ImageneBio Inc

IMA

HealthcareBiotechnologyNASDAQ

$5.77

Market Cap: $65.08M

ImageneBio Inc (IMA) Valuation Summary

Updated Apr 6, 2026 22:26

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$7.07 – $25.72	$12.71	+179.4%
Revenue DCF 10Y	$1.41 – $5.47	$2.38	-47.6%
▸ Trading Multiples
EV/Revenue	$5.45 – $13.00	$7.02	+54.3%

Valuation History

DCF Analysis

ImageneBio Inc (IMA) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$2.38

Market Price

$5.77

Upside / Downside

-58.8%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -6056.4% to a target of 13.3% over 5 years, discounted at a WACC of 8.4%, ImageneBio Inc (IMA) has an intrinsic value of $2.38 per share (range: $1.41 – $5.47).

Key Assumptions

Current Operating Margin

-6056.4%

Target Operating Margin

13.3%

WACC

8.4%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

3.9%

Target CapEx/Rev

21.8%

D&A/Revenue

14.5%

Tax Rate

21.0%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	0	-57.5%	-4842.4%	-16	-16	0	(0)	0	-17	-16
2027	0	-57.5%	-3628.5%	-5	-5	0	(0)	0	-5	-5
2028	0	-57.5%	-2414.6%	-1	-1	0	(0)	0	-1	-1
2029	0	-57.5%	-1200.6%	-0	-0	0	(0)	0	-0	-0
2030	21	78219.0%	13.3%	3	2	3	(3)	-4	6	4
2031	18	-10.0%	13.3%	2	2	3	(3)	0	2	1
2032	17	-10.0%	13.3%	2	2	2	(3)	0	1	1
2033	15	-10.0%	13.3%	2	2	2	(3)	0	1	0
2034	13	-10.0%	13.3%	2	1	2	(3)	0	0	0
2035	12	-7.5%	13.3%	2	1	2	(3)	0	0	0

Enterprise Value Bridge

Sum of PV(FCFF)-15

Terminal Value (Gordon Growth at 3.0%)4

PV of Terminal Value2

Enterprise Value-13

(–) Net Debt-25

Equity Value12

(÷) Shares Outstanding5

Fair Value per Share$2.38

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
6.4%	$1	$2	$3	$4	$5
7.4%	$1	$2	$3	$4	$5
8.4%	$1	$2	$2	$3	$4
9.4%	$1	$2	$2	$3	$4
10.4%	$1	$2	$2	$3	$3

Current price: $5.77. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at -17.4% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

ImageneBio Inc (IMA) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$12.71

Market Price

$5.77

Upside / Downside

+120.3%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-6056.4%

Target Operating Margin

13.3%

WACC

8.4%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

3.9%

Target CapEx/Rev

21.8%

D&A/Revenue

14.5%

Tax Rate

21.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	0	-57.5%	-4842.4%	-16	-16	0	(0)	0	-17	-16
2027	0	-57.5%	-3628.5%	-5	-5	0	(0)	0	-5	-5
2028	0	-57.5%	-2414.6%	-1	-1	0	(0)	0	-2	-1
2029	0	-57.5%	-1200.6%	-0	-0	0	(0)	0	-0	-0
2030	21	78219.0%	13.3%	3	2	3	(4)	-4	4	3

Enterprise Value Bridge

Sum of PV(FCFF)-19

Terminal Value (Gordon Growth at 3.0%)81

PV of Terminal Value56

Enterprise Value37

(–) Net Debt-25

Equity Value62

(÷) Shares Outstanding5

Fair Value per Share$12.71

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
6.4%	$16	$19	$21	$23	$26
7.4%	$12	$14	$16	$18	$19
8.4%	$10	$11	$13	$14	$15
9.4%	$8	$9	$11	$12	$13
10.4%	$7	$8	$9	$10	$11

Current price: $5.77. Green = undervalued, Red = overvalued.

