# EDGAR Filing Document

**Accession Number:** 0001778016
**File Stem:** 0001193125-25-241405
**Filing Date:** 2025-10
**Character Count:** 67301
**Document Hash:** 8fa11d53e9523d0b58c820fd902f4375
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-241405.hdr.sgml**: 20251016

**ACCESSION NUMBER**: 0001193125-25-241405

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 35

**CONFORMED PERIOD OF REPORT**: 20251016

**FILED AS OF DATE**: 20251016

**DATE AS OF CHANGE**: 20251016

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** I-Mab
- **CENTRAL INDEX KEY:** 0001778016
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39173
- **FILM NUMBER:** 251397659

**BUSINESS ADDRESS:**
- **STREET 1:** SUITE 400, 2440 RESEARCH BLVD
- **CITY:** ROCKVILLE
- **STATE:** MD
- **ZIP:** 20850
- **BUSINESS PHONE:** (301) 670 2800

**MAIL ADDRESS:**
- **STREET 1:** SUITE 400, 2440 RESEARCH BLVD
- **CITY:** ROCKVILLE
- **STATE:** MD
- **ZIP:** 20850

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER**

**PURSUANT TO RULE 13a-16 OR 15d-16 UNDER**

**THE SECURITIES EXCHANGE ACT OF 1934**

For the month of October 2025

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Commission File Number: 001-39173

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**I-MAB**

2440 Research Boulevard, Suite 400

Rockville, MD 20850

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

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*Business Model Update*

On October 16, 2025, I-Mab (the "Company") announced the adoption of a new business model designed to identify and advance high-value therapeutic assets through strategic partnerships and specialized subsidiary entities. Under this model, the Company expects to transition into a biotechnology platform company which will establish separate subsidiaries responsible for the development of therapeutically focused assets to enhance oversight, operational focus, and risk management. The Company also announced its intention to change its name from I-Mab to NovaBridge Biosciences, subject to shareholder approval at the Extraordinary General Meeting of Shareholders (the "EGM Meeting") on October 24, 2025.

*Visara Series A Subscription Agreement*

On October 14, 2025, the Company entered into a Series A Preferred Stock Subscription Agreement (the "Series A Agreement") with its wholly owned subsidiary, Visara, Inc., a Delaware corporation ("Visara"), and AffaMed Therapeutics (HK) Limited ("AffaMed"). Pursuant to the Series A Agreement, the Company subscribed for and agreed to purchase 35 million shares of Series A preferred stock of Visara ("Series A Preferred Shares") for an aggregate purchase price of approximately $37 million, and AffaMed subscribed for and agreed to purchase approximately 16.2 million Series A Shares. AffaMed's subscription was made in exchange for the assignment of certain rights, title, and interest related to VIS-101 (also known as AM712 and ASKG712), a novel bifunctional biologic targeting VEGF-A and ANG2 for patients with wet age-related macular degeneration (wet AMD) and diabetic macular edema (DME). The transactions contemplated by the Series A Agreement (the "Series A Financing") are intended to provide funding for the licensing of certain assets and for working capital purposes. The Series A Financing is expected to close [in October 2025] (the "Closing"), subject to the satisfaction or waiver of customary closing conditions. AffaMed is an affiliate of CBC Group, one of the Company's existing shareholders.

*Assignment and Assumption Agreement between Visara and AffaMed*

On October 14, 2025, Visara entered into an Assignment and Assumption Agreement (the "Assignment and Assumption Agreement") with AffaMed pursuant to which AffaMed has agreed to assign, and Visara has agreed to assume, certain rights and obligations of AffaMed under the Exclusive License Agreement, dated November 6, 2021 between AffaMed and AskGene Pharma, Inc. ("AskGene") and the Safety Data Exchange Agreement, dated August 25, 2022, between AffaMed and AskGene (such transactions, the "Assignment"). The Assignment will become effective upon Closing and, as consideration therefor, the Company will make an upfront payment to AffaMed in the amount of $5 million within 60 days thereafter.

*Exclusive License Agreement between Visara and AskGene*

On October 15, 2025, Visara entered into an Exclusive License Agreement (the "License Agreement") with AskGene. Under the License Agreement, AskGene will grant Visara an exclusive royalty bearing license, with the rights to sublicense under certain intellectual property rights, to develop VIS-101, currently known as ASKG712, in Singapore, Thailand, Malaysia, Indonesia, Vietnam, the People's Republic of China, Taiwan, Macau, Hong Kong, Korea, and India (the "License"). The License will become effective upon Closing and, as consideration therefor, Visara will make an upfront payment to AskGene in the amount of $7 million within 30 business days thereafter. In addition, Visara has agreed to reimburse AskGene for certain out of pocket expenses incurred in connection with the initiation of its Phase 2a study and long-term toxicology study up to an aggregate amount of RMB24 million.

*Stock Exchange of Hong Kong Limited*

On October 16, 2025, the Company announced that it intends to file an application with The Stock Exchange of Hong Kong Limited (the "HKEX") in connection with a proposed dual primary listing by way of the initial public offering of its ordinary shares on the Main Board of The Stock Exchange of Hong Kong Limited. Any listing and offering will be subject to market conditions, regulatory approvals, and final corporate approvals, and there can be no assurance that the listing or offering will proceed or be completed on any particular timetable. This communication is neither an offer to sell nor a solicitation of an offer to buy, nor shall there be any offer, solicitation, or sale of the Company's securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful.

*Appointment of Mr. Kyler Lei as Chief Financial Officer*

On October 16, 2025, the Company announced the appointment of Mr. Kyler Lei as its Chief Financial Officer, effective immediately. Mr. Lei is a global capital markets and investor relations professional with extensive experience in healthcare, equity research, corporate communications, corporate finance and strategy. Mr. Lei is primarily responsible for overseeing the overall financial strategy and management, corporate finance and capital markets, corporate development and operations. From July 2022 to October 2025, Mr. Lei served as deputy general manager and head of capital markets at Sino Biopharmaceutical Limited (HKEX: 1177), where he was primarily responsible for corporate finance and capital markets. Prior to that, from June 2021 to July 2022, Mr. Lei was head of investor relations at WuXi AppTec Co., Ltd. (Shanghai Stock Exchange: 603259, and HKEX: 2359), where he was responsible for investor relations and financial public relations. From June 2020 to June 2021, Mr. Lei was associate director at Daiwa Securities, where he was the lead research analyst covering China healthcare industry. Mr. Lei was also employed by Macquarie

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Group from June 2018 to June 2020 as an equity research analyst. Mr. Lei obtained his master's degree in biotechnology from Hong Kong University of Science and Technology and his bachelor's degree in economics and finance from the University of Hong Kong.

Mr. Joseph Skelton will no longer serve as Chief Financial Officer of the Company, effective October 16, 2025. Mr. Skelton will continue to serve as an advisor to the Company.

*Press Release*

On October 16, 2025, the Company issued a press release announcing the matters described in this Report on Form 6-K. A copy of the press release is furnished as Exhibit 99.1 to this Report on Form 6-K.

**Incorporation by Reference**

The information to set forth in this Report on Form 6-K shall be deemed to be incorporated by reference into the Company's Registration Statements on Form F-3 (File No. 333-286954) and Form S-8 (File No. 333-239871, File No. 333-256603, File No. 333-265684, File No. 333-279842 and File No. 333-290195) (including any prospectuses forming a part of such registration statements) and to be a part thereof from the date on which this Form 6-K is furnished, to the extent not superseded by documents or reports subsequently filed or furnished.

