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Thursday, May 19, 2022

Imago BioSciences, Inc. (IMGO) Stock Surged 12.21% On Monday, Here’s Why

Imago BioSciences, Inc. (IMGO) stock soared 12.21% in the current-market trading session on Monday at the price of $20.03 despite no fundamental updates.

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IMGO is a clinical-stage biopharma firm that discovers, develops, and commercializes novel tiny molecule candidates to target LSD1, an enzyme required to generate blood cells inside bone marrow. The stock has focused on enhancing the quality of life for patients dealing with bone marrow-related disorders.

IMGO Q4 2021 Financial Highlights

On 24th March 2022, IMGO published its financial results for the quarter and year ended 31st December 2021. The stock has also provided its business highlights. IMGO had cash and cash equivalents of roughly US$217.4M on 31st December 2021. Net loss totaled US$14.7M for Q4 of 2021, compared to US$5.6M for Q4 of 2020. For the year 2021, the stock has a net loss of US$42.3M, compared to US$17.8M last year.

IMGO has general and administrative costs of US$3.1M for Q4 of 2021, compared to US$1.3M for Q4 of 2020. For the year 2021, G&A expenses totaled US$10.3M, compared to US$3.2M the previous year. The overall growth in G&A costs was primarily caused by stock-related compensation charges and other operating expenses.

IMGO stock calculated research and development costs of US$11.7M for Q4 of 2021, compared to US$4.3M for the same quarter of 2020. R&D expenses totaled US$32.3M for the year 2021, compared to US$14.9M the prior year. The overall gain in R&D cost resulted from the ongoing production of drugs for the stock’s clinical trials and the start of pharmacology study and Phase-II extension studies.

IMGO Business Outlook

IMGO stock is planning to advance and develop its clinical programs in the upcoming future. Additionally, the company expects to start two investigator-based studies by H1 of 2021, including a Phase-I study of bomedemstat with atezolizumab to treat lung cancer and a Phase-II study of bomedemstat with ruxolitinib treating MF. Currently, IMGO has focused on its registrational clinical study evaluating bomedemstat to treat ET.

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