ImageneBio Inc. reported a cash, cash equivalents, and marketable securities position of $142.6 million as of September 30, 2025, up from $12.1 million at December 31, 2024. The increase was primarily due to the completion of the merger with Ikena Oncology, Inc. and a concurrent $75.0 million private placement. Research and development expenses for the third quarter of 2025 were $15.6 million, up from $3.9 million in the same period of 2024, reflecting increased clinical trial expenses and non-cash stock-based compensation. General and administrative expenses rose to $11.0 million from $1.7 million, mainly due to higher stock-based compensation and professional services. Net loss for the quarter was $24.8 million, compared to $3.2 million in the prior year period, driven by additional operating and transaction costs related to the merger. The company also announced protocol amendments for the ongoing Phase 2b ADAPTIVE study of IMG-007 in atopic dermatitis, continued strong patient enrollment, and upcoming data presentations on alopecia areata at the Inflammatory Skin Disease Summit.