Business Strategy and Outlook
| Jay Lee |I-Mab Biopharma is a clinical-stage Chinese biotech firm with strong innovative products in its pipeline. Its first commercial drug will be felzartamab (CD38, Greater China), which could be launched in China at the end of 2023 or early 2024 for third-line multiple myeloma, or MM. Other core assets are lemzoparlimab (“lemzo”, CD47, Greater China), uliledlimab ("uli," CD73, global rights), and eftansomatropin (long-acting growth hormone, Greater China). Although we do not award I-Mab a moat due to the early stage of its portfolio, we are impressed with its differentiation and rational design and believe it has a positive moat trend.