**Forward Looking Statements**

This Form 6-K contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will", "expects", "believes", "designed to", "anticipates", "future", "intends", "plans", "potential", "estimates", "confident", and similar terms or the negative thereof. I-Mab may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements in this press release include, without limitation, statements regarding: the potential benefits of the new corporate strategy, intention to pursue a Hong Kong IPO, potential for a new dual NASDAQ Global Market and Hong Kong Stock Exchange (HKEX) listing, new leadership appointments, the pending VIS-101 acquisition, and the planned capitalization of Visara, the expected approval of shareholder proposals at the upcoming EGM Meeting, the strategy, clinical development, plans, results, safety and efficacy of givastomig and VIS-101 and its other drug candidates, the strategic and clinical development of I-Mab's drug candidates, including givastomig; anticipated clinical milestones and results, and related timing; and the Company's anticipated cash runway. Forward-looking statements involve inherent risks and uncertainties that may cause actual results to differ materially from those contained in these forward-looking statements, including but not limited to the following: the Company's ability to demonstrate the safety and efficacy of its drug candidates; the clinical results for its drug candidates, which may or may not support further development or New Drug Application/Biologics License Application (NDA/BLA) approval; the content and timing of decisions made by the relevant regulatory authorities regarding regulatory approval of the Company's drug candidates; the Company's ability to achieve commercial success for its drug candidates, if approved; the Company's ability to obtain and maintain protection of intellectual property for its technology and drugs; the Company's reliance on third parties to conduct drug development, manufacturing and other services; the Company's limited operating history and the Company's ability to obtain additional funding for operations and to complete the development and commercialization of its drug candidates; and those risks more fully discussed in the "Risk Factors" section in the Company's annual report on Form 20-F filed with the SEC on April 3, 2025 as well as the discussions of potential risks, uncertainties, and other important factors in the Company's subsequent filings with the SEC. All forward-looking statements are based on information currently available to the Company. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required by law.

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**EXHIBIT INDEX**

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| | |
|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** |
| [<u>99.1</u>](imab-ex99_1.htm) | [<u>Press Release - I-Mab Announces Intention to Undertake Strategic Transformation to Global Biotech Platform, to Pursue Hong Kong IPO, and to Implement Name Change to NovaBridge Biosciences</u>](imab-ex99_1.htm) |
| [<u>99.2</u>](imab-ex99_2.htm) | [<u>I-Mab Company Presentation - October 2025</u>](imab-ex99_2.htm) |

---

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | | |
|:---|:---|:---|
| I-MAB | I-MAB | I-MAB |
| By | : | /s/ Xi-Yong Fu |
| Name | : | Sean Fu |
| Title | : | Chief Executive Officer |

---

Date: October 16, 2025

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## Exhibit 99.1

![img44095488_0.jpg](img44095488_0.jpg)

**I-Mab Announces Intention to Undertake Strategic Transformation to Global Biotech Platform, to Pursue Hong Kong IPO, and Rebrand as NovaBridge Biosciences** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•New business model reflects strategic transition to a global biotech platform focused on business development and translational clinical development to accelerate access to innovative medicines for patients worldwide

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Intention to pursue a Hong Kong initial public offering (IPO) to expand access to global capital and innovation through dual listing on NASDAQ and Hong Kong Stock Exchange (HKEX)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Name change to be effective following shareholder approval, which is expected at the Extraordinary General Meeting (EGM) on October 24, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Pending acquisition of AM712 (also known as ASKG712), to be named VIS-101, a novel bifunctional biologic targeting VEGF-A/ANG2, and a more potent molecule that could potentially provide more effective and durable treatment benefits for patients with wet AMD and DME than current standard of care. The pending acquisition will be completed by a newly formed subsidiary Visara, Inc., a clinical-stage biopharmaceutical company focused on the development of ophthalmic therapeutics for serious eye disorders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Appointment of Mr. Kyler Lei as Chief Financial Officer, bringing significant expertise in Hong Kong and global capital markets

ROCKVILLE, MD, October 16, 2025 – I-Mab (NASDAQ: IMAB) (I-Mab or the Company), is a global biotechnology platform company committed to accelerating access to innovative medicines for patients worldwide, announced its new business model, focused on its global capabilities built to accelerate access to innovative medicines and to enable broad strategic growth. The Company announced its intention to pursue a Hong Kong IPO through dual listing on NASDAQ and Hong Kong Stock Exchange (HKEX). The Company intends to operate under the new name of NovaBridge Biosciences.

The Company also announced the pending acquisition of VIS-101, a novel bifunctional biologic targeting VEGF-A and ANG2, and a more potent molecule that could potentially provide more durable treatment benefits for patients with wet age-related macular degeneration (wet AMD) and diabetic macular edema (DME) than current standard of care. The pending acquisition will be made by a newly formed subsidiary, Visara, Inc. (Visara), a clinical-stage biopharmaceutical company focused on developing ophthalmic therapeutics for serious eye disorders, and is expected to be completed later this month.

In addition, the Company reaffirmed its previously announced givastomig investment plans as part of its new strategy.

Mr. Kyler Lei has been named Chief Financial Officer (CFO) of I-Mab, bringing significant expertise in the Hong Kong and global capital markets.

**The Company sees a significant growth potential from the Asia Pacific originated biopharma innovations**. Confidence in this opportunity comes from emerging trends showing that the Asia Pacific region has generated more than 30% of global biopharma assets under development, and has achieved more than $80B in deal value through collaborations with leading multi-national pharmaceutical organizations. In addition, the Asia Pacific biopharmaceutical ecosystem has become increasingly agile and efficient, with significantly lower clinical trial costs and faster patient enrollment than the global median, while maintaining high quality standards<sup>1</sup>.

"We believe we are entering a new era of rapid growth in the global biotech economy, driven by greater innovation capability in China and Asia and a resurgence of investment in high growth international markets across Asia. With our new business model, we are uniquely positioned to strategically create significant value for patients and investors," said **Mr. Fu Wei, Executive Chairman of I-Mab**. "Through the strategic insight of our expanded Board, backing by CBC Group,

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Asia's largest dedicated healthcare asset management firm, and our dual listing strategy, I-Mab is ideally placed to partner with leading global innovators to identify and accelerate high-value assets. The proposed dual listing on both NASDAQ and HKEX is a key element of our global growth strategy. This move will enable us to broaden and diversify our investor base, and enhance trading liquidity and access to capital, while strengthening our presence with key stakeholders in the rapidly growing Asian market."

"2025 has been a time of significant progress for I-Mab. Presentation of compelling Phase 1b givastomig combination data reinforced our confidence in its potential to be a best-in-class Claudin 18.2-directed therapy for gastric cancer and drove our plans to initiate a global randomized Phase 2 study, expected to begin in Q1 2026. In addition, the Company recently secured additional capital, and has attracted seasoned biotech executives to the Board of Directors and Scientific Advisory Board," said **Sean Fu, PhD, Chief Executive Officer (CEO) of I-Mab**. "With the strong foundation from our work on givastomig, and excellent progress this year, we are optimistic about moving forward with our new strategy. Our new global platform allows us to uphold our commitment to value creation by realizing the full potential of innovative medicines and improving the lives of patients."

**The NovaBridge Business Model and Pipeline**

The Company intends to partner with leading innovators to identify and accelerate high-value assets. Our model integrates rigorous asset selection, bespoke translational strategies, and efficient clinical execution. With the backing of CBC Group, we leverage deep local insights and global capabilities to develop the most promising drug candidates across a range of therapeutic categories.

