Core Viewpoint - The investor is focused on building a resilient, income-generating portfolio with a long-term growth mindset, emphasizing disciplined, fundamentals-driven investing and capital preservation while compounding returns over time [1]. Group 1 - The investment strategy primarily involves long-only positions, blending dividend-paying equities, REITs, and other income strategies with selective growth opportunities [1]. - The investor's approach prioritizes capital preservation, indicating a conservative investment philosophy aimed at minimizing risk while seeking returns [1]. - The investor is based in Dubai and originally from India, suggesting a diverse geographical perspective in investment strategies [1].

Company Overview - Immunome is focused on advancing antibody therapeutics for cancer and infectious diseases, developing proprietary biologic candidates for oncology and infectious disease indications [6][8] - As of February 17, 2026, Immunome's market capitalization is $2.08 billion, with a revenue of $9.68 million and a net income of -$222.74 million (TTM) [4] Transaction Details - On February 17, 2026, Opaleye Management Inc. sold all 3,185,000 shares of Immunome during the fourth quarter of 2025, with an estimated transaction value of $37.30 million [2][3] - Following the transaction, Immunome accounted for none of Opaleye's portfolio, which previously represented 5.3% of its 13F assets under management [3] Stock Performance - As of February 17, 2026, shares of Immunome were priced at $22.69, reflecting a 128.5% increase over the past year, delivering 106.26 percentage points of alpha versus the S&P 500 [3] - Immunome's stock has experienced significant volatility, with prices ranging from below $8/share to over $24/share in the past three years [7][9] - Despite a 158% increase over the past year, shares are down approximately 9% over the last two years [9]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 (Exact name of registrant as specified in its charter) Delaware 77-0694340 (State of Other Jurisdiction of incorporation or Organization) (I.R.S. Employer Identification No.) FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission f ...

Exhibit 99.1 Immunome Reports Full Year 2025 Financial Results and Provides Business Update Mar. 3, 2026 BOTHELL, Wash. – Immunome, Inc. (Nasdaq: IMNM), a biotechnology company focused on developing first- in-class and best-in-class targeted cancer therapies, today announced financial results for the full year ended December 31, 2025, and provided a business update. "Immunome made substantial progress in 2025. The positive Phase 3 RINGSIDE results represent a significant milestone for patients living with d ...

Summary of Immunome Conference Call Company Overview - **Company**: Immunome - **Focus**: Targeted oncology with a pipeline of differentiated products, including first-in-class and best-in-class therapies [2][3] Key Product: Varegacestat - **Description**: An oral gamma secretase inhibitor for treating desmoid tumors, with a once-daily dosing regimen [3][4] - **Clinical Data**: - Phase 3 RINGSIDE study showed: - 84% reduction in risk of progression (hazard ratio of 0.16) - 56% objective response rate - 83% median best tumor volume reduction [3][6] - **NDA Submission**: Planned for Q2 2026, with no anticipated roadblocks [4][10] - **Market Potential**: - Estimated 10,000-11,000 patients in the U.S. with desmoid tumors, with only 10% currently on gamma secretase inhibitors [9][22] - Potential to capture a significant share of the market, with a target of 3,000 patients translating to a billion-dollar annual revenue [22] Competitive Landscape - **Nirogacestat**: The only approved systemic therapy for desmoid tumors, approved in late 2023. Varegacestat offers a better pharmacokinetic profile and once-daily dosing compared to Nirogacestat [5][9] - **Market Dynamics**: - OGSIVEO's launch has faced challenges, potentially limiting market growth. Immunome aims to differentiate by emphasizing the benefits of varegacestat [22][23] ADC Portfolio - **Technology**: Immunome is developing a proprietary ADC payload (HC74) to overcome limitations of existing ADCs, such as therapeutic window and resistance pathways [10][13] - **Current ADCs**: - **IM-1021**: ROR1-targeted ADC in dose escalation, focusing on lymphoma [11][12] - **Upcoming ADCs**: Three additional ADCs expected to enter clinical trials in 2026, all utilizing HC74 technology [16][17] - **Market Strategy**: Emphasis on selecting appropriate targets and optimizing ADC design to enhance efficacy and reduce toxicity [34][35] Radiotherapy Program - **IM-3050**: FAP-targeted radiotherapy with an active IND, expected to dose the first patient soon [17][48] - **Market Opportunity**: FAP is expressed in 75% of solid tumors, presenting a significant potential market [48] Financial and Commercial Strategy - **Cost-effective Launch**: Plans for a lean commercial infrastructure with approximately 32-35 sales reps, focusing on maximizing patient benefit and adherence [28][29] - **Long-term Vision**: Immunome aims to build a comprehensive portfolio of breakthrough oncology therapies, with varegacestat as the first clinical success [17][49] Conclusion - **Investment Outlook**: Immunome is currently valued primarily on varegacestat, with significant potential for the ADC portfolio to contribute to future growth [49]

