Seeking Alpha • Sep 29

Imara: Potential Liquidation

Summary Imara has announced strategic alternatives and has announced the sale its key asset. It now trades 37% below its Pro Forma net cash levels and a liquidation would be ideal. The main risk here is management pursuing a reverse-merger. Imara (IMRA) is a failed $60m MCAP biotech company trading at a 37% discount to its Pro Forma net cash levels. In April, the company reduced its workforce by around 83% (to a total of 6 employees), discontinued its treatment development pipeline (relating to both IMR-687 and IMR-261), and commenced a strategic review. A couple of positive developments have occurred since then. In July, the company terminated its headquarter lease agreement to reduce operating expenses. Quite strange that their website still shows their office location; On the 7th of September, IMRA surprised the market by signing a deal to divest its IMR-687 treatment assets to Cardurion Pharmaceuticals. A key condition here is shareholder approval (majority of votes cast need to support the sale), which should easily pass as management holds 40% of shares outstanding. Management has recently released a preliminary proxy related to the sale but the shareholders' meeting date is yet to be announced. Overall it seems that this is a done deal that should close swiftly as there are no major conditions that stand in the way. The company will continue to explore strategic alternatives post-transaction. Discount to Pro-Forma Cash Upon closing of the aforementioned IMR-673 sale, IMRA will receive an upfront cash payment of $34.75m plus two contingent payments. The contingent payments are structured as follows: $10m will be received if the buyer (Cardurion) achieves a proof on concept milestone or other specified clinical milestones; $50m will be received if the buyer (Cardurion) achieves specified regulatory and/or commercial milestone events. Cardurion is a private company, specializing in cardiovascular disease. The company is developing new therapeutics for heart failure and cardiovascular diseases. Looking at their existing portfolio it is highly likely that the IMR-687 purchase will be used for similar purposes. As IMRA reported only plans of clinical development for IMR-687 in heart failures, it seems that even if the milestones get achieved, they would be hit a long way from now. Hence I view the contingent payments as more of a free option here. For context, if both milestones are achieved, shareholders stand to receive another $2.3/share on top of the existing $3.6/share Pro Forma net cash. The table below shows a more conservative scenario where IMRA only received the upfront payments. Discount to Net Cash (Company's Filings) Cash burn was still elevated in Q2 at near $12m but this was due to R&D expenses still being present and some one-off layoff compensations. Excluding the $7.4m in R&D expenses and excluding the one-off compensations, we arrive at an $8m/year cash burn or $0.3/share. According to these assumptions, after 1 year the company would still be trading at a 31% discount from its cash levels. I believe this provides a decent margin of safety for IMRA especially as it continues to explore strategic alternatives. As a bonus, the company also has its IMR-261 asset that can add additional value. However, the upside from such a sale would likely be minimal. Imara purchased this asset in 2020 for an upfront $75k payment plus uncertain contingent payments. This is a very small sum and Imara has done little work with this asset to suggest it is worth more than it did two years ago. IMR-261 is barely in phase 1 vs phase 2 for the sold IMR-687 treatment. As a side note, management did not comment on whether these sale proceeds will be taxable or not. IMRA has around $270m worth of NOL’s which can most likely be used to offset taxes. So the upfront cash payment of $34.75m is treated as net proceeds. Possible Scenarios Though the outcome of the strategic review is still uncertain, the ideal scenario would be a full-on liquidation of the company. Post-asset sale Imara is basically a cash shell with no operations and no headquarters. Management owns 40% so it would also benefit from a liquidation. The main risk here is that management pursues a reverse merger. Though management owns 40%, they are also used to receiving high salaries. A similar situation has recently happened with IMRA’s peer Sesen Bio. On the 21st of September SESN announced a reverse merger sending SESN’s shares down by 40%. Note that SESN was also a failed biopharma that traded below net-cash levels and announced a strategic review.

Annuncio • Mar 07

Imara Inc. Expects to Conduct Phase I/Ii Clinical Trial in Adolescents

IMARA Inc. announced Overall, the Phase IIa demonstrated that IMR-687 was well tolerated as a monotherapy and in combination with HU at all dose levels. A 30% lower rate of vaso-occlusive crises or sickle cell pain crises as part of the safety analysis was observed in the population A group when compared to placebo. Furthermore, the rate of VOC related hospitalizations was lower in the population A1 group when compared to placebo. There were no meaningful differences in VOCs or VOC-related hospitalizations between the population B1 group and placebo. Biomarker results for population A1 showed minimal changes in F-cells, HbF levels and total Hb from baseline through week-24. Biomarker results in population B1 treated patients showed an overall increase in F-cells and HbF levels from baseline of week-24, while Hb levels do not meaningfully change. As a reminder, the 4-year OLE trial allows patients from the Phase IIa program to enroll in a long-term safety and tolerability study of IMR-687, following completion of the Phase IIa. The OLE trial was initially designed for patients who were administered a daily dose of 100-milligram of 687. And in the second quarter of 2020, a protocol amendment increased the daily dose to 200-milligram. Patients from the combination sub-study continue to receive the same dose of HU that they received while they're on the Phase IIa and throughout the duration of the OLE trial. Based on the tolerability profile of IMR-687 observed thus far, the Safety Review Committee has approved a dose escalation in the OLE trial to a minimum daily dose of 300 milligram, up from 200 milligram, with certain patients being eligible for a daily dose of 400 milligrams based on their weight. This weight-based approach is similar to ongoing Ardent Phase IIb clinical trial for sickle cell disease. The Safety Review Committee approved these dose adjustments, contingent upon the independent Data Monitoring Committee opening up the higher dose arm in the Ardent Phase IIb trial in sickle cell. It expects the Ardent Phase IIb DMC to make a decision on opening this higher dose in March 2021, paving the way for the OLE dose adjustment via protocol amendment. In the OLE, the company conducted a preliminary review of 24 patients as of December 31, 2020. Overall, data from the 24 patients enrolled in the OLE trial demonstrate that IMR-687 was well tolerated and had a safety profile similar to that observed in the Phase IIa clinical trial. As of December 31, 2020, approximately 12 of these patients had evaluable PD biomarker data for at least 4 months of treatment on the OLE trial. Biomarker results demonstrated absolute increases in both HbF and F-cells after 4 months of treatment in both the treatment-interrupted subgroup and the direct rollover subgroup. Specifically, there was a mean absolute increase of the HbF of 1.7% in the treatment-interrupted subgroup and a mean absolute increase of F-cells of 5.9%. In the direct rollover subgroup, there is a mean absolute increase of HbF of 2.3% and a mean absolute increase in F-cells of 10.2%. There were minimal changes in total Hb in both subgroups. Patients in the treatment-interrupted subgroup also demonstrated improvements in markers of hemolysis after 4 months of treatment, whereas the direct rollover subgroup showed variable changes in these measures. Both patients in these case narratives have continued to see absolute increases in HbF from baseline of greater or equal to 4.5% as well as absolute increases in F-cell measurements. Patient 1 is part of the Pop A monotherapy substudy of the Phase IIa trial and enrolled in the OLE as a direct rollover patient. As of December 31, 2020, patient 1 had been on the OLE trial for approximately 18 months and on IMR-687 for approximately 24 months and has shown in continued increase in levels of HbF with an absolute increase over baseline of 4.8% after 18 months of the OLE trial. Furthermore, this patient has seen increased F-cells compared to baseline as well as improvements in several SCD disease biomarkers. In addition, a comparison of VOC data for the 24-month period that the patient has been on IMR-687, that 6 months on the Phase IIa and 18 months on the OLE versus data from a retrospective review of the patient's medical records for the 24 months prior to initiation of IMR-687 indicate additional VOC episodes. In the 24-month period on IMR-687, the patient-reported 20 VOCs as compared to 50 reported -- 55 reported VOCs in the 24-month period prior to IMR-687 administration, a 64% reduction in the rate of VOCs. Patient 2 was part of the HU combination sub-study in the Phase IIa trial, was randomized to the placebo dose group and, therefore, never received IMR-687 during the Phase IIa. The patient started the OLE trial 14 months after completing the Phase IIa trial and is a treatment-interrupted patient. The patient has remained on stable dose of HU during this interim period and while on the OLE trial. As of December 31, 2020, had data on this patient through 8 months of treatment, reflecting the most recent OLE visit. Patient #2 has shown a sustained increase in levels of HbF, with an absolute increase over baseline of 4.5% after 8 months on the OLE trial and an increase over baseline in F-cells; however, this patient has also showed increasing variability of their SCD biomarkers versus the original case narrative. In addition, a comparison of VOC data for patient #2 for the 8-month OLE trial period versus data from a retrospective review of the patient's medical records for the 8-month period prior to the initiation of the OLE trial, indicates potential benefits of IMR-687 being administered in combination with HU. In the 8-month period on IMR-687, a patient had a 69% reduction in the rate of reported VOCs, 16 to 5 events as compared to the 8-month period prior to IMR-687, and while on HU alone. The 2 Phase IIb clinical trials of IMR-687, including Ardent trial in adult patients with sickle cell disease and Forte trial in adult patients with beta thalassemia. It expended significant effort last year in initiating these trials, and continue to expect to report interim data in the second half of 2021. continue to expand the global footprint for both studies with 22 and 36 active clinical centers for Ardent and Forte, respectively, across multiple countries and with continued near-term activation of the digital centers. The Ardent Phase IIb trial will enroll approximately 99 patients with sickle cell disease, that is a double-blind, randomized trial, where patients will be stratified by use of hydroxyurea as well as by region. The company currently anticipate initiating pediatric clinical program of IMR-687 on sickle cell disease in the first half of 2021. The company expects to conduct a Phase I/II clinical trial in adolescents between 12 to 17 years old comprised of the single ascending dose phase followed by a 36-week multiple dose expansion phase.

Indice di copertura degli interessi	n/a
Contanti	US$88.20m
Patrimonio netto	US$90.13m
Totale passività	US$1.83m
Totale attività	US$91.96m

Dati	Ultimo aggiornamento (ora UTC)
Analisi dell'azienda	2023/02/24 03:59
Prezzo dell'azione a fine giornata	2023/02/23 00:00
Utili	2022/12/31
Utili annuali	2022/12/31

Pacchetto	Dati	Tempistica	Esempio Fonte USA ^*
Dati finanziari della società	10 anni	Conto economico Rendiconto finanziario Bilancio	Modulo SEC 10-K Modulo SEC 10-Q
Stime di consenso degli analisti	+3 anni	Previsioni finanziarie Obiettivi di prezzo degli analisti	Rapporti di ricerca degli analisti Blue Matrix
Prezzi di mercato	30 anni	Prezzi delle azioni Dividendi, scissioni e azioni	Dati di mercato ICE Modulo SEC S-1
Proprietà	10 anni	Top azionisti Insider trading	Modulo 4 SEC Modulo 13D SEC
Gestione	10 anni	Team di leadership Consiglio di amministrazione	Modulo SEC 10-K Modulo SEC DEF 14A
Sviluppi principali	10 anni	Annunci aziendali	Modulo 8-K SEC

Analista	Istituzione
Yigal Nochomovitz	Citigroup Inc
Edward White	H.C. Wainwright & Co.
Joseph Schwartz	Leerink Partners LLC

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IMARA Salute del bilancio

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Aggiornamenti recenti sulla salute finanziaria

We're Keeping An Eye On IMARA's (NASDAQ:IMRA) Cash Burn Rate

We're Keeping An Eye On IMARA's (NASDAQ:IMRA) Cash Burn Rate

Is IMARA (NASDAQ:IMRA) In A Good Position To Invest In Growth?

Companies Like IMARA (NASDAQ:IMRA) Are In A Position To Invest In Growth

Recent updates

Insider recently sold US$81k worth of stock

Insider recently sold US$203k worth of stock

Cardurion Pharmaceuticals, LLC acquired Tovinontrine (IMR-687) and All of the Assets Related to PDE9 Program from IMARA Inc. (NasdaqGS:IMRA) for approximately $95.

Enliven Therapeutics, Inc. entered into a definitive merger agreement to acquire IMARA Inc. (NasdaqGS:IMRA) in a reverse merger transaction.

Cancer drug developer Enliven Therapeutics and Imara to merge in all-stock deal

Imara: Potential Liquidation

Cardurion Pharmaceuticals, LLC entered into an asset purchase agreement to acquire Tovinontrine (IMR-687) and All of the Assets Related to PDE9 Program from IMARA Inc. (NasdaqGS:IMRA) for $94.8 million.

We're Keeping An Eye On IMARA's (NASDAQ:IMRA) Cash Burn Rate

Price target decreased to US$1.20

IMARA Inc., Annual General Meeting, Jun 02, 2022

IMARA Inc. Approves Reduction of Workforce

Imara Announces Results of Interim Analyses of Tovinontrine (IMR-687) Phase 2b Clinical Trials in Sickle Cell Disease and Beta-Thalassemia

Independent Chairman recently bought US$55k worth of stock

Imara Inc. Announces FDA Clearance of Investigational New Drug Application for Tovinontrine (IMR-687) for Heart Failure with Preserved Ejection Fraction (HFpEF)

IMARA Inc. Presents Clinical and Preclinical Tovinontrine Data At the American Society of Hematoloy Annual Meeting 2021

Imara Inc. Announces Primary Endpoint Change in the Ardent Phase 2B Clinical Trial of Tovinontrine (Imr-687) in Sickle Cell Disease

We're Keeping An Eye On IMARA's (NASDAQ:IMRA) Cash Burn Rate

Price target decreased to US$26.33

IMARA Inc. Announces Completion of Patient Enrollment in Ardent Phase 2B Clinical Trial of IMR-687 (Tovinontrine) for Sickle Cell Disease

Independent Director Mette Agger has left the company

IMARA Inc.(NasdaqGS:IMRA) dropped from Russell 2500 Growth Index

Imara Inc. Presents Clinical Data on IMR-687 in Sickle Cell Disease at the European Hematology Association Annual Congress

Imara to Present Clinical Data on IMR-687 in Sickle Cell Disease at the European Hematology Association (EHA) Annual Congress

Price target decreased to US$35.00

Is IMARA (NASDAQ:IMRA) In A Good Position To Invest In Growth?

Imara Inc. Announces Separate Independent Data Monitoring Committees for the Ardent and Forte Phase 2B Clinical Trials of IMR-687 for Sickle Cell Disease and Beta-Thalassemia, Respectively

Imara Inc. Expects to Conduct Phase I/Ii Clinical Trial in Adolescents

New 90-day low: US$12.33

New 90-day low: US$13.20

Imara Announces the Appointment of Kenneth Attie, M.D. as Chief Medical Officer

Companies Like IMARA (NASDAQ:IMRA) Are In A Position To Invest In Growth

Imara Inc. Reports Results from Its Phase 2A Clinical Trial of IMR-687 in Adult Patients with Sickle Cell Disease

New 90-day low: US$14.72

President notifies of intention to sell stock

Imara Inc. Presents IMR-687 Phase 2A Open Label Extension Case Reports on Two Patients with Sickle Cell Disease at the 62nd ASH Annual Meeting and Exposition

New 90-day high: US$27.99

Imara Announces the Appointment of Lynette Hopkinson as Senior Vice President of Regulatory

IMARA Inc. Completes Dosing Patients in the Phase 2A Clinical Trial in Patients with SCD; IMR-687 Granted Regulatory Designation

New 90-day low: US$18.70

Imara Announces First Patient Dosed in Forte Phase 2b Clinical Trial of IMR-687 in Beta-Thalassemia

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