Core Viewpoint - Immunome, Inc. (IMNM) has received a Zacks Rank 2 (Buy) upgrade due to an upward trend in earnings estimates, indicating a positive outlook for the company's stock price [1][3]. Earnings Estimates and Stock Price Movement - The Zacks rating system emphasizes the correlation between changes in earnings estimates and stock price movements, driven largely by institutional investors who adjust their valuations based on these estimates [4][6]. - An increase in earnings estimates typically leads to higher fair value for a stock, prompting institutional investors to buy or sell, which in turn affects stock prices [4]. Company Performance and Outlook - The recent upgrade for Immunome reflects an improvement in the company's underlying business, suggesting that investors may respond positively by driving the stock price higher [5]. - Over the past three months, the Zacks Consensus Estimate for Immunome has increased by 29.9%, indicating a significant upward revision in earnings expectations [8]. Zacks Rank System - The Zacks Rank system classifies stocks based on earnings estimate revisions, with only the top 20% of stocks receiving a "Strong Buy" or "Buy" rating, highlighting their potential for market-beating returns [9][10]. - Immunome's upgrade to Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, suggesting a favorable position for potential price appreciation in the near term [10].

Core Viewpoint - Immunome, Inc. (IMNM) has seen a 19.1% increase in share price over the past four weeks, closing at $9.49, with analysts projecting a potential upside of 158.2% based on a mean price target of $24.50 [1][11]. Price Targets and Analyst Estimates - The mean estimate consists of eight short-term price targets with a standard deviation of $5.76, indicating variability among analysts [2]. - The lowest price target of $20 suggests an 110.8% increase, while the highest target of $38 indicates a potential surge of 300.4% [2]. - A low standard deviation signifies a strong agreement among analysts regarding the stock's price movement [9]. Earnings Estimates and Analyst Sentiment - Analysts have shown strong agreement in revising earnings per share (EPS) estimates higher, which correlates with potential stock price increases [11]. - Over the last 30 days, four estimates have been revised upward, leading to a 14.8% increase in the Zacks Consensus Estimate for the current year [12]. - IMNM holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate factors, indicating strong potential for upside [13].

Summary of Immunome Conference Call Company Overview - **Company**: Immunome - **Industry**: Biotechnology, specifically focused on cancer therapies Key Points and Arguments Company Strategy and Pipeline - Immunome is focused on targeted therapies for cancer patients, particularly through Antibody-Drug Conjugates (ADCs) [3][4] - The company does not engage in cell therapy, gene therapy, or CRISPR therapies, concentrating instead on ADCs and novel targets [4][5] - Immunome aims to avoid common targets, with 55% of ADCs targeting the same 10 molecules, and instead focuses on novel and in-class targets [8][7] - The company has over a dozen ADCs in development, with one currently in the clinic and three more set for clinical trials within the next 12-14 months [12][13] ADC Development - Immunome has developed custom linkers and payloads that are believed to enhance the efficacy and safety of their ADCs [10][11] - The company is working on a small molecule gamma secretase inhibitor in Phase III trials, with data expected soon [14][15] - The ADC pipeline includes a radioligand targeting fibroblast activating protein (FAP), which is expressed in 75% of solid tumors [25][26] Clinical Trials and Data - The small molecule gamma secretase inhibitor shows promising Phase II data, with a 25-point better overall response rate compared to a competitor [47][48] - The Phase III trial design includes a blinded independent clinical reading (BICR) as the primary endpoint, which is considered a gold standard by the FDA [50][51] - The company is optimistic about the safety profile of their drug, with no significant differences observed between Phase II and Phase III data [58][59] Financial Position and Future Plans - Immunome reported approximately $315 million in cash, sufficient to fund operations into 2027 [75] - The market capitalization is around $8.25 billion, indicating a strong financial position for future developments [75] - The company is exploring partnerships and non-dilutive capital opportunities to support its pipeline while being cautious about ownership dilution [76][78] Management and Team - The management team includes experienced professionals from previous successful biotech companies, enhancing the company's capability to bring drugs to market [13][24] - The head of commercial has a strong background in launching ADCs, which is expected to facilitate the successful introduction of new products [54][24] Other Important Content - Immunome is committed to building a robust pipeline, aiming for six drugs in clinical trials within a year and potentially nine thereafter [72] - The company emphasizes the importance of having a diverse pipeline to increase the chances of success in drug development [71] - The focus on novel targets and innovative drug linkers is seen as a key differentiator in the competitive landscape of ADCs [35][36]