Core Insights - Immunome, Inc. is focusing on building an oncology pipeline centered on cell-surface-targeting agents and small molecules [1][2] - The company aims to develop a targeted oncology platform that can overcome resistance and enable bystander activity, with a market opportunity of $1 billion targeting over 3,000 patients treated annually [2][3] - Immunome plans to submit three additional Investigational New Drug (IND) applications this year for solid tumor programs, alongside the FDA clearance for its radioligand therapy [3][4] Company Overview - Immunome, Inc. is a clinical-stage biotechnology company that specializes in discovering and developing first-in-class targeted therapies for oncology, primarily utilizing antibody-drug conjugate (ADC) technology [4] - The company employs a proprietary memory B cell-based discovery engine to identify novel antibodies for cancer treatment [4]

Core Insights - Redmile Group increased its stake in Immunome by purchasing 695,000 shares, valued at approximately $12.20 million, during the fourth quarter of 2025 [2][7] - Immunome's stock price rose to $22.69 as of February 17, 2026, reflecting a 120% increase over the past year, significantly outperforming the S&P 500's 13% gain [8][10] - The company has raised around $400 million through a share offering to fund its oncology pipeline and reported positive Phase 3 results for its drug varegacestat [7][11] Company Overview - Immunome is a clinical-stage biotechnology company focused on developing antibody therapies for cancer and infectious diseases, leveraging proprietary discovery platforms [6][9] - As of February 17, 2026, Immunome's market capitalization is $2.09 billion, with a revenue of $9.68 million and a net income of -$222.74 million [4] Investment Implications - The recent buy activity by Redmile Group indicates confidence in Immunome's pipeline, suggesting it is not merely a momentum trade but a long-term investment opportunity [10] - The company's position now represents 9.05% of Redmile Group's assets under management, highlighting its significance in the portfolio [8]

