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ImageneBio

IMA on Nasdaq. Market value $53m.

Watch this stockFree. We tell you when something changes.

Should I look at this?

Look carefully before going further

Why it could be worth it

Nothing stands out yet.

What to watch out for

Read the warning sign in its own filings

This is not advice.

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Who owns it

None of the long-term investors we follow own it. 35 funds in all.

Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

8 investors own more than 5%.

  • ORBIMED ADVISORS LLC
    Passive investor
    at least 13.1%+6.2 pts
    (filed with 3 related holders)
    Since 14 April 2026
    What they said

    The Reporting Persons from time to time intend to review their investment in the Issuer on the basis of various factors, including the Issuer's business, financial condition, results of operations and prospects, general economic and industry conditions, the securities markets in…

    Read the filing
  • BVF PARTNERS L P/IL
    Passive investor
    at least 9.9%0.0 pts
    (filed with 9 related holders)
    Since 30 June 2026
  • at least 9.9%
    (filed with 2 related holders)
    Since 14 April 2026
  • 8.5%+1.1 pts
    Since 31 March 2026
  • Omega Fund VI, L.P.
    Passive investor
    at least 8.4%
    (filed with 4 related holders)
    Since 14 April 2026
    What they said

    The Reporting Persons acquired their shares of Common Stock as an investment in the ordinary course of business. Stampacchia serves on the Issuer's board of directors. The Reporting Persons, either directly or indirectly through Stampacchia, may engage in discussions from time…

    Read the filing
  • Leonard Braden Michael
    Passive investor
    7.6%0.0 pts
    Since 31 December 2024
  • Funicular Funds, LP
    Passive investor
    at least 5.8%
    (filed with 2 related holders)
    Since 29 December 2025
  • Atlas Venture Fund X, L.P.
    Passive investor
    at least 2.1%
    (filed with 8 related holders)
    Since 25 July 2025
    What they said

    Item 4 of the Statement is hereby amended and supplemented as follows: On December 23, 2024, Ikena, Insight Merger Sub I, an exempted company with limited liability incorporated and existing under the laws of the Cayman Islands and direct wholly owned subsidiary of Ikena…

    Read the filing
  • GILEAD SCIENCES INC
    Passive investor
    Sold down below 5%
    Since 31 December 2024
  • BML Investment Partners, L.P.
    Passive investor
    Sold down below 5%
    Since 25 July 2025
    What they said

    All of the Common Stock of the Issuer reported on this Schedule 13D was acquired in the ordinary course of business by the reporting persons for investment purposes. The reporting persons have no present plans or proposals that relate to or would result in any of the actions…

    Read the filing
  • Deep Track Capital, LP
    Passive investor
    Sold down below 5%
    Since 31 December 2025

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 1 insider bought $95,840 of shares on the open market. 1 sold $17,334.

  • Lally Robert B
    Principal Accounting Officer
    Sold
    Date
    17 July 2026
    Shares
    1,525
    Price
    $5.34
    Value
    $8,144
  • Lally Robert B
    Principal Accounting Officer
    Sold
    Date
    16 July 2026
    Shares
    1,671
    Price
    $5.50
    Value
    $9,191
  • SLATTERY JOSEPH P
    Director
    Bought
    Date
    24 December 2025
    Shares
    16,000
    Price
    $5.99
    Value
    $95,840

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

1 serious warning sign in ImageneBio’s filings.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 10 Mar 2026, plus the 10-Q filed 5 Aug 2026 and 7 later 8-Ks.

  • Weak checks on its own accounts

    Serious

    The company said its checks on its own accounts did not work at the end of its latest quarter. Mistakes could slip into the numbers.

    “Based on such evaluation, our principal executive officer and principal financial officer concluded that the Company’s disclosure controls and procedures were not effective as a result of a material weakness in internal control over financial reporting as described below.”
    Show the full paragraph
    Our management, with the participation of our principal executive officer and principal financial officer, has evaluated the effectiveness of our disclosure controls and procedures as of June 30, 2026, the end of the period covered by this Quarterly Report. Based on such evaluation, our principal executive officer and principal financial officer concluded that the Company’s disclosure controls and procedures were not effective as a result of a material weakness in internal control over financial reporting as described below.

    From the 10-Q filed 5 August 2026, Part I, Item 4. Controls and Procedures. Read it in the filing

  • Changed auditor

    Worth knowing

    The company changed its auditor (the firm that checks its books) in the last two years.

    “On August 2, 2025, the Audit Committee (the “Audit Committee”) of the Board of Directors of ImageneBio, Inc. (formerly Ikena Oncology, Inc.) (the “Company”) dismissed Ernst & Young LLP (“EY”) as the Company’s independent registered public accounting firm, with such dismissal to become effective on August 2, 2025 (the “Effective Time”).”

    From an 8-K filed 5 August 2025: Change of auditor. Read it in the filing

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.