The Company will utilize a "hub-and-spoke" model to create and advance specialized subsidiary companies (spokes) which maintain operational focus and agility. By focusing each spoke on a specific asset or therapeutic area, the Company can optimally manage risk and create value through potential partnering transactions.

**Pipeline**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Givastomig, a potential best-in-class Claudin 18.2 X 4-1BB bispecific antibody**, is in Phase 1b clinical trials for the potential treatment of gastric cancer and other Claudin 18.2-positive gastrointestinal malignancies. A global, randomized Phase 2 study is planned, with the enrollment of the first patient targeted in Q1 2026. Givastomig is being jointly developed through a global partnership with ABL Bio, in which I-Mab is the lead party and shares worldwide rights, excluding Greater China and South Korea, equally with ABL Bio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Ragistomig is an anti-PD-L1 X 4-1BB bispecific antibody**. Built on Phase 1 clinical data, an ongoing Phase 1b study designed to expand the therapeutic index is expected to yield results in 2H 2026. The program is being jointly developed with ABL Bio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Uliledlimab targets CD73, the rate-limiting enzyme critical for adenosine-driven immunosuppression** in the tumor microenvironment. Progression free survival (PFS) data are expected in 2H 2026 from an ongoing randomized Phase 2 trial evaluating uliledlimab + toripalimab compared to pembrolizumab alone or toripalimab alone. I-Mab owns worldwide rights to uliledlimab outside of Greater China.

**VIS-101, to be acquired by Visara, a newly formed I-Mab subsidiary, under the new business model, is a bifunctional biologic targeting VEGF-A and ANG2, currently in Phase 2 development**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**VIS-101** is a novel bifunctional biologic targeting VEGF-A and ANG-2, and a more potent molecule that could potentially provide more durable treatment benefits for patients with wet AMD, DME, and retinal vein occlusion (RVO) than current standard of care. VIS-101 has completed initial safety and dose-escalation studies in both the US and China, and is currently completing a randomized, dose-ranging Phase 2 study in China. VIS-101 is anticipated to be Phase 3-ready in 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Acquisition will be completed by a newly formed subsidiary, Visara**. Visara, a clinical-stage biopharmaceutical company focusing on the development of best-in-class ophthalmic therapeutics, will be launched with an approximately $37M capital infusion from I-Mab and the contribution of certain rights by AffaMed Therapeutics (HK) Limited. The capital contributions to Visara and its acquisition of VS-101 (collectively, the Transactions) are

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cross-conditioned, and are expected to close later this month. The Company has also signed a separate termsheet with Everest Medicines (HKEX 1952.HK) to potentially out-license greater China rights for VIS-101 and collaborate on global clinical development. **Following completion of the Transactions, I-Mab will be the majority shareholder of Visara, and Visara will control global rights to VS-101.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Visara is led by Co-Founder and Executive Chairman Emmett T. Cunningham, Jr., MD, PhD, MPH**. Dr. Cunningham has been a physician, innovator, entrepreneur, and investor for more than 25 years, formerly serving as Senior Managing Director at Blackstone Group L.P. and Managing Director at Clarus Ventures, LLC. Dr. Cunningham is also an internationally recognized specialist in infectious and inflammatory eye disease with over 450 co-authored publications.

"VIS-101 is anticipated to be second-in-class with best-in-class potential, based on bioengineered, superior target neutralizing capabilities," said **Dr. Cunningham**, **Co-Founder and Executive Chairman of Visara.** "Leveraging the speed, quality, and unique advantages of dedicated teams in North America and Asia, Visara will seek accelerated global clinical development and regulatory approvals."

**Organizational Overview**

The Company will build on the strength of the I-Mab Board, led by **Mr. Fu Wei, Executive Chairman**, including the expanded Scientific Advisory Board and new Research and Development Committee. The Executive Leadership Team will include **Sean Fu, PhD**, Chief Executive Officer; **Phillip Dennis, MD, PhD**, Chief Medical Officer; **Kyler Lei,** Chief Financial Officer; and **Claire Xu, MD, PhD,** Senior Vice President, Clinical Development.

Kyler Lei has been appointed as the Chief Financial Officer of I-Mab, effective October 16, 2025. Kyler is a global capital markets and investor relations professional with extensive experience in healthcare, equity research, corporate communications, corporate finance and strategy. Kyler will be primarily responsible for overseeing overall financial strategy and management, corporate finance and capital markets, corporate development and operations. Prior to joining I-Mab, Kyler served as Deputy General Manager and Head of Capital Markets at Sino Biopharmaceutical Limited (HKEX: 1177.HK).

"I am enthusiastic about starting on this new chapter with Kyler, and leveraging his expertise in global capital markets and financial strategy to make our new business model a resounding success," said **Dr. Fu, CEO**.

**Dr. Fu** added, "I would like to extend our gratitude to Joseph Skelton for his tremendous contributions in shaping I-Mab's success. We wish him all the best in his future endeavors."

**Business Update Webinar**

The Company will review its new business model, strategic focus and upcoming milestones by webcast on Thursday, October 16, 2025, and Friday, October 17, 2025

Webcast and Conference Call Details:

In English:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Date**: Thursday, October 16, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Time**: 5:00 PM ET

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Dial-in number** (US): 1-877-407-0784

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Dial-in number** (International): 1-201-689-8560

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Webcast info**: please click here

In Chinese:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Date**: Friday, October 17, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Time**: 5:00 PM HKT/5:00 AM ET

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Webcast info**: please click here, and note Kyler Lei as the CLSA contact

A replay of the webinar will be accessible on the Events page of the Company website for 90 days.

**Sources**

1. Proprietary McKinsey Research Report, 2025

**About I-Mab**

I-Mab (NASDAQ: IMAB) is a global biotechnology platform company committed to accelerating access to innovative medicines. We combine deep business development expertise with agile translational clinical development to identify, accelerate, and advance breakthrough assets. By bridging science, strategy, and execution, I-Mab enables transformative therapies to progress rapidly from discovery toward patients in need. Following this business model change, the Company announced that it intends to change its name to NovaBridge Biosciences on October 16, 2025, which is subject to Extraordinary General Meeting (EGM) approval on October 24, 2025.

The Company's differentiated pipeline is led by givastomig, a potential best-in-class, bispecific antibody (Claudin 18.2 x 4-1BB), and VIS-101, a second-in-class, potentially best-in-class bifunctional biologic, targeting VEGF-A and ANG2.

Givastomig conditionally activates T cells via the 4-1BB signaling pathway in the tumor microenvironment where Claudin 18.2 is expressed. Givastomig is being developed to treat Claudin 18.2-positive gastric cancer and other gastrointestinal malignancies. I-Mab is also collaborating with its partner, ABL Bio, for the development of ragistomig, a bispecific antibody integrating PD-L1 as a tumor engager and 4-1BB as a conditional T cell activator, in solid tumors. Additionally, I-Mab owns worldwide rights outside of China to uliledlimab, an anti-CD73 antibody that targets adenosine-driven immunosuppression in cancer.

VIS-101 targets VEGF-A and ANG-2 to provide more potent and durable treatment benefits for patients with wet age-related macular degeneration (wet AMD) and diabetic macular edema (DME). VIS-101 is currently completing a large, randomized, dose-ranging Phase 2 study for wet AMD. Following completion of the Transactions, I-Mab will be the majority shareholder of Visara, and Visara will control global rights to VIS-101.

For more information, please visit https://www.i-mabbiopharma.com and follow us on LinkedIn.

**Dual Listing on NASDAQ and Hong Kong Stock Exchange** 

More information on I-Mab's intention to pursue an IPO in Hong Kong and seek a listing on the Hong Kong Stock Exchange (HKEX) will be forthcoming.

The timing, size, structure, and specific terms of the Proposed Offering have not been determined and remain subject to market conditions and approvals by the relevant regulatory authorities, including the HKEX (and the Listing Committee) and any other applicable regulatory bodies. There can be no assurance as to whether, when, or on what terms the Proposed Hong Kong Listing will be completed.

Subject to regulatory and corporate approvals, the Company currently expects to maintain its existing listing of American Depositary Shares (ADSs) on NASDAQ and to pursue a dual listing in the US and Hong Kong. Final decisions will be made in light of market conditions and regulatory feedback.

This announcement is for information purposes only and does not constitute, or form part of, any invitation or offer to acquire, purchase or subscribe to any securities of the Company. Shareholders and potential investors should exercise caution when dealing in the securities of the Company.

**Forward Looking Statements** 

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will", "expects", "believes", "designed to", "anticipates", "future", "intends", "plans", "potential", "estimates", "confident", and similar terms or the negative thereof. I-Mab may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to

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shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements in this press release include, without limitation, statements regarding: the potential benefits of the new corporate strategy, intention to pursue a Hong Kong IPO, potential for a new dual NASDAQ Global Market and Hong Kong Stock Exchange (HKEX) listing, new leadership appointments, the pending VIS-101 acquisition, and the planned capitalization of Visara, the expected approval of shareholder proposals at the upcoming EGM, the strategy, clinical development, plans, results, safety and efficacy of givastomig and VIS-101 and its other drug candidates, the strategic and clinical development of I-Mab's drug candidates, including givastomig and VIS-101; anticipated clinical milestones and results, and related timing; and the Company's anticipated cash runway. Forward-looking statements involve inherent risks and uncertainties that may cause actual results to differ materially from those contained in these forward-looking statements, including but not limited to the following: the Company's ability to demonstrate the safety and efficacy of its drug candidates; the clinical results for its drug candidates, which may or may not support further development or New Drug Application/Biologics License Application (NDA/BLA) approval; the content and timing of decisions made by the relevant regulatory authorities regarding regulatory approval of the Company's drug candidates; the Company's ability to achieve commercial success for its drug candidates, if approved; the Company's ability to obtain and maintain protection of intellectual property for its technology and drugs; the Company's reliance on third parties to conduct drug development, manufacturing and other services; the Company's limited operating history and the Company's ability to obtain additional funding for operations and to complete the development and commercialization of its drug candidates; and those risks more fully discussed in the "Risk Factors" section in I-Mab's annual report on Form 20-F filed with the SEC on April 3, 2025 as well as the discussions of potential risks, uncertainties, and other important factors in the Company's subsequent filings with the SEC. All forward-looking statements are based on information currently available to the Company. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required by law.

**I-Mab Investor & Media Contacts**

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| | |
|:---|:---|
| PJ Kelleher | Kyler Lei |
| LifeSci Advisors | I-Mab |
| +1-617-430-7579 | +1-240-745-6330 |
| pkelleher@lifesciadvisors.com | kyler.lei@imabbio.com |
|  | &nbsp;&nbsp;IR@imabbio.com |

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## Exhibit 99.2

![Slide 1](imab-ex99_2s1.jpg)

Company Presentation October 2025

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![Slide 2](imab-ex99_2s2.jpg)

Disclaimer 1. The Board of Directors of the Company approved the new company name of NovaBridge, and this is subject to the shareholders' approval. Legal Disclaimer. This presentation has been prepared by I-Mab (the "Company")1 solely for informational purposes. Certain of the information included herein was obtained from various sources, including certain third parties, and has not been independently verified by the Company. By viewing or accessing the information contained in this presentation, you hereby acknowledge and agree that no representations, warranties, or undertakings, express or implied, are made by the Company or any of its directors, shareholders, employees, agents, affiliates, advisors, or representatives (the "Company Relevant Persons"), or any sponsor, underwriter, placing agent, financial advisor, capital market intermediary or any of their respective directors, shareholders, employees, agents, affiliates, advisors, or representatives (collectively with the Company Relevant Persons, the "Relevant Persons") as to, and no reliance should be placed on the truth, accuracy, fairness, completeness, or reasonableness of the information or opinions presented or contained in, and omission from, this presentation. None of the Relevant Persons shall be responsible or liable whatsoever (in negligence or otherwise) for any loss, howsoever arising from any information presented or contained in this presentation or otherwise arising in connection with the presentation, except to the extent required by applicable law. The information presented or contained in this presentation speaks only as of the date hereof and is subject to change without notice. This presentation includes statistical and other industry and market data that we obtained from industry publications and research, surveys, and studies conducted by third parties, and our own estimates of potential market opportunities. All of the market data used in this presentation involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such data. Industry publications and third-party research, surveys and studies generally indicate that their information has been obtained from sources believed to be reliable, although they do not guarantee, and the accuracy or completeness of such information has not been independently verified. Our estimates of the potential market opportunities for our product candidates include several key assumptions based on our industry knowledge, industry publications, third-party research, and other surveys, which may be based on a small sample size and may fail to accurately reflect market opportunities. While we believe that our internal assumptions are reasonable, no independent source has verified such assumptions. Forward Looking Statements. This presentation contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "future", "promising", "may", "plans", "potential", "will", "could position", "promise", "advance", "target", "design", "strategy", "pipeline", and "project", and similar terms or the negative thereof. Statements that are not historical facts, including statements about I-Mab's beliefs and expectations, are forward-looking statements. The forward-looking statements in this presentation include, without limitation, statements regarding the following: the Company's pipeline and capital strategy; the design and potential benefits, advantages, promise, attributes, and target usage of givastomig, ragistomig, uliledlimab and VIS-101; the projected development and advancement of the Company's portfolio and anticipated clinical milestones, results and related timing; the Company's expectation regarding the potential market opportunity of gastric cancer, pancreatic ductal adenocarcinoma, cholangiocarcinoma, neovascular age-related macular degeneration and diabetic macular edema; the market opportunity and I-Mab's potential next steps (including the potential expansion, differentiation, or commercialization) for givastomig, ragistomig, uliledlimab and VIS-101; the Company's expectations regarding the impact of data from past, ongoing and future studies and trials; the benefits of the Company's collaboration with development partners; the timing and progress of studies (including with respect to patient enrollment and dosing); the availability of data and information from ongoing studies; and the Company's expectations regarding its anticipated cash runway and future use of its cash position. These forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements. These risks and uncertainties include, but are not limited to, the following: I-Mab's ability to demonstrate the safety and efficacy of its drug candidates; the clinical results for its drug candidates, which may or may not support further development or new drug application/biologics license application approval; the content and timing of decisions made by the relevant regulatory authorities regarding regulatory approval of I-Mab's drug candidates; I-Mab's ability to achieve commercial success for its drug candidates, if approved; I-Mab's ability to obtain and maintain protection of intellectual property for its technology and drugs; I-Mab's reliance on third parties to conduct drug development, manufacturing and other services; I-Mab's limited operating history and I-Mab's ability to obtain additional funding for operations and to complete the development and commercialization of its drug candidates; and discussions of potential risks, uncertainties, and other important factors in I-Mab's most recent annual report on Form 20-F and I-Mab's subsequent filings with the U.S. Securities and Exchange Commission (the "SEC"). I-Mab may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials, and in oral statements made by its officers, directors, or employees to third parties. All forward-looking statements are based on information currently available to I-Mab. I-Mab undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required by law.