Core Viewpoint - The article summarizes significant rating changes from Wall Street, highlighting companies with upgraded, downgraded, and newly initiated ratings, which are crucial for investors to consider. Upgraded Ratings - Shopify (SHOP) upgraded from Hold to Buy by Cowen Group with a target price of $159, citing valuation advantages as the stock has dropped 30% this year and strong quarterly performance provides an attractive entry point [2] - BorgWarner (BWA) upgraded from Hold to Buy by Deutsche Bank, with the target price raised from $46 to $82, noting the company's critical transformation into the AI data center market [2] - Analog Devices (ADI) upgraded from Equal Weight to Overweight by Barclays, with the target price increased from $315 to $375, emphasizing its high industrial business share in the analog chip sector [2] - MercadoLibre (MELI) upgraded from Neutral to Overweight by JPMorgan, with the target price raised from $2650 to $2800, due to more attractive valuations following recent stock price weakness [2] - Fastly (FSLY) upgraded from Market Perform to Outperform by William Blair, with no target price set, highlighting exceptional quarterly performance driven by increased AI traffic contributions [2] Downgraded Ratings - Coinbase (COIN) downgraded from Buy to Sell by Monness Crespi, with a target price of $120, as the firm revised down earnings forecasts ahead of its quarterly report, deeming previous assumptions about a steady recovery in cryptocurrency by 2026 as overly optimistic [3] - Kraft Heinz (KHC) downgraded from Neutral to Underweight by JPMorgan, with the target price lowered from $24 to $22, despite exceeding fourth-quarter expectations, as 2026 organic sales and profit outlooks fall short of market expectations [3] - Icon (ICLR) downgraded from Neutral to Underperform by Bank of America, with a significant target price cut from $195 to $75, due to an internal investigation revealing potential revenue inflation [3] - Inspire Medical (INSP) downgraded from Overweight to Equal Weight by Wells Fargo, with the target price reduced from $145 to $70, citing uncertainties in reimbursement policies affecting stock prices [4] - Humana (HUM) downgraded from Outperform to Market Perform by Royal Bank of Canada, with the target price lowered from $322 to $189, as the risk-reward balance has become neutral following strong growth amid reimbursement policy uncertainties [4] Initiated Coverage - Microchip Technology (MCHP) initiated coverage with a Neutral rating and a target price of $80 by Barclays, noting risks of market share loss in the microcontroller sector [5] - ON Semiconductor (ON) initiated coverage with a Neutral rating and a target price of $75 by Barclays, highlighting high exposure to the Chinese market and automotive sector as a suppressive factor [5] - Sterling Infrastructure (STRL) initiated coverage with a Buy rating and a target price of $486 by Stifel, as the largest earthmoving contractor in the U.S. is expected to benefit from long-term growth themes [5] - D-Wave Quantum (QBTS) initiated coverage with a Buy rating and no target price set by Cowen Group, citing the company's leading position in quantum annealing driving growth and high margins [5] - Immunome (IMNM) initiated coverage with a Buy rating and a target price of $40 by H.C. Wainwright, as the company builds a differentiated pipeline in oncology with significant advantages in solid and hematologic tumors [5]

Core Viewpoint - Top Wall Street analysts have revised their outlook on several prominent stocks, indicating potential shifts in investment sentiment and opportunities in the market [1] Company Analysis - Analysts have provided insights on SEZL stock, suggesting it may be a consideration for potential buyers based on recent rating changes [1]

Immunome Conference Call Summary Company Overview - **Company**: Immunome (NasdaqCM:IMNM) - **Focus**: Targeted therapy for oncology, specifically small molecules and cell surface targeting, avoiding cell therapy and CAR-T technologies [2][4] Pipeline and Product Development Desmoid Tumors - **Recent Achievement**: Positive phase III data for gamma secretase inhibitor in desmoid tumors [3] - **Market Opportunity**: - Approximately 1,600 new cases annually in the U.S. - About 11,000 patients seek therapy each year, with a prevalence pool of nearly 30,000 [5][6] - Potential for a billion-dollar market with around 3,000 patients needed [7] - **FDA Submission**: Planned within the next few months, with a favorable hazard ratio of 0.16 [6] Competitive Landscape - **Comparison with Ogsiveo**: - Immunome's drug has a higher objective response rate (ORR) and is administered once daily, enhancing patient compliance [12][13] - Ogsiveo currently has a $320 million annualized run rate [15] ADC Pipeline - **Lead Program**: IM-1021 targeting ROR1 - Focus on improving ADC technology to overcome resistance pathways and enhance bystander activity [23][25][27] - Early phase one results show objective responses at multiple dose levels [28][33] - **Future Plans**: - Expansion of clinical trials with additional U.S. and European sites [33] - Submission of three INDs for solid tumors later this year [31] Strategic Insights - **Medical Affairs Focus**: Emphasis on engaging with physicians to understand their needs and improve drug utilization [15][19] - **Market Strategy**: Learning from past product launches to optimize the approach for varegacestat, including potential accelerated approval pathways [38] Additional Notes - **Expertise**: The team at Immunome includes experienced professionals from Seagen and Pfizer, enhancing the company's operational capabilities [20] - **Radioligand Therapy**: FDA clearance received, with clinical trials set to begin soon [40] This summary encapsulates the key points discussed during the Immunome conference call, highlighting the company's strategic direction, product pipeline, and market opportunities.