ImageneBio Officially Launches Trading as IMA Following Strategic Merger with Ikena Oncology

ImageneBio, Inc. has officially commenced operations as a combined entity following the completion of its merger with Ikena Oncology, with shares expected to debut on Nasdaq under ticker symbol “IMA” starting July 28, 2025. The newly formed company represents a significant consolidation within the clinical-stage biotechnology landscape, bringing together two organizations focused on advancing novel therapeutic approaches.

Merger Finalized with Substantial Investor Backing

The transaction concluded with concurrent $75 million private placement secured from a diverse investor syndicate. The financing round attracted both established biotech investors and new participants, including Deep Track Capital, Foresite Capital, RTW Investments, and existing Ikena backers such as BVF Partners L.P., Blue Owl Healthcare Opportunities, Omega Funds, and OrbiMed. Following the capital infusion and reverse stock split executed at a 1-for-12 ratio, ImageneBio entered the market with approximately 11.6 million shares outstanding.

Ownership distribution following the private placement reflects a balanced stakeholder composition: legacy Inmagene shareholders hold approximately 43.1% of outstanding common stock, legacy Ikena shareholders control approximately 35.3%, while new investors from the concurrent financing round own approximately 21.6% on a fully diluted basis.

Leadership and Strategic Direction

Kristin Yarema, Ph.D., assumes the role of Chief Executive Officer, steering the combined organization’s clinical development initiatives. The leadership team has outlined an ambitious roadmap centered on advancing IMG-007, the company’s cornerstone therapeutic candidate, through late-stage clinical evaluation.

IMG-007: Differentiating Approach to Immune-Related Diseases

The merged entity’s primary focus centers on IMG-007, a non-depleting monoclonal antibody engineered to inhibit OX40, a receptor protein expressed on activated T cells. The compound’s mechanism represents an emerging therapeutic strategy for treating immunological, autoimmune, and inflammatory conditions where aberrant T cell signaling contributes to pathology.

Unlike conventional monoclonal antibody approaches, IMG-007 incorporates a silenced antibody-dependent cell-mediated cytotoxicity function, preserving T cell populations rather than depleting them. This design modification extends the antibody’s half-life, potentially enabling extended dosing intervals while maintaining therapeutic efficacy.

Clinical Development Momentum

IMG-007 has demonstrated encouraging safety and efficacy signals in completed Phase 2a trials evaluating patients with moderate-to-severe atopic dermatitis and severe alopecia areata. The compound exhibited sustained clinical and pharmacodynamic activity with favorable tolerability profiles in these early-stage studies.

ImageneBio is currently advancing a Phase 2b clinical trial assessing IMG-007 in the moderate-to-severe atopic dermatitis population. Topline readout from this pivotal study is anticipated during the fourth quarter of 2026, marking a critical inflection point for the program. The company has signaled potential interest in expanding IMG-007 evaluation into additional disease indications beyond dermatology, pending Phase 2b outcomes.

Market Position and Nasdaq Listing

The new ImageneBio ticker symbol “IMA” on The Nasdaq Capital Market reflects the company’s elevated status within the public markets. The combined entity’s trading debut follows implementation of Ikena’s previously approved reverse stock split, restructuring capitalization in preparation for the consolidation.

Original discovery of IMG-007 was credited to HUTCHMED, with subsequent clinical development conducted by the newly merged ImageneBio organization. Additional details regarding the ongoing Phase 2b investigation are publicly accessible through ClinicalTrials.gov using trial identifier NCT07037901.

Forward Considerations

The combined company acknowledges that clinical development timelines remain subject to regulatory approval processes and trial execution variables. While preliminary data supports advancement of IMG-007 into late-stage development, actual outcomes may deviate from current expectations given inherent uncertainties in therapeutic development. Additional capital requirements may arise as the company progresses IMG-007 and investigates complementary therapeutic approaches for I&I diseases.