Summary of Immunome (IMNM) FY Conference Call - May 27, 2025 Company Overview - **Company**: Immunome (IMNM) - **Focus**: Development of innovative therapies, particularly in oncology, with a strong emphasis on antibody-drug conjugates (ADCs) Key Points Discussed Advanced Asset: Varagastat - Varagastat, previously known as AL-102, is being developed for the treatment of desmoid tumors - The acquisition of Varagastat was driven by its superior potency compared to competitors like OXIVIO and SpringWorks [4][5] - Phase two data showed an objective response rate (ORR) of 64% for Varagastat, compared to 41% for SpringWorks [6] - The broader phase two cohort showed a 54% ORR, even with a significant portion receiving suboptimal dosing [6] - Emphasis on the quality of life impact of desmoid tumors, which are not typically fatal but severely affect daily living [7][8] - The primary endpoint for the ongoing trial is progression-free survival, but other measures like tumor volume reduction are also critical [8][11] Upcoming Data and Expectations - Top-line data from the phase three Ringside trial is expected in the second half of 2025 [12][13] - Confidence in the timing of data readout is based on event accrual rates and overall data maturity [13] - The company aims to provide a comprehensive data package, including secondary endpoints, at a major medical meeting [14] Market Opportunity - The desmoid tumor market is viewed as having significant potential, with SpringWorks previously achieving $70 million in sales in its first year [22] - Varagastat is positioned to compete effectively against OXIVIO, which has a high enterprise value despite challenges [19][22] ADC Development Strategy - Immunome has assembled a strong team for ADC development, focusing on operational excellence and innovative target exploration [26][28] - The company is pursuing novel targets and underexplored areas rather than established ones, aiming for differentiated ADCs [30][31] - HC74, a proprietary ADC, is highlighted for its unique characteristics that enhance efficacy and overcome resistance [35] Other ADC Programs - The company is advancing multiple ADC candidates, with ongoing IND-enabling studies for several novel solid tumor ADCs [42][44] - Plans to initiate a phase one trial for a lutetium payload radioligand therapy targeting fibroblasts in solid tumors [46][47] Financial Position and Future Plans - Immunome's cash position is strong, with runway extending into 2027 [48] - The company is open to business development opportunities, particularly for assets that can enhance its portfolio without diluting equity [49] Additional Insights - Pain management and patient-reported outcomes are critical secondary endpoints that could differentiate Varagastat in the market [21] - The company is committed to transparency regarding data sharing and aims to present findings in a meaningful context [14][40] This summary encapsulates the key discussions and insights from the Immunome FY Conference Call, highlighting the company's strategic direction, product pipeline, and market positioning.

Group 1 - Immunome, Inc. (IMNM) shares have increased by 1.1% over the past four weeks, closing at $8.49, with a mean price target of $24.50 indicating a potential upside of 188.6% [1] - The mean estimate consists of eight short-term price targets with a standard deviation of $5.76, where the lowest estimate of $20 suggests a 135.6% increase, and the highest estimate predicts a surge of 347.6% to $38 [2] - Analysts show a consensus that IMNM will report better earnings than previously estimated, which strengthens the outlook for the stock [4][11] Group 2 - Over the last 30 days, five earnings estimates for IMNM have been revised upward, resulting in a Zacks Consensus Estimate increase of 17.9% [12] - IMNM holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate factors, indicating strong potential for upside [13] - The correlation between earnings estimate revisions and near-term stock price movements suggests that the positive trend in earnings estimates could lead to stock price increases [11]

Core Viewpoint - Immunome, Inc. (IMNM) has received an upgrade to a Zacks Rank 2 (Buy), indicating a positive outlook on its earnings estimates, which is a significant factor influencing stock prices [1][3]. Earnings Estimates and Stock Price Movement - The Zacks rating system is based on changes in a company's earnings picture, which is a strong predictor of near-term stock price movements [2][4]. - An increase in earnings estimates typically leads to higher fair value calculations by institutional investors, resulting in buying or selling pressure that affects stock prices [4]. Recent Performance and Outlook - For the fiscal year ending December 2025, Immunome is expected to report earnings of -$2.69 per share, reflecting a 12.1% decrease from the previous year [8]. - Over the past three months, the Zacks Consensus Estimate for Immunome has increased by 16.6%, indicating a positive trend in earnings estimates [8]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with a strong historical performance, particularly for Zacks Rank 1 stocks, which have generated an average annual return of +25% since 1988 [7]. - The upgrade of Immunome to a Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, suggesting potential for market-beating returns in the near term [10].