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A Global Biotechnology Platform Bringing Paradigm-shifting Innovations Globally 01 Company Overview

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Emerging Biopharma Ecosystems Spearheaded by China Rise as Global Innovation Powerhouse Source: PharmaCube Clinical Trials Registration for Innovative Drugs China Biopharma Out-licensing Transactions China out-licensing deals account for ~60% of global licensing deal value in 1Q25

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NovaBridge1 Marks Our Evolution into the Next Stage 38-98-139 50-169-225 36-139-196 63-151-49 124-188-39 109-203-93 2020-2023 2023-2024 2025 onwards Immuno-oncology Autoimmune disorders 11 assets CD47 mAb / CD73 mAb / αGM-CSF Fast-to-market China strategy Fast-to-PoC (proof of concept) global strategy Precision immune-oncology 3 assets CLDN18.2x4-1BB BsAb / PD-L1x4-1BB BsAb / CD73 mAb Fast-to-market ex-China strategy 2.0 1.0 Clinical-stage China Biotech 3.0 Clinical-stage US Biotech Global Biotechnology Platform Therapeutic area-agnostic 4 assets CLDN18.2x4-1BB BsAb / VEGFxang-2 BsAb / PD-L1x4-1BB BsAb / CD73 mAb Global business development strategy Fast-to-PoC global strategy Pivot & Focus Asset-based Model Global Vision Platform Model 1. The name has been approved by the Board but subject to EGM approval We are a global biotechnology platform company dedicated to bringing paradigm-shifting innovative treatments to the global markets

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We are the FIRST and ONLY listed hub-and-spoke platform specializing in bridging Asian innovations to the global markets Business Development Capability (BD-in and BD-out) Clinical Development Capability Existing Partners Co-co collaboration Acquisitions NewCo Licensing in/out NovaBridge1 is a Hub-and-Spoke Gateway Connecting Global Markets 1. The name has been approved by the Board but subject to EGM approval …

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Our Platform-based Business Model Emerging innovation for asset sourcing Attractive exit/spin-off Deeply rooted in emerging innovation ecosystem for long-time, with incomparable understanding of team capabilities and quality of assets from local innovators Strong exit through acquisition or robust options of financing to fuel continued growth and value creation Driving Accelerated Development and Value Creation of Innovations in a TA Focused Way Accelerated innovative asset development with at scale value creation Scientific Translation Clinical De-risking I-MAB Platform IO Co Ophthal Co xx Co Givastomig (CLDN18.2 x 4-1BB BsAb) Ragistomig (PD-L1 x 4-1BB BsAb) Uliledlimab (CD73 mAb) … VIS-101 (VEGF x ANG2 BsAb) Asset 1 Asset 2 … …

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We are Uniquely Positioned with Competitive Advantages Strength Constraint Asset sourcing MNC Pharmas Clinical de-risking Scientific Translation Deep know-how in priority TAs Deep know-how in priority TAs US biotechs Relatively established local BD network Distant from Asian innovation sources Lack track records in accelerating asset development and maximizing value Seen as a "last resort" for lower-priority assets Capital strength Substantial funding advantages Capital strengths vary and not consistent Effectively link capital and assets Decision making Local innovation access Slow decision-making with competing priorities Agile decision making Agile decision making Asset development Global R&D complexity stifles Asian innovation agility Lack speed and operational efficiency advantages Other NewCos I-MAB Exit / Spin-off In-house commercialization for asset value maximization Traditional exit pathway e.g., IPO Traditional exit pathway e.g., IPO Deep know-how with TA focus in each Platform Co Deeply rooted in Asian innovation ecosystem for long-time Healthy cash runway and strong fund-raising capabilities Agile decision making by experienced leadership Focused approach with strengths in clinical PoC Strong exit tack record by CBC/I-Mab leadership

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We Focus on the Most Significant Value Creation Step along the Biopharma Innovation Value Chain Discovery Pre-clinical development Clinical PoC Late phase development Registration Commerciali-zation Extended value creation step of I-Mab model Core value creation step of I-Mab model Not our focus: Increasingly commoditized activities within emerging markets' highly active discovery and pre-clinical innovation ecosystem 5-10X value creation Acquire early-stage assets (clinical and IND-enabling) with well-defined PoC pathway Leverage deep translation expertise to unleash asset competitiveness with the right development strategy Drive assets efficiently to clinical POC with I-MAB's scientific underwriting and resource orchestration capabilities 2-3X value creation Selectively engage in late-stage development, leveraging I-MAB's world-class clinical execution capabilities and scale / efficiency of China's clinical infrastructure Maintain flexibility for strategic collaborations Not our focus: Global commercialization predominantly driven by established MNCs with deep commercial networks and sales infrastructures Asset value Givastomig VIS-101 Accelerated PoC in mono / combo 1L therapies Achieved efficacy and safety in Ph1b trials Patient recruitment rate outpaced global benchmark Completed Ph1 trials for nAMD and DME; ongoing Ph2 trials in nAMD Final Ph2 readout in 4Q25 Partnered with ABL Bio at preclinical stage Built oncology team with deep GC expertise Partnered with AffaMed / ASKGene at early clinical stage Second-in-market, potential BIC in nAMD / DME

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Our New Management Framework Years of Industry Experience We assembled a seasoned management team composed of industry veterans with extensive regional and functional expertise Sean Fu PhD, MBA Chief Executive Officer Fu Wei Director and Executive Chairman of our Board 11 24 Claire Xu MD, PhD Senior Vice President, Clinical Development 17 Kyler Lei Chief Financial Officer 7 Source: Company Filings, Company Website # Phillip Dennis MD, PhD Chief Medical Officer 27 Change

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A New Wave of Growth with Highly Differentiated Assets 02 Pipeline Overview

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2.1 Givastomig

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Givastomig: A Potential Best-in-class CLDN18.2 Therapeutic Unique Molecular Design to Balance Anti-Tumor Efficacy and Safety Notes: scFv = single chain Fragment-variable region; TME = tumor microenvironment; 1 L = first line; CLDN18.2 = Claudin 18.2; MHC = major histocompatibility complex; mAb = monoclonal antibody. Highly Potent CLDN18.2 mAb Higher affinity than zolbetuximab Binds to tumor cells with a wide range of CLDN18.2 expression Silenced FC: IgG1 (N297A) No ADCC or CDC Designed to minimize unintended systemic immune activation driven by FcgR-mediated 4-1 BB clustering Conditional 4-1 BB agonist Localized T cell activation in TME leading to tumor killing and minimal 4-1 BB-mediated liver toxicity or systemic immune response Favorable safety profile in combo setting underpins the 1st line potential and broad therapeutic window Superior efficacy highlights the significant clinical value by improving the current standard of care Encouraging data in Claudin18.2 low patients shows the pan-tumor potential Potential paradigm shifting therapeutic Givastomig's Key Competitive Advantages

