American depository shares
("ADSs") or ordinary shares in aggregate over the next 12 months.
The timing and dollar amount of share repurchase transactions will
be subject to the applicable U.S. Securities and Exchange
Commission rule requirements. The Company's Board of Directors will
review the implementation of share repurchases periodically and may
authorize adjustment of its terms and size.
- Proprietary position for uliledlimab fortified with Tracon
and KG Bio resolutions.
‐ The positive outcome in
arbitration relating to the collaboration agreement with Tracon
Pharmaceuticals, Inc. (Tracon) confirms that Tracon has no
rights to share any future economics with I-Mab for
uliledlimab.
‐ In June 2023, the Company terminated the first
negotiation agreement with Kalbe Genexine Biologics (KG Bio),
pursuant to which KG Bio no longer has a right of first negotiation
for the exclusive right to commercialize uliledlimab in
Southeast Asia and other
territories.
First-Half 2023 Financial Results
Cash Position
As of June 30, 2023, the Company
had cash, cash equivalents, restricted cash, and short-term
investments of RMB3.0 billion
(US$414.6 million), compared with
RMB3.5 billion (US$489.0 million) as of December 31, 2022.
Net Revenues
Total net revenues for the six months ended June 30, 2023 were RMB19.7
million (US$2.7 million),
compared with RMB51.9 million
(US$7.2 million) for the comparable
period in 2022. Revenues consisted of revenues recognized in
connection with the strategic collaboration with AbbVie and
revenues generated from the supply of investigational products to
AbbVie Inc (Abbvie) and Human Immunology Biosciences, Inc. for the
six months ended June 30, 2022 and
2023, respectively.
Research & Development Expenses
Research and development expenses for the six months ended
June 30, 2023 were RMB446.4 million (US$61.6
million), compared with RMB452.6
million (US$62.4 million) for
the comparable period in 2022. The decrease was primarily due to
the reduced payroll and share-based compensation expenses,
partially offset by a slight increase in Chemistry, Manufacturing,
and Controls service fees. Share-based compensation expense was
RMB46.8 million (US$6.5 million) for the six months ended
June 30, 2023, compared with
RMB77.6 million (US$10.7 million) for the comparable period in
2022.
Administrative Expenses
Administrative expenses for the six months ended June 30, 2023 were RMB245.0 million (US$33.8
million), compared with RMB392.5
million (US$54.1 million) for
the comparable period in 2022. The decrease was primarily due to
lower payroll expenses and share-based compensation expenses for
management personnel and reduced expenses for professional
services. Share-based compensation expense was RMB88.0 million (US$12.1
million) for the six months ended June 30, 2023, compared with RMB119.3 million (US$16.5
million) for the comparable period in 2022.
Other Expenses, Net
Net other expenses for the six months ended June 30, 2023 were RMB71.7
million (US$9.9 million),
compared with RMB51.9 million
(US$7.2 million) for the comparable
period in 2022. The increase was primarily caused by the higher
unrealized exchange losses due to the significant fluctuation in
the exchange rate of the Renminbi (RMB) against the U.S. dollars in
2023.
Equity in Loss of Affiliates
Equity in loss of affiliates for the six months ended
June 30, 2023 was RMB59.6 million (US$8.2
million), compared with RMB181.0
million (US$25.0 million) for
the comparable period in 2022. The loss was mainly recognized in
relation to the Company's affiliate, I-Mab Biopharma (Hangzhou) Co., Ltd.
Net Loss
Net loss for the six months ended June
30, 2023 was RMB772.8 million
(US$106.6 million), compared with
RMB1,046.9 million (US$144.4 million) in the comparable period in
2022. Net loss per share attributable to ordinary shareholders as
of June 30, 2023 was RMB4.04 (US$0.56),
compared with RMB5.54 (US$0.76) for the comparable period in 2022. Net
loss per ADS attributable to ordinary shareholders as of
June 30, 2023 was RMB9.29 (US$1.28),
compared with RMB12.74 (US$1.76) for the comparable period in
2022. As of June 30, 2023, I-Mab
has 190,033,689 shares outstanding.
Non-GAAP Net Loss
Non-GAAP adjusted net loss, which excludes share-based
compensation expenses, for the six months ended June 30, 2023 was RMB634.2
million (US$87.5 million),
compared with RMB848.0 million
(US$116.9 million) for the comparable
period in 2022. Non-GAAP adjusted net loss per share attributable
to ordinary shareholders for the six months ended June 30, 2023 was RMB3.31 (US$0.46),
compared with RMB4.49 (US$0.62) for the comparable period in 2022.
Non-GAAP adjusted net loss per ADS attributable to ordinary
shareholders for the six months ended June
30, 2023 was RMB7.61
(US$1.05), compared with RMB10.33 (US$1.42)
for the comparable period in 2022.
Conference Call Information
Investors and analysts are invited to join the conference call
at 8:00 a.m. EST on August 17, 2023 via Zoom:
https://i-mabbiopharma.zoom.us/j/87349766033?pwd=bFhVejFDS1dHeWw3eklaeW1JcFhpUT09
Meeting ID: 873 4976 6033
Password: 194422
Note that call participants can register in advance via the
above link to streamline the login process.
About I-Mab
I-Mab (Nasdaq: IMAB) is a global biotechnology
company focused on bringing highly differentiated medicines to
patients around the world through the discovery, development, and
commercialization of novel immunotherapies and biologics for
oncology. I-Mab's innovative pipeline is driven by internal
R&D's Fast-to-Proof-of-Concept, Fast-to-Market development
strategies, and through global partnerships. For more
information, please
visit https://www.i-mabbiopharma.com and follow us
on LinkedIn, Twitter, and WeChat.
I-Mab Forward-Looking Statements
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "confident," and similar statements. I-Mab
may also make written or oral forward-looking statements in its
periodic reports to the U.S. Securities and Exchange Commission
(the "SEC"), in its annual report to shareholders, in press
releases and other written materials and in oral statements made by
its officers, directors or employees to third parties. Statements
that are not historical facts, including statements about I-Mab's
beliefs and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to
differ materially from those contained in any forward-looking
statement, including but not limited to the following: I-Mab's
transition and its new operating model to become a U.S.-based
global biotech; I-Mab's ability to demonstrate the safety and
efficacy of its drug candidates; the clinical results for its drug
candidates, which may or may not support further development or
NDA/BLA approval; the content and timing of decisions made by the
relevant regulatory authorities regarding regulatory approval of
I-Mab's drug candidates; I-Mab's ability to achieve commercial
success for its drug candidates, if approved; I-Mab's ability to
attract and maintain third-party business partners to develop,
promote and commercialize its drug candidates; I-Mab's ability to
obtain and maintain protection of intellectual property for its
technology and drugs; I-Mab's reliance on third parties to conduct
drug development, manufacturing and other services; I-Mab's limited
operating history and I-Mab's ability to obtain additional funding
for operations and to complete the development and
commercialization of its drug candidates; and the impact of the
COVID-19 pandemic on I-Mab's clinical development, commercial and
other operations, as well as those risks more fully discussed in
the "Risk Factors" section in I-Mab's most recent annual report on
Form 20-F, as well as discussions of potential risks,
uncertainties, and other important factors in I-Mab's subsequent
filings with the SEC. All forward-looking statements are based on
information currently available to I-Mab, and I-Mab undertakes no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events,
or otherwise, except as may be required by law.
Use of Non-GAAP Financial Measures
To supplement its consolidated financial statements, which are
presented in accordance with U.S. GAAP, the Company uses adjusted
net income (loss) as a non-GAAP financial measure.
Adjusted net income (loss) represents net income (loss) before
share-based compensation. The Company's management believes that
adjusted net income (loss) facilitates an understanding of
operating results and provides management with a better capability
to plan and forecast future periods. For more information on
the non-GAAP financial measures, please see the table
captioned "Reconciliation of GAAP and Non-GAAP Results"
set forth at the end of this press release.
Non-GAAP information is not prepared in accordance with
GAAP and may be different from non-GAAP methods of
accounting and reporting used by other companies. The presentation
of this additional information should not be considered a
substitute for GAAP results. A limitation of using adjusted net
income (loss) is that adjusted net income (loss) excludes
share-based compensation expense that has been and may continue to
be incurred in the future.
Exchange Rate Information
This announcement contains the translations of certain RMB
amounts into U.S. dollars at a specified rate solely for the
convenience of the reader. Unless otherwise noted, all translations
from Renminbi to U.S. dollars are made at a rate of RMB7.2513 to US$1.00, the rate in effect as of June 30, 2023, published by the Federal Reserve
Board of the United States.
The translations of certain RMB amounts into U.S. dollars for
historical periods presented in this announcement may not be
identical to the ones previously announced by the Company. This is
due to the differences in the particular exchange rate used by the
Company for this announcement compared to historical exchange
rates.