Core Viewpoint - Immunome, Inc. reported a quarterly loss of $0.52 per share, which was better than the Zacks Consensus Estimate of a loss of $0.66, indicating a positive earnings surprise of 21.21% [1] Financial Performance - The company posted revenues of $2.93 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 28.33%, compared to revenues of $1.03 million in the same quarter last year [2] - Over the last four quarters, Immunome has only surpassed consensus EPS estimates once [2] Stock Performance - Immunome shares have declined approximately 29.8% since the beginning of the year, while the S&P 500 has only declined by 3.8% [3] - The current consensus EPS estimate for the upcoming quarter is -$0.66 on revenues of $2.28 million, and for the current fiscal year, it is -$2.69 on revenues of $9.13 million [7] Industry Outlook - The Medical - Biomedical and Genetics industry, to which Immunome belongs, is currently ranked in the top 34% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8]

PART I [Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents Immunome, Inc.'s unaudited condensed consolidated financial statements, detailing financial position, performance, and cash flows [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheet as of March 31, 2025, shows increased total assets and stockholders' equity, driven by cash growth and a public stock offering Condensed Consolidated Balance Sheet Highlights (in thousands) | Balance Sheet Item | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $257,613 | $143,351 | | Total current assets | $323,130 | $221,339 | | **Total assets** | **$342,693** | **$240,241** | | **Liabilities & Equity** | | | | Total current liabilities | $30,797 | $54,307 | | **Total liabilities** | **$35,567** | **$59,076** | | **Total stockholders' equity** | **$307,126** | **$181,165** | [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) For Q1 2025, the company reported a net loss of $41.6 million, significantly reduced from Q1 2024, primarily due to no IPR&D expenses Statement of Operations Summary (in thousands) | Line Item | Three Months Ended Mar 31, 2025 | Three Months Ended Mar 31, 2024 | | :--- | :--- | :--- | | Collaboration revenue | $2,926 | $1,029 | | In-process research and development | $0 | $111,954 | | Research and development | $36,872 | $15,369 | | General and administrative | $10,690 | $6,005 | | Loss from operations | ($44,636) | ($132,299) | | **Net loss** | **($41,640)** | **($129,492)** | | **Net loss per share** | **($0.52)** | **($2.51)** | [Condensed Consolidated Statements of Changes in Stockholders' Equity](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Stockholders'%20Equity) Stockholders' equity significantly increased to $307.1 million by March 31, 2025, primarily from $161.7 million net proceeds of a public stock offering - The company raised **$161.7 million** in net proceeds from a public offering of 22,258,064 shares of common stock during the first quarter of 2025[18](index=18&type=chunk) - The increase in equity was offset by a net loss of **$41.6 million** and share-based compensation expense of **$5.7 million** for the quarter[18](index=18&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash increased by $114.3 million in Q1 2025, driven by financing activities, partially offset by cash used in operations Cash Flow Summary (in thousands) | Cash Flow Activity | Three Months Ended Mar 31, 2025 | Three Months Ended Mar 31, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | ($53,055) | ($11,170) | | Net cash provided by (used in) investing activities | $5,089 | ($37,231) | | Net cash provided by financing activities | $162,228 | $219,445 | | **Net increase in cash** | **$114,262** | **$171,044** | - Financing activities in Q1 2025 included **$172.5 million** in proceeds from a public offering, offset by **$10.5 million** in offering costs[20](index=20&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) These notes provide detailed information supporting the financial statements, covering liquidity, accounting policies, collaborations, strategic transactions, and compensation - The company believes its existing cash, cash equivalents, and marketable securities of **$317.3 million** (as of March 31, 2025) are sufficient to fund operations for at least 12 months from the filing date[25](index=25&type=chunk)[26](index=26&type=chunk) - Collaboration revenue of **$2.9 million** was recognized in Q1 2025 from the AbbVie agreement, with remaining deferred revenue of **$4.0 million** expected to be recognized over approximately 0.25 years[47](index=47&type=chunk)[48](index=48&type=chunk) - In March 2024, the company acquired assets from Ayala Pharmaceuticals for upfront consideration of approximately **$20.0 million** in cash and **$50.6 million** in common stock, with associated IPR&D of **$73.4 million** expensed in Q1 2024[51](index=51&type=chunk)[53](index=53&type=chunk) - In January 2024, the company entered a license agreement with Zentalis Pharmaceuticals, paying **$15.0 million** in cash and issuing **$23.4 million** in common stock, with associated IPR&D expensed in Q1 2024[55](index=55&type=chunk)[56](index=56&type=chunk) Direct R&D Expenses by Program (in thousands) | Program | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Varegacestat | $14,387 | $250 | | IM-1021 | $3,067 | $2,724 | | IM-3050 | $1,033 | $1,972 | | Other product candidates | $6,843 | $6,295 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=30&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations.) Management discusses the company's financial condition and results of operations, including business overview, performance analysis, liquidity, and capital resources [Overview](index=30&type=section&id=Overview) Immunome is a clinical-stage oncology company developing targeted therapies, including ADCs, with a pipeline of clinical and preclinical assets - The company is advancing a pipeline of **three clinical** and **three preclinical** assets[95](index=95&type=chunk) Key Pipeline Assets and Status | Asset | Type | Status | | :--- | :--- | :--- | | Varegacestat | GSI | Phase 3 trial for desmoid tumors; topline data expected H2 2025 | | IM-1021 | ROR1 ADC | Phase 1 trial ongoing; first