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Givastomig: Favorable Safety Profile in Combo Setting Underpins the 1st Line Potential and Broad Therapeutic Window 1. Janjigian 2021; The Lancet, Volume 398, Issue 10294, 27 - 40 2. Shitara et al. 2023; The Lancet, Volume 401, Issue 10389, 1655 - 1668 Givastomig in Combination Immuno-chemotherapy vs. Other 1L Combinations in GC Givastomig incombination withimmunochemotherapyexhibits similarsafety profile toimmunochemotherapyalone (nivolumab +mFOLFOX6) Data cutoff as of June 10, 2025 Notes: TEAE = treatment emergent adverse event; TRAE = treatment related adverse event (any drug); ALT = alanine transaminase; AST = aspartate aminotransferase; NR = not reported; IRR = infusion related reaction; 1L = first line; GC = gastric cancers; SoC = standard of care Givastomig + nivolumab +mFOLFOX6(All doses, escalation combo, n=17) Nivolumab +mFOLFOX6(CHECKMATE-6491, n=782) Zolbetuximab +mFOLFOX6(SPOTLIGHT2, n=279) Safety All Grades(TEAE) Grade>=3(TEAE) All Grades(TRAE) Grade>=3(TRAE) All Grades(TRAE) Grade>=3(TRAE) All Grades(TEAE) Grade>=3(TEAE) AST increased 3 (18%) 1 (6%) 2 (12%) 1 (6%) 16% 2% 18% 1% ALT increased 3 (18%) 2 (12%) 2 (12%) 1 (6%) 11% 1% 12% 1% Neutropenia 12 (71%) 6 (35%) 12 (71%) 6 (35%) 45% 26% 71% 53% Nausea 10 (59%) 0% 9 (53%) 0% 41% 3% 82% 16% Vomiting 7 (41%) 0% 6 (35%) 0% 25% 2% 67% 16% IRR 7 (41%) 1 (6%) 7 (41%) 1 (6%) NR NR NR NR

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Givastomig: Superior Efficacy Highlights the Significant Clinical Value by Improving the Current Standard of Care Nivolumab + mFOLFOX6(CHECKMATE-6491, n=782) 47% Zolbetuximab + mFOLFOX6 (SPOTLIGHT2, n=279) 40% Givastomig + nivolumab + mFOLFOX6 (All doses, escalation combo,n=17) 71% ORR (%) comparison vs. current 1L SoC Notes: Data cutoff as of May 15, 2025; PD-L1 assays:22C3 pharmDX, or local test; CLDN: Ventana SP455 or 43-14A; SD = stable disease; PR = confirmed partial response; ORR = objective response rate; CPS = combined positive score; PD-L1 = programmed death-ligand 1; CLDN18.2 = Claudin 18.2; CLDN = Claudin 18.2 vs Biomarker ORR: % (n) All Escalation(n=17) ExpansionCohorts (8 & 12mg/kg) (n=12) Total 71 (12/17) 83 (10/12) PD-L1 ≥5 82 (9/11) 89 (8/9) <1 50 (3/6) 67 (2/3) ≥1 73 (11/15) 82 (9/11) <1 50 (1/2) 100 (1/1) CLDN18.2 < 75 67 (8/12) 78 (7/9) < 75 80 (4/5) 100 (3/3) ORR: % (n) PD-L1 ≥5 PD-L1 <5 CLDN18.2 ≥ 75 80 (8/10) 0 (0/2) CLDN18.2 < 75 100 (1/1) 75 (3/4) CPS 5 0 1 30 40 5 30 5 10 2 8 3 10 20 10 0 3 CLDN 99 60 95 75 90 100 60 90 98 100 90 7 98 96 90 30 1 1. Janjigian 2021; The Lancet, Volume 398, Issue 10294, 27 – 40 2. Shitara et al. 2023; The Lancet, Volume 401, Issue 10389, 1655 – 1668 Givastomig + Nivolumab + mFOLFOX6 Achieved an ORR of 71% in Combination with Immuno-chemotherapy Encouraging data in Claudin18.2 low patients shows the pan-tumor potential

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Givastomig: Clinical Development Plan Overall Clinical Development Plan Notes: mNSCLC = metastatic non-small cell lung cancer; Ab = antibody; mAb = monoclonal antibody, 1L = first line; IIT = investigator-initiated trials; nivo = nivolumab; CLDN18.2 Low = CLDN18.2 <75%; PD-L1 Low = CPS<1; CPI = checkpoint inhibitor; BTC = biliary tract cancer; PDAC = pancreatic ductal adenocarcinoma; FPI = first patient in; GC = gastric cancer; GEJ = gastroesophageal junction; EAC = esophageal adenocarcinoma; Q2W = every two weeks; Q3W = every three weeks; Giva = givastomig; ORR = objective response rate; DoR = duration of response; DCR = disease control rate; PFS = progression free survival; OS = overall survival; 1L = first line; PD-L1 = programmed death-ligand 1; CPS = combined positive score Program Phase 1 Phase 2 Phase 3 AnticipatedMilestones Partners Gastric CancersCLDN18.2+ Topline DataQ1 2026 FPI Q1 2026 FPI Q4 2025 FPI 1H 2026 Other GIMalignancies CLDN18.2+ FPI 1H 2026 FPI 2H 2026 FPI 1H 2026 1L Dose Expansion (Giva+ Nivo+ Chemo) 1L Randomized Phase 2 (Giva + Nivo + Chemo) vs. (Nivo + Chemo) 1L CLDN18.2 Low and PD -L1 Low (Giva + Chemo) IIT – Neoadjuvant Locally Advanced (Giva + CPI + Chemo) 1L BTC (Giva + CPI + Chemo) 1L PDAC (Giva + Chemo) IIT – Neoadjuvant PDAC (Giva + Chemo) Randomized Phase 2 Study Design of Givastomig Combined with Immuno-chemotherapy with PFS Data Expected in 2027 Study Design: Multi-center, three-arm randomized Phase 2 study Enrolling globally Eligibility: 1L unresectable or metastatic GC/GEJ/EAC (GEA) HER2-negative CLDN18.2 ≥ 1+ on ≥ 1% of tumor cells PD-L1 CPS ≥ 1 Stratification: mFOLFOX6 vs. CapeOX CLDN18.2 (above and below 75%) n=1801:1:1 Global Randomized Phase 2 Study Arm 1 (n=60) Giva 8 mg/kg + nivolumab + mFOLFOX6 Q2W (or for Q3W – Giva 12 mg/kg + nivolumab + CapeOX) Arm 2 (n=60) Giva 12 mg/kg + nivolumab + mFOLFOX6 Q2W (or for Q3W – Giva 18 mg/kg + nivolumab + CapeOX) Endpoints: Primary: PFS Secondary: ORR, OS, DoR, DCR Safety, Biomarker Control Arm (n=60) nivolumab + mFOLFOX6 Q2W (or for Q3W – nivolumab + CapeOX)

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Givastomig: Significant Market Opportunity in Gastric Cancers and Beyond Significant Market Opportunity in Gastric Cancers and Beyond 1. Markets include U.S., five E.U. countries, and Japan in 2025 based on Frost & Sullivan; 2. HER2-negative status of ~78-80% based on Frost & Sullivan; 3. CLDN18.2 positive status of ~73% based on Frost & Sullivan; 4. VYLOY (zolbetuximab-clzb) FDA label; 5. Markets include U.S., 5 E.U., and Japan by 2030 based on Frost & Sullivan; 6. Represents CLDN18.2 prevalence within population; Ventana Assay Validation Report on file; 7. Ventana Assay Validation Report on file. Gastric Cancer ("GC") Promising peak sales potential Currently, 182k1 patients diagnosed with gastric cancer globally, among which about 105k2,3 as HER2-negative & CLDN18.2-positive Givastomig as the first asset vs. IO-chemotherapy standard of care in 1L GC in US GivastomigPotentially FIC & BIC Givastomig Potentially BIC Zolbetuximab4 100% 10% 1% >1% ≥75% CLDN18.2 Level PD-L1 CPS 1 L HER2-negative GCTherapeutic Landscape Estimated global peak sales\* of Givastomig ~$2.0Bn 1L GC Only GC and beyond Market potential in by 2030, % as prevalence of CLDN18.2 expression 1L Gastric Cancers ~$4.4Bn5 >70%6 1L Pancreatic Ductal Adenocarcinoma ~$3.7Bn5 60-85%7 1L Biliary Tract Carcinoma ~$1.2Bn5 ~70%7 ~$3.5Bn Across 1L GC / BTC / PDAC \* Gross sales numbers without considering gross-to-net, POS, or revenue split adjustments.

