Oct. 16 at 7:37 PM
$IMAB — Let’s be real here.
They’ve bet the entire company on one asset: givastomig (CLDN18.2 × 4-1BB bispecific). No revenue, no approvals, no backup pipeline anymore. Uliledlimab? Paused. Other programs? Gone. This is a one-drug biotech with early-stage data and a long runway before we even see if it works.
Next "catalyst"? Maybe dose escalation data in late 2025 — and that’s assuming no enrollment delays or safety red flags. Dose expansion readout? Not till 2026. That’s a long wait in biotech time.
Cash? ~
$168M left. They say it's enough into 2027, but what happens when trials drag or data underwhelms — dilution risk is real.
CLDN18.2 space is crowded — Astellas, Legend, even Amgen are circling this target. Differentiation or bust.
They did buy out Bridge Health to clean up IP… but no partners, no big pharma buy-in, and their China divestment is like survival mode than strategic clarity.
Unless this one shot hits — and hits hard — the runway ends with a wall. Risk > reward here.
