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I-Mab IPO: What You Need to Know

Shanthi Rexaline

The 2-year lull in the U.S. listing of Chinese biotechs is expected to end this week, with the upcoming IPO of I-Mab.

The IPO Terms

Shanghai-based I-Mab, a clinical-stage biopharma company, has filed to offer 7.41 million ADSs representing 17.04 million ordinary shares in an IPO, according to an amended filing with SEC.

The company expects to price the offering between $12 and $15 per ADS. It has applied for listing its ADSs on the Nasdaq under the ticker symbol IMAB.

At the midpoint of the price range, the offering is expected to raise gross proceeds of $100 million.

Jefferies and CICC are the lead underwriters for the IPO, with China Renaissance and Huatai Securities serving as co-managers.

The Company

I-Mab is focused on the development of biologics, primarily for cancers and autoimmune disorders. The company has a rich pipeline, with five licensed assets, which are in varying stages of clinical trials.

These apart, the company also has a few proprietary compounds in development either in pre-clinical or early-stage clinical trials.

The most-advanced compound in its pipeline is TJ202, a differentiated CD38 antibody it has licensed from Morphosys Ag (NASDAQ: MOR). TJ202 is being evaluated for multiple myeloma or autoimmune disorders.

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Source: F1/A filing

The Finances

I-Mab generates revenues from licensing and collaboration and is yet to turn in a profit.

For the 9-month period ended Sept. 2019, the company reported revenues of $4.197 million, down about 31% year-over-year.
The net loss for the period widened from $6.11 per share to $21.49 per share.

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