• Award is an important victory for I-Mab and its shareholders on multiple levels, ending the multi-year long dispute
• Tribunal completely denied Tracon's groundless damages claim of over $200 million relating to I-Mab's next-generation bi-specific antibody assets and awarded no damages to Tracon
• Tribunal confirmed the termination of both agreements with Tracon
• I-Mab will accelerate the development and global partnership for uliledlimab and bi-specific antibody assets, which have the potential to create substantial value for the Company as soon as early 2024

The arbitration award concluded the multi-year long dispute between I-Mab and Tracon. The award determined that the TJD5 Agreement has been terminated for a pre-agreed termination fee of $9 million plus interest payable by I-Mab pursuant to the original TJD5 Agreement, and, therefore Tracon has no rights to share any future economics with I-Mab. The arbitration award completely denied Tracon's groundless damages claim of over $200 million for any breach under the BsAb Agreement and awarded no damages to Tracon. The Tribunal also confirmed the termination of the BsAb Agreement. Based on the arbitration award, I-Mab will bear a portion of Tracon's legal fees and costs, totaling approximately $13.5 million.

The resolution is crucial for I-Mab to preserve and further realize the value of uliledlimab and the bi-specific antibody portfolio through accelerating clinical development and on-going global partnership discussions.

"This is an important victory for I-Mab and its shareholders on multiple levels, both from a legal and business standpoint, as I-Mab successfully protected and preserved its shareholder's value and I-Mab's rights of its proprietary CD73 antibody, uliledlimab, and bi-specific antibody assets," said Dr. Andrew Zhu, President and Acting CEO of I-Mab.

With these matters resolved, I-Mab is now in a position to accelerate the development and global partnership for uliledlimab and bi-specific antibody assets, which have the potential to create substantial value for the Company as soon as early 2024.

This arbitration award is final and binding on the parties, and I-Mab intends to pursue confirmation of the award promptly.