I-Mab (now NovaBridge Biosciences) cites $61.2 million net from August offering

I-Mab, now NovaBridge Biosciences, reported second-quarter 2025 results on August 20, 2025. The report also covered an underwritten offering of American depositary shares (ADSs) in August. The release headlines it as a $65 million offering and says it raised net proceeds of approximately $61.2 million. It does not break out the underwriting discount or other costs between the two figures.

The offering and the share count

The offering covered 76,666,659 ordinary shares, equal to 33,333,330 ADSs. The release says new and existing investors took part, naming Everest Medicines, Janus Henderson Investors, Adage Capital Partners LP and Exome Asset Management. It does not name the underwriter or book-running manager for the offering, and it gives no placement agent.

At June 30, 2025, I-Mab had 188,108,178 ordinary shares outstanding, equal to 81,786,164 ADSs. Pro forma for the offering, it had 264,774,837 ordinary shares, equal to 115,119,494 ADSs. The release gives no further detail on how the new shares affect existing holders.

Cash and spending

At June 30, 2025, cash and cash equivalents were $165,404 thousand and short-term investments were $210 thousand. The release reports the total as $165.6 million. At December 31, 2024, the balance sheet showed $68,263 thousand in cash and cash equivalents and $105,135 thousand in short-term investments, so the June 30 total was lower than the year-end total. The release does not explain the change.

Pro-forma cash, counting the net proceeds, is about $226.8 million. The company says its existing cash and short-term investments, together with the net proceeds, will be sufficient to fund operating expenses and capital expenditures through the fourth quarter of 2028, including a randomized Phase 2 trial of givastomig. The release gives no figure for the cost of that trial.

The loss has narrowed. The net loss from continuing operations was $5.5 million for the quarter ended June 30, 2025, against $8.9 million a year earlier. For the six months, it was $8.7 million, against $18.4 million. Research and development expenses were $3.3 million in the quarter, against $5.2 million, and $4.1 million for the six months, against $11.3 million.

What the givastomig data show

The release repeats positive Phase 1b dose escalation data presented on July 2, 2025 at the European Society for Medical Oncology Gastrointestinal Cancers Congress (ESMO GI 2025). It reports an 83% objective response rate, shown as 10 of 12 patients, at the two doses chosen for expansion: 8 mg/kg and 12 mg/kg. The drug was given with immunochemotherapy. The company describes the responses as "rapid, durable and deepened over time," with a favorable overall safety profile. The release gives no duration of response and no count of adverse events.

The 83% figure therefore rests on 12 patients at those two doses. It is not a rate across the whole escalation study. The release does not say how many patients were treated at other doses.

A separate first-in-human monotherapy study, published in Clinical Cancer Research, reported an objective response rate of 16% in heavily pretreated patients with Claudin 18.2-positive gastric cancer. The company says the monotherapy study reached no dose-limiting toxicity and no maximum tolerated dose. The 16% and 83% rates come from different studies with different patient groups, and the release does not compare them.

The combination study lists 40 patients in its dose expansion cohorts. The company says enrollment in the planned cohorts is complete and expects topline data in the first quarter of 2026. Until those data are out, no expansion-cohort response rate is public.

Other programs and next steps

The release also lists the acquisition of Bridge Health Biotech Co., Ltd., which the company expects to close in the third quarter of 2025. It says the deal eliminates royalty obligations on givastomig and reduces future milestones.

The company expects updates in 2026 on ragistomig, a PD-L1 x 4-1BB bispecific antibody under development by ABL Bio, and on uliledlimab, a CD73 antibody under development by TJ Biopharma. The release gives no timetable for either beyond the year.

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