For more information, please contact:
Investors
|
Media
|
Tyler Ehler
|
Gigi Feng
|
Senior Director,
Investor Relations
|
Chief Communications
Officer
|
IR@i-mabbiopharma.com
|
PR@i-mabbiopharma.com
|
I-MAB
|
Consolidated Balance
Sheets
|
(All amounts in
thousands, except for share and per share data, unless otherwise
noted)
|
|
|
|
As of December
31,
|
|
As of June
30,
|
|
|
2022
|
|
2023
|
|
|
RMB
|
|
US$
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
3,214,005
|
|
443,232
|
|
2,359,592
|
|
325,403
|
Short-term
restricted cash
|
|
96,764
|
|
13,344
|
|
26,995
|
|
3,723
|
Short-term
investments
|
|
235,429
|
|
32,467
|
|
585,913
|
|
80,801
|
Prepayments and
other receivables
|
|
80,278
|
|
11,071
|
|
102,345
|
|
14,113
|
Total current
assets
|
|
3,626,476
|
|
500,114
|
|
3,074,845
|
|
424,040
|
Long-term
restricted cash
|
|
-
|
|
-
|
|
33,638
|
|
4,639
|
Property, equipment
and software
|
|
60,841
|
|
8,390
|
|
52,583
|
|
7,252
|
Operating lease
right-of-use assets
|
|
63,125
|
|
8,705
|
|
49,881
|
|
6,879
|
Intangible
assets
|
|
118,888
|
|
16,395
|
|
118,499
|
|
16,342
|
Goodwill
|
|
162,574
|
|
22,420
|
|
162,574
|
|
22,420
|
Investments
accounted for using the
equity method
|
|
30,850
|
|
4,254
|
|
11,411
|
|
1,574
|
Other non-current
assets
|
|
10,911
|
|
1,505
|
|
8,264
|
|
1,140
|
Total
assets
|
|
4,073,665
|
|
561,783
|
|
3,511,695
|
|
484,286
|
|
|
|
|
|
|
|
|
|
Liabilities and
shareholders' equity
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
|
Short-term bank
borrowings
|
|
18,956
|
|
2,614
|
|
29,970
|
|
4,133
|
Accruals and other
payables
|
|
706,572
|
|
97,440
|
|
595,221
|
|
82,085
|
Operating lease
liabilities, current
|
|
23,961
|
|
3,304
|
|
27,322
|
|
3,768
|
Contract
liabilities, current
|
|
8,677
|
|
1,197
|
|
10,560
|
|
1,456
|
Total current
liabilities
|
|
758,166
|
|
104,555
|
|
663,073
|
|
91,442
|
Put right liabilities
|
|
88,687
|
|
12,230
|
|
64,787
|
|
8,935
|
Contract
liabilities, non-current
|
|
267,878
|
|
36,942
|
|
267,644
|
|
36,910
|
Operating lease
liabilities, non-current
|
|
32,069
|
|
4,423
|
|
20,406
|
|
2,814
|
Other non-current
liabilities
|
|
16,963
|
|
2,339
|
|
49,002
|
|
6,758
|
Total
liabilities
|
|
1,163,763
|
|
160,489
|
|
1,064,912
|
|
146,859
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
|
|
Ordinary shares
(US$0.0001 par value,
800,000,000 shares authorized as of
December 31, 2022, and June 30, 2023;
190,879,919 and 190,033,689 shares
issued and outstanding as of December
31, 2022 and June 30, 2023,
respectively)
|
|
132
|
|
18
|
|
133
|
|
18
|
Treasury
stock
|
|
(21,249)
|
|
(2,930)
|
|
(46,017)
|
|
(6,346)
|
Additional paid-in
capital
|
|
9,579,375
|
|
1,321,056
|
|
9,751,140
|
|
1,344,744
|
Accumulated other
comprehensive
income
|
|
213,794
|
|
29,484
|
|
376,473
|
|
51,918
|
Accumulated
deficit
|
|
(6,862,150)
|
|
(946,334)
|
|
(7,634,946)
|
|
(1,052,907)
|
Total shareholders'
equity
|
|
2,909,902
|
|
401,294
|
|
2,446,783
|
|
337,427
|
Total liabilities
and shareholders' equity
|
|
4,073,665
|
|
561,783
|
|
3,511,695
|
|
484,286
|
|
|
|
|
|
|
|
|
|
I-MAB
|
Consolidated
Statements of Comprehensive Loss
|
(All
amounts in thousands, except for share and per share data, unless
otherwise noted)
|
|
|
For the six months
ended June 30,
|
|
2022
|
|
2023
|
|
RMB
|
|
US$
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
|
|
|
|
Licensing and
collaboration revenue
|
23,756
|
|
3,276
|
|
8,825
|
|
1,217
|
Supply of
investigational products
|
28,102
|
|
3,875
|
|
10,830
|
|
1,494
|
Total
revenues
|
51,858
|
|
7,151
|
|
19,655
|
|
2,711
|
Cost of
revenues
|
(27,237)
|
|
