ImageneBio, Inc. (IMA) is a clinical-stage biopharmaceutical company with a single product candidate (IMG-007, a biologic targeting atopic dermatitis) and no revenue. The liquidation analysis for the quarter ended March 31, 2026 yields a modestly positive recovery to equity under the applied haircuts, driven entirely by the cash and marketable securities position. Total assets are $136.7M, of which $122.0M are current. Cash and cash equivalents stand at $76.0M (100% recovery = $76.0M) and marketable securities (short-term investment-grade debt instruments) are $41.2M at fair value (recovery ~95-100% given liquid, investment-grade nature = ~$39-41M). Prepaid and other current assets of $4.8M recover at roughly 50-60% in a wind-down scenario (~$2.4-2.9M). Non-current assets are dominated by an operating lease right-of-use asset of $0.6M (minimal recovery) and other noncurrent items. No PP&E, no goodwill, no capitalized intangibles appear on the balance sheet; the Hutchmed license (disclosed in MD&A and commitments footnotes) is an executory license with no separately XBRL-tagged intangible asset book value — consistent with zero assigned in a liquidation. Total liabilities are $13.4M, of which $6.6M are current. Current liabilities include operating lease liability current portion of $2.3M, accrued liabilities of $3.8M, accounts payable of $0.6M, and other current items. Non-current liabilities total $6.7M, comprised of operating lease liability noncurrent of $0.1M and other noncurrent liabilities of $0.9M, with the remainder likely deferred rent or similar items. Applying haircuts to assets and taking liabilities at face value: estimated liquidation recovery to equity is approximately $105-115M against book equity of $123.3M, implying a moderate but real haircut versus book, primarily from prepaid burn and the haircut on marketable securities. The company reports an accumulated deficit of $240.7M and burned $14.8M in operating cash flow this quarter. At the Q1 2026 cash burn rate (~$14.8M/quarter operating outflow), the cash runway from the $117.2M cash-and-securities pool is approximately 7-8 quarters absent additional capital. The filing discloses an unremediated material weakness in internal controls related to segregation of duties in journal entries and account reconciliations as of March 31, 2026. The company also discloses two litigation actions filed (LossContingencyNewClaimsFiledNumber = 2) and milestone/royalty obligations under the Hutchmed Agreement, neither of which is separately XBRL-tagged as a quantified contingent liability. U.S. federal NOL carryforwards of $267.0M and state NOLs of $81.5M (from annual report disclosed in prior filing) have zero liquidation value given full valuation allowance and Section 382 limitation risk.
▼ Community Notes