I-Mab reports 71% response rate for gastric cancer drug in trial

ROCKVILLE, Md. - I-Mab (NASDAQ:IMAB), whose stock has surged over 227% year-to-date according to InvestingPro data, announced positive data from a Phase 1b study evaluating its bispecific antibody givastomig in combination with nivolumab and mFOLFOX6 chemotherapy for metastatic gastric cancers.

The study showed a 71% objective response rate across all dose levels, with an 83% response rate at the 8 and 12 mg/kg doses selected for the ongoing expansion study, according to a company press release. The company maintains a strong financial position with more cash than debt and a healthy current ratio of 22.35, though InvestingPro data indicates rapid cash burn remains a concern.

Responses were observed in patients with low PD-L1 and low Claudin 18.2 expression levels. At the doses selected for expansion, 100% of patients with low Claudin 18.2 expression achieved partial responses.

The trial enrolled 17 treatment-naïve patients with HER2-negative, Claudin 18.2-positive metastatic gastric, esophageal or gastroesophageal adenocarcinomas at U.S. sites.

The safety profile was described as favorable, with most treatment-related adverse events being Grade 1 or 2, including nausea, vomiting, and infusion-related reactions. No dose-limiting toxicities were observed, and no maximum tolerated dose was reached.

Eight of the 17 patients remained on treatment at the February 28, 2025 data cutoff, with the longest treatment duration reaching 11.3 months.

The company will present updated results at the ESMO Gastrointestinal Cancers Congress on July 2 and host an investor event on July 8.

Givastomig targets Claudin 18.2-positive tumor cells and conditionally activates T cells through the 4-1BB signaling pathway. The drug is being jointly developed with ABL Bio, with I-Mab as the lead party.

In other recent news, I-Mab has regained compliance with Nasdaq’s minimum bid price requirement, ensuring its shares remain listed on the exchange. The company achieved this by maintaining a closing bid price of at least $1.00 for ten consecutive business days. Meanwhile, Lucid Capital Markets initiated a Buy rating for I-Mab, setting a price target of $5.00, citing the potential of its bispecific antibody, Givastomig, as a key value driver. The drug is in clinical trials, with significant data expected in 2025 and 2026, potentially driving sales to $2.6 billion by 2040. H.C. Wainwright adjusted its price target for I-Mab from $8.00 to $7.00 but maintained a Buy rating, reflecting confidence in the company’s strategic shifts and the potential of Givastomig. The company has completed the divestiture of its China operations and is now focusing on U.S.-based activities. I-Mab’s financial position remains strong, with cash and equivalents of approximately $168.6 million, expected to support operations into 2027. The company’s streamlined focus on Givastomig for gastric cancer treatment is bolstered by ongoing developments of other assets like uliledlimab and ragistomig through partnerships.

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