(3,756)
|
|
-
|
|
-
|
Expenses
|
|
|
|
|
|
|
|
Research and
development expenses (Note 1)
|
(452,618)
|
|
(62,419)
|
|
(446,436)
|
|
(61,566)
|
Administrative
expenses (Note 2)
|
(392,460)
|
|
(54,123)
|
|
(244,991)
|
|
(33,786)
|
Loss from
operations
|
(820,457)
|
|
(113,147)
|
|
(671,772)
|
|
(92,641)
|
Interest
income
|
6,566
|
|
905
|
|
30,514
|
|
4,208
|
Interest
expense
|
-
|
|
-
|
|
(219)
|
|
(30)
|
Other expenses,
net
|
(51,944)
|
|
(7,163)
|
|
(71,701)
|
|
(9,888)
|
Equity in loss of
affiliates (Note 3)
|
(181,022)
|
|
(24,964)
|
|
(59,618)
|
|
(8,222)
|
Loss before income
tax expense
|
(1,046,857)
|
|
(144,369)
|
|
(772,796)
|
|
(106,573)
|
Income
tax expense
|
-
|
|
-
|
|
-
|
|
-
|
Net loss
attributable to I-MAB
|
(1,046,857)
|
|
(144,369)
|
|
(772,796)
|
|
(106,573)
|
Net loss
attributable to ordinary shareholders
|
(1,046,857)
|
|
(144,369)
|
|
(772,796)
|
|
(106,573)
|
|
|
|
|
|
|
|
|
Net loss
attributable to I-MAB
|
(1,046,857)
|
|
(144,369)
|
|
(772,796)
|
|
(106,573)
|
Foreign currency
translation adjustments, net of
nil tax
|
233,561
|
|
32,210
|
|
162,679
|
|
22,434
|
Total comprehensive
loss attributable to I-MAB
|
(813,296)
|
|
(112,159)
|
|
(610,117)
|
|
(84,139)
|
|
|
|
|
|
|
|
|
Net loss
attributable to ordinary shareholders
|
(1,046,857)
|
|
(144,369)
|
|
(772,796)
|
|
(106,573)
|
Weighted-average
number of ordinary shares used in
calculating net loss per share - basic and
diluted
|
188,857,353
|
|
188,857,353
|
|
191,329,890
|
|
191,329,890
|
Net loss per share
attributable to ordinary
shareholders
|
|
|
|
|
|
|
|
—Basic and
diluted
|
(5.54)
|
|
(0.76)
|
|
(4.04)
|
|
(0.56)
|
Net loss per ADS
attributable to ordinary
shareholders (Note 4)
|
|
|
|
|
|
|
|
—Basic and
diluted
|
(12.74)
|
|
(1.76)
|
|
(9.29)
|
|
(1.28)
|
|
|
Notes:
|
(1) Includes
share-based compensation expense of RMB77,628 thousand (US$10,705
thousand) and RMB46,808 thousand
(US$6,455 thousand) for the six months ended June 30, 2022 and
2023, respectively.
|
(2) Includes
share-based compensation expense of RMB119,314 thousand (US$16,454
thousand) and RMB88,006 thousand
(US$12,137 thousand) for the six months ended June 30, 2022 and
2023, respectively.
|
(3) Includes
share-based compensation expense of RMB1,925 thousand (US$265
thousand) and RMB3,739 thousand (US$516
thousand) for the six months ended June 30, 2022 and 2023,
respectively.
|
(4) Each ten ADSs
represents twenty-three ordinary shares.
|
I-MAB
|
Reconciliation of
GAAP and Non-GAAP Results
|
|
|
|
For the six months
ended June 30,
|
|
|
2022
|
|
2023
|
|
|
RMB
|
|
US$
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
|
GAAP net loss
attributable to I-MAB
|
|
(1,046,857)
|
|
(144,369)
|
|
(772,796)
|
|
(106,573)
|
Add back:
|
|
|
|
|
|
|
|
|
Share-based
compensation expense
|
|
198,867
|
|
27,424
|
|
138,553
|
|
19,108
|
Non-GAAP adjusted
net loss attributable
to I-MAB
|
|
(847,990)
|
|
(116,945)
|
|
(634,243)
|
|
(87,465)
|
|
|
|
|
|
|
|
|
|
Non-GAAP adjusted
loss attributable to
ordinary shareholders
|
|
(847,990)
|
|
(116,945)
|
|
(634,243)
|
|
(87,465)
|
Weighted-average number
of ordinary
shares used in calculating net loss per
share – basic and diluted
|
|
188,857,353
|
|
188,857,353
|
|
191,329,890
|
|
191,329,890
|
Non-GAAP adjusted
loss per share
attributable to ordinary shareholders
|
|
|
|
|
|
|
|
|
—Basic and
diluted
|
|
(4.49)
|
|
(0.62)
|
|
(3.31)
|
|
(0.46)
|
Non-GAAP adjusted
loss per ADS
attributable to ordinary shareholders
|
|
|
|
|
|
|
|
|
—Basic and
diluted
|
|
(10.33)
|
|
(1.42)
|
|
(7.61)
|
|
(1.05)
|
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SOURCE I-Mab