ImageneBio, Inc.

Analysis for Ticker: IMA

ImageneBio Inc is a clinical-stage drug developer focused on creating therapies for patients with skin and bone diseases. But the business operations are a mathematical loop where they sell the same car over and over again to people who then tear it apart for parts. They focus on one medicine for itchy skin called IMG-007. The math is a disaster because the people running the company are stripping it naked. They took all the good parts and moved them into a private closet called Miragene before the public could touch them. Now they just keep printing new paper to pay themselves while the bank account drains toward zero. It is like trying to fill a bathtub that has no bottom.