I-Mab Q2 FY2021 earnings call

Corporate Focus - Twofold:

• Advance clinical pipeline towards product portfolio, with efforts to rapidly advance pre-BLA and late-stage core assets like felzartamab, and develop next-gen immuno-oncology assets (second/third wave innovation).
• Build future to become global biopharma, with progress in Hangzhou manufacturing facility and commercialization capability.

Pipeline Progress - Since start of 2021, 13 pipeline milestones achieved (7 new INDs/trial starts, 4 positive data readouts). Felzartamab on track for Q4 2021 BLA submission. Registrational trial for third-line multiple myeloma met endpoints. TJ101 registrational trial on track. Lemzoparlimab making progress in various trials (non-Hodgkin's lymphoma, AML/MDS, solid tumors). Uliledlimab Phase 1 in U.S. completed, Phase 2 to start. Plonmarlimab interim analysis positive. TJ107 and Enoblituzumab in development.

Future Building - Upgrading global R&D with San Diego facility, Hangzhou manufacturing facility pilot plant mid-2022, commercialization capability built for felzartamab launch in China.

As of June 30, 2021, total cash (including cash equivalents, restricted cash, and short-term investments) was RMB 4.8 billion (US$739.2 million). Net revenues for the six months ended June 30, 2021 were RMB 17.8 million (US$2.8 million), solely from collaboration with AbbVie. R&D expenses for the period were RMB 593 million (US$91.8 million) compared to RMB 442.3 million in 2020, primarily due to increased CRO service fees for advancing the pipeline. Administrative expenses were RMB 451.5 million (US$69.9 million) compared to RMB 171.4 million in 2020, driven by higher share-based compensation and professional services. GAAP net loss was RMB 8 billion (US$166.7 million) vs. RMB 582.9 million in 2020; non-GAAP net loss excluding share-based comp was RMB 729.4 million (US$113 million) vs. RMB 353.1 million in 2020.

• Felzartamab BLA submission expected in Q4 2021.
• Registrational trials for lemzoparlimab targeted for 2022.
• Expect 3 milestone payments from AbbVie totaling $175 million in next 12-18 months.
• Dual listings in Shanghai STAR Market and Hong Kong Chapter 18A Market aimed for completion by end of 2022.

• Regulatory uncertainty in China, but biotech industry supported by government.
• Geopolitical concerns, mitigated by dual listings.
• Dependence on successful clinical trials and partnerships for value creation.

Q: About lemzoparlimab topline readout at ASH and partnership with AbbVie milestone payments.

A: Lemzoparlimab trials showed excellent safety and encouraging efficacy signals, with data to be released at ASH; AbbVie milestone payments expected in H2 2021 ($50 million) and next year ($125 million).

Q: Regulatory uncertainty in China.

A: Biotech industry supported by Chinese government, assets are highly differentiated, dual listings to derisk geopolitical concerns.

Q: BD deals and early stage pipeline.

A: Active on BD front for assets like TJD5, uliledlimab, and early stage assets like TJ107 and Enoblituzumab have potential with proof-of-concept data in upcoming trials.