I-Mab Announces Authorization of Stock Repurchase Program up to $20 Million

July 16,2020

I-Mab (the "Company") (Nasdaq: IMAB), a clinical stage biopharmaceutical company committed to the discovery, development and commercialization of novel biologics, today announced that its Board of Directors has authorized a stock repurchase program under which the Company may repurchase up to US$20 million of its ordinary shares in the form of American depositary shares.

"I am pleased to announce this stock repurchase program," said Dr. Jingwu Zang, M.D., Ph.D., Founder, Honorary Chairman and Director of the Company. "This program underscores our full confidence in the potential of I-Mab's highly differentiated, globally competitive pipeline. We believe repurchase of I-Mab's common stock is consistent with our focus on enhancing and delivering long-term shareholder value."

Repurchases, if any, under the program will be made at the discretion of management, and will depend upon market pricing and conditions, business, legal, accounting and other considerations. Any such share purchases will be made by the Company from time to time in open market transactions, or otherwise in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, or pursuant to a trading plan adopted in accordance with Rule 10b5–1 of the Securities Exchange Act of 1934.

The repurchase program is effective upon and from the date on which a formal stock repurchase plan engagement agreement is signed with a qualified broker-dealer(s), and terminates over a twelve-month period depending upon market and economic conditions, and other factors including price, legal and regulatory requirements and capital availability. The program does not obligate I-Mab to acquire any particular number of American depositary shares, and the program may be modified or suspended at any time at the management's discretion.