I-Mab announced the pricing of an underwritten offering in the United States of 33,333,334 American Depositary Shares (ADSs) at an offering price of $1.95 per ADS, generating total gross proceeds of approximately $65 million. The offering is expected to close on August 5, 2025.
The offering included a strategic investment of $30.9 million from Everest Medicines, which will result in Everest's pro forma ownership of I-Mab reaching 16.1%. Other new and existing investors participating in the offering included Janus Henderson Investors, Adage Capital Partners LP, and Exome Asset Management.
I-Mab intends to use the net proceeds from this offering, combined with its existing cash and cash equivalents, to fund the ongoing clinical development of its pipeline product candidates. This includes a randomized Phase 2 trial of givastomig, a bispecific Claudin 18.2 x 4-1BB antibody, designed to generate clinically meaningful progression-free survival data by the end of 2027, as well as for working capital and other general corporate purposes.
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