ImageneBio, Inc.
ImageneBio, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $800,000.00, down 77.1% from fiscal 2024. In the quarter to June 2026, revenue fell 60.1%, EPS grew 12.5% and free cash flow grew 23.8%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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ImageneBio, Inc. (IMA) Altman Z-score
ImageneBio, Inc.'s Altman Z-score for fiscal 2025 is −1.12, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −1.12 | 22.43 |
| FY2024 | −23.54 | (23.47) |
| FY2023 | −0.07 | (0.31) |
| FY2022 | 0.24 | (4.88) |
| FY2021 | 5.12 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.84 | — | 1.01 | |
| Retained earnings / total assets | (1.50) | — | −2.11 | |
| EBIT / total assets | (0.32) | — | −1.05 | |
| Market value of equity / total liabilities | 1.69 | — | 1.02 | |
| Sales / total assets | 0.01 | — | 0.01 | |
| Altman Z-score | Distress zone | −1.12 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 5.55 | ||
Z and Z″ put ImageneBio, Inc. in different zones: distress zone by Z, safe zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| IBIO iBio, Inc. compare | 2.8× |
| IMA ImageneBio, Inc. | −1.1× |
| INMB INmune Bio, Inc. compare | −10.5× |
| SER Serina Therapeutics, Inc. compare | −22.1× |
| CLNN Clene Inc. compare | −27.1× |
| KLRS Kalaris Therapeutics Inc. compare | — |
| ANVS Annovis Bio, Inc. compare | — |
| ALDX Aldeyra Therapeutics, Inc. compare | — |
| TVGN Tevogen Inc. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets