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Imara (IMRA)

Imara Inc. is a clinical-stage biotechnology company dedicated to developing and commercializing novel therapeutics to treat patients suffering from rare inherited genetic disorders of hemoglobin. Imara is currently advancing IMR-687, a highly selective, potent small molecule inhibitor of PDE9 that is an oral, once-a-day, potentially disease-modifying treatment for sickle cell disease and beta-thalassemia.

Company profile

IMRA stock data

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

3 Aug 22
1 Oct 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 30.61M 30.61M 30.61M 30.61M 30.61M 30.61M
Cash burn (monthly) 2.02M 1.47M 3.84M 4.51M 4.11M 4.41M
Cash used (since last report) 6.16M 4.48M 11.73M 13.79M 12.55M 13.46M
Cash remaining 24.45M 26.13M 18.88M 16.82M 18.05M 17.15M
Runway (months of cash) 12.1 17.8 4.9 3.7 4.4 3.9

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
16 Jun 22 Braden Michael Leonard Common Stock Buy Acquire P Yes No 1.1087 83,199 92.24K 3,017,774
6 Jun 22 Braden Michael Leonard Common Stock Buy Acquire P Yes No 1.16 2,630 3.05K 2,934,575
3 Jun 22 Braden Michael Leonard Common Stock Buy Acquire P Yes No 1.1356 30,800 34.98K 2,931,945
2 Jun 22 Mott David M Stock Options Common Stock Grant Acquire A No No 1.07 8,500 9.1K 8,500
2 Jun 22 Chin Mark Stock Options Common Stock Grant Acquire A No No 1.07 8,500 9.1K 8,500
2 Jun 22 Bonita David P Stock Options Common Stock Grant Acquire A No No 1.07 8,500 9.1K 8,500
13F holders Current Prev Q Change
Total holders 31 30 +3.3%
Opened positions 7 1 +600.0%
Closed positions 6 10 -40.0%
Increased positions 2 12 -83.3%
Reduced positions 11 9 +22.2%
13F shares Current Prev Q Change
Total value 93.1M 107.1M -13.1%
Total shares 20.75M 22.07M -6.0%
Total puts 0 14.6K EXIT
Total calls 0 0
Total put/call ratio Infinity
Largest owners Shares Value Change
Orbimed Advisors 4.39M $5.35M 0.0%
BML Investment Partners 2.86M $3.95M NEW
Arix Bioscience 2.34M $17.79M 0.0%
New Enterprise Associates 14 1.92M $2.52M -48.0%
PFE Pfizer 1.56M $24.15M 0.0%
Lundbeckfond Invest A/S 1.43M $31.59M 0.0%
NEA Management 1.01M $1.23M -69.6%
Woodline Partners 951.29K $1.16M -7.2%
GS Goldman Sachs 872.58K $1.07M NEW
Rock Springs Capital Management 842.4K $1.03M 0.0%
Largest transactions Shares Bought/sold Change
BML Investment Partners 2.86M +2.86M NEW
NEA Management 1.01M -2.3M -69.6%
New Enterprise Associates 14 1.92M -1.77M -48.0%
GS Goldman Sachs 872.58K +872.58K NEW
FMR 0 -370.16K EXIT
Pura Vida Investments 0 -196.64K EXIT
Laurion Capital Management 0 -155.18K EXIT
Two Sigma Investments 119.14K -125.01K -51.2%
Two Sigma Advisers 182.8K -101.2K -35.6%
Marquette Asset Management 78.58K +78.58K NEW

Financial report summary

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Risks
  • We may not be successful in identifying and implementing any strategic transaction and any strategic transactions that we may consummate in the future may not be successful.
  • We may not realize any additional value in a strategic transaction.
  • Our Board may decide to pursue a dissolution and liquidation. In such an event, the amount of cash available for distribution to our stockholders will depend heavily on the timing of such liquidation as well as the amount of cash that will need to be reserved for commitments and contingent liabilities.
  • Our ability to consummate a strategic transaction depends on our ability to retain our employees required to consummate such transaction.
  • We may become involved in securities class action litigation that could divert management’s attention and harm the company’s business, and insurance coverage may not be sufficient to cover all costs and damages.
  • Risks Related to Our Financial Position and Need for Additional Capital
  • We have incurred significant losses since our inception. We expect to incur operating losses for the foreseeable future and may never achieve or maintain profitability.
  • If we decide to pursue any future product development efforts, we will need substantial additional funding. If we are unable to raise capital when needed, we could be forced to delay, reduce or eliminate our product development programs or commercialization efforts.
  • Raising additional capital may cause dilution to our stockholders, restrict our operations or require us to relinquish rights to our technologies or product candidates.
  • Our limited operating history may make it difficult to evaluate the success of our business to date and to assess our future viability.
  • Our ability to use our net operating losses, or NOLs, and research and development tax credit carryforwards to offset future taxable income may be subject to certain limitations.
  • Risks Related to the Discovery, Development and Commercialization of Our Product Candidates
  • We do not currently have any product candidates in active development. Future clinical trials of our product candidates, if any, may not be successful. If we are unable to successfully develop or commercialize our product candidates, or experience significant delays in doing so, our business will be materially harmed.
  • Clinical drug development involves a lengthy and expensive process, with an uncertain outcome. We may incur additional costs or experience delays in completing, or ultimately be unable to complete, the development and commercialization of any product candidates.
  • The outcome of preclinical studies and earlier-stage clinical trials may not be predictive of the success of later-stage clinical trials.
  • If we decide to pursue any future product development efforts and experience delays or difficulties in the enrollment of patients in clinical trials, our receipt of necessary regulatory approvals could be delayed or prevented.
  • Changes in methods of product candidate manufacturing or formulation may result in additional costs or delay.
  • If serious adverse events or unacceptable side effects are identified during the development of any product candidates we may develop, we may need to abandon or limit our development of those product candidates.
  • If any product candidate receives marketing approval and we, or others, later discover that the drug is less effective than previously believed or causes undesirable side effects that were not previously identified, our ability to market the drug could be compromised.
  • Even if any product candidate receives marketing approval, it may fail to achieve the degree of market acceptance by physicians, patients, third-party payors and others in the medical community necessary for commercial success.
  • If we decide to pursue any future product development efforts and we are unable to establish sales, marketing and distribution capabilities or enter into sales, marketing and distribution agreements with third parties, we may not be successful in commercializing any product candidates if and when they are approved.
  • We face substantial competition, which may result in others discovering, developing or commercializing products before or more successfully than we do.
  • If we decide to pursue any future product development efforts, our success may depend, in part, on our ability to penetrate foreign markets, where we would be subject to additional regulatory burdens and other risks and uncertainties that, if they materialize, could harm our business.
  • Clinical trial and product liability lawsuits against us could divert our resources, could cause us to incur substantial liabilities and could limit commercialization of any products that we may develop.
  • Risks Related to Our Dependence on Third Parties
  • We may enter into collaborations with third parties for the development or commercialization of product candidates. If our collaborations are not successful, we may not be able to capitalize on the market potential of these product candidates and our business could be adversely affected.
  • If we are not able to establish or maintain collaborations, we may have to alter our development and commercialization plans and our business could be adversely affected.
  • If we decide to pursue any future product development efforts, we expect to rely on third parties to conduct our clinical trials, and those third parties may not perform satisfactorily, including failing to meet deadlines for the completion of such trials, which may harm our business.
  • If we decide to pursue any future product development efforts, we expect to contract with third parties for the manufacture of any product candidates we may develop for preclinical and clinical testing and would expect to continue to do so for commercialization. This reliance on third parties entails risks, including that such third parties may not be able to comply with applicable regulatory requirements. Any performance failure on the part of our manufacturers could delay clinical development or marketing approval.
  • Risks Related to our Intellectual Property
  • If we fail to comply with our obligations under our existing license agreements, or under any future intellectual property licenses, or otherwise experience disruptions to our business relationships with our current or any future licensors, we could lose intellectual property rights that are important to our business.
  • If we are unable to obtain, maintain, enforce and protect patent protection for our technology and product candidates or if the scope of the patent protection obtained is not sufficiently broad, our competitors could develop and commercialize technology and products similar or identical to ours, and our ability to successfully develop and commercialize our technology and product candidates may be adversely affected.
  • Patent terms may be inadequate to protect our competitive position on any product candidates for an adequate amount of time.
  • If we are unable to obtain licenses from third parties on commercially reasonable terms or fail to comply with our obligations under such agreements, our business could be harmed.
  • If we do not obtain patent term extension in the United States under the Hatch-Waxman Act and in non-U.S. countries under similar legislation, thereby potentially extending the term of our marketing exclusivity for any product candidates we may develop, our business may be materially harmed.
  • Changes to patent laws in the United States and other jurisdictions could diminish the value of patents in general, thereby impairing our ability to protect our products.
  • We and our licensors, and any future licensors, may become involved in lawsuits to protect or enforce our patent or other intellectual property rights, which could be expensive, time-consuming and unsuccessful.
  • Obtaining and maintaining patent protection depends on compliance with various procedural, document submission, fee payment and other requirements imposed by governmental patent agencies, and our patent protection could be reduced or eliminated for non-compliance with these requirements.
  • We may not be able to protect our intellectual property and proprietary rights throughout the world.
  • We may be subject to claims challenging the inventorship or ownership of our patents and other intellectual property.
  • We may be subject to claims by third parties asserting that our employees, consultants or contractors have wrongfully used or disclosed confidential information of third parties, or we have wrongfully used or disclosed alleged trade secrets of their current or former employers or claims asserting we have misappropriated their intellectual property, or claiming ownership of what we regard as our own intellectual property.
  • If we are unable to protect the confidentiality of our trade secrets, our business and competitive position may be harmed.
  • Intellectual property rights do not necessarily address all potential threats.
  • Risks Related to Regulatory Approval of Our Product Candidates and Other Legal Compliance Matters
  • If we decide to pursue any future product development efforts, even if we complete the necessary preclinical studies and clinical trials, the marketing approval process is expensive, time-consuming and uncertain and may prevent us from obtaining approvals for the commercialization of any product candidates. If we are not able to obtain, or if there are delays in obtaining, required regulatory approvals, we will not be able to commercialize any product candidates, and our ability to generate revenue will be materially impaired.
  • We may not be able to obtain or maintain orphan drug designation or exclusivity for any product candidates and, even if we do, that exclusivity may not prevent the FDA or the EMA from approving other competing products.
  • A Fast Track designation by the FDA may not lead to a faster development or regulatory review or approval process.
  • Accelerated approval by the FDA, even if granted for any product candidates does not increase the likelihood that any product candidates will ultimately receive full approval.
  • Inadequate funding for the FDA, the SEC and other government agencies, including from government shut downs, or other disruptions to these agencies’ operations, could hinder their ability to hire and retain key leadership and other personnel, prevent new products and services from being developed or commercialized in a timely manner or otherwise prevent those agencies from performing normal business functions on which the operation of our business may rely, which could negatively impact our business.
  • If we decide to pursue any future product development efforts, any product candidate for which we obtain marketing approval could be subject to post-marketing restrictions or withdrawal from the market and we may be subject to substantial penalties if we fail to comply with regulatory requirements or if we experience unanticipated problems with our products, when and if any of them are approved.
  • We may be subject to certain healthcare laws and regulations, which could expose us to criminal sanctions, civil penalties, contractual damages, reputational harm, fines, disgorgement, exclusion from participation in government healthcare programs, curtailment or restricting of our operations, and diminished profits and future earnings.
  • Compliance with global privacy and data security requirements could result in additional costs and liabilities to us or inhibit our ability to collect and process data globally, and the failure to comply with such requirements could subject us to significant lawsuits or fines and penalties, which may have a material adverse effect on our business, financial condition or results of operations.
  • Current and future legislation may increase the difficulty and cost for us and any future collaborators to obtain reimbursement for any of our candidate products that do receive marketing approval and our ability to generate revenue will be materially impaired.
  • If we or any third-party manufacturers we engage fail to comply with environmental, health and safety laws and regulations, we could become subject to fines or penalties or incur costs or liabilities that could harm our business.
  • We are subject to anti-corruption laws, as well as export control laws, customs laws, sanctions laws and other laws governing our operations. If we fail to comply with these laws, we could be subject to civil or criminal penalties, other remedial measures and legal expenses, be precluded from developing manufacturing and selling certain products outside the United States or be required to develop and implement costly compliance programs, which could adversely affect our business, results of operations and financial condition.
  • Our employees, independent contractors, consultants and vendors may engage in misconduct or other improper activities, including non-compliance with regulatory standards and requirements and insider trading, which could cause significant liability for us and harm our reputation.
  • Our internal computer systems, or those of our collaborators or other contractors or consultants, may fail or suffer security breaches, which could result in a material disruption of our product development programs.
  • Risks Related to Our Common Stock and Our Status as a Public Company
  • An active trading market for our common stock may not continue to develop or be sustained.
  • The price of our common stock may be volatile and fluctuate substantially, which could result in substantial losses for our stockholders.
  • We have broad discretion in the use of our cash, cash equivalents and investments and may not use them effectively.
  • Because we do not anticipate paying any cash dividends on our capital stock in the foreseeable future, capital appreciation, if any, will be the sole source of gain for our stockholders.
  • Sales of a substantial number of shares of our common stock in the public market could cause our stock price to fall, even if our business is doing well.
  • We have incurred and will continue to incur costs as a result of operating as a public company, and our management has devoted and will continued to be required to devote substantial time to new compliance initiatives and corporate governance practices.
  • If we fail to maintain an effective system of internal control over financial reporting, we may not be able to accurately report our financial results or prevent fraud. As a result, stockholders could lose confidence in our financial and other public reporting, which would harm our business and the trading price of our common stock.
  • Our disclosure controls and procedures may not prevent or detect all errors or acts of fraud.
  • Changes in tax laws or in their implementation or interpretation may adversely affect our business and financial condition.
  • Provisions in our corporate charter documents and under Delaware law could make an acquisition of our company, which may be beneficial to our stockholders, more difficult and may prevent attempts by our stockholders to replace or remove our current directors and members of management.
  • Our certificate of incorporation designates the state courts in the State of Delaware as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by our stockholders, which could discourage lawsuits against the company and our directors, officers and employees.
Management Discussion
  • Research and development expenses decreased by approximately $2.7 million from $10.1 million for the three months ended June 30, 2021, to $7.4 million for the three months ended June 30, 2022. The decrease in research and development expenses was primarily attributable to the following:
  • General and administrative expenses increased by approximately $1.0 million from $3.1 million for the three months ended June 30, 2021, to $4.1 million for the three months ended June 30, 2022. The increase in general and administrative expenses was primarily attributable to the following:
  • Total other income, net for the three months ended June 30, 2022 was primarily comprised of interest earned on our cash, cash equivalents and investments. Total other income, net was de minimis for the three months ended June 30, 2021.

Content analysis

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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. junior Avg
New words: Exit, forfeiture, furniture, leasehold, remeasured, tenant
Removed: automatically, charge, commencing, determinable, ESPP, fetal, half, headcount, hemoglobin, hydroxyurea, monotherapy, oral, participating, randomized, statistical, statistically, transfusion, weight