ImageneBio is a clinical-stage biopharmaceutical company developing a single drug candidate, IMG-007, a monoclonal antibody targeting autoimmune and inflammatory diseases. IMG-007 works by blocking OX40-OX40L signaling, a pathway that drives T-cell activation and expansion underlying inflammatory conditions. The primary target indication is moderate-to-severe atopic dermatitis (eczema), where ImageneBio is currently running a Phase 2b dose-finding trial (the ADAPTIVE trial) with topline data expected in 2027. IMG-007 has also generated Phase 1b/2a proof-of-concept data in alopecia areata, making it the first anti-OX40/OX40L antibody evaluated clinically in that indication. ImageneBio has no approved products and no revenue, and funds operations through capital raises. The company has 15 employees and outsources manufacturing to WuXi Biologics. ImageneBio licenses the core patent for IMG-007 from Hutchmed, with terms including up to $92.5M in development and regulatory milestone payments, up to $135M in sales-based milestones, and tiered royalties in the high single-digit to low-teen percentage range on net sales. The path to commercialization requires completing Phase 2b, running Phase 3 trials, obtaining regulatory approval, and either building a commercial organization or partnering with a larger pharma company. Beyond atopic dermatitis, ImageneBio has flagged asthma, rheumatoid arthritis, and hidradenitis suppurativa as potential future indications, though pursuing these depends on the Phase 2b outcome and the company's ability to raise additional capital.