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2.2 VIS-101

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VIS-101: Significant Unmet Needs Remain in nAMD and DME Treatments Source: Frost & Sullivan nAMD and DME as major ophthalmology diseases and unmet needs Disease Overview Global Patient population1 Neovascular age-related macular degeneration (nAMD) One of the most common causes of significant visual impairment and permanent loss of central vision in aging patients Diabetic macular edema (DME) A severe complication of diabetic retinopathy (DR) and the most common cause of vision impairment in individuals with diabetes MoA Approval Indication Treatment Peak Sales(USD) VEGF 2006 nAMD, RVO, DME Q4W VEGF 2011 nAMD Q8W (4W for 1st 2m) VEGF 2023 nAMD, DME, DR Q8-16W(4W for 1st 3m) VEGF x ANG-2 2022 nAMD, DME Q8-16W(4W for 1st 4m) All major anti-VEGF drugs approved have achieved / will achieve USD5-10Bn topline Lucentis Eylea Eylea HD Vabysmo ~$10B ~$10B ~$5B Increases in durability have rapidly propelled revenue growth for successive generations of agents (Elyea HD and Vabysmo) Unmet needs remain as patients become non-response over time and may not be compliant due to frequent dosing schedule through intravitreal injection Global Market Size of Innovative Anti-VEGF Drugs1 Forecast Global Market Size of Innovative Anti-VEGF Drugs in 2034 and CAGR from 2024 to 2034 Forecast Global Epidemiology of nAMD and DME in 2034 and CAGR from 2024 to 2034 59.3 Mn ~2.1% CAGR 31.9 Bn ~4.9% CAGR Global Epidemiology of nAMD and DME1 1st Line Therapy Unmet Needs Ranibizumab (Lucentis), Aflibercept(Eylea), Faricimab(Vabysmo), Bevacizumab(Avastin, off label) 3-dozes loading then monthly or PRN retreatment guided by OCT/VA Regimes Burden of injection frequency Limitations of sustained efficacy Better durability and long lasting Rapid and sustained improvement in visual acuity Ranibizumab (Lucentis), Aflibercept(Eylea), Faricimab(Vabysmo) In 2024, the prevalence of nAMD reached 21.5 million, with a CAGR of 2.2% from 2020 to 2024 In 2024, the prevalence of DME reached 26.8 million, with a CAGR of 2.1% from 2020 to 2024

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VIS-101: Next generation SOC with Longer Durability, Less Priming Dose and Efficacy on Pre-treated Patients Strong Growth of Anti-VEGF-A Ophthalmology Drug Market Global revenue for anti-VEGF ophthalmology drugs is projected to grow to >$20B by 2030. VabysmoTM (faricimab) is the first VEGF/ANG-2 bispecific approved (2022) for nAMD and has longer durability than Eylea. VabysmoTM revenues were $2.4B in its first full-year of launch and is projected to soon exceed $8B annually for all indications Increased revenue of anti-VEGF–A ophthalmology drugs are correlated with improvements in durability LucentisTM Q4W EyleaTM Q8W VabysmoTM Q8-16W Eylea HDTM Q8-16W Revenue 2y from Launch $1.8B $2.8B $4.4B $1.5B VIS-101 Q20-24W (longer durability) Efficacy on pre-treated patients Next-Gen SOC Less priming dose Source: Global data & Evaluate Pharma; sales revenue forecasts for Lucentis, Eylea, Vabysmo and Eylea HD

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VIS-101: China Randomized Phase 2 Interim Analysis Shows BIC Potential In an ongoing Phase 2a study, 24 nAMD patients previously treated and treatment-naïve received 3 doses of 6mg of intravitreal injection of VIS-101 at Day 0, Week 4, and Week 8. Interim analysis showed a rapid and sustained effects on BCVA, beginning as early as Day 7. The effect was sustained for more than 12 weeks following the last dose of VIS-101. Final study results, including long-term (36 week) durability data, will be available Q4 2025. 6mg VIS-101 - BCVA changes from baseline 50% Naïve, 50% Pre-Treated BCVA (ETDRS Letters) Naïve Pre-treated 12 12 12 12 12 12 11 12 11 12 7 11 7 6 Patients (n): interim Analysis, study ongoing (results available in Q4 2025) 3 Intravitreal injections Follow-up for 28 weeks post last injection 6mg - Subtotal 24 24 24 23 23 18 13 Ranibizumab Faricimab Q12W Faricimab Q16W 16 24 31 16 24 31 15 24 30 16 23 30 16 23 30 16 23 30 16 23 30 Patients (n): treatment naïve patients – no rescue allowed 6mg Vabysmo (Phase 2 Stairway) 100% Naïve Patients Faricimab: 4 Intravitreal injections Q12W or Q16W Treatment Free: 16 weeks Treatment Free: 12 weeks # no disease activity @W24 15 17 19 Effective on pre-treated patients Less priming dose Longer durability

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VIS-101: Speed-to-Market as 2nd in Class & BIC Potential Source: Frost & Sullivan Clinical Plan of VIS-101 2025Q3: Phase II ongoing 2026-2027Q4: Phase III head-to-head comparison to Vabysmo 2028-2029/30: Randomized Phase 3 trial readouts BLA filing nAMD Tier 1 – Marketed Faricimab (Vabysmo) Tier 2 – Phase II VIS-101 BI 836880 Tier 3 – Other Pipelines EXG102-031 BI 836880 intravitreal IBI324/OLN324 EB-105 Speed to Market as 2nd in Class with Me-better Positioning Potential of a successful second launch and best-in-class market positioning, seizing a competitive advantage in market share

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The Ophth NewCo Led by an Exceptional and Experienced Leadership Team Transaction Structure Visara, Inc. (NewCo) NovaBridge AffaMed ESOP 65% 30% 5% NewCo Leadership NovaBridge to contribute cash in exchange for 65% of the equity interest in Visara AffaMed to contribute its rights and interests in VIS-101 to Visara in exchange for 30% of the equity interest in Visara The remaining 5% equity interest in Visara will be reserved for an ESOP Upon completion, VIS-101-related rights will be transferred to Visara Emmett Cunningham MD, PhD, MPH Co-Founder and Executive Chairman World-renowned ophthalmologist; Former Senior Managing Director, Blackstone Group 25+ years of experience as an entrepreneur and investor Co-founder of 5+ companies, with a track record of serial entrepreneurial successes (IPO or acquired by MNCs) Internationally recognized specialist in infectious and inflammatory eye disease with over 450 publications Led the development of Macugen®: a first-in-class VEGF-A inhibitor for AMD and DME