patient dosed Feb 2025 | | IM-3050 | FAP RLT | IND cleared April 2025; Phase 1 trial expected to start H2 2025 | | IM-1617, IM-1340, IM-1335 | Solid Tumor ADCs | IND-enabling activities initiated Q4 2024 | [Results of Operations](index=35&type=section&id=Results%20of%20Operations) Q1 2025 saw increased collaboration revenue and a significantly reduced net loss due to no IPR&D expenses, despite rising R&D and G&A costs Comparison of Operations (in thousands) | Item | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Collaboration revenue | $2,926 | $1,029 | $1,897 | | In-process research and development | $0 | $111,954 | ($111,954) | | Research and development | $36,872 | $15,369 | $21,503 | | General and administrative | $10,690 | $6,005 | $4,685 | | **Net loss** | **($41,640)** | **($129,492)** | **$87,852** | - The increase in R&D expenses was primarily due to a **$14.1 million** increase in costs for the varegacestat program, which was acquired in March 2024[116](index=116&type=chunk) - The increase in G&A expenses was mainly due to a **$3.3 million** rise in personnel-related costs from increased headcount, including a **$1.5 million** increase in share-based compensation[117](index=117&type=chunk) [Liquidity and Capital Resources](index=38&type=section&id=Liquidity%20and%20Capital%20Resources) As of March 31, 2025, the company held $317.3 million in cash and equivalents, funded by equity sales, sufficient for at least 12 months - As of March 31, 2025, the company had cash, cash equivalents, and marketable securities of **$317.3 million** and an accumulated deficit of **$557.4 million**[120](index=120&type=chunk) - In January 2025, the company completed a public offering (the "2025 Financing") with net proceeds of **$161.7 million**[121](index=121&type=chunk) - The company has an "at the market" (ATM) agreement from May 2024, with approximately **$180.0 million** remaining available for future offerings as of March 31, 2025[122](index=122&type=chunk) - The company expects its existing cash to be sufficient to fund operations for at least 12 months from the filing date of this report[131](index=131&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=45&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk.) The company, as a smaller reporting company, is not required to provide the information requested under this item - As a smaller reporting company, Immunome is not required to provide quantitative and qualitative disclosures about market risk[140](index=140&type=chunk) [Controls and Procedures](index=45&type=section&id=Item%204.%20Controls%20and%20Procedures.) Management concluded the company's disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal controls - Management concluded that the company's disclosure controls and procedures were effective as of March 31, 2025[141](index=141&type=chunk) - No material changes in internal control over financial reporting occurred during the quarter ended March 31, 2025[142](index=142&type=chunk) PART II – OTHER INFORMATION [Legal Proceedings](index=45&type=section&id=Item%201.%20Legal%20Proceedings.) The company reports that it is not currently a party to any material legal proceedings - The company is not currently a party to any material legal proceedings[144](index=144&type=chunk) [Risk Factors](index=45&type=section&id=Item%201A.%20Risk%20Factors.) This section outlines significant risks including financial losses, drug development, competition, third-party reliance, and intellectual property - **Financial Risk:** The company has a history of significant losses (**$557.4 million** accumulated deficit as of March 31, 2025) and expects to incur losses for the foreseeable future[149](index=149&type=chunk) - **Development & Regulatory Risk:** The company may be unable to advance its product candidates through clinical development, obtain regulatory approvals, or successfully commercialize them[145](index=145&type=chunk)[165](index=165&type=chunk) - **Competition Risk:** The company faces substantial competition from large pharmaceutical companies and others with greater resources, which may result in others developing or commercializing products more quickly or effectively[191](index=191&type=chunk) - **Reliance on Third Parties:** The company relies on third parties for manufacturing, supply, and conducting clinical trials, making it vulnerable to interruptions, quality issues, or performance failures by these vendors[284](index=284&type=chunk)[286](index=286&type=chunk) - **Intellectual Property Risk:** Protecting proprietary technology is difficult and costly, and the company may not be able to ensure the protection of its patents and trade secrets[313](index=313&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=150&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds.) This section details the company's purchases of its own equity securities, including shares repurchased in March 2025 for employee stock option exercises Issuer Purchases of Equity Securities | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | March 1-31, 2025 | 19,093 | $9.22 | - The shares were repurchased via a deemed surrender to cover the exercise price of employee stock options[420](index=420&type=chunk) [Defaults Upon Senior Securities](index=150&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities.) The company reports no defaults upon senior securities - None[421](index=421&type=chunk) [Mine and Safety Disclosures](index=150&type=section&id=Item%204.%20Mine%20and%20Safety%20Disclosures.) This item is not applicable to the company - Not applicable[422](index=422&type=chunk) [Other Information](index=150&type=section&id=Item%205.%20Other%20Information.) The company reports no other information for this period - None[423](index=423&type=chunk) [Exhibits](index=151&type=section&id=Item%206.%20Exhibits.) This section lists exhibits filed with the Form 10-Q, including articles of incorporation, officer certifications, and the Interactive Data File (XBRL) - Exhibits filed include CEO and CFO certifications pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act[425](index=425&type=chunk) - The filing includes an Interactive Data File (XBRL) for the financial statements[425](index=425&type=chunk)

