1-Star Price
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5-Star Price
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Economic Moat
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Capital Allocation
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I-Mab’s interim results update held few surprises and confirmed our view of the company’s near-term prospects. We no longer think I-Mab is a front-runner in the CD47 race in the lucrative U.S. market, although it remains a leader in the much smaller Chinese market. Its near-term commercial prospects now depend on felzartamab (CD38 inhibitor for multiple myeloma) and eftansomatropin (long-acting growth hormone) in the domestic China market.
I-Mab Biopharma is a clinical-stage biotech company in China that listed on Nasdaq in January 2020. Its first commercial drug will be felzartamab for the China market, a CD38 inhibitor for multiple myeloma, which we estimate will be launched in late 2023 or early 2024. Core assets include lemzoparlimab, a potential best-in-class CD47 inhibitor; uliledlimab, a potential best-in-class CD73 inhibitor; and eftansomatropin, a long-acting growth hormone that has a large market in China among pediatric patients with short stature.