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2.3 Other Products

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Ragistomig: Novel Bispecific PD-L1 x 4-1BB with Differentiated Molecular Design and Compelling Phase 1 Clinical Data Ragistomig: A novel bispecific integrates PD-L1 as a tumor engager and 4-1BB as a conditional T cell activator Compelling Clinical Data in Phase 1, Including Significant Checkpoint Inhibitor Exposed Patients Safety Data in Phase 1 Trial4 PD-L1 IgG 4-1BB scFv Molecular Design: Molecule binds to PD-L1 for activation of 4-1BB in the TME Implications: Mitigation of liver toxicity and systemic immune response Enhancement of anti-tumor immunity and re-invigoration of exhausted T cells1 Development: Co-development with ABL Bio Combinations will require maximizing the therapeutic index Implications: Further testing of additional doses and interval administration to maximize the therapeutic index Ragistomig (ABL503)2 Acasunlimab (GEN1046)3 Diagnosis Advanced or refractory solid tumors Advanced or refractory solid tumors Treatment Monotherapy0.7 mg – 10 mg/kg, Q2W Monotherapy25 –1,200 mg, Q3W Efficacy Evaluable 26 (sum of 3 mg/kg and 5 mg/kg) 61 (25 – 1,200 mg)30 (80 – 200 mg) ORR 26.9% (7/26) 6.6% (4/61)13.3% (4/30, 80 – 200 mg) Prior PD-(L)1 exposure of responders 71.4% (5/7) 50% (2/4) DCR (CR+PR+SD) Safety 69.2% (18/26) 65.6% (40/61) 24.5% (13/53)Grade 3 AST / ALT 10% Grade 3 AST / ALT Ragistomig (ABL503) differentiation Potential BIC PD-L1 x 4-1BB with better ORR data in Phase 1 as monotherapy Compelling clinical data in checkpoint inhibitor relapsed/refractory and PD-(L)1 naïve patients All Grades Grade≥3 Any TRAE 40 (75.5%) 22 (41.5%) TRAE in >= 10% of patients ALT Increased 17 (32.1%) 12 (22.6%) AST Increased 16 (30.2%) 11 (20.8%) Pyrexia 8 (15.1%) 1 (1.9%) Nausea 7 (13.2%) - Rash 7 (13.2%) 2 (3.8%) Fatigue 6 (11.3%) 1 (1.9%) Platelet Count Decreased 6 (11.3%) 1 (1.9%) Notes: scFv = single chain Fragment-variable region; TME = tumor microenvironment; Notes: ORR = objective response rate; DCR = disease control rate; CR complete response; PR = partial response; SD = stable di sease; AST = aspartate aminotransferase; ALT = alanine aminotransferase; Q2W = every two weeks; BIC = best in class. Note that the comparisons in the table above are not based on data from head-to-head trials and are not direct comparisons. Differences in trial designs, patient groups, trial endpoints, study sizes, and other factors may impact the comparisons 1. JITC 2021; 2. Ragistomig poster ASCO 2024; 3. Cancer Discovery 2022; 4. ASCO 2024 poster, Table 2.

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Uliledlimab: A Potential Best-in-class CD73 Therapeutic Uliledlimab: A Potential Best-in-class CD73 Therapeutic Uliledlimab + Toripalimab Data Support Patient Selection Based on CD73 Expression and Show Manageable Toxicity Anti-CD73 CD73 Biology: CD73 is the rate-limiting enzyme and a promising target in the adenosine immunosuppressive pathway Key Advantages: Uliledlimab completely inhibits CD73 activity and the production of adenosine without the "hook effect"1 Development: Coordinated global development with TJ Bio Status: I-Mab development paused pending positive data from TJ Bio's ongoing doublet study in 1L CD73+ NSCLC Dose-dependent CD73 Inhibition without the "Hook Effect"2 CD73 Enzyme Activity Inhibition Uliledlimab Concentration Uliledlimab CD73 dimer CD73 Enzyme Activity Inhibition Oleclumab CD73 dimer Oleclumab Concentration ORR% (n) PD-L1 All PD-L1>1% CD73High 53% (10/19) 63% (10/16) CD73Low 18% (8/45) 20% (5/25) Pembro (KN-042) PD-L1>1% NA 27% (174/637) Phase 2 ORR Data from Front-line NSCLC Cohort\* Safety profile of combination comparable to CPI monotherapy studies Well tolerated up to the highest doses tested (45mg/kg Q3W), without MTD Most TRAEs/AEs were Grade 1 or 2 Safety Observations for Uliledlimab, Administered to >200 Patients in Combination Studies with CPIs Notes: ORR = objective response rate; MTD = maximally tolerated dose; Q3W = every three weeks; AE = adverse events; CPI = checkpoint inhibitors; TRAEs = treatment-related adverse events; ASCO 2023 = the American Society of Clinical Oncology 2023 Annual Meeting; toripalimab (used in this study) = Approved/China and the US (Shanghai Junshi Biosciences/Coherus Biosciences) \*Patient disposition based on ASCO 2023 Poster from a cohort of 70 enrolled patients with unresectable/metastatic disease, including 67 efficacy evaluable and 64 patients who received at least one post baseline tumor assessment per iRECIST. Overall study (up to n=190) enrolled 5 cohorts (3 NSCLC sub-types, 1 ovarian, 1 all comers): data in this deck are from the treatment naïve, Stage IV NSCLC patients

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Accelerating Value Creation with Shareholder Expertise and Ecosystem 03 Strategic Advantage

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CBC is a Steadfast Investor-Operator Differentiating from Peers Asia's largest and most impactful healthcare-dedicated asset manager Investor-Operator approach Build deep expertise in value-creation levers and hands-on portfolio management, securing significantly greater exposures to top-tier assets compared with peers CBC is well positioned with global resources and validated recipe for fast scaling healthcare companies Partnering with the world's top scientists and entrepreneurs, CBC's unique investor-operator approach has empowered leading global healthcare companies to widen access to quality and affordable medical care, catalyze innovations worldwide, and provide better healthcare for all AUM US$10.5b, Buy-out investment US$3.5b One of the largest and most dynamic healthcare ecosystems across all major healthcare verticals: 30+ healthcare portfolio companies , 20+ controlled healthcare companies, 40+ innovative drug pipeline assets and 20+ early-stage pipeline assets 40+ BD deals within the last 5 years with 20+ global MNCs and partners with assets at different stages of development and transaction types Global talent pool with 100+ senior operating talents, 2,000+ candidates and 1,000+ experts available Proper governance Learn together with management while ensuring proper governance to drive the right behaviors and manage risk Talent warehousing Build and maintain a robust network of experienced science / operating partners Extensive global network and coverage Leverage dynamic healthcare ecosystems to identify high potential assets and valuable investment targets worldwide Intra-Portfolio integration Maximize synergies within expansive portfolio and consolidate at arm's length manner

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Highly Experienced World-Class Team to Support Global Strategy Regional Coverage Leads Sean LU Senior Managing Director Greater China Billy CHO Senior Managing Director Korea Vijay KARWAL Managing Director SEA Global Investment Team Managing Directors Directors / Vice Presidents Neo ZHANG Managing Director Hao YIN Managing Director Ray JIN Managing Director Qiuyi LIU Director Sangsoo KIM Director Sam LIAO Director Henry QU Vice President Mars LIN Director Paul QI Vice President Randy YEO Vice President Harry SUN Managing Director Denny CHU Managing Director US Japan Local-for-Local Approach with Centralized Underwriting Support

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Systematic Value Creation Driven by Vast and Dynamic Healthcare Ecosystem Ophthalmology Assets Small Molecule Oncology Assets Protein Conjugates & Novel ADCs Small Molecule Oncology Assets Transformative Drugs & Vaccines Neurology & Allergy Assets NeuroGen Pharma And more … Gastrointestinal Therapeutics Specialty & Respiratory Drugs Chronic & Critical-Care Medications Cellular Immunotherapies Aesthetic Medicine Assets CBC's Leading Healthcare Ecosystem YTD # of Assets in Each BD Stage Identified Engaged 450 116 Active Pre-NBTS 39 NBTS & DD 13 DA 1 1 Deal