IMAHIGH SIGNALMANAGEMENT10-K

IMA completed its merger with Inmagene Biopharmaceuticals, fundamentally transforming the company structure and business focus.

The completion of this reverse merger represents a major corporate transformation, with Ikena effectively becoming a vehicle for Inmagene's operations after executing a 1-for-12 reverse stock split. The removal of merger-related risk language and liquidation concerns indicates the transaction successfully closed, eliminating previous going-concern uncertainties that had threatened the company's continued existence.

Comparing 2026-03-10 vs 2025-03-06View on EDGAR →
FINANCIAL ANALYSIS

The post-merger financials show a mixed picture with revenue declining substantially while operating losses improved modestly to $48.5M. Current assets grew to $140.3M providing a solid liquidity foundation, though total liabilities increased to $19.8M. The overall financial profile suggests the combined entity maintains adequate resources to fund operations despite reduced revenue generation in the immediate post-merger period.

FINANCIAL STATEMENT CHANGES
Revenue
P&L
-77.1%
$3.5M→$800K

Revenue declined 77.1% — significant demand weakness or market share loss warrants investigation.

Capital Expenditure
Cash Flow
-71.1%
$1.4M→$414K

Capex reduced 71.1% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Total Liabilities
Balance Sheet
+27.4%
$15.6M→$19.8M

Liabilities increased 27.4% — monitor debt-to-equity ratio and interest coverage.

Operating Income
P&L
+17.8%
-$59.0M→-$48.5M

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

Current Assets
Balance Sheet
+10.3%
$127.2M→$140.3M

Current assets grew 10.3% — improving short-term liquidity or inventory/receivables build.

LANGUAGE CHANGES
NEW — 2026-03-10
PRIOR — 2025-03-06
ADDED
( Ikena ) completed its previously announced merger with Inmagene Biopharmaceuticals, a privately held exempted company with limited liability incorporated and existing under the laws of the Cayman Islands ( Legacy Inmagene ).
In addition, on July 25, 2025, Ikena changed its name from Ikena Oncology, Inc.
Prior to the effective time of the First Merger (the First Effective Time ), Ikena effected a 1-for-12 reverse stock split (the Reverse Stock Split ) of its issued common stock ( Ikena Common Stock ).
All references to common stock, options to purchase common stock, common stock share data, per share data, preferred shares and related information contained in the consolidated financial statements have been retrospectively adjusted to reflect the effect of the Exchange Ratio for all periods presented, including the change from ordinary shares to common stock, unless otherwise specifically indicated or the context otherwise requires.
Unless otherwise stated or the context otherwise requires, the references in this Annual Report to the Company, we, our, or us refer to Inmagene Biopharmaceuticals together with its consolidated subsidiaries for periods prior to the Merger and to ImageneBio, Inc.
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REMOVED
Form 10-K Summary 106 Signatures i Summary of the Material and Other Risks Associated with Our Business Our business is subject to numerous material and other risks and uncertainties that you should be aware of in evaluating our business.
These risks include, but are not limited to, the following: Failure to complete, or delays in completing, the proposed merger with Inmagene Biopharmaceuticals could materially and adversely affect our results of operations, business, financial results and/or stock price.
If we do not successfully consummate the merger or another strategic transaction, our board of directors may decide to pursue a dissolution and liquidation of our company.
In such an event, the amount of cash available for distribution to our stockholders will depend heavily on the timing of such liquidation as well as the amount of cash that will need to be reserved for commitments and contingent liabilities, as to which we can give you no assurance.
We are substantially dependent on our remaining employees to facilitate the consummation of the merger.
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