Working Capital Assumption

Trading Multiples

Fair Value

$7.02

Market Price

$5.77

Upside / Downside

+21.7%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), ImageneBio Inc (IMA) has a fair value of $7.02 based on 4 comparable companies in the Biotechnology industry.

EV/Revenue Valuation — Biotechnology

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
ImageneBio IncIMA	28	3.9x	9.2x
Ovid Therapeutics Inc.OVID	347	47.9x	—
Sutro Biopharma, Inc.STRO	204	1.6x	4.6x
Connect Biopharma Holdings LimitedCNTB	160	3.1x	—
Metagenomi, Inc. Common StockMGX	51	2.0x	2.1x
Industry Median		2.6x	3.4x
(*) Revenue		1	0
= Enterprise Value		2	16
(-) Net Debt		-25	-25
Equity Value		27	41
(/) Outstanding shares		5	5
Fair Price		$6	$8

Selected Fair Value (avg of trailing + forward)

$7.02

+21.7%

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

$7.07 – $25.72

$12.71

+179.4%

Revenue DCF 10Y

$1.41 – $5.47

$2.38

-47.6%

▸ Trading Multiples

EV/Revenue

$5.45 – $13.00

$7.02

+54.3%

DCF Analysis

ImageneBio Inc (IMA) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$2.38

Market Price

$5.77

Upside / Downside

-58.8%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-6056.4%

Target Operating Margin

13.3%

WACC

8.4%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

3.9%

Target CapEx/Rev

21.8%

D&A/Revenue

14.5%

Tax Rate

21.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	0	-57.5%	-4842.4%	-16	-16	0	(0)	0	-17	-16
2027	0	-57.5%	-3628.5%	-5	-5	0	(0)	0	-5	-5
2028	0	-57.5%	-2414.6%	-1	-1	0	(0)	0	-1	-1
2029	0	-57.5%	-1200.6%	-0	-0	0	(0)	0	-0	-0
2030	21	78219.0%	13.3%	3	2	3	(3)	-4	6	4
2031	18	-10.0%	13.3%	2	2	3	(3)	0	2	1
2032	17	-10.0%	13.3%	2	2	2	(3)	0	1	1
2033	15	-10.0%	13.3%	2	2	2	(3)	0	1	0
2034	13	-10.0%	13.3%	2	1	2	(3)	0	0	0
2035	12	-7.5%	13.3%	2	1	2	(3)	0	0	0

Enterprise Value Bridge

Sum of PV(FCFF)-15

Terminal Value (Gordon Growth at 3.0%)4

PV of Terminal Value2

Enterprise Value-13

(–) Net Debt-25

Equity Value12

(÷) Shares Outstanding5

Fair Value per Share$2.38

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
6.4%	$1	$2	$3	$4	$5
7.4%	$1	$2	$3	$4	$5
8.4%	$1	$2	$2	$3	$4
9.4%	$1	$2	$2	$3	$4
10.4%	$1	$2	$2	$3	$3

Current price: $5.77. Green = undervalued, Red = overvalued.

Working Capital Assumption

Trading Multiples

Fair Value

$7.02

Market Price

$5.77

Upside / Downside

+21.7%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), ImageneBio Inc (IMA) has a fair value of $7.02 based on 4 comparable companies in the Biotechnology industry.

EV/Revenue Valuation — Biotechnology

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
ImageneBio IncIMA	28	3.9x	9.2x
Ovid Therapeutics Inc.OVID	347	47.9x	—
Sutro Biopharma, Inc.STRO	204	1.6x	4.6x
Connect Biopharma Holdings LimitedCNTB	160	3.1x	—
Metagenomi, Inc. Common StockMGX	51	2.0x	2.1x
Industry Median		2.6x	3.4x
(*) Revenue		1	0
= Enterprise Value		2	16
(-) Net Debt		-25	-25
Equity Value		27	41
(/) Outstanding shares		5	5
Fair Price		$6	$8

Selected Fair Value (avg of trailing + forward)

$7.02

+21.7%