Financial Performance - As of March 31, 2025, Immunome reported cash, cash equivalents, and marketable securities totaling $317.3 million, including net proceeds of $161.7 million from a financing round in January 2025[9]. - Immunome reported a net loss of $41.6 million for Q1 2025, compared to a net loss of $129.5 million in Q1 2024[9][13]. - Collaboration revenue for Q1 2025 was $2.9 million, up from $1.0 million in Q1 2024[13]. - The total operating expenses for Q1 2025 were $47.6 million, significantly lower than $133.3 million in Q1 2024[13]. - Research and development expenses for Q1 2025 were $36.9 million, with stock-based compensation costs of $2.4 million[9]. - General and administrative expenses for Q1 2025 were $10.7 million, including stock-based compensation expense of $3.3 million[9]. - The weighted-average shares outstanding for Q1 2025 were 79,410,354, compared to 51,544,383 in Q1 2024[13]. Clinical Development - The Phase 3 RINGSIDE Part B study of varegacestat for desmoid tumors completed full enrollment in February 2024, with topline data expected in the second half of 2025[3]. - The Phase 1 clinical trial of IM-1021 began dosing its first patient in February 2025, targeting advanced B-cell lymphomas and solid tumors[4]. - Immunome received IND clearance for IM-3050 in April 2025 and plans to initiate a Phase 1 clinical trial in the second half of 2025[4].

Shares of Immunome, Inc. (IMNM) have gained 19.7% over the past four weeks to close the last trading session at $7.43, but there could still be a solid upside left in the stock if short-term price targets of Wall Street analysts are any indication. Going by the price targets, the mean estimate of $26 indicates a potential upside of 249.9%.The mean estimate comprises eight short-term price targets with a standard deviation of $6.26. While the lowest estimate of $20 indicates a 169.2% increase from the curren ...